New York Laws
Article 5 - 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.