Alabama § 45-48-162 - Disposition of Funds.

§ 45-48-162. Disposition of Funds.

(a) The increase in TVA in-lieu-of-taxes payments to Marshall County generated by Act 2010-135, 2010 Regular Session, to the counties served by the TVA shall be distributed as follows:

(1) Twenty-five percent of the total amount to the Marshall County Board of Education, the Arab City Board of Education, the Guntersville City Board of Education, the Albertville City Board of Education, and the Boaz City Board of Education on a per pupil basis based upon the student enrollment of the respective school systems on the last day of the first monthly attendance report of each school year. If the amount paid to teachers who have achieved National Board Certification by this state is less than five thousand dollars ($5,000), these funds shall be used to pay teachers the difference in the amount paid and five thousand dollars ($5,000) each year. Any remaining funds may be used at the discretion of the board.

(2) Seventy-five percent to a county discretionary fund. Moneys in the discretionary fund may be expended for any lawful purpose by warrant drawn upon the fund pursuant to the direction of a discretionary fund committee.

(b) The discretionary fund committee is created. The committee shall be comprised of three members as follows:

(1) One member who is a resident of Marshall County, to be appointed by the state senator representing Marshall County.

(2) Two members, one to be appointed by each of the members of the House of Representatives representing Marshall County. Each of these members shall be a resident of the legislative district of the respective appointing House member.

(c) The distributions made pursuant to this section shall be made separate and apart from all other TVA in-lieu-of-taxes payments required by Marshall County including, but not limited to, those payments distributed pursuant to Section 45-48-161.