Section 27402 - Agency established(a)Creation.--The mayor of the city shall designate an agency for the acquisition, administration, maintenance and disposition of property acquired by the city at treasurer's sale. The city shall act as agent for taxing bodies having claims against the property. Expenses of the agency shall be borne jointly by the taxing bodies in proportion to their respective annual revenues from the disposition of these properties by sale. Compensation for expenses shall be retained by the city from income from the sale or rental of delinquent property prior to distribution of income to the taxing bodies. If income is insufficient to pay expenses of acquisition, administration, maintenance and disposition, the taxing bodies shall make up the deficiency.(b)Action by city.--The city as agent is authorized through its proper officials to do all things necessary to protect and defend the taxing bodies' rights and obligations under this act. 1984, Oct. 11, P.L. 876, No. 171, § 402, effective in 60 days.