(a) Any payments coming into the treasury of Cullman County that are derived, directly or indirectly, from payments by the Tennessee Valley Authority in lieu of the payment of ad valorem taxes shall be placed in a separate fund to be known as the "TVA Payments Fund." Except as provided in subsection (b), the monies in the fund shall be paid out and used in the following percentages and manner:
(1) Fifty percent shall be used exclusively for the maintenance, repair, construction, and reconstruction of the public roads and bridges in Cullman County.
(2) Twenty-five percent shall be distributed directly to the incorporated municipalities in Cullman County on the basis of population.
(3) Twenty-five percent shall be paid into the general fund and may be used for any of the lawful purposes of Cullman County.
(b) Notwithstanding subsection (a), commencing October 1, 2001, from the amounts received in the "TVA Payments Fund," directly or indirectly, there shall be paid out and used in the following manner:
(1) A minimum of one hundred twenty-five thousand dollars ($125,000) shall be distributed directly to the county board of education.
(2) A minimum of seventy-five thousand dollars ($75,000) to the Cullman City Board of Education.
(3) The remainder shall be used and distributed as provided in subsection (a).
(4) Cullman County and the municipalities of Cullman County may allocate funds for education purposes from their TVA payments in addition to the funds provided in this subsection.
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