2016 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 5 - (Racing, Pari-Mutuel Wagering and Breeding Law) REGIONAL OFF-TRACK BETTING CORPORATIONS
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.