Bill Text: NY A07441 | 2015-2016 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Relates to capital acquisition funds maintained by regional off-track betting corporations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-06-17 - substituted by s5421a [A07441 Detail]

Download: New_York-2015-A07441-Introduced.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7441
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 12, 2015
                                      ___________
       Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
         tee on Racing and Wagering
       AN ACT relating to capital  acquisition  funds  maintained  by  regional
         off-track betting corporations
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Notwithstanding any other provision of law or regulation to
    2  the contrary, all funds  in  a  capital  acquisition  fund,  established
    3  pursuant to section 509-a of the racing, pari-mutuel wagering and breed-
    4  ing law shall be available at one time per annum to a regional off-track
    5  betting  corporation  for  any corporate purpose; provided however, that
    6  such amount for any corporate purpose  shall  not  exceed  five  hundred
    7  thousand  dollars,  and  further  provided, that at least ten percent of
    8  such amount shall be distributed in the same manner as subparagraph b of
    9  subdivision 2 of section 516 of the  racing,  pari-mutuel  wagering  and
   10  breeding law.
   11    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10960-01-5