[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.
A.
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.
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 by the Town Board
of the Town of Queensbury 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.
