(a) The authority may be organized pursuant to the provisions of this part. In order to incorporate such a public corporation, any number of natural persons, not less than three, who are duly qualified electors of the city, shall first file a written application with the governing body of the city, which application shall:
(1) Contain a statement that the applicants propose to incorporate the authority pursuant to the provisions of this part;
(2) State the proposed location of the principal office of the authority, which shall be within the corporate limits of the city;
(3) State that each of the applicants is a duly qualified elector of the city; and
(4) Request that the governing body of the city adopt a resolution declaring that it is wise, expedient, and necessary that the proposed authority be formed and authorizing the applicants to proceed to form the proposed authority by the filing for record of a certificate of incorporation in accordance with Section 45-8A-20.04.
(b) Each such application shall be accompanied by such supporting documents or evidence as the applicants may consider appropriate. As promptly as may be practicable after the filing of the application with it in accordance with the provisions of this section, the governing body of the city shall review the contents of the application, and shall adopt a resolution either (1) denying the application or (2) declaring that it is wise, expedient, and necessary that the proposed authority be formed and authorizing the applicants to proceed to form the proposed authority by the filing for record of a certificate of incorporation in accordance with the provisions of Section 45-8A-20.04. The governing body with which the application is filed shall also cause a copy of the application to be spread upon or otherwise made a part of the minutes of the meeting of such governing body at which final action upon the application is taken.
Structure Code of Alabama
Chapter 8A - Calhoun County Municipalities.
Part 1 - Downtown Development Authority.
Section 45-8A-20 - Legislative Intent.
Section 45-8A-20.01 - Definitions.
Section 45-8A-20.02 - Use of Phrases.
Section 45-8A-20.05 - Amendments to Certificate of Incorporation.
Section 45-8A-20.06 - Board of Directors.
Section 45-8A-20.07 - Officers of the Authority.
Section 45-8A-20.08 - Powers of Authority.
Section 45-8A-20.09 - Bonds of Authority.
Section 45-8A-20.10 - Proceeds From the Sale of Bonds.
Section 45-8A-20.11 - Refunding Bonds.
Section 45-8A-20.12 - Notice of Bond Resolution.
Section 45-8A-20.13 - Exemption From Taxation.
Section 45-8A-20.14 - Liability of City.
Section 45-8A-20.15 - Exemption From Usury and Interest Laws.
Section 45-8A-20.16 - Exemption From Competitive Bid Laws.
Section 45-8A-20.17 - Freedom of Authority From State Supervision and Control.
Section 45-8A-20.18 - Earnings of the Authority.
Section 45-8A-20.19 - Dissolution of the Corporation and Vesting of Title to Property in the City.
Section 45-8A-20.20 - Existence of the Authority to Prevent Incorporation of Another by the City.