Following the completion of the acquisition, construction, or installation of the projects, if there are excess funds from assessments, after fully funding all reserves and contingency funds, the excess funds shall be refunded in a manner determined to be equitable by the board, or as otherwise provided in the board’s proceedings with respect to its bylaws.
Ala. Code § 11-71-8
Refunding of Excess Funds.
Known as the The Neighborhood Infrastructure Incentive Plan Act
The act spans §§ 11-71-1 to 11-71-9 (12 sections).
(Act 2011-689, p. 2105, §8.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.