Definitions

Sec. 2. As used in this chapter: "Board" refers to a capital improvement board of managers subject to or created under this chapter. "Net income" means the gross income after deducting: (1) the necessary operational expenses of the board in performing its duties (the expenses not to exceed the amount budgeted or approved); and (2) any reserve provided for in the budget. As added by Acts 1982, P.L.218, SEC.3.