Sec. 2-193. - Powers and duties.

The land trust shall have the following powers and duties: (1)

To purchase or otherwise acquire fee simple or any lesser interest in real property owned by consenting land owners, including development rights as defined in G.L. 1956, § 42-82-2, and conservation restrictions, or any other interest consistent with the purposes of this division;

(2)

To accept and apply for gifts, grants, loans of funds, or services from any source, public (local, state or federal) or private, and comply, subject to the provisions of this division, with any terms or conditions thereof;

(3)

To administer and manage land and interests in land held by it in a manner consistent with the purposes of this division and with the terms of any grant or devise by which such land or interest was acquired; convey any such land or interest to a nonprofit corporation (subject to the provisions of subsection (5) of this section) provided that such land shall continue to be used in a manner consistent with the purposes of this division and with the terms of any grant or device by which such land was acquired by the land trust;

(4)

To employ such persons as are necessary to acquire, manage and preserve land and interests in land held by the land trust;

(5)

To dispose of all or any portion of its real property or interests therein held by it, whenever in the opinion of the trustees such lands or properties have become unsuitable or have ceased to be used for the purpose set forth in this division. Such disposition shall be made only by a vote of the trustees in which at least five members vote in favor of such a disposition and further only after having been approved by vote of the city council in accordance with the provisions of the Charter of the city governing disposition of land. Nothing in this subsection shall be construed to authorize the sale, lease or conveyance of lands or improvements held by the land trust as part of a charitable trust or acquired by gift or devise for the public use, unless authorized by the deed conveying these lands to the land trust or by agreement entered into between the donor and the land trust;

(6)

To invest such portions of its funds as may be deemed prudent in any investment that the city may invest its funds in, including but not limited to "homeowner notes," so called;

(7)

To otherwise do all things necessary for the performance of its duties, the fulfillment of its obligation and the conduct of its business.

(Rev. Ords. 1987, § 2-193)