Alabama Code 45-8A-111.18. Earnings of the authority
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Terms Used In Alabama Code 45-8A-111.18
- Authority: means the Oxford Downtown Development Authority, a public corporation organized pursuant to this part. See Alabama Code 45-8A-111.01
- Board: means the board of directors of the authority. See Alabama Code 45-8A-111.01
- Bonds: means and shall include bonds, notes, and certificates representing an obligation to pay money. See Alabama Code 45-8A-111.01
- City: means the City of Oxford, Alabama. See Alabama Code 45-8A-111.01
- 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.
The 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 a 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 city.