(a)The Rural Morgan County Industrial Development Board, hereinafter referred to as the board, is created for the purpose of coordinating, encouraging, and planning for industrial development in rural Morgan County. The board shall be the successor to the East Morgan County Industrial Development Board created pursuant to Act 88-580 with all the powers and authority provided by law. The board may form or incorporate itself pursuant to any general law of this state and shall have such powers, duties, and responsibilities as are applicable to other local industrial development boards by general law. This section in no way grants the board an exclusive franchise or exclusive rights to coordinate, encourage, and plan for industrial development in the described area.
(b)(1) The board shall be
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(a) The Rural Morgan County Industrial Development Board, hereinafter referred to as the board, is created for the purpose of coordinating, encouraging, and planning for industrial development in rural Morgan County. The board shall be the successor to the East Morgan County Industrial Development Board created pursuant to Act 88-580 with all the powers and authority provided by law. The board may form or incorporate itself pursuant to any general law of this state and shall have such powers, duties, and responsibilities as are applicable to other local industrial development boards by general law. This section in no way grants the board an exclusive franchise or exclusive rights to coordinate, encourage, and plan for industrial development in the described area.
(b)(1) The board shall be composed of no more than seven members as follows:
a. Two members shall be appointed from the list of Morgan County qualified registered voters for a term of six years by the senator or senators who represent any portion of the area described in subsection (a). The qualified registered voters must reside in that area described in subsection (a).
b. Two members shall be appointed from the list of Morgan County qualified registered voters for a term of six years by the House of Representatives members who represent any portion of the area described in subsection (a). The qualified registered voters must reside in that area described in subsection (a).
c. Three members shall be appointed from the list of Morgan County qualified registered voters for a term of six years by the Morgan County Commission. The qualified registered voters must reside in that area described in subsection (a).
(2) Successor members shall be appointed by their appointing authorities for terms of office of six years each.
(3) The persons serving as members of the board August 1, 2008, shall continue to serve the balance of the term to which they were appointed prior to that date. Upon the expiration of each respective term, each successor member shall be appointed to the board according to the procedure and for the terms set forth in this section.
(c) Notwithstanding Act 2007-339 of the 2007 Regular Session (Acts 2007, p. 602), or any other statute to the contrary, the Morgan County Commission shall annually set aside eight percent of the county’s TVA payments paid in lieu of taxes, excluding the school and cities portion, to a fund in the county treasury to be known as the Rural Morgan County Industrial Development Fund (hereinafter referred to as the fund). The fund shall be administered by the county commission for the use and benefit of the projects of the board. Any grant funds shall be taken into account in meeting the formula mentioned in this section; however, in no event shall the amount be less than five percent of the county’s TVA payments paid in lieu of taxes, excluding the school and cities portion.
(d) The board shall provide an annual audit by a registered CPA or a licensed professional to be available upon request to the public. (e) This section shall in no way affect the allocation of a portion of the Tennessee Valley Authority in-lieu-of-taxes payment for a local legislative delegation office and certain grants as set forth in Act 2007-491 of the 2007 Regular Session (Acts 2007, p. 1047).