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NOW,THEREFORE, the Members agree to the following terms in accordance with the <br /> authority set forth in the Illinois Constitution and laws of the State of Illinois: <br /> ARTICLE I <br /> AUTHORITY <br /> Section 1.01. Authority. This Agreement is entered into pursuant to the authority set forth in <br /> Article VII, Section 10 of the Illinois Constitution and the laws of the State of Illinois set forth <br /> in 5 ILCS 220/1 et seq., and the authority granted to governments by Constitutional and <br /> statutory powers. <br /> ARTICLE II <br /> PURPOSE <br /> Section 2.01. Purpose.Pursuant to and in accordance with this Agreement,the Members shall <br /> jointly form and operate a land banking authority, named Central Illinois Land Bank <br /> Authority (the "Land Bank"), to foster the public purpose of combating community <br /> deterioration by returning property to productive use in order to provide open space, housing, <br /> industry, and employment for citizens within the Region. <br /> Section 2.02. Duties. In carrying out its purpose, the Land Bank shall, in accordance with <br /> applicable laws, codes, policies and procedures approved by the Land Bank Board and <br /> otherwise without limitation, manage and dispose of certain real and personal property and <br /> perform other functions, services, and responsibilities as may be assigned to the Land Bank by <br /> its Members. <br /> ARTICLE III <br /> CREATION OF THE LAND BANK <br /> Section 3.01. Creation and Legal Status of the Land Bank. The Members agree to cause <br /> the creation of the Land Bank as an intergovernmental entity to implement the functions, <br /> services, and responsibilities contemplated by this Agreement. <br /> Section 3.02. Title to Land Bank Assets. Except as otherwise provided in this Agreement, <br /> the Land Bank shall have exclusive title to all real property transferred to, purchased by, or <br /> otherwise acquired by the Land Bank.No Member shall have an ownership interest in any real <br /> or personal property held in the Land Bank's name. <br /> Section 3.03. Compliance with Law. The Land Bank shall comply with all applicable federal <br /> and State laws, rules,regulations, and orders. <br /> Section 3.04. Relationship of Members. The Members agree that no Member shall be <br /> responsible or liable, in whole or in part, for the acts of the Land Bank, or the employees, <br /> agents, and servants of the Land Bank, or any other Member acting separately or in <br /> 2 <br />