Bill Text: NY S06624 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for corporate purposes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO RACING, GAMING AND WAGERING [S06624 Detail]

Download: New_York-2019-S06624-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6624

                               2019-2020 Regular Sessions

                    IN SENATE

                                      July 10, 2019
                                       ___________

        Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
          relation to the utilization of funds in the Catskill off-track betting
          corporation's 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,  funds in the Catskill off-track betting corporation's capital

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09829-01-9
        S. 6624                             2

     1  acquisition fund established pursuant to this section shall be available
     2  to the Catskill off-track betting  corporation  for  corporate  purposes
     3  pursuant to this section until the fund has been exhausted.
     4    §  2.  This  act shall take effect on the thirtieth day after it shall
     5  have become a law.