(a) Pursuant to the authority granted by Sections 40-28-1 to 40-28-3, inclusive, Lawrence County's share of payments made by the Tennessee Valley Authority to the state in lieu of ad valorem taxes shall be distributed as provided by this section:
(1) For the 1983-84 fiscal year, the Lawrence County Commission shall receive ninety thousand dollars ($90,000) in a special allotment to replace alcoholic beverage proceeds taxes and to assist the following agencies in the following amounts:
a. Each fire department established before January 1, 1982, shall receive two thousand dollars ($2,000).
b. Each fire department established after January 1, 1982, shall receive four thousand dollars ($4,000).
c. The Lawrence County Rescue Squad shall receive two thousand dollars ($2,000).
d. The Lawrence County Youth Aid Fund shall receive two thousand dollars ($2,000).
(2) For the 1984-85 fiscal year and each fiscal year thereafter, each fire department, the Lawrence County Rescue Squad, and the Lawrence County Youth Aid Fund shall receive two thousand dollars ($2,000) annually.
(3) The Lawrence County Board of Education shall receive 33 1/3 percent of the total amount remaining after ninety thousand dollars ($90,000) is deducted as per subdivision (1) and subdivision (2) and after the money paid to the municipalities according to Section 40-28-3 is deducted from the Tennessee Valley Authority money.
(4) All other money received by the county in Tennessee Valley Authority payments in lieu of taxes, after the money paid to the municipalities according to Section 40-28-3, and after the monies in subdivisions (1), (2), and (3) are allocated, shall be paid into the county general fund. Of this amount, for the 1993-94 fiscal year and each fiscal year thereafter, the first one hundred fifty thousand dollars ($150,000) shall be paid to the Industrial Development Board of Lawrence County - George C. Wallace Air Park Authority. Provided, however, in any year in which the amount of payments received is greater than the amount of payments received during 1993, the payments to the Industrial Development Board of Lawrence County - George C. Wallace Air Park Authority shall increase proportionately.
(b) All moneys paid to Lawrence County as their share of Tennessee Valley Authority payments in lieu of taxes which are not paid to the municipalities as provided by Section 40-28-3 or distributed as provided in subsection (a) shall be paid into the Lawrence County General Fund.