(1) A municipality may elect to create a land bank by the adoption of an ordinance which specifies the following:
(a) The name of the land bank;
(b) The initial individuals to serve as members of the board and the length of terms for which they are to serve; and
(c) The qualifications and terms of office of members of the board.
(2) Two or more municipalities may elect to enter into an agreement pursuant to the Interlocal Cooperation Act to create a single land bank to act on behalf of such municipalities, which agreement shall contain the information required by subsection (1) of this section.
(3) Each land bank created pursuant to the Nebraska Municipal Land Bank Act shall be deemed to be a public corporation acting in a governmental capacity and a political subdivision of the state and shall have permanent and perpetual duration until terminated and dissolved in accordance with section 19-5214.
(4) The primary goal of any land bank shall be to facilitate the return of vacant, abandoned, and tax-delinquent properties to productive use.