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, association or corporation; except, that in the event the board of directors of the authority 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 thereafter accruing shall be paid to the determining municipality or to an educational institution to construct, operate or maintain ancillary improvements, as the board of directors may direct by resolution.
Structure Code of Alabama
Chapter 17 - Educational Building Authorities.
Section 16-17-1 - Definitions.
Section 16-17-2 - Legislative Intent.
Section 16-17-3 - Procedure to Incorporate.
Section 16-17-4 - Amendments to Certificate of Incorporation.
Section 16-17-5 - Board of Directors.
Section 16-17-6 - Officers of Authority.
Section 16-17-7 - Powers of Authority.
Section 16-17-8 - Location of Ancillary Improvements.
Section 16-17-9 - Remedies Under Lease Agreements.
Section 16-17-10 - Bonds of Authority.
Section 16-17-11 - Contracts to Secure Bonds and Assumed Obligations.
Section 16-17-12 - Statutory Mortgage Lien.
Section 16-17-13 - Proceeds From Sale of Bonds.
Section 16-17-14 - Exemption From Taxation.
Section 16-17-15 - Freedom of Authority From State Supervision and Control.
Section 16-17-16 - Earnings of Authority.
Section 16-17-17 - Investments in Bonds of Authority.
Section 16-17-18 - Notice of Bond Resolution.
Section 16-17-19 - Dissolution of Authority and Vesting of Title to Its Properties.