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This entry was published on 2020-10-16
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Finances of fund
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 7
§ 703. Finances of fund. 1. Two percent of all moneys accruing
respectively to the agriculture and New York state horse breeding
development fund and the New York state thoroughbred breeding and
development fund, for the purpose of conducting equine research, shall
be deposited by such funds in a special interest bearing account, title
to which shall be in New York state veterinary college at Cornell and
control over which shall be in the committee subject to audit by the
state comptroller. Withdrawals from such accounts shall be made only
upon the authorization of the committee and the signatures of two of the
committee's members as designated by the committee. All moneys
transferred by such funds to special accounts pursuant to rules and
regulations of the commission, prior to the date on which this article
shall have become law, shall be deemed to have been deposited as
provided in this subdivision. Moneys accrued subsequently shall be
deposited monthly within one month of their accrual by such funds and
notice thereof shall be forwarded to the committee and the commission.

2. On or before January first and July first, of each subsequent
calendar year, such funds shall provide to the committee and the
commission a certified statement of amounts then deposited to the credit
of the committee and a projection of funds to be deposited to the credit
of such committee for the subsequent six-month period.

3. Upon the authorization through a resolution by the committee, the
fund may acquire moneys by the acceptance of conditional gifts, grants,
devises or bequests given in furtherance of the mission of the fund to
the extent that any such gift, grant, devise, or bequest is in the form
of cash, securities, or other form of personal property that is readily
convertible to cash, and only if the condition of the gift is that it be
used for the unrestricted purpose of equine research. The fund may not
accept a conditional gift, grant, devise, or bequest if the condition
would require the fund to undertake to acquire property, construct,
alter, or renovate any real property, or alter or suspend the research
that the fund is already conducting or supporting. All moneys accepted
shall be deposited into a segregated account subject to the requirements
and conditions of subdivision one of this section. The fund shall
provide notice of the acceptance of such moneys to the commission.