§ 503-a. Additional powers of the regional off-track betting
corporations. 1. In addition to the powers enumerated in section five
hundred three of this article, financially insolvent regional off-track
betting corporations, as determined by the commission upon review of
certified financial statements, are hereby authorized and may file any
petition with any United States district court or court of bankruptcy
under any provision of laws of the United States for the composition or
adjustment of municipal indebtedness, provided such corporation is
authorized by a resolution adopted by a majority of the participating
counties to such region, or, for a corporation wholly contained within
one county, by a resolution adopted by such county. The provisions of
this subdivision shall not apply to the Suffolk regional off-track
betting corporation until April first, two thousand fourteen.