Authorizes the Suffolk regional off-track betting corporation to file for bankruptcy; provides that all funds in the capital acquisition fund shall be available to the Suffolk regional OTB for any corporate purpose.
STATE OF NEW YORK
________________________________________________________________________
S. 6293 A. 9062
SENATE - ASSEMBLY
January 20, 2012
___________
IN SENATE -- Introduced by Sen. FLANAGAN -- read twice and ordered
printed, and when printed to be committed to the Committee on Racing,
Gaming and Wagering
IN ASSEMBLY -- Introduced by M. of A. SWEENEY, THIELE, ENGLEBRIGHT,
RAMOS, RAIA -- read once and referred to the Committee on Racing and
Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in
relation to authorizing the Suffolk regional off-track betting corpo-
ration to file for bankruptcy; and providing that all funds in the
capital acquisition fund shall be available to the Suffolk regional
OTB for any corporate purpose
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The racing, pari-mutuel wagering and breeding law is
2 amended by adding a new section 503-a to read as follows:
3 § 503-a. Additional powers of the Suffolk regional off-track betting
4 corporation. In addition to the powers enumerated in section five
5 hundred three of this article, the Suffolk regional off-track betting
6 corporation is hereby authorized and may file any petition with any
7 United States district court or court of bankruptcy under any provision
8 of laws of the United States for the composition or adjustment of munic-
9 ipal indebtedness.
10 § 2. Notwithstanding any other provision of law or regulation to the
11 contrary, all funds in the capital acquisition fund, established pursu-
12 ant to section 509-a of the racing, pari-mutuel wagering and breeding
13 law shall be available to the Suffolk regional off-track betting corpo-
14 ration for any corporate purpose.
15 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13856-06-2
