§ 4716 — Dissolution of land bank

(a) A land bank may be dissolved within 60 calendar days after the adoption of an affirmative resolution approved by2/3of the membership of the board of directors authorizing such dissolution. Sixty calendar days’ advance written notice of consideration of a resolution of dissolution shall be given to the foreclosing governmental unit that created the land bank, shall be published in a local newspaper of general circulation, and shall be sent by certified mail to the trustee of any outstanding bonds of the land bank.

(b) The foreclosing governmental unit or units that created the land bank may dissolve the land bank by repeal of the local law, ordinance, resolution, or intergovernmental cooperation agreement that created the land bank under § 4705(a) or (b) of this title. Dissolution shall be effective no sooner than 60 calendar days after such repeal. Prior to dissolution, the land bank shall publish notice of the dissolution in a local newspaper of general circulation, and shall provide notice by certified mail to the trustee of any outstanding bonds of the land bank. In the event that 2 or more foreclosing governmental units created a land bank under § 4705(b) of this title, the withdrawal of 1 or more foreclosing governmental units shall not result in the dissolution of the land bank unless the intergovernmental cooperation agreement entered into under § 4705(b) of this title so provides and there is no foreclosing governmental unit that desires to continue the existence of the land bank.

(c) Upon dissolution of the land bank, all real property, personal property, and other assets of the land bank shall become assets of the foreclosing governmental unit that created the land bank.

Legislative History

80 Del. Laws, c. 155, § 1