(1) For each fiscal year, the municipality shall allocate twenty-two and one-half percent (22.5%) of the total tax equivalent paid for that fiscal year as provided in § 7-52-304(1), or § 7-52-304(5) where applicable, to payments in lieu of all taxes or other charges for the benefit of county taxing jurisdictions. The municipality shall divide the amount so allocated among such county taxing jurisdictions in proportion to the ratios of the net plant values of the electric plant and the book values of materials and supplies within the boundaries of the respective county taxing jurisdictions to the total net plant value and the total book value of materials and supplies, and make such reductions as may be required under § 7-52-304(3) and (4). If the municipality is, itself, a county taxing jurisdiction, it shall be entitled to retain for itself, in addition to any other tax equivalents, its respective proportionate share of the twenty-two and one-half percent (22.5%) amount;
(2) For each fiscal year, the municipality shall allocate to each city taxing jurisdiction, other than itself, in lieu of all taxes or other charges for the benefit of that city taxing jurisdiction, an amount equal to the equalized property tax rate of such other city taxing jurisdiction multiplied by the net plant value of the electric plant, plus the book value of materials and supplies located within the boundaries of such other city taxing jurisdiction multiplied by the assessment ratio, and make such reductions as may be required under § 7-52-304(3) and (4);
(3) The maximum to be paid into the municipality's general fund shall be the balance of the total tax equivalent, after deducting the amounts determined under subdivisions (1) and (2); and
(4) Notwithstanding subdivisions (1)-(3), until the first fiscal year in which the maximum amount for tax equivalents, calculated as provided in § 7-52-304(1), exceeds the tax equivalent amount for the twelve (12) months ended June 30, 1987, any distribution payment to a taxing jurisdiction for any fiscal year shall not be greater than the amount paid to such taxing jurisdiction for the twelve (12) months ended June 30, 1987.
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