B.__Any other purposes that are incidental to the purposes permitted under paragraph A, including administrative and land maintenance costs.

A municipality may not acquire interest in land under this subchapter for purposes that are inconsistent with goals established in that municipality's comprehensive plan.

5.__Public hearing required.__Interests or rights in real property may not be__acquired under this subchapter until a public hearing is held and budget authority approved pursuant to this Title.__A municipality may enter into a conditional purchase agreement prior to a public hearing and budget approval.

6.__Termination.__Upon dissolution of a municipal land bank established under this section, any remaining money in the municipal land bank account must be applied to reduce any bonded indebtedness or obligations incurred to effectuate the purposes of this subchapter.

Sec. 2. 36 MRSA c. 711-B is enacted to read:

CHAPTER 711-B

MUNICIPAL REAL ESTATE TRANSFER TAX

§4641-O.__Adoption of municipal real estate transfer tax

A municipality that has approved the establishment of a municipal land bank pursuant to Title 30-A, chapter 157, subchapter 6 may impose a real estate transfer tax on a transferee of real estate according to the procedure and limitations of this chapter.

1.__Referendum required.__A municipality may impose a municipal real estate transfer tax if such a tax is approved by a referendum vote conducted in accordance with Title 30-A, section 2528.__The tax may subsequently be amended or repealed by a referendum vote conducted in the same manner.

2.__Rate of tax.__The referendum question under subsection 1 must specify the proposed transfer tax rate, which may not exceed 1.5% of the taxable base of the property subject to the tax.

3.__Notification to register of deeds.__A municipality shall notify the register of deeds of the county in which the municipality is located at least 60 days prior to the effective