Bill > HB581

This bill amends existing law regarding the distribution of Morgan County's Tennessee Valley Authority (TVA) in-lieu-of-taxes payments, with changes taking effect on October 1, 2025. * **Morgan County Legislative Delegation Fund:** Forty-five percent of a three percent increase in TVA payments is allocated to this fund, which is used to establish, equip, and maintain a legislative office for county representatives. Funds not spent in a fiscal year carry forward. * **Morgan County Rescue Squad:** Nine percent of the three percent increase is allocated to the Morgan County Rescue Squad. * **Decatur-Morgan County Entrepreneurial Center:** Ten percent of the three percent increase is allocated to the Decatur-Morgan County Entrepreneurial Center. * **Bond Debt Service:** Up to $1,500,000 annually is allocated to cover the annual debt service for bonds issued by the district, with this provision expiring on December 31, 2042. * **Morgan County Economic Development Fund:** Up to $200,000 from the remaining TVA payments is allocated to this fund to bring its total to $1,000,000. * **Participating Local Governments and County General Fund:** The remainder of the TVA payments, after the above allocations, is distributed proportionally to participating local governments based on population, with any final remainder going to the county general fund. * **Boards of Education:** Seventy-five percent of the TVA payment is distributed to participating boards of education, with twenty percent allocated based on Foundation Program proportions and another twenty percent based on population served.