S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8419
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               June 9, 2025
                                ___________
 
 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  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.  Subdivision 2 of section 509-a of the racing, pari-mutuel
 wagering and breeding law is amended by adding two  new  paragraphs  e-1
 and g to read as follows:
   E-1.  NOTWITHSTANDING  ANY OTHER PROVISION OF LAW OR REGULATION TO THE
 CONTRARY, FROM  APRIL FIRST, TWO THOUSAND TWENTY-FIVE TO  MARCH  THIRTY-
 FIRST,  TWO THOUSAND TWENTY-SIX, FORTY-FIVE PERCENT OF THE FUNDS, NOT TO
 EXCEED TWO MILLION SEVEN HUNDRED THOUSAND DOLLARS, IN THE CATSKILL  OFF-
 TRACK  BETTING CORPORATION'S CAPITAL ACQUISITION FUND ESTABLISHED PURSU-
 ANT TO THIS SECTION, SHALL BE AVAILABLE TO SUCH OFF-TRACK BETTING CORPO-
 RATION FOR THE  PURPOSES  OF  EXPENDITURES  NECESSARY  TO  PAY  OFF  ANY
 OUTSTANDING DEBTS AND OBLIGATIONS; PAST DUE STATUTORY OBLIGATIONS TO NEW
 YORK  LICENSED  OR  FRANCHISED RACING CORPORATIONS OR ASSOCIATIONS; PAST
 DUE CONTRACTUAL OBLIGATIONS DUE TO OTHER RACING ASSOCIATIONS  OR  ORGAN-
 IZATIONS  FOR THE COSTS OF ACQUIRING A SIMULCAST SIGNAL; PAST DUE STATU-
 TORY PAYMENT OBLIGATIONS DUE TO THE NEW YORK STATE THOROUGHBRED BREEDING
 AND DEVELOPMENT FUND CORPORATION, AGRICULTURE AND NEW YORK  STATE  HORSE
 BREEDING  DEVELOPMENT  FUND,  AND  THE  HARRY M. ZWEIG MEMORIAL FUND FOR
 EQUINE RESEARCH; AND PAST DUE OBLIGATIONS DUE THE STATE.
   G. PRIOR TO A CORPORATION BEING ABLE TO UTILIZE THE  FUNDS  AUTHORIZED
 BY  PARAGRAPH  E-1  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 NECESSARY TO DETAIL SUCH PLAN AS DETERMINED BY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13373-02-5
              

 S. 8419                             2
 
 THE  COMMISSION.  UPON REVIEW, THE COMMISSION SHALL MAKE A DETERMINATION
 AS TO WHETHER THE REQUIREMENTS OF THIS PARAGRAPH HAVE BEEN SATISFIED AND
 NOTIFY THE CORPORATION OF EXPENDITURE PLAN APPROVAL. IN  THE  EVENT  THE
 COMMISSION  DETERMINES  THE REQUIREMENTS OF THIS PARAGRAPH HAVE NOT BEEN
 SATISFIED, THE COMMISSION SHALL NOTIFY THE CORPORATION OF ALL  DEFICIEN-
 CIES  NECESSARY  FOR  APPROVAL.  AS A CONDITION OF SUCH EXPENDITURE PLAN
 APPROVAL, THE CORPORATION SHALL PROVIDE A REPORT TO  THE  COMMISSION  NO
 LATER  THAN  THE  LAST  DAY OF THE CALENDAR YEAR FOR WHICH THE FUNDS ARE
 REQUESTED, WHICH SHALL INCLUDE AN ACCOUNTING OF THE USE OF  SUCH  FUNDS.
 AT  SUCH  TIME,  THE  COMMISSION  MAY  CAUSE  AN INDEPENDENT AUDIT TO BE
 CONDUCTED OF THE CORPORATION'S BOOKS TO  ENSURE  THAT  ALL  MONEYS  WERE
 SPENT  AS  INDICATED  IN SUCH APPROVED PLAN. THE AUDIT SHALL BE PAID FOR
 FROM MONEY IN THE FUND ESTABLISHED BY THIS SECTION. IF THE AUDIT  DETER-
 MINES  THAT  A  CORPORATION USED THE MONEY AUTHORIZED UNDER THIS SECTION
 FOR A PURPOSE OTHER THAN ONE LISTED IN THEIR EXPENDITURE PLAN, THEN  THE
 CORPORATION  SHALL  REIMBURSE THE CAPITAL ACQUISITION FUND FOR THE UNAU-
 THORIZED AMOUNT.
   § 2. This act shall take effect immediately.