The bill amends Section 45-52-161.02 of the Code of Alabama 1975 to revise the distribution of Tennessee Valley Authority (TVA) in-lieu-of-taxes payments for Morgan County. Key changes include a reallocation of the three percent increase in TVA payments, with 45 percent directed to the newly established Morgan County Legislative Delegation Fund, which will support a legislative office for county representatives. The allocation to the Morgan County Rescue Squad is increased from eight to nine percent, and a new allocation of ten percent is introduced for the Decatur-Morgan County Entrepreneurial Center. The remaining TVA payments will be combined with the 75 percent TVA payment for distribution to local education boards, debt service obligations, and the Morgan County Economic Development Fund.

Additionally, the bill repeals Sections 45-52-161.03 through 45-52-161.07, which previously governed the distribution of Morgan County TVA funds, and establishes a framework for the Morgan County Legislative Delegation to manage these funds, including the authority to employ staff and make expenditures for office operations and public grants. The delegation's financial activities will be subject to annual audits, and unspent funds will carry over for future use. The bill also establishes the Morgan County Economic Development Fund, maintained by the Morgan County Industrial Park and Economic Development Cooperative District, which will be utilized for economic purposes benefiting Morgan County. The bill is set to take effect on October 1, 2025.

Statutes affected:
Introduced: 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161
Engrossed: 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161