12-5902.   Same; city governing body; establishment,dissolution; board of trustees.(a) The governing body may establish a city land bank byadoption of an ordinance.

      (b)   The bank shall be governed by a board of trustees. The governing bodymay appoint the board. City governing body members mayserve on or as the board of trustees. Vacancies on the board shall be filled byappointment for the unexpired term.

      (c)   The governing body may advance operating funds to thebank to pay expenses of the board of trustees and the bank. Members of theboard of trustees shall receive no compensation, but shall be paid their actualand necessary expenses in attending meetings and in carrying out their dutiesas 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 toand held by the city and may be disposedof as otherwise provided by law.

      History:   L. 2009, ch. 120, § 2; July 1.