senate Bill S6359

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - Passed Senate


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

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Actions

view actions (14)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 21, 2020 referred to racing and wagering
delivered to assembly
passed senate
Mar 04, 2020 advanced to third reading
Mar 03, 2020 2nd report cal.
Mar 02, 2020 1st report cal.517
Jan 08, 2020 referred to racing, gaming and wagering
returned to senate
died in assembly
Jun 19, 2019 referred to racing and wagering
delivered to assembly
passed senate
ordered to third reading cal.1711
Jun 06, 2019 referred to rules

Votes

view votes

Mar 2, 2020 - Racing, Gaming and Wagering committee Vote

S6359
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Racing, Gaming and Wagering committee vote details

Racing, Gaming and Wagering Committee Vote: Mar 2, 2020

Jun 19, 2019 - Rules committee Vote

S6359
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Co-Sponsors

S6359 (ACTIVE) - Details

See Assembly Version of this Bill:
A8203
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Add §509-b, RWB L

S6359 (ACTIVE) - Summary

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

S6359 (ACTIVE) - Sponsor Memo

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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