It is the intent of this division to authorize the establishment of a Land Bank Authority pursuant to Title 1, Subtitle 14, of the Local Government Article Annotated Code of Maryland Code; as amended in Prince George's County to be known as "the Land Bank Authority of Prince George's County, Inc." ("the Authority"), and to regulate the same to protect the public health, safety, and general welfare of Prince George's County and its residents. It is the purpose of this division to: Provide for the creation of the Authority to assist Prince George's County in the assemblage and clearance of title to property in a coordinated manner, to facilitate the use and development of certain property, and to promote economic growth; Prescribe the powers and duties of the Authority; Authorize the Authority's acquisition, maintenance, and disposal of interests in real and personal property and enforcement of tax liens and the clearing or quieting of title; Provide for the distribution and use of revenues collected or received by the Authority; Authorize the transfer and acceptance of property in lieu of taxes and the release of tax liens; Exempt property, income and operations of the Authority from taxation; and Extend protections to the Authority against certain liabilities; and Focus on the development of affordable housing with a preference for deeply affordable. The land bank will not remove the authority or compete with the Redevelopment authority.

The Authority shall have the power to: Adopt, amend, and repeal bylaws for the conduct of the Authority's business; Sue and be sued; Maintain an office at a place the Authority designates; Borrow money; Issue bonds and other obligations for a corporate purpose in accordance with Title 1, Subtitle 14, of the Local Government Article of the Annotated Code of Maryland; Invest money of the Authority in instruments, obligations, securities, or property; Participate in a program of the federal government, the State, a political subdivision of the State, or an intergovernmental entity created under State law; Contract for good and services; Study, develop and prepare reports or plans to assist in the Authority's exercise of powers and to monitor and evaluate the Authority's progress; Contract with public or private entities for services necessary to manage and operate the Authority; Create, own, control, or be a member of a corporation, limited liability company, partnership, or other person, whether operated for profit or not for profit, for the purposes of developing property in order to maximize marketability. Exercise a power usually possessed by a private corporation in performing similar functions, unless to do so would conflict with State law; Insure against losses in connection with the real property, assets, or activity of the Authority; Design, develop, construct, demolish, rehabilitate, renovate, relocate, and otherwise improve real property or interests in real property; Raise revenue by any legal means required to make the operations and activities of the Authority self-sustaining. Delegate to a member or officer a power granted to the Authority hereunder, including the power to execute a bond, obligation, certificate, deed, lease, mortgage agreement, or other document or instrument. Without limitation by the foregoing, be vested with and exercise all of the powers conferred upon land bank authorities generally by the laws of the State of Maryland including the powers set forth in the Prince George's County Code and specifically conferred upon the Authority by this division; and Do any and all things necessary or appropriate to the foregoing.

The Authority shall be governed by a seven (7) member board of directors to be appointed by the Prince George's County Executive and confirmed Prince George's County Council in accordance with the County Charter. Four (4) of the seven (7) members must come from the affordable housing community, community leaders and non-profit organizations. Directors shall serve staggered terms, with four (4) of the initial directors serving a term of two (2) years and three (3) of the initial directors serving a term of four (4) years. All successive directors shall serve for a term of four (4) years. Notwithstanding the foregoing, all directors shall continue to serve until their successors are duly appointed and qualified. Vacancies shall be filled for the unexpired term in the manner of original appointment as soon as practicable after the vacancy arises. The board shall: (1) annually select from among the directors a chairperson, treasurer, and any other necessary officers; and (2) adopt bylaws, which shall, among other things, establish attendance and meeting participation provisions. Additionally, the bylaws may authorize a majority of the board's total membership to vote to remove directors for failing to comply with the bylaws. Any such vacancy is effective at the start of the month following the vote and must be filled according to Subsection (a) above. Directors shall serve without compensation but may be reimbursed for expenses incurred while performing their duties. Directors are not personally liable for the Authority's bonds or other obligations, nor are they subject to creditors' rights. The Authority's bylaws shall conform with the provisions of the Annotated Code of Maryland, government article, Title 1, Subtitle 14. Any proposed amendment to the bylaws shall be submitted to the Prince George's County Council at least fifteen (15) days prior to any consideration and adoption by the board. Notwithstanding any provision of this Division to the contrary, the Prince George's County Council and the Prince George's County Executive shall reserve the right to remove any director in their sole discretion when they determine that such removal is in the best interest of Prince George's County.

The board shall schedule and hold regular meetings and may hold special meetings at the call of the chairperson or a majority of the directors. The board shall keep and record minutes for each meeting. A majority of the board constitutes a quorum, and a majority of those present at any meeting with a quorum may act, except as described below. Directors may not vote by proxy and may request a roll call vote on any action. Under this Division, a majority of all directors is required to: Adopt, amend, or repeal bylaws; Hire or fire employees and contractors, unless such authority is delegated by the board to an officer. Incur debt; Adopt or amend the Authority's annual budget; and Sell, lease, encumber, or alienate any real or personal property valued at more than $50,000. A two-thirds (2/3) majority of all directors is required to dissolve the Authority. As a public body, the board shall comply with the Maryland Open Meetings Act and the Maryland Public Information Act.

