Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.
STATE OF NEW YORK
________________________________________________________________________
1751--A
2021-2022 Regular Sessions
IN ASSEMBLY
January 11, 2021
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Racing and Wagering -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in
relation to the utilization of funds in the Catskill off-track betting
corporation's capital acquisition fund
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 509-a of the racing, pari-mutuel wagering and
2 breeding law, as added by chapter 681 of the laws of 1989, the opening
3 paragraph as amended by chapter 346 of the laws of 1990, is amended to
4 read as follows:
5 § 509-a. Capital acquisition fund. 1. The corporation may create and
6 establish a capital acquisition fund for the purpose of financing the
7 acquisition, construction or equipping of offices, facilities or prem-
8 ises of the corporation. Such capital acquisition fund shall consist of
9 (i) the amounts specified pursuant to subdivision three-a of section
10 five hundred thirty-two of this chapter; and (ii) contributions from the
11 corporation's pari-mutuel wagering pools, subject to the following limi-
12 tations:
13 [(1)] a. no contribution shall exceed the amount of one percent of the
14 total pari-mutuel wagering pools for the quarter in which the contrib-
15 ution is made;
16 [(2)] b. no contribution shall reduce the amount of quarterly net
17 revenues, exclusive of surcharge revenues, to an amount less than fifty
18 percent of such net revenues; and
19 [(3)] c. the balance of the fund shall not exceed the lesser of one
20 percent of total pari-mutuel wagering pools for the previous twelve
21 months or the undepreciated value of the corporation's offices, facili-
22 ties and premises.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05928-03-1
A. 1751--A 2
1 2. Notwithstanding any other provision of law or regulation to the
2 contrary, funds in the Catskill off-track betting corporation's capital
3 acquisition fund established pursuant to this section shall also be
4 available to the Catskill off-track betting corporation for the purposes
5 of statutory obligations, payroll, and expenditures necessary to accept
6 authorized wagers until the fund has been exhausted.
7 § 2. This act shall take effect on the thirtieth day after it shall
8 have become a law.
