Alabama § 41-10-865 Grant Applications by Eligible Donors; Disposition of Funds

Alabama Statutes

§ 41-10-865 — Grant Applications by Eligible Donors; Disposition of Funds

Alabama·Title 41 State Government·Ch. 10 Authorities·Art. 23 Sweet Trails Alabama Project

(a)Any eligible donor who makes a qualified donation of donated property for use as a greenway trail may apply for a grant pursuant to this section. Any eligible donor who elects not to apply for a grant pursuant to this section may enter into any other arrangement available to the eligible donor under law or contract in lieu of a grant pursuant to this section.

(b)(1) An eligible donor shall be eligible to apply for a grant for each qualified donation under this article.

(2)The grant shall be equal to 25 percent of the fair market value of the donated real property, but shall not exceed two hundred fifty thousand dollars ($250,000).

(c)Grants approved pursuant to this section shall be paid using monies from the acquisition fund.

(d)At the end of each fiscal year, any monies remaining

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(a) Any eligible donor who makes a qualified donation of donated property for use as a greenway trail may apply for a grant pursuant to this section. Any eligible donor who elects not to apply for a grant pursuant to this section may enter into any other arrangement available to the eligible donor under law or contract in lieu of a grant pursuant to this section.
(b)(1) An eligible donor shall be eligible to apply for a grant for each qualified donation under this article.
(2) The grant shall be equal to 25 percent of the fair market value of the donated real property, but shall not exceed two hundred fifty thousand dollars ($250,000).
(c) Grants approved pursuant to this section shall be paid using monies from the acquisition fund.
(d) At the end of each fiscal year, any monies remaining in the acquisition fund shall be transferred to the project fund.

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