Legislation
SECTION 509-A
Capital acquisition fund
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 5
§ 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
premises 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
limitations:
a. no contribution shall exceed the amount of one percent of the total
pari-mutuel wagering pools for the quarter in which the contribution is
made;
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
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, facilities and
premises.
2. a. Notwithstanding any other provision of law or regulation to the
contrary, from April nineteenth, two thousand twenty-one to March
thirty-first, two thousand twenty-two, 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 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 corporation'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. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-three to March
thirty-first, two thousand twenty-four, 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 one million dollars in the Capital
off-track betting corporation's capital acquisition fund established
pursuant to this section, shall be available to such off-track betting
corporation for the purposes of expenditures necessary to accept
authorized wagers; past due statutory obligations to New York licensed
or franchised racing corporations or associations; past due contractual
obligations due to other racing associations or organizations for the
costs of acquiring a simulcast signal; past due statutory 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.
d. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-four to March
thirty-first, two thousand twenty-five, 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 one million dollars in the Capital
off-track betting corporation's capital acquisition fund established
pursuant to this section, shall be available to such off-track betting
corporation for the purposes of expenditures necessary to accept
authorized wagers; past due statutory obligations to New York licensed
or franchised racing corporations or associations; past due contractual
obligations due to other racing associations or organizations for the
costs of acquiring a simulcast signal; past due statutory 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.
e. 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, one million dollars in the
Capital off-track betting corporation's capital acquisition fund
established pursuant to this section shall be available to such
off-track betting corporation for the purposes of expenditures necessary
to accept authorized wagers; past due statutory obligations to New York
licensed or franchised racing corporations or associations; past due
contractual obligations due to other racing associations or
organizations for the cost of acquiring a simulcast signal; past due
statutory 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.
f. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-six to March
thirty-first, two thousand twenty-seven, one million dollars in the
Capital off-track betting corporation's capital acquisition fund
established pursuant to this section, shall be available to such
off-track betting corporation for the purposes of expenditures necessary
to accept authorized wagers; past due statutory obligations to New York
licensed or franchised racing corporations or associations; past due
contractual obligations due to other racing associations or
organizations for the cost of acquiring a simulcast signal; past due
statutory 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 c, d, e or f of this subdivision, the corporation must
attest that the surcharge monies from section five hundred thirty-two of
this chapter are being held separate and apart from any amounts
otherwise authorized to be retained from pari-mutuel pools and all
surcharge monies have been and will continue to be paid to the
localities as prescribed in law. Once this condition is satisfied, 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 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 deficiencies
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
determines 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 unauthorized amount.
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.
establish a capital acquisition fund for the purpose of financing the
acquisition, construction or equipping of offices, facilities or
premises 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
limitations:
a. no contribution shall exceed the amount of one percent of the total
pari-mutuel wagering pools for the quarter in which the contribution is
made;
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
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, facilities and
premises.
2. a. Notwithstanding any other provision of law or regulation to the
contrary, from April nineteenth, two thousand twenty-one to March
thirty-first, two thousand twenty-two, 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 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 corporation'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. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-three to March
thirty-first, two thousand twenty-four, 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 one million dollars in the Capital
off-track betting corporation's capital acquisition fund established
pursuant to this section, shall be available to such off-track betting
corporation for the purposes of expenditures necessary to accept
authorized wagers; past due statutory obligations to New York licensed
or franchised racing corporations or associations; past due contractual
obligations due to other racing associations or organizations for the
costs of acquiring a simulcast signal; past due statutory 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.
d. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-four to March
thirty-first, two thousand twenty-five, 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 one million dollars in the Capital
off-track betting corporation's capital acquisition fund established
pursuant to this section, shall be available to such off-track betting
corporation for the purposes of expenditures necessary to accept
authorized wagers; past due statutory obligations to New York licensed
or franchised racing corporations or associations; past due contractual
obligations due to other racing associations or organizations for the
costs of acquiring a simulcast signal; past due statutory 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.
e. 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, one million dollars in the
Capital off-track betting corporation's capital acquisition fund
established pursuant to this section shall be available to such
off-track betting corporation for the purposes of expenditures necessary
to accept authorized wagers; past due statutory obligations to New York
licensed or franchised racing corporations or associations; past due
contractual obligations due to other racing associations or
organizations for the cost of acquiring a simulcast signal; past due
statutory 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.
f. Notwithstanding any other provision of law or regulation to the
contrary, from April first, two thousand twenty-six to March
thirty-first, two thousand twenty-seven, one million dollars in the
Capital off-track betting corporation's capital acquisition fund
established pursuant to this section, shall be available to such
off-track betting corporation for the purposes of expenditures necessary
to accept authorized wagers; past due statutory obligations to New York
licensed or franchised racing corporations or associations; past due
contractual obligations due to other racing associations or
organizations for the cost of acquiring a simulcast signal; past due
statutory 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 c, d, e or f of this subdivision, the corporation must
attest that the surcharge monies from section five hundred thirty-two of
this chapter are being held separate and apart from any amounts
otherwise authorized to be retained from pari-mutuel pools and all
surcharge monies have been and will continue to be paid to the
localities as prescribed in law. Once this condition is satisfied, 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 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 deficiencies
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
determines 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 unauthorized amount.
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.