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Section 7.01. Acquisition of Property. Except as otherwise provided in this Agreement, the
<br /> Land Bank may exercise the powers of an Illinois intergovernmental entity and the powers of
<br /> its non-home rule or of its home rule Members to acquire by gift, devise, transfer, exchange,
<br /> foreclosure, purchase, or any other means real or personal property or rights or interests in real
<br /> or personal property on terms and conditions and in a manner the Land Bank considers proper
<br /> or necessary to carry out the purposes of this Agreement. Unless otherwise indicated by the
<br /> Board, the Land Bank will exercise the authority of its home rule members, including the City
<br /> of Danville and Village of Rantoul, to acquire, hold, and dispose of real property. Real
<br /> property acquired by the Land Bank by purchase may be made by purchase contract, lease
<br /> purchase agreement, installment sales contract, land contract, donative transfer, grant, or
<br /> otherwise. Specifically, the Village of Rantoul conveys its authority to acquire and own real
<br /> property outside of its corporate boundaries.
<br /> Section 7.02. Execution of Legal Documents Relating to Property. All deeds, mortgages,
<br /> contracts, leases, purchases, or other agreements regarding property of the Land Bank,
<br /> including agreements to acquire or dispose of real property, shall be approved by and executed
<br /> in the name of the Land Bank in accordance with policies and procedures that are approved by
<br /> the Land Bank Board.
<br /> 5ection 7.03. Holding and Managing Property. The Land Bank may exercise the authority
<br /> of its home rule Members, including the City of Danville and Village of Rantoul, to hold and
<br /> own in the Land Bank's name any property acquired by the Land Bank or otherwise
<br /> transferred or conveyed to the Land Bank by a government unit, an intergovernmental entity,
<br /> or any other public or private person. Exercising the home rule authority of the Members, '�
<br /> including the City of Danville and Village of Rantoul, the Land Bank may control, hold,
<br /> manage, maintain, operate, repair, lease, convey, demolish, relocate, rehabilitate, or take all
<br /> other actions necessary to preserve the value of the property it holds or owns.
<br /> Section 7.04. Transfer of Interests in Property. The Land Bank may exercise the authority
<br /> of its home rule Members to convey, sell, transfer, exchange, lease, or otherwise dispose of
<br /> property or rights or interests in property in which the Land Bank holds a legal interest to any
<br /> public or private person or entity for any amount of consideration the Land Bank considers
<br /> proper and fair.
<br /> Section 7.05. Local Government Director Approval and Veto Authority. Notwithstanding
<br /> any other provision herein, the Land Bank may not acquire or sell any property within the
<br /> corporate limits of a Member municipality without the prior consent, in writing, from the
<br /> Local Government Director(s)representing that Member municipality.
<br /> ARTICLE VIII
<br /> BORROWING. CHECKS.DEPOSITS AND FUNDS
<br /> Section 8.01. Bonding and Borrowing.Any borrowing of money or notes by the Land Bank
<br /> shall be approved by the Board of Directors.
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