There is created a special fund designated the Morgan County Economic Development Fund to be held, invested, and applied by the district as provided herein. The commission shall distribute and pay to the district the balance of each TVA payment remaining after the allocations, distributions, and payments described in Sections 45-52-161.02, 45-52-161.03, 45-52-161.04, and 45-52-161.05, respectively, in an amount equal to the lesser of (1) two hundred thousand dollars ($200,000) or (2) the difference between one million dollars ($1,000,000) and the amount then on deposit in, or credited to, the fund. The commission shall make such payments pursuant to this section on a monthly basis. The fund, and the amounts on deposit in, or credited to, the fund shall be the property of the district and the district shall invest such amounts as provided by law for the investment of funds of the participating local governments. The district shall apply the amounts on deposit in, or credited to, the fund, at the discretion of the district, for economic development purposes in, or for the benefit of, Morgan County (including, without

rict shall apply the amounts on deposit in, or credited to, the fund, at the discretion of the district, for economic development purposes in, or for the benefit of, Morgan County (including, without limitation, such activities and purposes as shall provide for the creation or retention of jobs and employment opportunities in Morgan County) to the extent any of the participating local governments could (under any provision of the laws or Constitution of the State of Alabama) apply the funds thereof for such purposes. (Act 2007-339, p. 602, § 6; Act 2009-767, p. 2347, § 7.)