An 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 an authority, then any portion, as determined by the board, of the net earnings of an authority thereafter accruing may, in the discretion of the board, be paid to one or more of its determining subdivisions.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 89A - Solid Waste Disposal Authorities.
Section 11-89A-1 - Legislative Findings.
Section 11-89A-2 - Definitions.
Section 11-89A-5 - Amendments to Certificate of Incorporation.
Section 11-89A-7 - Officers of Authority.
Section 11-89A-8 - Powers of Authority; Location of Facilities of Authority.
Section 11-89A-9 - Bonds of Authority, Generally.
Section 11-89A-10 - Security for Payment of Bonds; Contracts and Agreements to Secure.
Section 11-89A-11 - Proceeds From Sale of Bonds.
Section 11-89A-12 - Refunding Bonds.
Section 11-89A-14 - Power of Eminent Domain.
Section 11-89A-15 - Cooperation, Aid, and Agreements From and With Other Bodies.
Section 11-89A-16 - Exemption From Taxation, Etc.
Section 11-89A-17 - Exemption From Usury and Interest Laws.
Section 11-89A-18 - Exemption From Competitive Bid Laws.
Section 11-89A-19 - Disposition of Net Earnings of Authority.
Section 11-89A-20 - Bonds of Authority as Legal Investments.
Section 11-89A-21 - Dissolution of Authority; Vesting of Title to Authority's Property.
Section 11-89A-22 - Incorporation of Another Authority by Same Determining Subdivision.
Section 11-89A-23 - Notice of Bond Resolution; Contest to Validity of Bonds, Etc.