Every authority shall be a not-for-profit public corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private person, except that in the event the board of any authority shall determine that sufficient provision has been made for the full payment of the expenses, bonds, notes, and other obligations of such authority, then any net earnings thereafter accruing shall be paid to the determining municipality.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 2 - Provisions Applicable to Municipal Corporations Only.
Chapter 62 - Municipal Special Health Care Facility Authorities.
Section 11-62-1 - Definitions.
Section 11-62-2 - Legislative Findings and Declarations.
Section 11-62-4 - Amendment of Certificate of Incorporation.
Section 11-62-5 - Board of Directors.
Section 11-62-7 - Powers of Authority Generally; Operation of Facilities by Authority.
Section 11-62-10 - Refunding Bonds and Notes.
Section 11-62-11 - Investment in Bonds and Notes by State, Counties, Municipalities, Etc.
Section 11-62-12 - Establishment and Maintenance of Special Debt Service Reserve Funds, Etc.
Section 11-62-15 - Disposition of Net Earnings of Authority.
Section 11-62-18 - Exemptions of Authority - Taxation.
Section 11-62-19 - Exemptions of Authority - Usury and Interest Laws.
Section 11-62-20 - Exemptions of Authority - Competitive Bid Laws.