Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a) The officers of the district management corporation shall submit a detailed annual budget for approval by its board of directors including proposed expenditures and proposed sources of funding, which may include voluntary donations. The budget shall explain how it contributes to goals and objectives for the business improvement district.
(b) The budget shall be introduced, approved, amended, and adopted by resolution passed by not less than a majority of the full membership of the board of directors. The procedure for passing a budget shall be as follows:
(1) Introduction and preliminary approval of the budget.
(2) Public advertising of the budget.
(3) Public hearing relating to the budget.
(4) Amendments to the budget and public hearings relating to those amendments.
(5) Adoption of the budget.
(6) No budget shall be adopted until a public hearing has been held thereon and all persons having an interest therein have been given an opportunity to present objections.
(c) The board of directors may amend the budget during or after the public hearing.
(d) No amendment to the budget by the board of directors shall be effective until taxpayers and all persons having an interest therein have been granted a public hearing thereon, if the amendment does or provides for any of the following:
(1) Adds a new item in an amount in excess of 10 percent of the total amount as stated in the approved budget.
(2) Increases or decreases any item within the budget by more than 10 percent of the amount stated in the approved budget for the item.
(3) Increases the amount needed to be raised by special assessment by more than 10 percent of the total special assessment revenues stated in the approved budget.
Cite this article: FindLaw.com - Alabama Code Title 11. Counties and Municipal Corporations § 11-54B-51 - last updated January 01, 2019 | https://codes.findlaw.com/al/title-11-counties-and-municipal-corporations/al-code-sect-11-54b-51/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?