Section 45-41A-40.18 – Earnings of the Authority.
Section 45-41A-40.18 Earnings of the authority. 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 […]
Section 45-41A-40.19 – Dissolution of Corporation.
Section 45-41A-40.19 Dissolution of corporation. At any time when the authority has no bonds or other obligations outstanding, its board may adopt a resolution, which shall be duly entered upon its minutes, declaring that the authority shall be dissolved. Upon filing for record a certified copy of the resolution in the office of the Judge […]
Section 45-41A-40.04 – Incorporation Procedures; Contents and Execution of Certificate.
Section 45-41A-40.04 Incorporation procedures; contents and execution of certificate. (a) Within 40 days following the adoption of the authorizing resolution the applicants shall proceed to incorporate the authority by filing for record in the office of the Judge of Probate of Lee County a certificate of incorporation which shall comply in form and substance with […]
Section 45-41A-40.20 – Existence of Authority to Prevent Subsequent Incorporation.
Section 45-41A-40.20 Existence of authority to prevent subsequent incorporation. The existence of the authority incorporated under this part shall prevent the subsequent incorporation hereunder of another authority pursuant to authority granted by this part. (Act 84-415, p. 981, §21.)
Section 45-41A-40.05 – Amendments to Certificate of Incorporation.
Section 45-41A-40.05 Amendments to certificate of incorporation. (a) The certificate of incorporation of the authority incorporated under this part may at any time and from time to time be amended in the manner provided in this section. The board shall first adopt a resolution proposing an amendment to the certificate of incorporation which shall be […]
Section 45-41A-40.21 – Power of Eminent Domain.
Section 45-41A-40.21 Power of eminent domain. The authority is hereby granted the power of eminent domain and may exercise such power for the purpose of obtaining real property or any interest therein for any project it undertakes in the manner provided by law for the exercise of the power of eminent domain by municipalities. (Act […]
Section 45-41A-40.06 – Board of Directors.
Section 45-41A-40.06 Board of directors. Each authority shall be governed by a board of directors. All powers of the authority shall be exercised by the board or pursuant to its authorization. The board shall consist of seven directors who shall be elected by the governing body of the city for staggered terms as hereinafter provided. […]
Section 45-41A-40.22 – Loans, Sales, Grants, etc., of Money, Property, etc., to the Authority by Counties, Municipalities, Etc.
Section 45-41A-40.22 Loans, sales, grants, etc., of money, property, etc., to the authority by counties, municipalities, etc. For the purpose of effecting the revitalization and redevelopment of the central business district of the city, any county, municipality, or other political subdivision, public corporation, agency, or instrumentality of this state, upon such terms and with or […]
Section 45-41A-40.07 – Officers of the Authority.
Section 45-41A-40.07 Officers of the authority. The officers of the authority shall consist of a chair, vice chair, secretary, treasurer, and such other officers as the board shall deem necessary or appropriate. The offices of secretary and treasurer may, but need not, be held by the same person. The chair and vice chair of the […]
Section 45-41A-40.23 – Provisions Cumulative.
Section 45-41A-40.23 Provisions cumulative. The provisions of this part are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent with this part. (Act 84-415, p. 981, §24.)