N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 506: Loans and contributions by a participating county to a corporation

§ 506. Loans and contributions by a participating county to a

corporation. 1. A participating county shall have power to loan or

contract to loan money to a corporation in such amounts, upon such terms

and conditions and for such period or periods of time as in the judgment

of the county are necessary or appropriate for the accomplishment of the

corporate purpose of the corporation.

2. Subject to any prior pledge of or lien upon the revenues or moneys

of the corporation, the county shall have a first lien upon such

revenues or moneys for the repayment of any such loan, which lien:

a. Shall attach upon receipt of such revenues or moneys by the

corporation, without any physical delivery thereof or further act, and

b. Shall have priority over any other claim or lien against such

revenues or moneys, and

c. Shall be valid and binding as against all parties having claims of

any kind in tort, contract or otherwise against the corporation,

irrespective of whether such parties have notice of such lien.

3. A participating county shall have power to contribute or contract

to contribute money or personal property to a corporation, in such

amounts, for such period or periods of time and upon such terms and

conditions as in the judgment of such county are necessary or

appropriate for the accomplishment of the corporate purpose of the

corporation.