NY S09005

Authorizes Village of Lake Placid, Inc. to enter into leases, subleases, or other agreements with the dormitory authority for financing and construction of facilities and related ancillary facilities.

Allows the village to pledge and assign revenues from facilities to the dormitory authority in amounts sufficient to cover debt service on bonds, notes, or other obligations issued for the project.

Exempts such lease agreements from constituting indebtedness under articles seven and eight of the state constitution or section 20.00 of the local finance law, and limits them to amounts appropriated annually by the village.

Provides that agreements are not installment purchase contracts, contracts for public work, or purchase contracts under article five-A of the general municipal law or other applicable law.

Takes effect immediately upon enactment.