Bill Text: NY A10958 | 2017-2018 | General Assembly | Introduced


Bill Title: Relates to utilizing funds from the capital acquisition fund for the payment of salaries and benefits of employees and other expenses of regional off-track betting corporations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-05-29 - referred to racing and wagering [A10958 Detail]

Download: New_York-2017-A10958-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          10958
                   IN ASSEMBLY
                                      May 29, 2018
                                       ___________
        Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
          tee on Racing and Wagering
        AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
          relation to utilizing funds from the 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.
    23    2. Notwithstanding any other provision of law  or  regulation  to  the
    24  contrary,  up to five million dollars of the funds in a capital acquisi-
    25  tion fund, established pursuant to this section shall be available  once
    26  per  annum  to  a  regional  off-track  betting corporation for the sole
    27  purpose of paying the salaries  and  benefits  of  employees  and  other
    28  expenses  of  such  corporation;  provided,  however, that such regional
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15937-01-8

        A. 10958                            2
     1  off-track betting corporation is not utilizing its  capital  acquisition
     2  fund  for  corporate purposes as provided in section three of part II of
     3  chapter fifty-eight of the laws of  two  thousand  twelve,  and  further
     4  provided, that at a time and in a manner to be determined and prescribed
     5  by  the  New York state gaming commission, at least five percent of such
     6  amount shall be distributed among  the  participating  counties  on  the
     7  basis  of population, as defined as the total population in each partic-
     8  ipating county shown by the latest preceding  decennial  federal  census
     9  completed and published as a final population count by the United States
    10  bureau  of the census preceding the commencement of the calendar year in
    11  which such distribution is to be made.
    12    3. A regional off-track betting corporation that  chooses  to  utilize
    13  its  capital acquisition fund to offset expenses related to salaries and
    14  benefits for the corporation's employees and other expenses as  provided
    15  in  subdivision  two  of  this  section shall do so by providing written
    16  notification to the New York state gaming commission, at  least  fifteen
    17  days  in  advance  of  its  decision  to  utilize  monies  for corporate
    18  purposes.
    19    § 2. This act shall take effect immediately.
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