Each authority organized hereunder shall be a nonprofit public 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 its 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 an authority thereafter accruing shall be paid in equal amounts to its authorizing subdivisions.
Structure Code of Alabama
Title 11 - Counties and Municipal Corporations.
Title 3 - Provisions Applicable to Counties and Municipal Corporations.
Chapter 94 - Port Authorities.
Section 11-94-1 - Definitions.
Section 11-94-2 - Legislative Intent; Liberal Construction of Chapter.
Section 11-94-4 - Certificate of Incorporation - Contents; Execution and Acknowledgment.
Section 11-94-8 - Officers of Authority.
Section 11-94-9 - Powers of Authority; Location of Projects.
Section 11-94-11 - Bonds of Authority - Execution.
Section 11-94-12 - Bonds of Authority - Indenture; Lien; Remedies of Bondholders.
Section 11-94-13 - Bonds of Authority - Application of Proceeds.
Section 11-94-14 - Refunding Bonds.
Section 11-94-16 - Disposition of Net Earnings.
Section 11-94-17 - Bonds of Authority as Legal Investments.
Section 11-94-18 - Dissolution of Authority; Vesting of Title to Funds and Property of Authority.
Section 11-94-19 - Exemption From Taxation and Fees.
Section 11-94-20 - Exemption From Usury and Interest Laws.
Section 11-94-21 - Construction of Chapter.
Section 11-94-22 - Applicability of Article 5 of Chapter 6 of Title 8.
Section 11-94-23 - Correction of Errors or Omissions in Incorporation.
Section 11-94-24 - Validation of Incorporation of Certain Port Authorities.
Section 11-94-25 - Revenues to Be Used for Paying Bonds of Authorities.