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Any increase in the payments received by the state from the Tennessee Valley authority in lieu of taxes under § 13 of the act of congress creating the authority, as amended, above the payments received in the fiscal year 1977-1978 shall be apportioned between the state and local governments in the following manner:
Forty-eight and one-half percent (48.5%) shall be paid to or retained by the state of Tennessee;
Forty-eight and one-half percent (48.5%) shall be paid to the counties and municipalities of this state as provided in this part; and
Three percent (3%) shall be paid to impacted local governing areas that are experiencing Tennessee Valley authority construction activity on facilities to produce electric power. Such impacted areas shall be designated by the Tennessee Valley authority. Such payments to impacted areas shall be made during the period of construction activity and for one (1) full fiscal year after completion of such activity. If, in any fiscal year, there are no impacted areas, these funds shall be allocated as provided in § 67-9-102(b)(3).
The state's share of such funds shall not be less than the amount of such funds received by it during the fiscal year preceding July 1, 1978.