[HISTORY: Adopted by the Town Board of the Town of Queensbury 12-29-1989 by L.L. No. 8-1989. Amendments noted where applicable.]
The title of this chapter shall be a "Local Law Authorizing Contributions to and Contracts with Local Development Corporations."
The purpose of this chapter is to provide authorization for the Town Board of the Town of Queensbury 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 Town Board of the Town of Queensbury, 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 Town 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 Town of Queensbury 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 by the Town Board of the Town of Queensbury 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.