237.09

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237.09 Requirements for nonprofit corporations.

237.09(1)

(1) Each corporation contracted with under § 237.03 (1)(e) shall be a nonprofit corporation as described in section 501 (c) (3) of the Internal Revenue Code that is exempt from federal income tax under section 501 (a) of the Internal Revenue Code and shall be based in one or more of the counties in which the navigational system is located.

237.09(2)

(2) Each corporation contracted with under § 237.03 (1)(e) shall do all of the following:

237.09(2)(a)

(a) Provide marketing and fund-raising services for the authority.

237.09(2)(b)

(b) Make every reasonable effort to raise $2,750,000 of local or private funding for the rehabilitation and repair of the navigational system.

237.09(2)(c)

(c) Accept for investment moneys received by the authority for rehabilitation and repair under § 237.08 and invest the moneys at a rate of return that the authority finds adequate to enable the authority to exercise its duties and powers in rehabilitating and repairing the navigational system.

237.09(3)

(3) If the authority contracts with more than one corporation under § 237.03 (1)(e), all of the corporations shall make the effort to raise the total of $2,750,000.