Board members and Authority staff shall not have any interest in (1) real property the Authority holds or acquires or (2) contracts or proposed contracts for services or materials the Authority provides or uses. To the extent not otherwise regulated by the Prince George's County Code of Ethics, the bylaws shall include a code of ethics for the Authority's board, officers, and employees that complies with Maryland Code as amended from time to time.

The Board may: hire an executive director, legal counsel, and other staff it deems Qualified and; contract with one or more departments or agencies to staff the Authority. The board may organize and reorganize the Authority's executive, administrative, clerical, and other responsibilities. The board may specify the duties, powers and compensation of its employees, agents and consultants.

The Authority may: Acquire real property, rights or interests in real property, directly, or through a person or governmental entity, by gift, devise, transfer, exchange, foreclosure, purchase, or otherwise on terms and conditions and in a manner the Authority considers proper; Own property in the Authority's name, including tax foreclosed property and property without clear title; Sell, lease as lessor, transfer, and dispose of the Authority's interest in property; Procure insurance against loss in connection with the property, assets, or activities the Authority; Execute deeds, mortgages, contracts, leases, purchases, or other agreements regarding the property of the Authority; and Property purchased, owned, or sold under this section may not be located outside the of Prince George's County Council. The Authority may quiet title or foreclose on a property in which it holds an interest that is not fee simple title by; Conducting an examination of title to determine the identity of any person possessing a claim or interest in the property; and Filing a complaint to quiet title in accordance with Maryland Code, Real Property, Title 14, Subtitle 6. The Authority may join in a single complaint to quiet title or foreclose on one or more parcels of real property. The Authority shall maintain any property it acquires in accordance with the laws of Prince George's County. The Authority may enter into an agreement with Prince George's County for the acquisition, maintenance, and sale of property. The Authority may coordinate and enter into agreements with the Redevelopment Authority of Prince George's County to most effectively and efficiently accomplish the objectives of both organizations.

With respect to property held or owned by the Authority, the Authority may: Grant or acquire a license, an easement, or an option; Set, charge, and collect rents, fees, and charges for use of the property. Pay taxes or special assessments due; Take any action, provide any notice, or institute any proceeding required to clear or quiet title in order to establish ownership by and vest title to property in the Authority; Abate violations of the Prince George's County and State building, fire, health, and related codes; and Hold, manage, maintain, operate, repair, lease as lessor, secure, prevent the waste or deterioration of, or demolish the property and take all other actions necessary to preserve the value of the property. The Authority shall be made a party to, and shall defend any action or proceeding concerning, claims against property held by the Authority.

The Authority may convey any real property it holds through a conveyance, exchange, sale, transfer, lease, grant, release, demise, mortgage, or pledge of the property as collateral. The board may delegate to its staff the power to contract with a legal entity to convey any real property it holds. Pursuant to this Section, the Authority may (1) establish an order of priorities for using real property that it conveys and (2) set different requirements for the board's approval of property dispositions in certain locations or by certain means. The board shall establish in its bylaws the terms and conditions for any consideration received in exchange for property conveyances, provided the consideration's form is in the Authority's best interest.

To the extent permitted under the local government's Annotated Code of Maryland 1-1401, the Land Bank Authority of Prince George's County is authorized to solicit and receive funding from the following sources: Gifts, grants, and loans from County, state, federal, public and private sources; Insurance proceeds; Investment income; and Any other assets or activities; and consideration for personal or real property conveyed or developed. The Authority may: Impose rates, rents, fees, and charges related to a project and for the services related to a project; and Enter into contracts and execute agreements and instruments necessary or convenient to exercise its authority under this Division. The rates, rents, fees, and charges established by the Authority under this Section shall be imposed and adjusted so that the aggregate amount of the rates, rents, fees, and charges from the project, when added to other available money, is sufficient to: Pay for the expenses of the project; Pay the principal of and the interest on the bonds that the Authority issued for the project as they become due and payable; and Create and maintain reserves required or provided for in a trust agreement. The rates, rents, fees and charges established by the Authority under this section are not subject to supervision or regulation by a unit of the State.

To dissolve the Authority, the board must adopt a resolution to do so. At least sixty (60) days before considering such a resolution, the board must: Publish notice of its intent to dissolve in a newspaper of general circulation in Prince George's County. Provide written notice to the Prince George's County Executive and County Council and Send notice by certified mail to the trustees of any outstanding bonds. Two-thirds (2/3) of the board's full membership must approve the resolution, which takes effect sixty (60) days after its adoption. Upon liquidation, dissolution, or winding up of the Authority, after paying or making provision for all the Authority's liabilities, all remaining assets of the Authority shall be distributed, transferred, conveyed, delivered, and paid to Prince George's County, notwithstanding any provision to the contrary in the bylaws. No member, director, or officer of the authority, nor any private person, entity, or individual, shall be entitled to share in any of the corporate assets of the Authority. Notwithstanding any provision of this Section to the contrary, the County may terminate the Authority pursuant to, and in accordance with the Annotated Code of Maryland Local Government Article Title 1, Subtitle 14.