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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to racing and wagering
Jun 07, 2019 referred to racing and wagering

Co-Sponsors

A8203 (ACTIVE) - Details

See Senate Version of this Bill:
S6359
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Add §509-b, RWB L
Versions Introduced in 2021-2022 Legislative Session:
A2180, S1441

A8203 (ACTIVE) - Summary

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

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.