§ 2435-C — Purchase of tax liens

§ 2435-c. Purchase of tax liens. (1) The agency or its tax lien entity\nmay purchase, and contract to purchase, tax liens from municipalities at\nsuch price or prices, upon such terms and conditions and in such manner,\nas the agency shall deem advisable.\n (2) The agency shall require as a condition of purchase of tax liens\nfrom municipalities that each such municipality shall agree (i) to\npromptly pay, as directed by the agency, any moneys collected by the\nmunicipality in connection with the redemption and cancellation of such\ntax liens, (ii) to pay, subject to appropriation by the appropriate\nlegislative body of such municipality, any amounts due and owing to the\nagency or its tax lien entity as a result of the sale of such tax liens,\n(iii) to make such covenants, representations, and warranties with\nrespect to the tax liens sold as required to effectuate the sale of such\ntax liens and facilitate the marketing of tax lien collateralized\nsecurities issued by the agency or its tax lien entity and (iv) to\naccept a note or other instrument issued by the agency or its tax lien\nentity to evidence any contingent amounts payable under the terms of the\npurchase and sale agreement. All municipalities selling tax liens to the\nagency or its tax lien entity are hereby authorized to make and carry\nout the agreements with the agency or its tax lien entity as required in\nthis subdivision. All municipalities are also authorized to sell on\ntheir own behalf, or have the agency or its tax lien entity sell on\ntheir own behalf, all or part of the contingent amounts payable to such\nmunicipalities under the terms of a tax lien purchase and sale\nagreement.\n (2-a) In connection with the purchase or proposed purchase of tax\nliens by the agency or its tax lien entity, the agency or its tax lien\nentity may purchase, and contract to purchase, real property from\nmunicipalities acquired by the municipalities pursuant to any tax\nenforcement proceeding, and which have not yet been disposed of by such\nmunicipalities.\n (3) In connection with the sale or proposed sale of tax liens to the\nagency or its tax lien entity, any municipality may, notwithstanding the\nprovisions of any general or special law to the contrary, pay (i) such\nfixed or annual charges as may be prescribed from time to time by the\nagency for or with respect to the purchase by the agency or its tax lien\nentity of the tax liens of such municipality, and (ii) all charges or\nexpenses necessary for the conversion or reconversion of any of its tax\nliens into such form as may be required by the agency in connection with\nany sale or other disposition of such tax liens.\n