Bill > HB581

This bill modifies how Morgan County distributes Tennessee Valley Authority (TVA) in-lieu-of-taxes payments, establishing a new framework for allocating these funds. The bill redirects the three percent increase in TVA payments, allocating 45 percent to the Morgan County Legislative Delegation Fund, 9 percent to the Morgan County Rescue Squad, and 10 percent to the Decatur-Morgan County Entrepreneurial Center. It also establishes a new distribution method for the 75 percent TVA payment, with 20 percent allocated to participating boards of education based on Foundation Program allocations and another 20 percent distributed proportionally by population. The remaining funds will be used first to cover annual debt service up to $1,500,000, then to build the Morgan County Economic Development Fund to $1,000,000, and finally distributed among participating local governments proportionally based on population. The bill maintains the Morgan County Legislative Delegation Fund and Economic Development Fund, specifying their purposes and governance, and repeals previous sections of law related to TVA payment distributions. These changes will take effect on October 1, 2025, providing a new systematic approach to managing TVA payment allocations in Morgan County.

Government Affairs

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