Substituted for: House Bill No. 2760

By Fowlkes

AN ACT To amend Chapter 816 of the Public Acts of 1996, as amended by Chapter 89 of the Public Acts of 1997, relative to the abolition of the Tennessee Elk River Authority.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Section 3 of Chapter 816 of the Public Acts of 1996, as amended by Chapter 89 of the Public Acts of 1997, is further amended by deleting from subdivision (E) in the distribution formula the following language:

(E) In Giles County, the first seventy-five thousand dollars ($75,000) shall be allotted to Giles County Senior Citizens, Inc. Of the remaining funds, fifty percent (50%) shall be allotted to the nonprofit education foundation program in such county which has received a determination of exemption under § 26 U.S.C. 501(c)(3) of the Internal Revenue Code and which is filed with the Secretary of State, and fifty percent (50%) shall be allotted to the industrial development board in Giles County which is chartered by the State of Tennessee.

and by substituting instead the following:

(E) In Giles County, the first seventy-five thousand dollars ($75,000) shall be allotted to Giles County Senior Citizens, Inc. and the next fifty thousand dollars ($50,000) shall be allotted to the Giles County Child Development Center. Of the remaining funds, fifty percent (50%) shall be allotted to the nonprofit education foundation program in such county which has received a determination of exemption under § 26 U.S.C. 501(c)(3) of the Internal Revenue Code and which is filed with the Secretary of State, and fifty percent (50%) shall be allotted to the industrial development board in Giles County which is chartered by the State of Tennessee.

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.