Arizona Laws 35-751. Earnings of the corporation and exemption from restrictions
A. The corporation 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.
Terms Used In Arizona Laws 35-751
- 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.
- Corporation: means any corporation organized as an authority as provided in this chapter. See Arizona Laws 35-701
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Project: means any land, any building or any other improvement and all real and personal properties, including machinery and equipment whether or not now in existence or under construction and whether located within or without this state or the municipality or county approving the formation of the corporation, that are suitable for any of the following:
(a) With respect to a corporation formed with the permission of the Arizona finance authority, a municipality or a county other than the Arizona board of regents:
(i) Any enterprise for the manufacturing, processing or assembling of any agricultural or manufactured products. See Arizona Laws 35-701
- Property: means any land, improvements thereon, buildings and any improvements thereto, machinery and equipment of any and all kinds necessary to a project and any other personal properties deemed necessary in connection with a project. See Arizona Laws 35-701
B. A project shall be exempt from any requirement of competitive bidding or other restrictions imposed on the procedure for the financing of public improvements or the award of contracts for the construction of public improvements and shall also be exempt from any restrictions imposed on municipalities, counties or political subdivisions relating to the leasing, sale or other disposition of property or funds.
C. At the end of each fiscal year, the Arizona industrial development authority shall:
1. Transfer all unencumbered monies in excess of the authority’s operating costs generated after August 6, 2016 from single family mortgage programs that were in existence before August 6, 2016 to the housing trust fund established by section 41-3955.
2. After the transfer is made pursuant to paragraph 1 of this subsection, transfer all unencumbered monies in excess of the authority’s operating costs to the economic development fund established by section 41-5302.