Alabama § 11-92C-19 Earnings of Authority

Alabama Statutes

§ 11-92C-19 — Earnings of Authority

Alabama § 11-92C-19

Title 11Counties and Municipal Corporations

Ch. 92CLocal Redevelopment Authorities

This text of Alabama § 11-92C-19 (Earnings of Authority) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 11-92C-19 (2026).

Text

An 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 the 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 authorizing subdivision or private user for the creation and maintenance of the project.

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An 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 the 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 authorizing subdivision or private user for the creation and maintenance of the project.