The bank 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 its board of directors shall determine that sufficient provision has been made for the full payment of the expenses, bonds, other financial assistance, and other obligations of the bank, then any net earnings of the bank thereafter accruing shall be paid to the state.
Structure Code of Alabama
Title 23 - Highways, Roads, Bridges and Ferries.
Chapter 7 - Alabama Transportation Infrastructure Bank Act.
Section 23-7-3 - Creation; Purpose; Accounts.
Section 23-7-4 - Board of Directors.
Section 23-7-5 - Powers and Functions.
Section 23-7-6 - Funding; Pledge of Revenues.
Section 23-7-7 - Administration and Operations of Bank.
Section 23-7-8 - Loans and Financial Assistance; Eligible and Qualified Projects.
Section 23-7-9 - Financing Agreements; Other Authorized Financing; Security Interests.
Section 23-7-10 - Essential Governmental Function of Bank; Taxation.
Section 23-7-11 - Failure to Collect or Remit Funds Due; Withholding of Funds.
Section 23-7-12 - Liability Under Chapter.
Section 23-7-13 - Notice, Publication, etc., Referenda.
Section 23-7-14 - Investment of Funds.
Section 23-7-15 - Annual Report; Audit.
Section 23-7-16 - Construction of Chapter.
Section 23-7-17 - Bonds Authorized.
Section 23-7-18 - Liability for Bonds.
Section 23-7-19 - Requirements for Bonds.
Section 23-7-20 - Securing of Bonds - Trust Indenture.
Section 23-7-21 - Securing of Bonds - Pledge.
Section 23-7-22 - Purchase of Outstanding Bonds.
Section 23-7-23 - Form and Execution of Bonds.
Section 23-7-24 - Validity of Signatures on Bonds.
Section 23-7-25 - Limitation on Amendments.
Section 23-7-26 - Taxation of Bonds and Income.
Section 23-7-27 - Construction and Use of Bonds.
Section 23-7-28 - Performance of Contracts by Legal Residents of Alabama.