CHAPTER NO. 816

SENATE BILL NO. 3094

By Atchley

Substituted for: House Bill No. 2880

By McDaniel, Kent

AN ACT To amend Tennessee Code Annotated, Section 13-23-402, relative to allocations of tax dollars to the Tennessee Housing Development Agency and to the State General Fund.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 13-23-402(b), being the language added by Section 2 of Chapter 537 of the Public Acts of 1997, is amended by deleting it in its entirety, and by substituting instead the following:

( ) Notwithstanding the provisions of subsection (a) of this section, for the fiscal year ending June 30, 1997, all allocations of tax revenues directed to the agency by subsections (a)(2) and (a)(3) of this section in excess of six million dollars ($6,000,000) shall be reallocated to the State General Fund; and notwithstanding the provisions of subsection (a) of this section, for the fiscal year ending June 30, 1998, all allocations of tax revenues directed to the agency by subsections (a)(2) and (a)(3) of this section in excess of nine million dollars ($9,000,000) shall be reallocated to the State General Fund; thereafter, no such reallocation shall be made.

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.

PASSED:

April 13, 1998

APPROVED this

29th

day of

April

1998