Relates to the utilization of a capital acquisition fund by an off-track betting corporation to offset expenses related to salaries and benefits for the corporation's employees and other expenses.
STATE OF NEW YORK
________________________________________________________________________
8667
IN SENATE
May 10, 2018
___________
Introduced by Sen. AMEDORE -- read twice and ordered printed, and when
printed to be committed to the Committee on Racing, Gaming and Wager-
ing
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in
relation to the utilization of a capital acquisition fund by an off-
track betting corporation to offset expenses related to salaries and
benefits for the corporation's employees and other expenses
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of section 509-a of the racing, pari-
2 mutuel wagering and breeding law is designated subdivision a and two new
3 subdivisions b and c are added to read as follows:
4 b. Notwithstanding any other provision of law or regulation to the
5 contrary, up to five million dollars of the funds in a capital acquisi-
6 tion fund, established pursuant to this section, shall be available once
7 per annum to a regional off-track betting corporation for the sole
8 purpose of paying the salaries and benefits of employees and other
9 expenses of such corporation; provided, however, that such regional
10 off-track betting corporation is not utilizing its capital acquisition
11 fund for corporate purposes as provided in section three of part II of
12 chapter fifty-eight of the laws of two thousand twelve, and further
13 provided, that at a time and in a manner to be determined and prescribed
14 by the New York state gaming commission, at least five percent of such
15 amount shall be distributed among the participating counties on the
16 basis of population, as defined as the total population in each partic-
17 ipating county shown by the latest preceding decennial federal census
18 completed and published as a final population count by the United States
19 bureau of the census preceding the commencement of the calendar year in
20 which such distribution is to be made.
21 c. A regional off-track betting corporation that chooses to utilize
22 its capital acquisition fund to offset expenses related to salaries and
23 benefits for the corporation's employees and other expenses as provided
24 in subdivision b of this section shall do so by providing written
25 notification to the New York state gaming commission, at least fifteen
26 days in advance of its decision to utilize monies for corporate
27 purposes.
28 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15914-01-8
