Bill Text: NY S06669 | 2017-2018 | General Assembly | Introduced

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Bill Title: Authorizes regional off-track betting corporations to allocate up to $500,000 from their capital acquisition funds for employee salaries and benefits.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2018-01-03 - REFERRED TO RACING, GAMING AND WAGERING [S06669 Detail]

Download: New_York-2017-S06669-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6669
                               2017-2018 Regular Sessions
                    IN SENATE
                                      June 12, 2017
                                       ___________
        Introduced  by  Sen. AMEDORE -- 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  authorizing  a regional off-track betting corporation to
          allocate up to $500,000 from its capital acquisition fund for salaries
          and benefits of employees of such corporation
          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 and the  open-
     3  ing  paragraph as amended by chapter 346 of the laws of 1990, is amended
     4  to read as follows:
     5    § 509-a. Capital acquisition fund. a. 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)  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) no contribution shall reduce the amount of quarterly net revenues,
    17  exclusive of surcharge revenues, to an amount less than fifty percent of
    18  such net revenues; and
    19    (3) the balance of the fund shall not exceed the lesser of one percent
    20  of  total  pari-mutuel  wagering pools for the previous twelve months or
    21  the undepreciated value of the  corporation's  offices,  facilities  and
    22  premises.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13131-01-7
        S. 6669                             2
     1    b.  Notwithstanding  any  other  provision of law or regulation to the
     2  contrary, up to five hundred thousand dollars of the funds in a  capital
     3  acquisition fund established pursuant to this section shall be available
     4  once  per annum to a regional off-track betting corporation for the sole
     5  purpose  of paying the salaries and benefits of employees of such corpo-
     6  ration; provided, however, that such regional off-track  betting  corpo-
     7  ration  is  not  utilizing  its  capital  acquisition fund for corporate
     8  purposes as provided in section three of part II of chapter  fifty-eight
     9  of the laws of two thousand twelve.
    10    c.  A  regional  off-track betting corporation that chooses to utilize
    11  its capital acquisition as provided in subdivision  b  of  this  section
    12  shall  do so by providing written notification to the gaming commission,
    13  including any information which such commission may  require,  at  least
    14  fifteen  days  in  advance  of  its  decision to utilize monies for such
    15  purposes.
    16    § 2. This act shall take effect immediately.