MEMPHIS, TN (WMC) - The Shelby County School Board approved a settlement with The City of Memphis, after a six-year lawsuit.
The court ordered the city to pay then Memphis City Schools $57 million, after the Memphis City Council voted to cut that money from the budget in 2008 saying city residents were double-taxed for city and county schools.
Tuesday night's vote means the city will pay SCS a total of $41 million.
The money will come from several different sources, including $3.8 million from Capitol Improvement construction funds and $8 million from bond debts.
The district would also get a $1.3 million credit for Memphis police services.
Another $8 million would come from the city's general reserve account and will be paid to SCS next month.
$20 million would be paid out over 15 years starting in February 2016.