House Bill 35 amends Tennessee Code Annotated, specifically Section 13-14-111, by removing subsections (a) and (b) entirely, as well as deleting subsection (c) and replacing it with new provisions. The bill establishes the state's intent to financially assist in the development of regional plans for economic development and related activities, benefiting local governments and citizens. It outlines the creation of nine development districts and mandates that the state budget include a separate line item for funding these districts, calculated at fifty cents per capita based on the latest population estimates.

Additionally, the bill stipulates that state funding for each development district will be determined by a per capita assessment set by the district boards, with a formula for distributing remaining funds based on factors such as population size and cost of living variations. The proposed per capita assessments and corresponding annual state appropriations for the districts are detailed, with specific funding amounts allocated based on the assessment levels. The act is set to take effect upon becoming law, emphasizing the importance of supporting regional development initiatives in Tennessee.

Statutes affected:
Introduced: 13-14-111