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AL SB308
Bill
AI Summary
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Amends Section 45-45-161 to modify distribution of Madison County's Tennessee Valley Authority (TVA) in-lieu-of-taxes payments.
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Changes school funding distribution from "Seventy" to "Seventy-one" percent of remaining money after legislative office allocation, distributed among county and municipal school systems based on student membership.
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Establishes that future growth in TVA payments exceeding 2.5% (excluding the 3% allocation for road projects) shall be distributed to the Madison County Legislative Delegation Office.
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Directs any increase in funding from legislation enacted after February 23, 2010, be distributed to the Madison County Legislative Delegation Office.
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Takes effect immediately upon passage and approval by the Governor.
Legislative Description
Madison Co., Tennessee Valley Authority, payments in-lieu-of-taxes increased by Sec. 40-28-2, Code of Alabama 1975, portion of increases distrib. to county legislative delegation office, Sec. 45-45-161 am'd.
Madison County
Last Action
Read for the first time and referred to the Senate committee on Madison County Legislation
3/10/2022