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, firm, or corporation, except that in the event a 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 city.
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.