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This entry was published on 2022-04-29
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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. 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.