There is a newer version of the New York Consolidated Laws
2006 New York Code - Loans And Contributions By City To Corporation.
§ 608. Loans and contributions by city to corporation. 1. The city shall have power to loan or contract to loan money to the corporation in such amounts, upon such terms and conditions and for such period or periods of time as in the judgment of the city 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 city 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. The city shall have power to contribute or contract to contribute money or personal property to the corporation, in such amounts, for such period or periods of time and upon such terms and conditions as in the judgment of the city, are necessary or appropriate for the accomplishment of the corporate purpose of the corporation.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.