Senate Bill S8667

2017-2018 Legislative Session

Relates to the utilization of a capital acquisition fund by an off-track betting corporation to offset expenses related to salaries and benefits for the corporation's employees and other expenses

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Archive: Last Bill Status - In Assembly 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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2017-S8667 (ACTIVE) - Details

Current Committee:
Assembly Racing And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §509-a, RWB L

2017-S8667 (ACTIVE) - Summary

Relates to the utilization of a capital acquisition fund by an off-track betting corporation to offset expenses related to salaries and benefits for the corporation's employees and other expenses.

2017-S8667 (ACTIVE) - Sponsor Memo

2017-S8667 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8667
 
                             I N  S E N A T E
 
                               May 10, 2018
                                ___________
 
 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  to  amend the racing, pari-mutuel wagering and breeding law, in
   relation to the utilization of a capital acquisition fund by  an  off-
   track  betting  corporation to offset expenses related to salaries and
   benefits for the corporation's employees and other expenses
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The opening paragraph of section 509-a of the racing, pari-
 mutuel wagering and breeding law is designated subdivision a and two new
 subdivisions b and c are added to read as follows:
   B.  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
 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.
   C. 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  B  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.

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