|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Dec 11, 2015 |
vetoed memo.298 |
| Nov 30, 2015 |
delivered to governor |
| Jun 24, 2015 |
returned to senate passed assembly |
| Jun 17, 2015 |
ordered to third reading rules cal.503 substituted for a7441a referred to ways and means delivered to assembly passed senate |
| Jun 16, 2015 |
ordered to third reading cal.1628 committee discharged and committed to rules |
| Jun 01, 2015 |
print number 5421a |
| Jun 01, 2015 |
amend and recommit to racing, gaming and wagering |
| May 14, 2015 |
referred to racing, gaming and wagering |
Senate Bill S5421A
Vetoed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Vetoed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Vetoed By Governor
- Signed By Governor
Actions
Votes
Bill Amendments
2015-S5421 - Details
- See Assembly Version of this Bill:
- A7441
- Law Section:
- Racing
2015-S5421 - Sponsor Memo
BILL NUMBER:S5421
TITLE OF BILL:
An act relating to capital acquisition funds maintained by regional
off-track betting corporations
PURPOSE:
To allow regional off-track betting corporations to access their
Capital Acquisition Fund once annually for any corporate purpose.
SUMMARY OF PROVISIONS:
Section 1. Allows regional off-track betting corporations to access
their Capital Acquisition Fund; funds once annually for any purpose.
Any amount withdrawn is capped at five hundred thousand dollars in a
given year. At least 10% of the amount withdrawn shall be distributed
to local governments under § 516(2) (b) of the racing, pari-mutuel,
and breeding law.
Section 2: Sets the effective date.
JUSTIFICATION:
The legislation will allow the OTB corporations to access Capital
2015-S5421 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5421
2015-2016 Regular Sessions
I N S E N A T E
May 14, 2015
___________
Introduced by Sen. AMEDORE -- read twice and ordered printed, and when
printed to be committed to the Committee on Racing, Gaming and Wager-
ing
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:
Section 1. Notwithstanding any other provision of law or regulation to
the contrary, all funds in a capital acquisition fund, established
pursuant to section 509-a of the racing, pari-mutuel wagering and breed-
ing law shall be available at one time per annum to a regional off-track
betting corporation for any corporate purpose; provided however, that
such amount for any corporate purpose shall not exceed five hundred
thousand dollars, and further provided, that at least ten percent of
such amount shall be distributed in the same manner as subparagraph b of
subdivision 2 of section 516 of the racing, pari-mutuel wagering and
breeding law.
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
2015-S5421A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7441
- Law Section:
- Racing
2015-S5421A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5421A
TITLE OF BILL: An act relating to capital acquisition funds
maintained by regional off-track betting corporations
PURPOSE: To allow regional off-track betting corporations to access
their Capital Acquisition Fund once annually for any corporate
purpose.
JUSTIFICATION: The legislation will allow the OTB corporations to
access Capital Acquisition Funds. OTBs are Public Benefit Corporations
created to support local governments by providing revenue streams
which offset property tax increases. These revenue streams to local
governments have dwindled over the years by an outdated statutory
framework. This outdated statutory framework has led to OTBs cutting
significant amounts of operating expenses, and most importantly it
forced reduction in employment. This legislation would help to offset.
the outdated statutes by giving the OTBs the ability to use funds.
Access to these funds is needed to maintain jobs and at least 10% of
the funds withdrawn will go directly to support local governments,
allowing OTBs to further accomplish their stated purpose.
LEGISLATIVE HISTORY: This is a new bill.
FISCAL IMPLICATIONS: none.
2015-S5421A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5421--A
2015-2016 Regular Sessions
I N S E N A T E
May 14, 2015
___________
Introduced by Sen. AMEDORE -- read twice and ordered printed, and when
printed to be committed to the Committee on Racing, Gaming and Wager-
ing -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee
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:
Section 1. a. Notwithstanding any other provision of law or regulation
to the contrary, up to five hundred thousand dollars of the funds in a
capital acquisition fund, established pursuant to section 509-a of the
racing, pari-mutuel wagering and breeding law shall be available once
per annum to a regional off-track betting corporation for any corporate
purpose; provided, however, that such regional off-track betting corpo-
ration is not utilizing its capital acquisition fund for corporate
purposes as provided in section 3 of part II of chapter 58 of the laws
of 2012, and further provided, that at a time and in a manner to be
determined and prescribed by the New York state gaming commission, at
least ten percent of such amount shall be distributed among the partic-
ipating counties on the basis of population, as defined as the total
population in each participating county shown by the latest preceding
decennial federal census completed and published as a final population
count by the United States bureau of the census preceding the commence-
ment of the calendar year in which such distribution is to be made.
b. A regional off-track betting corporation that chooses to utilize
its capital acquisition fund for corporate purposes as provided in
subdivision a of this section shall do so by providing written notifica-
tion to the New York state gaming commission, including any information
which such commission may require, at least fifteen days in advance of
its decision to utilize monies for corporate purposes.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10960-03-5
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