HB466 Summary

• Amends Act 2011-527 to further specify distribution of TVA in-lieu-of-taxes payments to Marshall County generated under Act 2010-135.

• Allocates 25 percent of payments to five school boards (Marshall County, Arab City, Guntersville City, Albertville City, and Boaz City) on a per-pupil basis, with funds prioritized for National Board Certification teacher bonuses up to $5,000 annually.

• Allocates 75 percent to a county discretionary fund with 50 percent expended county-wide based on recommendations from the state Senator and 50 percent distributed among House districts proportionally based on population and House member recommendations.

• Creates a three-member Discretionary Fund Committee comprised of one appointee from the state Senator representing Marshall County and two appointees from the House members representing districts with the greatest and second-greatest number of Marshall County residents.

• Specifies that distributions under this act are separate from other TVA in-lieu-of-taxes payments, including those under Act 2007-498, and becomes effective immediately upon passage and approval.