House Bill 2626 amends Chapter 28 of the Private Acts of 1997 concerning the collection and allocation of tax revenues in Cheatham County. The bill specifically deletes the previous SECTION 8 and replaces it with a new provision that outlines how the tax proceeds will be distributed. According to the new language, 46.67% of the tax revenue will be allocated to the Cheatham County Education Debt Service Fund, with a separate accounting for a reserve fund intended for financing school building projects. Additionally, 6.66% of the tax will be directed to the Cheatham County Highway/Public Works Fund.

The bill stipulates that it will only take effect if approved by a two-thirds (2/3) vote of the Cheatham County legislative body, with the results of the vote to be certified to the secretary of state. While the act will become effective immediately for the purpose of approval, it will only be fully effective as outlined in the provisions of Section 2 for all other purposes.