30 ILCS 250/ Tennessee Valley Authority Payment Act.

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30 ILCS 250/0.01

(30 ILCS 250/0.01) (from Ch. 120, par. 1600)

Sec. 0.01.

Short title.

This Act may be cited as the

Tennessee Valley Authority Payment Act.

(Source: P.A. 86-1324.)

30 ILCS 250/1

(30 ILCS 250/1) (from Ch. 120, par. 1601)

Sec. 1.

Beginning October 1, 1981 and each October 1, thereafter 30%
of the total annual fiscal year payment received by the State of Illinois
from the Tennessee Valley Authority, pursuant to Section 13 of the Tennessee
Valley Authority Act of 1933 (16 USCA 831, et seq.), as amended, shall be
deposited in the General Revenue Fund. Seventy percent of such payment shall
be divided among counties in Illinois in which the Tennessee Valley Authority
has coal reserved.  Moneys distributed to any such county shall
be deposited in its general fund.

The payment to each county shall bear the same proportion to the total
amount to be divided as the book value of Tennessee Valley Authority
property in such county bears to the net book value of Tennessee Valley
Authority property in all counties eligible to receive a share of the amount
to be divided. Such distributions to the counties shall be made as soon
as possible after October 1 of each year.  Book values shall be determined
as of the immediately preceding calendar year.

The changes made to this Section by this amendatory Act of the 97th General Assembly are declarative of existing law and are not a new enactment.

(Source: P.A. 97-35, eff. 6-28-11.)