§ 2-94. Status.

Latest version.

As provided in the Act, the authority shall be a nonprofit corporation; and no part of its net earnings remaining after payment of its expenses, bonds, notes or other obligations shall ever inure to the benefit of any individual, firm or corporation, except that in the event sufficient provision has been made for the full payment of the expenses, bonds, notes and other obligations of the authority, then any net earnings of the authority thereafter accruing shall be paid to or as directed by the city.

(Ord. No. 5218, § 4, 5-28-87)

                    
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