Texas Local Government Code 379C.013 – Records; Audit; Report
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(a) The land bank shall keep accurate minutes of its meetings and shall keep accurate records and books of account that conform with generally accepted principles of accounting and that clearly reflect the income and expenses of the land bank and all transactions in relation to its property.
(b) The land bank shall file with the municipality not later than the 90th day after the close of the fiscal year annual audited financial statements prepared by a certified public accountant. The financial transactions of the land bank are subject to audit by the municipality.
Terms Used In Texas Local Government Code 379C.013
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005
- Property: means real and personal property. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) For purposes of evaluating the effectiveness of the program, the land bank shall submit an annual performance report to the municipality not later than November 1 of each year in which the land bank acquires or sells property under this chapter. The performance report must include:
(1) a complete and detailed written accounting of all money and properties received and disbursed by the land bank during the preceding fiscal year;
(2) for each property acquired by the land bank during the preceding fiscal year:
(A) the street address of the property;
(B) the legal description of the property;
(C) the date the land bank took title to the property;
(D) the name and address of the property owner of record at the time of the foreclosure;
(E) the amount of taxes and other costs owed at the time of the foreclosure; and
(F) the assessed value of the property on the tax roll at the time of the foreclosure;
(3) for each property sold by the land bank during the preceding fiscal year to a qualified participating developer or eligible adjacent property owner:
(A) the street address of the property;
(B) the legal description of the property;
(C) the name and mailing address of the purchaser;
(D) the purchase price paid; and
(E) if sold to a qualified participating developer:
(i) the maximum incomes allowed for the households by the terms of the sale; and
(ii) the source and amount of any public subsidy provided by the municipality to facilitate the sale or rental of the property to a household within the targeted income levels;
(4) for each property sold by a qualified participating developer during the preceding fiscal year, the buyer’s household income and a description of all use and sale restrictions; and
(5) for each property developed for rental housing with an active deed restriction, a copy of the most recent annual report filed by the owner with the land bank.
(d) The land bank shall maintain in its records for inspection a copy of the sale settlement statement for each property sold by a qualified participating developer and a copy of the first page of the mortgage note with the interest rate and indicating the volume and page number of the instrument as filed with the county clerk.
(e) The land bank shall provide copies of the performance report to the taxing units who were parties to the judgment of foreclosure and shall provide notice of the availability of the performance report for review to the organizations and neighborhood associations identified by the municipality as serving the neighborhoods in which properties sold to the land bank under this chapter are located.
(f) The land bank and the municipality shall maintain copies of the performance report available for public review.