Section 379H.102 - General Powers of Land Bank(a) A land bank has all powers necessary to carry out the purposes of this chapter, including the power to:(1) adopt, amend, and repeal bylaws for the regulation of the land bank's affairs and the conduct of the land bank's business;(2) sue and be sued in the land bank's own name and plead and be interpleaded in all civil actions, including actions to clear title to real property of the land bank;(3) adopt and alter a seal;(4) borrow funds necessary for the operation of the land bank from private lenders, municipalities, this state, and the federal government;(5) adopt any policy for procurement that is recognized under state law and permitted for governmental entities, including a policy recognized under Chapters 252 and 271 of this code, Chapter 431, Transportation Code, and Chapters 2254 and 2269, Government Code;(6) procure insurance or guarantees from this state or the federal government of the payments of any debts or parts of debts incurred by the land bank and pay premiums in connection with those debts;(7) enter into contracts and other agreements necessary, incidental, or convenient to the performance of the land bank's duties and the exercise of the land bank's powers, including governmental agreements under Subchapter D, Chapter 431, Transportation Code, or interlocal contracts under Section 791.011, Government Code, for the joint exercise of powers under this chapter;(8) enter into contracts and other agreements with the municipality that created the land bank for the performance of services in accordance with Chapter 311, Tax Code;(9) make and execute contracts and other instruments necessary or convenient to the exercise of the land bank's powers;(10) procure insurance against losses in connection with the real property, assets, or activities of the land bank;(11) invest money of the land bank, at the discretion of the board, in instruments, obligations, securities, or property determined proper by the board and name and use depositories for the land bank's money;(12) enter into contracts for the management of, collection of rent from, or sale of real property of the land bank;(13) design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, or otherwise improve real property of the land bank;(14) set, charge, and collect rents, fees, and charges for the use of real property of the land bank and for services provided by the land bank;(15) finance by loan, grant, lease, or otherwise refinance, construct, erect, assemble, purchase, acquire, own, repair, remodel, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage real property of the land bank and pay the costs of those activities from the proceeds of loans by persons, corporations, limited or general partnerships, and other entities;(16) grant or acquire a license, easement, lease, as lessor or lessee, or option with respect to real property of the land bank;(17) enter into partnerships, joint ventures, and other collaborative relationships with the municipality that created the land bank and other public and private entities for the ownership, management, development, and disposition of real property of the land bank;(18) make application directly or indirectly to any federal, state, county, or municipal government or agency or to any other public or private source for loans, grants, guarantees, or other financial assistance in furtherance of the land bank's public purpose and accept and use the loans, grants, guarantees, or financial assistance on terms prescribed by that federal, state, county, or municipal government or agency or other source;(19) as security for the repayment of any notes or other obligations of the land bank, pledge, mortgage, convey, assign, hypothecate, or otherwise encumber any property of the land bank, including real property, fixtures, personal property, revenue, and other funds, and execute any lease, trust indenture, trust agreement, agreement for the sale of the land bank's notes of other obligation, loan agreement, mortgage, security agreement, or other agreement necessary or desirable as determined by the land bank;(20) hold title to real property for purposes of establishing contracts with public and private nonprofit entities, including long-term lease contracts; and(21) perform any other appropriate action as necessary to carry out the purposes of this chapter or to comply with a requirement under other law.(b) A land bank may not: (1) exercise the power of eminent domain; or(2) acquire real property outside the geographical boundaries of the municipality that created the land bank.Tex. Loc. Gov't. Code § 379H.102
Added by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 780,Sec. 1, eff. 9/1/2021.