S T A T E   O F   N E W   Y O R K
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                                   6669
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 12, 2017
                                ___________
 
 Introduced  by  Sen. AMEDORE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the racing, pari-mutuel wagering and  breeding  law,  in
   relation  to  authorizing  a regional off-track betting corporation to
   allocate up to $500,000 from its capital acquisition fund for salaries
   and benefits of employees of such corporation
 
   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 and the  open-
 ing  paragraph as amended by chapter 346 of the laws of 1990, is amended
 to read as follows:
   § 509-a. Capital acquisition fund. A. 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)  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) 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) 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,  facilities  and
 premises.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13131-01-7
              

 S. 6669                             2
 
   B.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW OR REGULATION TO THE
 CONTRARY, UP TO FIVE HUNDRED THOUSAND DOLLARS OF THE FUNDS IN A  CAPITAL
 ACQUISITION 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 OF SUCH CORPO-
 RATION; PROVIDED, HOWEVER, THAT SUCH REGIONAL OFF-TRACK  BETTING  CORPO-
 RATION  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.
   C.  A  REGIONAL  OFF-TRACK BETTING CORPORATION THAT CHOOSES TO UTILIZE
 ITS CAPITAL ACQUISITION AS PROVIDED IN SUBDIVISION  B  OF  THIS  SECTION
 SHALL  DO SO BY PROVIDING WRITTEN NOTIFICATION TO THE GAMING COMMISSION,
 INCLUDING ANY INFORMATION WHICH SUCH COMMISSION MAY  REQUIRE,  AT  LEAST
 FIFTEEN  DAYS  IN  ADVANCE  OF  ITS  DECISION TO UTILIZE MONIES FOR SUCH
 PURPOSES.
   § 2. This act shall take effect immediately.