§ 105-458. Apportionment of payments in lieu of taxes between local units. - North Carolina Statutes

SUBCHAPTER VII. PAYMENTSRECEIVED FROM TENNESSEE VALLEY AUTHORITY IN LIEU OF TAXES.

Article 38.

Equitable Distributionbetween Local Governments.

§ 105‑458. Apportionment of payments in lieu of taxes between local units.

The payments received by theState and local governments from the Tennessee Valley Authority in lieu oftaxes under section 13 of the Act of Congress creating it, and as amended,shall be apportioned between the local governments in which the property isowned or an operation is carried on, on the basis of each local government'spercentage of the total value of the Authority's property in the State,determined as hereinafter provided: Provided, however, that the minimum annualpayment to any local government from said fund, including the amounts paiddirect to said local government by the Authority, shall not be less than theamount of annual actual tax loss to such local government based upon the two‑yearaverage on said property next prior to it being taken over by the Authority.  (1941, c. 85, s. 1; 1959, c.1060; 2009‑569, s. 1.)