1612 – Public Records and Public Meetings.
§ 1612. Public records and public meetings. (a) The board shall cause minutes and a record to be kept of all its proceedings. Except as otherwise provided in this section, the land bank shall be subject to the open meetings law and the freedom of information law. (b) A land bank shall hold a public […]
1613 – Dissolution of Land Bank.
§ 1613. Dissolution of land bank. A land bank may be dissolved as a charitable not-for-profit corporation sixty calendar days after an affirmative resolution approved by two-thirds of the membership of the board of directors. Sixty calendar days advance written notice of consideration of a resolution of dissolution shall be given to the foreclosing governmental […]
1614 – Conflicts of Interest.
§ 1614. Conflicts of interest. No member of the board or employee of a land bank shall acquire any interest, direct or indirect, in real property of the land bank, in any real property to be acquired by the land bank, or in any real property to be acquired from the land bank. No member […]
1615 – Construction, Intent and Scope.
§ 1615. Construction, intent and scope. The provisions of this article shall be construed liberally to effectuate the legislative intent and the purposes as complete and independent authorization for the performance of each and every act and thing authorized by this article, and all powers granted shall be broadly interpreted to effectuate the intent and […]
1616 – Delinquent Property Tax Enforcement.
§ 1616. Delinquent property tax enforcement. The municipality may enter into a contract to sell some or all of the delinquent tax liens held by it to a land bank, subject to the following conditions: (a) The consideration to be paid may be more or less than the face amount of the tax liens sold. […]
1617 – Contracts.
§ 1617. Contracts. (a) The land bank may, in its discretion, assign contracts for supervision and coordination to the successful bidder for any subdivision of work for which the land bank receives bids. Any construction, demolition, renovation and reconstruction contract awarded by the land bank shall contain such other terms and conditions as the land […]
1609 – Disposition of Property.
§ 1609. Disposition of property. (a) The land bank shall hold in its own name, or in the name of a lawfully organized subsidiary, all real property acquired by the land bank irrespective of the identity of the transferor of such property. (a-1) This section governing the disposition of property by land banks shall supersede […]
1610 – Financing of Land Bank Operations.
§ 1610. Financing of land bank operations. (a) A land bank may receive funding through grants and loans from the foreclosing governmental unit or units which created the land bank, from other municipalities, from the state of New York, from the federal government, and from other public and private sources. (b) A land bank may […]
1611 – Borrowing and Issuance of Bonds.
§ 1611. Borrowing and issuance of bonds. (a) A land bank shall have power to issue bonds for any of its corporate purposes, the principal and interest of which are payable from its revenues generally. Any of such bonds may be secured by a pledge of any revenues, including grants or contributions from the state […]
1602 – Definitions.
§ 1602. Definitions. The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise: (a) “board of directors” or “board” shall mean the board of directors of a land bank; (b) “land bank” shall mean a land bank established as […]