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.
This local law shall become effective in accordance
with the requirements of law.