Sec. 1. 30-A MRSA c. 157, sub-c. 6 is enacted to read:

SUBCHAPTER 6

MUNICIPAL LAND BANKS

§3301. Establishment of municipal land bank

A municipality may establish a municipal land bank in accordance with this section.

1.__Referendum required.__A municipal land bank may be established only with approval by a referendum vote conducted in accordance with section 2528.__Once established, a referendum vote conducted in a similar manner is required to alter or repeal provisions pertaining to the land bank.__The municipal land bank may be approved as a separate measure or as part of a referendum adopting a municipal real estate transfer tax under Title 36, section 4641-O.

2.__Land bank account.__A municipality establishing a municipal land bank shall maintain a separate account to receive all tax revenue collected under Title 36, section 4641-P, subsection 4.__A municipality may accept money from other public and private sources for deposit in the municipal land bank account.__Interest accrued by money deposited into the account must be credited to the account.__All deposits into the municipal land bank account may be used only for the purposes permitted under this subchapter.

3. Advisory board. A municipality that has established a municipal land bank under this section shall create an advisory board, in accordance with this Title,__to review and make recommendations on proposed acquisitions using money from the land bank account.

4.__Use of funds. Funds in a municipal land bank account are restricted to the following uses:

A.__Acquiring interest in or managing land within the municipality for the purposes of:

(1)__Conserving land or maritime resources;

(2)__Maintaining or improving__opportunities for recreation and environmental education within the municipality; and