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.