§ 11-54-133 — Termination or Dissolution of Fund

Alabama § 11-54-133

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 54: Promotion of Industry, Trade, Commerce and Pollution Control
• Art. 4: Industrial Development Boards
• Div. 3: Endowment Trust Funds

Text

Upon the termination or dissolution of an endowment trust fund, all properties held in and forming a part of such fund, whether real or personal, tangible or intangible, and whether characterized as principal or income of such fund, shall continue to be or shall become, as the case may be, the property of the industrial development board that created or established the fund; provided, that the board may, subject to any applicable conditions set out in either the authorizing resolution or the trust agreement pertaining to the fund, from time to time pay over, distribute, or convey, with or without consideration, to the municipality whose governing body authorized the incorporation of the board, all or any of the properties or any portion or portions thereof. After the termination or dissolution of the fund, all such properties may be expended or used, whether by the board or the municipality, for one or more of the purposes specified in Section 11-54-129, and for no other purpose, subject, however, to any applicable condition, limitation, or restriction under the Constitution of Alabama of 1901, as amended, including, without limitation, the provisions of Section 94; and any such expenditure or use for any such purpose shall be deemed for a public purpose.

Legislative History

(Act 2000-730, p. 1569, §9.)