[HISTORY: Adopted by the Board of Trustees
of the Village of South Glens Falls 10-6-2004 by L.L. No. 4-2004. Amendments noted where
applicable.]
The title of this chapter shall be "Local Law
Authorizing Contributions to and Contracts with Local Development
Corporation."
The purpose of this chapter is to provide authorization
for the Village of South Glens Falls to make contributions to and
contracts with local development corporations, in limited circumstances,
where the funds so contributed will be used for essential governmental
functions, as said governmental functions are more specifically described
in the Not-for-Profit Corporation Law, § 1411.
A.
The Village Board of the Village of South Glen Falls,
upon determining by resolution that the programs or activities of
a local development corporation constitute the performance by the
corporation of essential governmental functions as the same are expressly
identified in § 1411(a) and (b) of the Not-for-Profit Corporation
Law of the State of New York, may, by budgetary appropriation or appropriation
from surplus, contribute or grant to the local economic development
corporation such funds as the Village Board shall determine appropriate,
except that in no event shall such sums contributed or granted exceed
the amount of surplus funds determined to exist in the budget of the
Village of South Glens Falls in the year of appropriation.
B.
Any funds paid to a local development corporation
pursuant to this chapter shall be expended for the purposes authorized
herein, and a contract whereby the local development corporation agrees
to so expend the funds shall be entered into prior to the payment
of any funds as authorized hereunder. The contract shall also provide
for the auditing the Village Board of the Village of South Glens Falls
of the expenditure of said funds.
C.
Of the funds paid to any local development corporation,
no local development corporation shall expend more than $1,000 for
publicity purposes.
This local law shall become effective in accordance
with the requirements of law.
