At the end of each fiscal year, the State Tax Commission shall ascertain from the
Tennessee Valley Authority to the extent it has the necessary data available, and
from other sources, including electric power associations and other power distributors,
to the extent it does not, the amount of power sales or kilowatt-hour sales to consumers
in each county and municipality in this state by the Tennessee Valley Authority or
any facility distributing such power and the book value of Tennessee Valley Authority
power property in each Mississippi county and municipality in which the Tennessee
Valley Authority holds such property, and the minimum amounts paid or payable by the
Tennessee Valley Authority in replacement of former county and municipal ad valorem
taxes on power properties purchased and operated by the Tennessee Valley Authority
in Mississippi, if such information is necessary to determine the apportionment of
funds under Section 27-37-301. Thereafter, as funds are received from the Tennessee Valley Authority, but not more
frequently than monthly, the State Tax Commission shall apportion the amount received
by the State Treasurer of Mississippi in accordance with Section 27-37-301 hereof, and shall issue his warrant therefor to the various counties and municipalities
entitled thereto, and the same shall be paid by the State Treasurer from the funds
received from the Tennessee Valley Authority. Said funds so received by the State Treasurer shall be deposited to a special fund
until disbursements are made as herein authorized and directed, and that portion found
to be due the State of Mississippi shall be transferred to the General Fund of the
state as a part of the general revenues of the State of Mississippi.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.