The beneficiaries of the land bank agency shall be the taxing authorities that held
or owned tax bills against the respective parcels of real estate acquired by such
land bank agency pursuant to various provisions of the Land Tax Collection Law, including
a deemed sale under subsection 3 of RSMo § 141.560, by deed from a land trust under
subsection 1 of RSMo § 141.984, or pursuant to a sale under subdivision (2) of subsection
2 of RSMo § 141.550 included in the judgment of the court, and their respective interests
in each parcel of real estate shall be to the extent and in the proportion and according
to the priorities determined by the court on the basis that the principal amount of
their respective tax bills bore to the total principal amount of all of the tax bills
described in the judgment. Such taxing authorities, other than the city, as beneficiaries
are limited to the net proceeds as otherwise specified in subsections 74-81(a)(4) and 74-81(b)(5). This section does not create in any person, entity or taxing authority, by
implication or otherwise, any direct or indirect benefit, obligation, duty, promise,
right to be indemnified (such as contractually, legally, equitably or by implication)
or any right to be subrogated to the city's rights, including the right of reimbursement
of costs and expenses borne by the city on behalf of the land bank agency.
(
Ord. No. 120779, § 1, 9-20-12
)
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