Alabama § 11-66A-11 Audited Financial Statements

Alabama Statutes

§ 11-66A-11 — Audited Financial Statements

Alabama § 11-66A-11

Title 11Counties and Municipal Corporations

Ch. 66AResearch and Development Corridors

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Bluebook

Ala. Code § 11-66A-11 (2026).

Text

(a)A research and development corridor shall be required to produce audited financial statements from a certified public accountant or a firm thereof regularly engaged in the auditing of financial records, or an auditor who is regularly employed by the Department of Examiners of Public Accounts, for each fiscal year and, when available, deliver the audited financial statements to each public entity that financially supports the corridor, if the corridor:

(i)receives any eligible funds;

(ii)receives any funds, proceeds, or revenues from any public entity; or (iii) issues any financial obligation.

(b)For purposes of this section, the person conducting an audit pursuant to subsection (a) must be a person who:

(i)is in fact independent;

(ii)does not have any direct financial interest or

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(a) A research and development corridor shall be required to produce audited financial statements from a certified public accountant or a firm thereof regularly engaged in the auditing of financial records, or an auditor who is regularly employed by the Department of Examiners of Public Accounts, for each fiscal year and, when available, deliver the audited financial statements to each public entity that financially supports the corridor, if the corridor: (i) receives any eligible funds; (ii) receives any funds, proceeds, or revenues from any public entity; or (iii) issues any financial obligation.
(b) For purposes of this section, the person conducting an audit pursuant to subsection (a) must be a person who: (i) is in fact independent; (ii) does not have any direct financial interest or any material indirect financial interest in the corridor; and (iii) is not connected with the corridor or any officer, employee, promoter, underwriter, trustee, partner, director, or person performing similar functions.