Bill Text: NY S06293 | 2011-2012 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2012-06-05 - RECOMMIT, ENACTING CLAUSE STRICKEN [S06293 Detail]

Download: New_York-2011-S06293-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
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           S. 6293                                                  A. 9062
                             S E N A T E - A S S E M B L Y
                                   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    S  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    S 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    S 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