Sec. 5. (a) This section applies to the board of a county land bank established by a county that does not have a consolidated city.

(b) The board of a land bank to which this section applies is comprised of the following:

(1) A director appointed by the county treasurer. A director appointed under this subdivision must be a resident of the county.

(2) A director appointed by the county auditor. A director appointed under this subdivision must be a resident of the county.

(3) Five (5) directors respectively appointed by the executives of the five (5) municipalities in the county with the five (5) largest populations, as determined by the most recent federal decennial census. A director appointed under this subdivision must reside in the municipality of the appointing authority that appoints the director.

(4) At most two (2) additional directors appointed, as applicable, in the manner and subject to the requirements set forth in the land bank's bylaws.

(c) The terms of the initial directors of a land bank to which this section applies are equal to:

(1) the remainder of the calendar year in which the land bank is established; plus

(2) a number of additional years equal to:

(A) one (1) calendar year, for:

(i) the director appointed under subsection (b)(1);

(ii) the director appointed under subsection (b)(2); and

(iii) the director appointed under subsection (b)(3) by the executive of the municipality in the county that has the largest population;

(B) two (2) calendar years, for directors appointed under subsection (b)(3) by the executives of the municipalities that have the second through the fourth largest populations in the county; and

(C) three (3) calendar years, for:

(i) the director appointed under subsection (b)(3) by the executive of the municipality that has the fifth largest population in the county; and

(ii) any directors appointed under subsection (b)(4).

As added by P.L.211-2016, SEC.1.