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Senate Bill S6624

2019-2020 Legislative Session

Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund

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Sponsored By

Archive: Last Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

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2019-S6624 (ACTIVE) - Details

See Assembly Version of this Bill:
A5951
Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §509-a, RWB L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1675, A1751
2023-2024: A4537

2019-S6624 (ACTIVE) - Summary

Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for corporate purposes.

2019-S6624 (ACTIVE) - Sponsor Memo

2019-S6624 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6624
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               July 10, 2019
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- 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 the utilization of funds in the Catskill off-track betting
   corporation's 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,  FUNDS IN THE CATSKILL OFF-TRACK BETTING CORPORATION'S CAPITAL

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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