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Senate Bill S1675A

2021-2022 Legislative Session

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

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

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Bill Amendments

2021-S1675 - Details

See Assembly Version of this Bill:
A1751
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:
2019-2020: S6624, A5951
2023-2024: A4537

2021-S1675 - Summary

Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.

2021-S1675 - Sponsor Memo

2021-S1675 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1675
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Racing, Gaming and  Wager-
   ing
 
 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05928-01-1

2021-S1675A (ACTIVE) - Details

See Assembly Version of this Bill:
A1751
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:
2019-2020: S6624, A5951
2023-2024: A4537

2021-S1675A (ACTIVE) - Summary

Relates to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund for the purposes of statutory obligations, payroll, and expenditures necessary to accept authorized wagers.

2021-S1675A (ACTIVE) - Sponsor Memo

2021-S1675A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1675--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 14, 2021
                                ___________
 
 Introduced  by  Sen. SKOUFIS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Racing, Gaming and  Wager-
   ing  --  committee  discharged,  bill  amended,  ordered  reprinted as
   amended and recommitted to said committee
 
 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.

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

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