§ 506 — Loans and contributions by a participating county to a corporation

New York § 506

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 5: Regional Off-track Betting Corporations

Text

§ 506. Loans and contributions by a participating county to a\ncorporation. 1. A participating county shall have power to loan or\ncontract to loan money to a corporation in such amounts, upon such terms\nand conditions and for such period or periods of time as in the judgment\nof the county are necessary or appropriate for the accomplishment of the\ncorporate purpose of the corporation.\n 2. Subject to any prior pledge of or lien upon the revenues or moneys\nof the corporation, the county shall have a first lien upon such\nrevenues or moneys for the repayment of any such loan, which lien:\n a. Shall attach upon receipt of such revenues or moneys by the\ncorporation, without any physical delivery thereof or further act, and\n b. Shall have priority over any other claim or lien against such\nrevenues or moneys, and\n c. Shall be valid and binding as against all parties having claims of\nany kind in tort, contract or otherwise against the corporation,\nirrespective of whether such parties have notice of such lien.\n 3. A participating county shall have power to contribute or contract\nto contribute money or personal property to a corporation, in such\namounts, for such period or periods of time and upon such terms and\nconditions as in the judgment of such county are necessary or\nappropriate for the accomplishment of the corporate purpose of the\ncorporation.\n