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Model Resolution Directing Payment of Tax Equivalents

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Reviewed Date: October 26, 2016

Original Author: 
MTAS
Date of Material: 
Apr 2, 2004


Subjects:
Taxes--Payment in lieu of taxes
Electric systems
Taxes--Municipal resolutions

Model Resolution Directing Payment of Tax Equivalents

Summary: 
MTAS was asked to create a resolution for payment in lieu of taxes.

Knowledgebase-Model Resolution Directing Payment of Tax Equivalents

Model Resolution Directing Payment of Tax Equivalents



Whereas, section 7-52-304 of the Tennessee Code Annotated empowers a municipality’s governing body, after consultation with the supervisory body of an electric system, to determine the amounts of tax equivalents to be paid to taxing jurisdictions in the service of the electric system; and

Whereas, the ______________________________________ of the city of _______________________________ has held such consultation with the supervisory body of the electric system of the city of _____________________________; and

Whereas, the necessary data have been supplied by the electric system of the city of ________________________________ and calculations of tax equivalents payable have been made in accordance with the provisions of TCA 7-52-303;

NOW, THEREFORE, BE IT RESOLVED BY THE _______________________
OF THE CITY OF_________________________________ :

Section 1. The electric system of the city of __________________________ is hereby directed to pay the following amounts of tax equivalents to the respective taxing jurisdictions for the fiscal year beginning July 1, ________ :

Taxing jurisdiction Amount

_________________________________ ______________
_________________________________ ______________
_________________________________ ______________
_________________________________ ______________
_________________________________ ______________
_________________________________ ______________


Attachment(s):

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Information written by MTAS staff was based on the law at the time and/or a specific sets of facts. The laws referenced may have changed and/or the technical advice provided may not be applicable to your city or circumstances. Always consult with your city attorney or an MTAS consultant before taking any action based on information posted to this website.