Assembly Bill A10958

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10958
 
                           I N  A S S E M B L Y
 
                               May 29, 2018
                                ___________
 
 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:

   Section 1. Section 509-a  of  the  racing,  pari-mutuel  wagering  and
 breeding  law,  as added by chapter 681 of the laws of 1989, the opening
 paragraph as amended by chapter 346 of the laws of 1990, is  amended  to
 read as follows:
   §  509-a.  Capital acquisition fund. 1. The corporation may create and
 establish a capital acquisition fund for the purpose  of  financing  the
 acquisition,  construction  or equipping of offices, facilities or prem-
 ises of the corporation. Such capital acquisition fund shall consist  of
 (i)  the  amounts  specified  pursuant to subdivision three-a of section
 five hundred thirty-two of this chapter; and (ii) contributions from the
 corporation's pari-mutuel wagering pools, subject to the following limi-
 tations:
   [(1)] A. no contribution shall exceed the amount of one percent of the
 total pari-mutuel wagering pools for the quarter in which  the  contrib-
 ution is made;
   [(2)]  B.  no  contribution  shall  reduce the amount of quarterly net
 revenues, exclusive of surcharge revenues, to an amount less than  fifty
 percent of such net revenues; and
   [(3)]  C.  the  balance of the fund shall not exceed the lesser of one
 percent of total pari-mutuel wagering  pools  for  the  previous  twelve
 months  or the undepreciated value of the corporation's offices, facili-
 ties and premises.
   2. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  OR  REGULATION  TO  THE
 CONTRARY,  UP TO FIVE MILLION DOLLARS OF THE FUNDS IN A CAPITAL ACQUISI-
 TION FUND, ESTABLISHED PURSUANT TO THIS SECTION SHALL BE AVAILABLE  ONCE
 PER  ANNUM  TO  A  REGIONAL  OFF-TRACK  BETTING CORPORATION FOR THE SOLE
 PURPOSE OF PAYING THE SALARIES  AND  BENEFITS  OF  EMPLOYEES  AND  OTHER
 EXPENSES  OF  SUCH  CORPORATION;  PROVIDED,  HOWEVER, THAT SUCH REGIONAL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD15937-01-8

 A. 10958                            2
 
 OFF-TRACK BETTING CORPORATION IS NOT UTILIZING ITS  CAPITAL  ACQUISITION
 FUND  FOR  CORPORATE PURPOSES AS PROVIDED IN SECTION THREE OF PART II OF
 CHAPTER FIFTY-EIGHT OF THE LAWS OF  TWO  THOUSAND  TWELVE,  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 FIVE PERCENT OF SUCH
 AMOUNT SHALL BE DISTRIBUTED AMONG  THE  PARTICIPATING  COUNTIES  ON  THE
 BASIS  OF POPULATION, AS DEFINED AS THE TOTAL POPULATION IN EACH PARTIC-
 IPATING 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 COMMENCEMENT OF THE CALENDAR YEAR IN
 WHICH SUCH DISTRIBUTION IS TO BE MADE.
   3. A REGIONAL OFF-TRACK BETTING CORPORATION THAT  CHOOSES  TO  UTILIZE
 ITS  CAPITAL ACQUISITION FUND TO OFFSET EXPENSES RELATED TO SALARIES AND
 BENEFITS FOR THE CORPORATION'S EMPLOYEES AND OTHER EXPENSES AS  PROVIDED
 IN  SUBDIVISION  TWO  OF  THIS  SECTION SHALL DO SO BY PROVIDING WRITTEN
 NOTIFICATION TO THE NEW YORK STATE GAMING COMMISSION, AT  LEAST  FIFTEEN
 DAYS  IN  ADVANCE  OF  ITS  DECISION  TO  UTILIZE  MONIES  FOR CORPORATE
 PURPOSES.
   § 2. This act shall take effect immediately.