Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 05, 2012 |
recommit, enacting clause stricken |
Jan 20, 2012 |
referred to racing, gaming and wagering |
Senate Bill S6293
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - Stricken
- 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
Actions
co-Sponsors
(R, C, IP) Senate District
(R) Senate District
2011-S6293 (ACTIVE) - Details
- Law Section:
- Racing, Pari-Mutuel Wagering and Breeding Law
- Laws Affected:
- Add §503-a, RWB L
2011-S6293 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6293 TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing the Suffolk regional off-track betting corporation to file for bankruptcy; and providing that all funds in the capital acquisition fund shall be available to the Suffolk regional OTB for any corporate purpose PURPOSE OR GENERAL IDEA OF BILL: This bill would provide Suffolk OTB with the specific power to file for bankruptcy under the United States Bankruptcy Code. The ability to file for bankruptcy protection would allow Suffolk OTB to address its debts and long-term obligations in an orderly manner, while continuing to operate and generate revenue to pay creditors and Suffolk County. The bill also allows Suffolk OTB to access funds in its capital acquisition fund for general corporate purposes of the Suffolk OTB. JUSTIFICATION: Suffolk OTB was created in the early 1970s to raise revenue for Suffolk County as a participating municipality, curb illegal bookmaking, and support the State's horse racing industry. It is
2011-S6293 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ S. 6293 A. 9062 S E N A T E - A S S E M B L Y January 20, 2012 ___________ IN SENATE -- Introduced by Sen. FLANAGAN -- read twice and ordered printed, and when printed to be committed to the Committee on Racing, Gaming and Wagering IN ASSEMBLY -- Introduced by M. of A. SWEENEY, THIELE, ENGLEBRIGHT, RAMOS, RAIA -- read once and referred to the Committee on Racing and Wagering AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing the Suffolk regional off-track betting corpo- ration to file for bankruptcy; and providing that all funds in the capital acquisition fund shall be available to the Suffolk regional OTB for any corporate purpose THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The racing, pari-mutuel wagering and breeding law is amended by adding a new section 503-a to read as follows: S 503-A. ADDITIONAL POWERS OF THE SUFFOLK REGIONAL OFF-TRACK BETTING CORPORATION. IN ADDITION TO THE POWERS ENUMERATED IN SECTION FIVE HUNDRED THREE OF THIS ARTICLE, THE SUFFOLK REGIONAL OFF-TRACK BETTING CORPORATION IS HEREBY AUTHORIZED AND MAY FILE ANY PETITION WITH ANY UNITED STATES DISTRICT COURT OR COURT OF BANKRUPTCY UNDER ANY PROVISION OF LAWS OF THE UNITED STATES FOR THE COMPOSITION OR ADJUSTMENT OF MUNIC- IPAL INDEBTEDNESS. S 2. Notwithstanding any other provision of law or regulation to the contrary, all funds in the capital acquisition fund, established pursu- ant to section 509-a of the racing, pari-mutuel wagering and breeding law shall be available to the Suffolk regional off-track betting corpo- ration for any corporate purpose. S 3. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13856-06-2
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