Bill Text: NY A04537 | 2023-2024 | General Assembly | Introduced
Bill Title: Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-01-03 - referred to real property taxation [A04537 Detail]
Download: New_York-2023-A04537-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4537 2023-2024 Regular Sessions IN ASSEMBLY February 16, 2023 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Real Property Taxation 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 amended by section 1 of part DD of chapter 59 of the 3 laws of 2022, is amended to read as follows: 4 § 509-a. Capital acquisition fund. 1. The corporation may create and 5 establish a capital acquisition fund for the purpose of financing the 6 acquisition, construction or equipping of offices, facilities or prem- 7 ises of the corporation. Such capital acquisition fund shall consist of 8 [(i)] a. the amounts specified pursuant to subdivision three-a of 9 section five hundred thirty-two of this chapter; and [(ii)] b. contrib- 10 utions from the corporation's pari-mutuel wagering pools, subject to the 11 following limitations: 12 [a.] (i) no contribution shall exceed the amount of one percent of the 13 total pari-mutuel wagering pools for the quarter in which the contrib- 14 ution is made; 15 [b.] (ii) no contribution shall reduce the amount of quarterly net 16 revenues, exclusive of surcharge revenues, to an amount less than fifty 17 percent of such net revenues; and 18 [c.] (iii) the balance of the fund shall not exceed the lesser of one 19 percent of total pari-mutuel wagering pools for the previous twelve 20 months or the undepreciated value of the corporation's offices, facili- 21 ties and premises. 22 2. a. Notwithstanding any other provision of law or regulation to the 23 contrary, from April nineteenth, two thousand twenty-one to March thir- 24 ty-first, two thousand twenty-two, twenty-three percent of the funds, EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD09551-01-3A. 4537 2 1 not to exceed two and one-half million dollars, in the Catskill off- 2 track betting corporation's capital acquisition fund and twenty-three 3 percent of the funds, not to exceed four hundred forty thousand dollars, 4 in the Capital off-track betting corporation's capital acquisition fund 5 established pursuant to this section shall also be available to such 6 off-track betting corporation for the purposes of statutory obligations, 7 payroll, and expenditures necessary to accept authorized wagers. 8 b. Notwithstanding any other provision of law or regulation to the 9 contrary, from April first, two thousand twenty-two to March thirty- 10 first, two thousand twenty-three, twenty-three percent of the funds, not 11 to exceed two and one-half million dollars, in the Catskill off-track 12 betting corporation's capital acquisition fund established pursuant to 13 this section, and twenty-three percent of the funds, not to exceed four 14 hundred forty thousand dollars, in the Capital off-track betting corpo- 15 ration's capital acquisition fund established pursuant to this section, 16 shall be available to such off-track betting corporations for the 17 purposes of statutory obligations, payroll, and expenditures necessary 18 to accept authorized wagers. 19 c. Prior to a corporation being able to utilize the funds authorized 20 by paragraph b of this subdivision, the corporation must submit an 21 expenditure plan to the gaming commission for review. Such plan shall 22 include the corporation's outstanding liabilities, projected revenue for 23 the upcoming year, a detailed explanation of how the funds will be used, 24 and any other information determined necessary by the commission. Upon 25 review, the commission will make a determination as to whether access to 26 the funds is needed and warranted. 27 3. The Catskill off-track betting corporation and the Capital off- 28 track betting corporation shall make a report to the governor, speaker 29 of the assembly, temporary president of the senate and the commission 30 detailing the actual use of the funds made available in the capital 31 acquisition fund. Such report shall include, but not be limited to, any 32 impact on employment levels since utilizing the funds, the status of any 33 statutory obligations, an accounting of the use of such funds, and any 34 other information as deemed necessary by the commission. Such report 35 shall be due no later than the last day of the fiscal year in which the 36 monies were spent. 37 4. Notwithstanding any other provision of law or regulation to the 38 contrary, funds in the Catskill off-track betting corporation's capital 39 acquisition fund established pursuant to this section shall also be 40 available to the Catskill off-track betting corporation for the purposes 41 of statutory obligations, payroll, and expenditures necessary to accept 42 authorized wagers until the fund has been exhausted. 43 § 2. This act shall take effect on the thirtieth day after it shall 44 have become a law.
