NY State Senate Bill 2009-S7266

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

download bill text pdf

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

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 26, 2010	referred to racing, gaming and wagering

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

                                 BILL NUMBER:  S7266

 TITLE OF BILL :

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


 PURPOSE :

This bill would statutorily authorize the New York City Off-Track
Betting Corporation (NYCOTB) to file a petition for protection under
Chapter 9 of the federal Bankruptcy Code, and would allow NYCOTB to
defer until May 8, 2010 certain payments to horse racing industry
participants and the State of New York.

 SUMMARY OF PROVISIONS :

Section 1 of the bill would statutorily authorize NYCOTB to file a
petition with the United States Bankruptcy Court for the Southern
District of New York for protection under Chapter 9 of the federal
Bankruptcy Code.

Section 2 of the bill would confirm that NYCOTB was authorized to file
for Chapter 9 protection at the time that it filed, prior to the
enactment of this act.

Section 3 of the bill would allow NYCOTB to defer until May 8, 2010
payments to racing industry participants, other than direct commission
payments on wagers to racetracks and breeders in New York State, as
well as payments to the State Department of Taxation and Finance for
unclaimed tickets.

Section 4 of the bill would provide the effective date.

 EXISTING LAW :

Executive Order 27 allows the Governor to authorize NYCOTB to file for
Chapter 9 protection.

 STATEMENT IN SUPPORT :

This legislation is necessary to ensure that NYCOTB will have
necessary cash resources to maintain solvency through May 8, 2010,
during which time it is the intent of the Executive to work with the
Legislature for the purposes of I developing a longer-term,
legislative solution to protect the future solvency of the NYCOTB.

 BUDGET IMPLICATIONS :

This legislation would cause the deferral of a payment to the State
for unclaimed tickets, valued at approximately $5 million.

 EFFECTIVE DATE :
This act would take effect immediately; provided, however, that
section one of this act would be deemed to have been in full force and
effect on and after December 2, 2009.

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.

                                                           LBD12206-01-0

S. 7266                             2

ment  fund  established  under  section  252  of the racing, pari-mutuel
wagering and breeding law or to the agriculture and New York state horse
breeding development fund established under section 330 of  the  racing,
pari-mutuel  wagering  and  breeding law, from retained commissions from
wagering accepted by such  corporation,  other  than  direct  commission
payments  required to be made to any such licensed racetrack or breeding
fund pursuant to section 527 of the  racing,  pari-mutuel  wagering  and
breeding  law on account of wagers accepted by such corporation on races
conducted by such franchised corporation,  or  thoroughbred  or  harness
racing  corporation  or  association.  In addition, during the period of
authorized deferral of such payments, the corporation may  defer  making
payments  to the state department of taxation and finance that otherwise
would be required to be made pursuant to the provisions of subdivision 2
of section 529 of the racing, pari-mutuel wagering and breeding law.
  S 4. This act shall take effect immediately; provided,  however,  that
section  one  of this act shall be deemed to have been in full force and
effect on and after December 2, 2009.

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