Bill Text: NY A05993 | 2019-2020 | General Assembly | Introduced
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) 2020-01-08 - referred to racing and wagering [A05993 Detail]
Download: New_York-2019-A05993-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5993 2019-2020 Regular Sessions IN ASSEMBLY February 26, 2019 ___________ 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. LBD09979-01-9A. 5993 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.
