12-5902. Same; city governing body; establishment, dissolution; board of trustees.
12-5902
12-5902. Same; city governing body; establishment,
dissolution; board of trustees.
(a) The governing body may establish a city land bank by
adoption of an ordinance.
(b) The bank shall be governed by a board of trustees. The governing body
may appoint the board. City governing body members may
serve on or as the board of trustees. Vacancies on the board shall be filled by
appointment for the unexpired term.
(c) The governing body may advance operating funds to the
bank to pay expenses of the board of trustees and the bank. Members of the
board of trustees shall receive no compensation, but shall be paid their actual
and necessary expenses in attending meetings and in carrying out their duties
as members of the board.
(d) The bank may be dissolved by ordinance of the governing body.
In such case, all property of the bank shall be transferred to
and held by the city and may be disposed
of as otherwise provided by law.
History: L. 2009, ch. 120, § 2; July 1.