All revenues generated from the sale of electricity or in any way from the use of the electric distribution system, shall be deposited in board approved accounts. Payment shall be made to the City of Tuscumbia in accordance with the terms of the power contract between the Tennessee Valley Authority and the board and/or City of Tuscumbia then in effect. For the 2006-2007 fiscal year, the power contract requires payments to the City of Tuscumbia in lieu of taxes based on 4.7 percent of net plant value. The required payments to the City of Tuscumbia shall be made monthly and adjusted annually based on the required audit of the electric utility system.
Structure Code of Alabama
Chapter 17A - Colbert County Municipalities.
Section 45-17A-83 - Definitions.
Section 45-17A-83.01 - Revision of Board.
Section 45-17A-83.02 - Compensation of the Directors.
Section 45-17A-83.03 - Meetings of the Board.
Section 45-17A-83.04 - Authority and Duties of the Board.
Section 45-17A-83.05 - Establishment of Utility Rates.
Section 45-17A-83.06 - Accountant; Duties of Accountant.
Section 45-17A-83.07 - Report of Board to City Council.
Section 45-17A-83.08 - Expenditures for System Improvements.
Section 45-17A-83.09 - Deposit and Expenditure of Funds.
Section 45-17A-83.10 - Electric Distribution System.
Section 45-17A-83.11 - Water, Sewer, Gas, and Other Utility Systems.
Section 45-17A-83.12 - Construction; Repeal of Conflicting Provisions of Law.