Code of Alabama
Division 1 - Distribution of Tva.
Section 45-52-161.05 - Payment to District.

The commission shall distribute and pay to, or at the direction of, the district the balance of each TVA payment remaining after the allocations, distributions, and payments described in Sections 45-52-161.02, 45-52-161.03, and 45-52-161.04, respectively, until there shall have been distributed and paid to, or at the direction of, the district pursuant to this section during the then current bond year an aggregate amount equal to the lesser of (1) the annual debt service for such bond year (as from time to time specified by notice in writing to the commission by the district) or (2) one million two hundred thousand dollars ($1,200,000). The commission shall make such payments pursuant to this section at such times and in such amounts, subject to the terms hereof, as shall be required to comply with the terms of the obligations and the proceedings and documents under which the obligations are issued. The commission shall not be required (1) so to distribute and pay any such amount to the district unless and until there has been delivered to the commission by the district the written notice described above, or (2) to distribute and pay to the district any amount pursuant to this section other than the amount specified in the aforesaid written notice then most recently delivered to the commission by the district, or (3) to make any distribution and payment to the district with respect to a TVA payment received by the commission after December 31, 2042.

Structure Code of Alabama