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Senate Bill S6359

2019-2020 Legislative Session

Relates to allowing off-track betting corporations to set up special reserve funds

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Archive: Last Bill Status - In Assembly Committee

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2019-S6359 (ACTIVE) - Details

See Assembly Version of this Bill:
A8203
Current Committee:
Assembly Racing And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Add §509-b, RWB L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1441, A2180
2023-2024: A3620
2025-2026: A5940

2019-S6359 (ACTIVE) - Summary

Allows off-track betting corporations to set up special reserve funds to use as an alternative to current capital acquisition funds.

2019-S6359 (ACTIVE) - Sponsor Memo

2019-S6359 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6359
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               June 6, 2019
                                ___________
 
 Introduced  by  Sen. ADDABBO -- 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 allowing off-track betting corporations to set up special
   reserve funds

   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 509-b to read as follows:
   § 509-B. SPECIAL RESERVE FUND. THE CORPORATION MAY CREATE  AND  ESTAB-
 LISH  A  SPECIAL  RESERVE  FUND  FOR THE PURPOSE OF MAKING ANY STATUTORY
 PAYMENTS TO ANY NEW YORK STATE ENTITY  AS  REQUIRED  BY  LAW,  INCLUDING
 PAYMENTS  TO  NEW  YORK  STATE  TRACKS.  SUCH SPECIAL RESERVE FUND SHALL
 CONSIST OF THE AMOUNTS SPECIFIED  PURSUANT  TO  SUBDIVISION  THREE-A  OF
 SECTION  FIVE  HUNDRED  THIRTY-TWO  OF THIS CHAPTER. NO SUCH ONE PERCENT
 CONTRIBUTION MAY BE MADE TO THE SPECIAL RESERVE FUND IF SUCH ONE PERCENT
 CONTRIBUTION IS MADE TO THE CAPITAL ACQUISITION FUND UNDER SECTION  FIVE
 HUNDRED  NINE-A  OF  THIS CHAPTER.   IF SUCH ONE PERCENT CONTRIBUTION IS
 MADE TO THE SPECIAL RESERVE FUND:
   1. SUCH CONTRIBUTION SHALL NOT EXCEED THE AMOUNT OF ONE PERCENT OF THE
 TOTAL PARI-MUTUEL WAGERING POOLS FOR THE QUARTER IN WHICH SUCH  CONTRIB-
 UTION IS MADE;
   2.  SUCH  CONTRIBUTION  SHALL  NOT  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 SUCH 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.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13147-01-9

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