Alabama § 45-52-161.02 - Payments Based on the Three Percent Increase.

§ 45-52-161.02. Payments Based on the Three Percent Increase.

(a) The three percent increase shall be allocated, applied, and paid as follows:

(1) Forty-five percent to the Morgan County Legislative Delegation Fund provided for in Section 45-52-190.

(2) Nine percent to the Morgan County Rescue Squad.

(3) Ten percent to the Decatur-Morgan County Entrepreneurial Center.

(4) The remainder shall be distributed pursuant to subsection (c).

(b) The 75 percent TVA payment paid pursuant to Section 40-28-2 shall be distributed as follows:

(1) Twenty percent to the participating boards of education in amounts bearing the same proportion of the total amount as the Foundation Program allocates to the participating boards of education.

(2) Twenty percent to the participating boards of education in amounts bearing the same proportion of the total amount as the population served by each participating board of education bears to the total population of the county, as determined by the most recent federal decennial census.

(3) The remainder shall be distributed pursuant to subsection (c).

(c) The remainder of the three percent increase designated in subdivision (a)(4) and the remainder of the 75 percent payment designated in subdivision (b)(3) shall be combined and the combined amount shall be distributed as follows:

(1) Up to one million five hundred thousand dollars ($1,500,000) to, or at the direction of, the district during the current bond year in an aggregate amount equal to the annual debt service for the bond year, as from time to time specified by notice, in writing, to the commission by the district. The commission shall make payments pursuant to this subdivision as required to comply with the terms of the obligations and the proceedings and documents under which the obligations are issued. This subdivision shall be void on December 31, 2042.

(2) The remainder of any TVA payment after the allocation provided in subdivision (1), up to two hundred thousand dollars ($200,000), to the Morgan County Economic Development Fund in an amount that will set the total monies in the fund at one million dollars ($1,000,000).

(3) The remainder of any TVA payment after the allocations provided in subdivisions (1) and (2) shall be distributed among the participating local governments, with each participating local government other than the county receiving an amount bearing the same proportion as the population of the participating local government bears to the total population of the county according to the most recent federal decennial census. The remainder shall be distributed to the county general fund.