The bill amends Section 45-52-161.02 of the Code of Alabama 1975, focusing on the distribution of Tennessee Valley Authority (TVA) in-lieu-of-taxes payments for Morgan County. Key changes include increasing the allocation to the Morgan County Legislative Delegation Fund from 40% to 45% to support the establishment and maintenance of a legislative office for county legislators, and raising the percentage for the Morgan County Rescue Squad from 8% to 9%. Additionally, the bill introduces a new allocation of 10% of the funds to the Decatur-Morgan County Entrepreneurial Center. It also streamlines the distribution process by repealing Sections 45-52-161.03 to 45-52-161.07, which previously governed the distribution of these funds.

Furthermore, the bill establishes the Morgan County Industrial Park and Economic Development Cooperative District's responsibility for maintaining the Morgan County Economic Development Fund, originally created by Act 2007-339. The district will own the fund and is required to invest it according to local government investment laws, using it for economic development purposes that benefit Morgan County. The bill mandates annual audits of the legislative office's revenue and expenditures, and any unspent funds will carry over for future use. The effective date for this act is set for October 1, 2025, and it includes new legal language regarding the management of the Economic Development Fund while removing outdated provisions related to tax payments.

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
Enrolled: 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161, 45-52-161