§ 433. Resources of fund. 1. The fund is authorized and directed to
collect and receive in each calendar year to be paid to the fund by
quarter horse racing associations or corporations or regional off-track
betting corporations ten percent of the breaks derived from on-track
wagers or off-track wagers, as the case may be, as provided in this
article and article five-a of this chapter and to deposit such moneys in
a bank or banks in this state.

2. The fund is authorized to dispose and distribute the moneys
received by it pursuant to the provisions of sections two hundred
twenty-two through seven hundred five of this chapter for the following
purposes and no other:

a. Thirty-six percent as awards to breeders of New York-breds
finishing first, second, third and fourth in open races.

b. Fifteen percent as awards to stallion owners, whose New York
stallions have sired New York-breds finishing first, second, third and
fourth in races.

c. Thirty-five percent to provide purse moneys for races exclusively
for New York-breds, the conditions of which have been approved by the
fund.

d. Nine percent to advance and promote breeding and raising of quarter
horses in this state by the publication and dissemination of information
relating thereto, and the encouragement of interest, including among
youth, in the breeding and raising of New York-breds, and to advance and
promote interest generally in agricultural pursuits.

e. Five percent or such lower proportion as the commission may
prescribe based upon the operational experience and objectives of the
fund, for the administration and management of the fund. If the
commission shall reduce the proportion of the fund's resources
applicable to administration, the proportions otherwise applicable shall
be increased accordingly. All moneys of the fund in excess of
twenty-five thousand dollars on hand at the end of each calendar year
shall be remitted to and vest in the state.