(a) There is created the Lawrence County Community Development Commission which shall be authorized to receive and by majority vote to distribute any funds in the Community Development Fund created herein for the purposes of promoting economic development including, but not limited to, water and sewer needs and paying the principal and interest on bonds issued for economic development, education, recreation, conservation, fire protection, and disaster relief. Not less than 40 percent of all funds distributed from the Community Development Fund shall be earmarked and expended for capital improvements. The commission shall be comprised of the following members:
(1) A person appointed by each senator representing Lawrence County whose term shall coincide with the term of the senator or until a replacement is appointed.
(2) A person appointed by the member of the House of Representatives representing Lawrence County whose term shall coincide with the term of the representative or until a replacement is appointed.
(b) The commission may promulgate rules related to its operations and procedures for the awarding of grants within the community for the above mentioned purposes.
(c) There is created the Community Development Fund within the Lawrence County Treasury. The fund shall be comprised of the additional three percent of TVA in-lieu-of-tax payments received pursuant to Section 40–28–2 beginning with the fiscal year which began October 1, 2006.
(d) The moneys in the fund shall be expended only on the order of the Lawrence County Community Development Commission.