Public Act 097-0035
 
HB2500 EnrolledLRB097 07614 PJG 47725 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Tennessee Valley Authority Payment Act is
amended by changing Section 1 as follows:
 
    (30 ILCS 250/1)  (from Ch. 120, par. 1601)
    Sec. 1. Beginning October 1, 1981 and each October 1,
thereafter 30% of the total annual fiscal year payment received
by the State of Illinois from the Tennessee Valley Authority,
pursuant to Section 13 of the Tennessee Valley Authority Act of
1933 (16 USCA 831, et seq.), as amended, shall be deposited in
the General Revenue Fund. Seventy percent of such payment shall
be divided among counties in Illinois in which the Tennessee
Valley Authority has coal reserved, and which counties
themselves receive direct payments pursuant to Section 13 of
the Tennessee Valley Authority Act of 1933 (16 USCA 831, et
seq.), as amended. Moneys distributed to any such county shall
be deposited in its general fund.
    The payment to each county shall bear the same proportion
to the total amount to be divided as the book value of
Tennessee Valley Authority property in such county bears to the
net book value of Tennessee Valley Authority property in all
counties eligible to receive a share of the amount to be
divided. Such distributions to the counties shall be made as
soon as possible after October 1 of each year. Book values
shall be determined as of the immediately preceding calendar
year.
    The changes made to this Section by this amendatory Act of
the 97th General Assembly are declarative of existing law and
are not a new enactment.
(Source: P.A. 82-713.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.