(a) An authority may be organized pursuant to this chapter. In order to incorporate a public corporation, any number of natural persons, not less than three, who are duly qualified electors of the authorizing subdivision, shall first file a written application with the governing body of the authorizing subdivision, which shall contain all of the following:
Terms Used In Alabama Code 11-92C-3
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(1) A statement that the applicants propose to incorporate the authority pursuant to this chapter.(2) A statement of the proposed location of the principal office of the authority, which shall be within the corporate limits of a municipality or geographical limits of a county.(3) A general description of the proposed project.(4) A map or legal description or other description of the proposed local redevelopment area.(5) A statement that each of the applicants is a duly qualified elector residing in the authorizing subdivision.(6) A request that the governing body of the authorizing subdivision adopt a resolution declaring that it is wise, expedient, and necessary that the proposed authority be formed and authorizing the applicants to proceed to form the proposed authority by the filing for record of a certificate of incorporation in accordance with Section 11-92C-4.(7) A signed letter of authorization from the Governor and the Chair of the Alabama Job Creation and Military Stability Commission designating the project as a project eligible for the benefits of this chapter.(b)(1) Every application shall be accompanied by supporting documents or evidence as the applicants may consider appropriate. As promptly as may be practicable after the filing of the application in accordance with this section, the governing body of the authorizing subdivision shall review the contents of the application, and shall adopt a resolution either:
a. Denying the application.b. Declaring that its approval of the application will benefit the authorizing subdivision, as applicable, and will facilitate the retention, development, or redevelopment of an existing military installation or area contiguous to the military installation, and that the proposed authority be formed and authorizing the applicants to proceed to form the proposed authority by filing for record of a certificate of incorporation in accordance with Section 11-92C-4.(2) The governing body with which the application is filed shall also include a copy of the application in the minutes of the meeting of the governing body at which final action upon the application is taken.
