RECORDS AND REPORTS

(a) A land bank shall keep accurate minutes of the land bank's meetings and shall keep accurate records and books of account that conform with generally accepted principles of accounting and that clearly reflect the income and expenses of the land bank and all transactions in relation to the land bank's real property. (b) A land bank shall maintain and make available for public review and inspection: (1) an inventory of all real property held by the land bank; (2) a copy of the sale settlement statement for each real property sold or transferred to a third party; and (3) a copy of the performance report filed under Subsection (e). (c) Not later than the 90th day after the end of the fiscal year of the municipality that created the land bank, the land bank shall file with the municipality an annual audited financial statement prepared by a certified public accountant. (d) Financial transactions of a land bank are subject to audit by the municipality that created the land bank. (e) For purposes of evaluating the effectiveness of a land bank created under this chapter, a land bank shall submit an annual performance report to the municipality that created the land bank not later than November 1 of each year in which the land bank acquires or sells real property in accordance with this chapter.