§ 7-52-301. Short Title
This part shall be known and may be cited as the “Municipal Electric System Tax Equivalent Law of 1987.”
§ 7-52-302. Purpose — Construction
The purpose of this part is to provide the complete law of this state with respect to payments in lieu of taxes on the property and operations of all electric systems owned and operated by incorporated cities or towns, by counties, and by metropolitan governments, and to repeal the specific provisions of any private act, […]
§ 7-52-303. Part Definitions
As used in this part, unless the context otherwise requires: “Assessment ratio in effect” means that assessment ratio being applied by the comptroller of the treasury in assessing electric system property of electric cooperatives and electric membership corporations for ad valorem taxation or, if such assessment function ceases to be performed by the comptroller of […]
§ 7-52-304. Tax Equivalents Authorized — Conditions and Limitations
Notwithstanding any provision to the contrary appearing in § 7-34-115 or in the provisions of any private act, home rule or metropolitan government charter, every municipality may pay or cause to be paid from its electric system revenues for each fiscal year an amount for payments in lieu of taxes, called “tax equivalents” in this […]
§ 7-52-305. Execution of Amendatory Contracts
If the Tennessee Valley authority tenders to a municipality, as described in this part, a contract to amend an existing power contract consistent with this part, the governing body of the municipality and the supervisory body shall promptly execute such amendatory contract on behalf of the municipality.
§ 7-52-306. Contracts for Distribution of Tax Equivalent Amounts
Any municipality acting in its capacity as a taxing jurisdiction and any other taxing jurisdiction within the boundaries of which any part of such municipality’s electric system is located are hereby authorized to, on and after July 1, 1987, from time to time, make and perform contracts for distribution among them of the tax equivalent […]
§ 7-52-307. Payments to Taxing Jurisdictions
The municipality’s governing body, in the resolution provided for in § 7-52-304(4), except to the extent otherwise provided in any contract, established arrangement authorized or validated under § 7-52-306, or distribution provisions of any private act, home rule or metropolitan government charter, shall direct payment of the tax equivalent amounts to the taxing jurisdictions in […]
§ 7-52-308. Operations in Adjacent States
In the event a municipality conducts electric system operations outside the state, the maximum tax equivalent specified in this part shall not preclude the municipality’s collecting from the electric system the additional amounts necessary to make appropriate tax or tax equivalent payments to taxing jurisdictions in the adjacent state or states in which the electric […]
§ 7-52-309. Distribution by Private Act or Home Rule or Metropolitan Government Charter
Notwithstanding § 7-52-307, in the event any tax equivalent distribution provisions of any private act, home rule or metropolitan government charter direct that the tax equivalent amount to be distributed to each taxing district is to be an amount arrived at by applying the current ad valorem tax rate in that district to the depreciated […]
§ 7-52-310. Repeal of Conflicting Provisions
Except as otherwise expressly provided in this part, all acts or parts of acts, including parts of any private act, or home rule, or metropolitan government charter, in conflict with this part are, to the extent of such conflict with this part, repealed.