HB2500 EngrossedLRB097 07614 PJG 47725 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Tennessee Valley Authority Payment Act is
5amended by changing Section 1 as follows:
 
6    (30 ILCS 250/1)  (from Ch. 120, par. 1601)
7    Sec. 1. Beginning October 1, 1981 and each October 1,
8thereafter 30% of the total annual fiscal year payment received
9by the State of Illinois from the Tennessee Valley Authority,
10pursuant to Section 13 of the Tennessee Valley Authority Act of
111933 (16 USCA 831, et seq.), as amended, shall be deposited in
12the General Revenue Fund. Seventy percent of such payment shall
13be divided among counties in Illinois in which the Tennessee
14Valley Authority has coal reserved, and which counties
15themselves receive direct payments pursuant to Section 13 of
16the Tennessee Valley Authority Act of 1933 (16 USCA 831, et
17seq.), as amended. Moneys distributed to any such county shall
18be deposited in its general fund.
19    The payment to each county shall bear the same proportion
20to the total amount to be divided as the book value of
21Tennessee Valley Authority property in such county bears to the
22net book value of Tennessee Valley Authority property in all
23counties eligible to receive a share of the amount to be

 

 

HB2500 Engrossed- 2 -LRB097 07614 PJG 47725 b

1divided. Such distributions to the counties shall be made as
2soon as possible after October 1 of each year. Book values
3shall be determined as of the immediately preceding calendar
4year.
5    The changes made to this Section by this amendatory Act of
6the 97th General Assembly are declarative of existing law and
7are not a new enactment.
8(Source: P.A. 82-713.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.