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Senate Bill S7266

2009-2010 Legislative Session

Relates to authorizing the New York city off-track betting corporation to file a petition for adjustment of indebtedness

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Sponsored By

Archive: Last Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

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2009-S7266 (ACTIVE) - Details

Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Racing

2009-S7266 (ACTIVE) - Summary

Relates to authorizing the New York city off-track betting corporation to file a petition for adjustment of indebtedness.

2009-S7266 (ACTIVE) - Sponsor Memo

2009-S7266 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7266

                            I N  S E N A T E

                             March 26, 2010
                               ___________

Introduced  by  Sen. SCHNEIDERMAN -- read twice and ordered printed, and
  when printed to be committed to the Committee on  Racing,  Gaming  and
  Wagering

AN  ACT  in  relation to authorizing the New York city off-track betting
  corporation to file a petition for adjustment of its indebtedness

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The New York city off-track betting corporation is specif-
ically authorized to file a petition with the United  States  bankruptcy
court  for  the  southern  district  of  New  York for adjustment of its
indebtedness pursuant to chapter  9  of  the  federal  bankruptcy  code,
provided, however, that at the time of such filing there are no bonds or
notes  outstanding  that were issued by said corporation pursuant to the
authority contained in section 611 of the racing,  pari-mutuel  wagering
and breeding law.
  S 2. The filing of a chapter 9 petition for adjustment of indebtedness
by  the  New  York  city  off-track  betting  corporation  to initiate a
proceeding that is pending in the United States bankruptcy court for the
southern district of New York as of the effective date of the chapter of
the laws of 2010 that shall enact this act into law is, in all respects,
hereby ratified and confirmed by the legislature as the act and deed  of
said  corporation that was and is specifically authorized by the laws of
this state, and said corporation shall be and hereby  is  authorized  to
continue to maintain and prosecute such chapter 9 proceeding.
  S  3.  Notwithstanding any inconsistent provision of the racing, pari-
mutuel wagering and breeding law or of  any  other  law  or  regulation,
throughout  the  period beginning with the effective date of the chapter
of the laws of 2010 that added this provision and continuing  thereafter
without  interruption  until  May  8,  2010, the New York city off-track
betting corporation may defer making any payments to a franchised corpo-
ration or a thoroughbred racing corporation, or a harness racing  corpo-
ration  or  association  licensed  by  the  racing and wagering board to
conduct race meetings at which pari-mutuel wagering is authorized within
this state, or to the New York state thoroughbred breeding and  develop-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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