Bill Text: NY A01751 | 2021-2022 | General Assembly | Amended

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to racing and wagering [A01751 Detail]

Download: New_York-2021-A01751-Amended.html

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                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.