Bill Text: NY A01750 | 2021-2022 | General Assembly | Introduced

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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) 2022-01-05 - referred to racing and wagering [A01750 Detail]

Download: New_York-2021-A01750-Introduced.html

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                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. 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

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] 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.