Assembly Bill A8203

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

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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2019-A8203 (ACTIVE) - Details

See Senate Version of this Bill:
S6359
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: A2180, S1441
2023-2024: A3620

2019-A8203 (ACTIVE) - Summary

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

2019-A8203 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8203
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 7, 2019
                                ___________
 
 Introduced  by  M. of A. PRETLOW -- Multi-Sponsored by -- M. of A. McDO-
   NALD -- read once and referred to the Committee on Racing, Gaming  and
   Wagering
 
 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.
              

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