Section 140.983

Title X TAXATION AND REVENUE

Chapter 140

Effective - 28 Aug 2019   

  140.983.  Powers of land bank agency. — A land bank agency established under the land bank act shall have all powers necessary or appropriate to carry out and effectuate the purposes and provisions of the land bank act, including the following powers in addition to those herein otherwise granted:

  (1)  To adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business;

  (2)  To sue and be sued, in its own name, and plead and be impleaded in all civil actions including, but not limited to, actions to clear title to property of the land bank agency;

  (3)  To adopt a seal and to alter the same at pleasure;

  (4)  To borrow from private lenders, political subdivisions, the state, and the federal government as may be necessary for the operation and work of the land bank agency;

  (5)  To issue notes and other obligations according to the provisions of this chapter;

  (6)  To procure insurance or guarantees from political subdivisions, the state, the federal government, or any other public or private sources of the payment of any bond, note, loan, or other obligation, or portion thereof, incurred by the land bank agency and to pay any fees or premiums in connection therewith;

  (7)  To enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers including, but not limited to, agreements with other land bank agencies and with political subdivisions for the joint exercise of powers under this chapter;

  (8)  To enter into contracts and other instruments necessary, incidental, or convenient to:

  (a)  The performance of functions by the land bank agency on behalf of political subdivisions, or agencies or departments thereof; or

  (b)  The performance by political subdivisions, or agencies or departments thereof, of functions on behalf of the land bank agency;

  (9)  To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank agency.  Any contract or instrument if signed both by the executive director of the land bank agency and by the secretary, assistant secretary, treasurer, or assistant treasurer of the land bank agency, or by an authorized facsimile signature of any such positions, shall be held to have been properly executed for and on its behalf;

  (10)  To procure insurance against losses in connection with the property, assets, or activities of the land bank agency;

  (11)  To invest the moneys of the land bank agency, including amounts deposited in reserve or sinking funds, at the discretion of the land bank agency in instruments, obligations, securities, or property determined proper by the land bank agency and to name and use depositories for its moneys;

  (12)  To enter into contracts for the management of, the collection of rent from, or the sale of the property of the land bank agency;

  (13)  To design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, equip, furnish, and otherwise improve real property or rights or interests in real property held by the land bank agency;

  (14)  To fix, charge, and collect rents, fees, and charges for the use of the property of the land bank agency and for services provided by the land bank agency;

  (15)  To acquire property, whether by purchase, exchange, gift, lease, or otherwise, except not property not wholly located in the city that established the land bank agency; to grant or acquire licenses and easements; and to sell, lease, grant an option with respect to, or otherwise dispose of, any property of the land bank agency;

  (16)  To enter into partnerships, joint ventures, and other collaborative relationships with political subdivisions and other public and private entities for the ownership, management, development, and disposition of real property, except not for property not wholly located in the city that established the land bank agency; and

  (17)  Subject to the other provisions of this chapter and all other applicable laws, to do all other things necessary or convenient to achieve the objectives and purposes of the land bank agency or other laws that relate to the purposes and responsibility of the land bank agency.

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(L. 2019 H.B. 821)