New York A 1750: Utilizes funds from the capital acquisition fund

Bill Text

STATE OF NEW YORK
________________________________________________________________________
1750
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
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. The corporation may create and1.
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 [ ] no contribution shall exceed the amount of one percent of the(1) a.
14 total pari-mutuel wagering pools for the quarter in which the contrib-
15 ution is made;
16 [ ] no contribution shall reduce the amount of quarterly net(2) b.
17 revenues, exclusive of surcharge revenues, to an amount less than fifty
18 percent of such net revenues; and
19 [ ] the balance of the fund shall not exceed the lesser of one(3) c.
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
EXPLANATION--Matter in (underscored) is new; matter in bracketsitalics
[ ] is old law to be omitted.
LBD06706-01-1

A. 1750 2
1 per annum to a regional off-track betting corporation for the sole
2 purpose of paying the salaries and benefits of employees and other
3 expenses of such corporation; provided, however, that such regional
4 off-track betting corporation is not utilizing its capital acquisition
5 fund for corporate purposes as provided in section three of part II of
6 chapter fifty-eight of the laws of two thousand twelve, and further
7 provided, that at a time and in a manner to be determined and prescribed
8 by the New York state gaming commission, at least five percent of such
9 amount shall be distributed among the participating counties on the
10 basis of population, as defined as the total population in each partic-
11 ipating county shown by the latest preceding decennial federal census
12 completed and published as a final population count by the United States
13 bureau of the census preceding the commencement of the calendar year in
14 which such distribution is to be made.
15 3. A regional off-track betting corporation that chooses to utilize
16 its capital acquisition fund to offset expenses related to salaries and
17 benefits for the corporation's employees and other expenses as provided
18 in subdivision two of this section shall do so by providing written
19 notification to the New York state gaming commission, at least fifteen
20 days in advance of its decision to utilize monies for corporate
21 purposes.
22 § 2. This act shall take effect immediately.