S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4537
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 16, 2023
                                ___________
 
 Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 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  amended by section 1 of part DD of chapter 59 of the
 laws of 2022, 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)] A. the  amounts  specified  pursuant  to  subdivision  three-a  of
 section  five hundred thirty-two of this chapter; and [(ii)] B. contrib-
 utions from the corporation's pari-mutuel wagering pools, subject to the
 following limitations:
   [a.] (I) 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;
   [b.]  (II)  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
   [c.]  (III) 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. a. Notwithstanding any other provision of law or regulation to  the
 contrary,  from April nineteenth, two thousand twenty-one to March thir-
 ty-first, two thousand twenty-two, twenty-three percent  of  the  funds,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09551-01-3
              

 A. 4537                             2
 
 not  to  exceed  two  and one-half million dollars, in the Catskill off-
 track betting corporation's capital acquisition  fund  and  twenty-three
 percent of the funds, not to exceed four hundred forty thousand dollars,
 in  the Capital off-track betting corporation's capital acquisition fund
 established pursuant to this section shall also  be  available  to  such
 off-track betting corporation for the purposes of statutory obligations,
 payroll, and expenditures necessary to accept authorized wagers.
   b.  Notwithstanding  any  other  provision of law or regulation to the
 contrary, from April first, two thousand  twenty-two  to  March  thirty-
 first, two thousand twenty-three, twenty-three percent of the funds, not
 to  exceed  two  and one-half million dollars, in the Catskill off-track
 betting corporation's capital acquisition fund established  pursuant  to
 this  section, and twenty-three percent of the funds, not to exceed four
 hundred forty thousand dollars, in the Capital off-track betting  corpo-
 ration's  capital acquisition fund established pursuant to this section,
 shall be available  to  such  off-track  betting  corporations  for  the
 purposes  of  statutory obligations, payroll, and expenditures necessary
 to accept authorized wagers.
   c. Prior to a corporation being able to utilize the  funds  authorized
 by  paragraph  b  of  this  subdivision,  the corporation must submit an
 expenditure plan to the gaming commission for review.  Such  plan  shall
 include the corporation's outstanding liabilities, projected revenue for
 the upcoming year, a detailed explanation of how the funds will be used,
 and  any  other information determined necessary by the commission. Upon
 review, the commission will make a determination as to whether access to
 the funds is needed and warranted.
   3. The Catskill off-track betting corporation  and  the  Capital  off-
 track  betting  corporation shall make a report to the governor, speaker
 of the assembly, temporary president of the senate  and  the  commission
 detailing  the  actual  use  of  the funds made available in the capital
 acquisition fund. Such report shall include, but not be limited to,  any
 impact on employment levels since utilizing the funds, the status of any
 statutory  obligations,  an accounting of the use of such funds, and any
 other information as deemed necessary by  the  commission.  Such  report
 shall  be due no later than the last day of the fiscal year in which the
 monies were spent.
   4. NOTWITHSTANDING ANY OTHER PROVISION OF LAW  OR  REGULATION  TO  THE
 CONTRARY,  FUNDS IN THE CATSKILL OFF-TRACK BETTING CORPORATION'S CAPITAL
 ACQUISITION FUND ESTABLISHED PURSUANT TO  THIS  SECTION  SHALL  ALSO  BE
 AVAILABLE TO THE CATSKILL OFF-TRACK BETTING CORPORATION FOR THE PURPOSES
 OF  STATUTORY OBLIGATIONS, PAYROLL, AND EXPENDITURES NECESSARY TO ACCEPT
 AUTHORIZED WAGERS UNTIL THE FUND HAS BEEN EXHAUSTED.
   § 2. This act shall take effect on the thirtieth day  after  it  shall
 have become a law.