Senate Bill S6669

2017-2018 Legislative Session

Authorizes regional off-track betting corporations to allocate up to $500,000 from their capital acquisition funds for employee salaries and benefits

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Racing, Gaming And Wagering Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S6669 (ACTIVE) - Details

Current Committee:
Senate Racing, Gaming And Wagering
Law Section:
Racing, Pari-Mutuel Wagering and Breeding Law
Laws Affected:
Amd §509-a, RWB L

2017-S6669 (ACTIVE) - Summary

Authorizes regional off-track betting corporations to allocate up to $500,000 from their capital acquisition funds for employee salaries and benefits.

2017-S6669 (ACTIVE) - Sponsor Memo

2017-S6669 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6669
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               June 12, 2017
                                ___________
 
 Introduced  by  Sen. AMEDORE -- 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  authorizing  a regional off-track betting corporation to
   allocate up to $500,000 from its capital acquisition fund for salaries
   and benefits of employees of such corporation
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  509-a  of  the  racing, pari-mutuel wagering and
 breeding law, as added by chapter 681 of the laws of 1989 and the  open-
 ing  paragraph as amended by chapter 346 of the laws of 1990, is amended
 to read as follows:
   § 509-a. Capital acquisition fund. A. The corporation may  create  and
 establish  a  capital  acquisition fund for the purpose of financing the
 acquisition, construction or equipping of offices, facilities  or  prem-
 ises  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 limi-
 tations:
   (1)  no  contribution  shall  exceed  the amount of one percent of the
 total pari-mutuel wagering pools for the quarter in which  the  contrib-
 ution 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.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13131-01-7

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