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This entry was published on 2014-09-22
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SECTION 609-A
Capital acquisition fund
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 6
§ 609-a. Capital acquisition fund. 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:

(1) 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;

(2) 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) 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.