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 the 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 authorizing subdivision or private user for the creation and maintenance of the project.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Section 11-92C-1 - Legislative Intent.
Section 11-92C-2 - Definitions.
Section 11-92C-4 - Procedure to Incorporate; Contents and Execution of Certificate of Incorporation.
Section 11-92C-5 - Amendments to Certificate of Incorporation.
Section 11-92C-6 - Board of Directors to Govern Each Authority.
Section 11-92C-7 - Officers of Authority.
Section 11-92C-8 - Powers of Authority.
Section 11-92C-9 - Bonds of Authority.
Section 11-92C-10 - Proceeds From the Sale of Bonds.
Section 11-92C-11 - Refunding Bonds.
Section 11-92C-12 - Notice of Bond Resolution.
Section 11-92C-13 - Exemption From Taxation.
Section 11-92C-14 - Liability of Authorizing Subdivision.
Section 11-92C-15 - Failure to Pay Past Due Assessments.
Section 11-92C-16 - Exemption From Usury Laws.
Section 11-92C-17 - Exemption From Competitive Bid Laws.
Section 11-92C-18 - Freedom of Authority From State Supervision and Control.
Section 11-92C-19 - Earnings of Authority.
Section 11-92C-20 - Dissolution of Authority and Vesting of Title to Property.