Notwithstanding any provision to the contrary appearing in § 7-34-115 or in the provisions of any private act, home rule or metropolitan government charter, every municipality may pay or cause to be paid from its electric system revenues for each fiscal year an amount for payments in lieu of taxes, called “tax equivalents” in this part, on its electric system and electric operations, which, in the judgment of the municipality's governing body after consultation with the supervisory body, shall represent the fair share of the cost of government properly to be borne by the municipality, subject, however, to the following conditions and limitations:
Structure 2021 Tennessee Code
Title 7 - Consolidated Governments and Local Governmental Functions and Entities
Chapter 52 - Municipal Electric Plants
Part 3 - Municipal Electric System Tax Equivalent Law of 1987
§ 7-52-304. Tax Equivalents Authorized — Conditions and Limitations
§ 7-52-305. Execution of Amendatory Contracts
§ 7-52-306. Contracts for Distribution of Tax Equivalent Amounts
§ 7-52-307. Payments to Taxing Jurisdictions
§ 7-52-308. Operations in Adjacent States
§ 7-52-309. Distribution by Private Act or Home Rule or Metropolitan Government Charter