HB442 Summary

• Amends Act 2011-527 to distribute TVA in-lieu-of-taxes payments generated by Act 2010-135 to Marshall County, with 25% allocated to five school boards (Marshall County, Arab City, Guntersville City, Albertville City, and Boaz City) on a per-pupil basis.

• Requires that if state payments to National Board Certified teachers total less than $5,000, the additional TVA funds must make up the difference to reach $5,000 annually, with remaining funds available at the board's discretion.

• Allocates 75% of TVA in-lieu-of-taxes payments to a county discretionary fund that may be expended for any lawful purpose by warrant drawn upon direction of a Discretionary Fund Committee.

• Creates a three-member Discretionary Fund Committee consisting of one state Senator representing the district with the greatest Marshall County population and two House members from the districts with the greatest and second greatest Marshall County populations.

• Specifies that distributions made under this act are separate from all other TVA in-lieu-of-taxes payments required by Marshall County, including those under Act 2007-498.