The authority shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event a board shall determine that sufficient provision has been made for the full payment of the expenses, bonds, and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to the city.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 54A - Downtown Redevelopment Authorities.
Section 11-54A-1 - Legislative Intent.
Section 11-54A-2 - Definitions.
Section 11-54A-3 - Use of Phrases.
Section 11-54A-4 - Filing of Application; Authorization of Incorporation by Governing Body of City.
Section 11-54A-5 - Procedure to Incorporate; Contents and Execution of Certificate of Incorporation.
Section 11-54A-6 - Amendments to Certificate of Incorporation; Procedure.
Section 11-54A-7 - Board of Directors; Election, Terms, Eligibility, Etc.
Section 11-54A-8 - Officers of Authority.
Section 11-54A-9 - Powers of Authority; All Projects to Be in Development Area.
Section 11-54A-10 - Bonds of Authority.
Section 11-54A-11 - Proceeds From Sale of Bonds.
Section 11-54A-12 - Refunding Bonds.
Section 11-54A-13 - Notice of Bond Resolution; 30 Days to Bring Action to Question Bond Validity.
Section 11-54A-14 - Exemption From Taxation.
Section 11-54A-15 - Liability of City.
Section 11-54A-16 - Exemption From Usury and Interest Laws.
Section 11-54A-17 - Compliance With Competitive Bid Laws.
Section 11-54A-18 - Freedom of Authority From State Supervision and Control.
Section 11-54A-19 - Earnings of Authority.
Section 11-54A-20 - Dissolution of Corporation and Vesting of Title to Property in City.
Section 11-54A-21 - Existence of Authority to Prevent Incorporation of Another by City.
Section 11-54A-23 - Provisions Cumulative.