§ 18-3407. Land bank; powers; no power of eminent domain; no power to levy or receive revenue from property taxes.

(1) A land bank shall have the following powers: (a) To adopt, amend, and repeal bylaws for the regulation of its affairs and the conduct of its business; (b) To sue and be sued in its own name and plead and be impleaded in all civil actions; (c) To borrow money from private lenders, from municipalities, from the state, or from federal government funds as may be necessary for the operation and work of the land bank; (d) To issue negotiable revenue bonds and notes according to the provisions of the Nebraska Municipal Land Bank Act, except that a land bank shall not issue any bonds on or after November 14, 2020; (e) To procure insurance or guarantees from the state or federal government of the payments of any debts or parts thereof incurred by the land bank and to pay premiums in connection therewith; (f) To enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers, including, but not limited to, agreements under the Interlocal Cooperation Act for the joint administration of multiple land banks or the joint exercise of powers under the Nebraska Municipal Land Bank Act; (g) To enter into contracts and other instruments necessary, incidental, or convenient to the performance of functions by the land bank on behalf of municipalities or agencies or departments of municipalities, or the performance by municipalities or agencies or departments of municipalities of functions on behalf of the land bank; (h) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the land bank; (i) To provide foreclosure prevention counseling and re-housing assistance; (j) To procure insurance against losses in connection with the real property, assets, or activities of the land bank; (k) To 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 its money, except that a land bank shall not invest its money in any instrument, obligation, security, or property in which a direct or indirect interest is held by a member of the board or an employee of the land bank, by a board member's or an employee's immediate family, or by a business or entity in which a board member or an employee has a financial interest; (l) To enter into contracts for the management of, the collection of rent from, or the sale of real property of the land bank; (m) To design, develop, construct, demolish, reconstruct, rehabilitate, renovate, relocate, and otherwise improve real property or rights or interests in real property of the land bank; (n) To fix, charge, and collect fees and charges for services provided by the land bank; (o) To fix, charge, and collect rents and leasehold payments for the use of real property of the land bank for a period not to exceed twelve months, except that such twelve-month limitation shall not apply (i) if the real property of the land bank is subject to a lease with a remaining term of more than twelve months at the time such real property is acquired by the land bank or (ii) if the real property of the land bank is held pursuant to an agreement with a nonprofit corporation or other private entity under subsection (8) of section 18-3408; (p) To grant or acquire a license, easement, lease, as lessor and as lessee, or option with respect to real property of the land bank; (q) To enter into partnerships, joint ventures, and other collaborative relationships with municipalities and other public and private entities for the ownership, management, development, and disposition of real property, subject to the requirements of subsection (8) of section 18-3408, if applicable; and (r) To do all other things necessary or convenient to achieve the objectives and purposes of the land bank or other laws that relate to the purposes and responsibilities of the land bank. (2) A land bank shall neither possess nor exercise the power of eminent domain. (3) A land bank shall not have the authority to (a) levy property taxes or (b) receive property tax revenue from a political subdivision pursuant to an agreement entered into under the Joint Public Agency Act. History: Laws 2013, LB97, § 7; R.S.Supp.,2018, § 19-5207; Laws 2020, LB424, § 7; Laws 2026, LB1135, § 16.