[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.
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.
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.
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.