18-3414. Land bank; dissolution; procedure; notice; assets.
A land bank may be dissolved sixty calendar days after a resolution of dissolution is approved in accordance with this section. For a land bank created pursuant to subsection (1) of section 18-3404, the resolution of dissolution must be approved by two-thirds of the members of the governing body of the municipality that created the land bank. For a land bank created pursuant to subsection (2) or (3) of section 18-3404, the resolution of dissolution must be approved by a majority of the members of the governing body of each municipality that created the land bank. A governing body shall give sixty calendar days' advance written notice of its consideration of a resolution of dissolution by publishing such notice in a newspaper of general circulation within the municipality or municipalities that created the land bank and shall send such notice by certified mail to the trustee of any outstanding bonds of the land bank. Upon dissolution of the land bank, all real property, personal property, and other assets of the land bank shall become the assets of the municipality or municipalities that created the land bank.
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