Section 140.1012

Title X TAXATION AND REVENUE

Chapter 140

Effective - 28 Aug 2024, 2 histories   

  140.1012.  Dissolution of agency, procedure. — 1.  A land bank agency shall be dissolved as a public body corporate and politic no sooner than sixty calendar days, but no later than one hundred eighty calendar days, after an ordinance or resolution for such dissolution is passed by the county or municipality that established the land bank agency.

  2.  No less than sixty calendar days' advance written notice of consideration of such an ordinance or resolution of dissolution shall be given to the land bank agency, shall be published in a local newspaper of general circulation within such county or municipality, and shall be sent certified mail to each trustee of any outstanding bonds of the land bank agency.

  3.  No land bank agency shall be dissolved while there remains any outstanding bonds, notes, or other obligations of the land bank agency unless such bonds, notes, or other obligations are paid or defeased pursuant to the resolution, indenture, or other financing document under which such bonds, notes, or other obligations were issued prior to or simultaneously with such dissolution.  Once all outstanding bonds, notes, or other obligations are satisfied, no new property shall be purchased by, gifted to, traded to, or exchanged with the land bank agency.  No further debts or other obligations shall be incurred other than that which is necessary to sell or put to public use any remaining property held by the land bank agency.  The land bank agency shall be dissolved within thirty days after all outstanding bonds, notes, or other obligations are satisfied.

  4.  Upon dissolution of a land bank agency pursuant to this section, all real property, personal property, and other assets of the land bank agency shall be transferred by appropriate written instrument to and shall become the assets of the county or municipality that established the land bank agency.  Such county or municipality shall act expeditiously to return such real property to the tax rolls and shall market and sell such real property using an open, public method that ensures the best possible prices are realized while ensuring such real property is returned to a suitable, productive use for the betterment of the neighborhood in which such real property is located.  Upon the sale or other disposition of any such property by such county or municipality, the proceeds therefrom shall be applied and distributed in the following order:

  (1)  To the payment of the expenses of sale;

  (2)  To the reasonable costs incurred by such county or municipality in maintaining and marketing such property; and

  (3)  The balance shall be paid to the respective taxing authorities that, at the time of the distribution, are taxing the real property from which the proceeds are being distributed.

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(L. 2019 H.B. 821, A.L. 2024 H.B. 2062)