Assembly Bill A7441A

Vetoed By Governor
2015-2016 Legislative Session

Relates to capital acquisition funds maintained by regional off-track betting corporations

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Archive: Last Bill Status Via S5421 - Vetoed by Governor

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

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Bill Amendments

2015-A7441 - Details

See Senate Version of this Bill:
S5421
Law Section:
Off-Track Betting

2015-A7441 - Summary

Relates to capital acquisition funds maintained by regional off-track betting corporations.

2015-A7441 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7441

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 12, 2015
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Racing and Wagering

AN ACT relating to capital  acquisition  funds  maintained  by  regional
  off-track betting corporations

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any other provision of law or regulation to
the contrary, all funds  in  a  capital  acquisition  fund,  established
pursuant to section 509-a of the racing, pari-mutuel wagering and breed-
ing law shall be available at one time per annum to a regional off-track
betting  corporation  for  any corporate purpose; provided however, that
such amount for any corporate purpose  shall  not  exceed  five  hundred
thousand  dollars,  and  further  provided, that at least ten percent of
such amount shall be distributed in the same manner as subparagraph b of
subdivision 2 of section 516 of the  racing,  pari-mutuel  wagering  and
breeding law.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10960-01-5

2015-A7441A (ACTIVE) - Details

See Senate Version of this Bill:
S5421
Law Section:
Off-Track Betting

2015-A7441A (ACTIVE) - Summary

Relates to capital acquisition funds maintained by regional off-track betting corporations.

2015-A7441A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7441--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 12, 2015
                               ___________

Introduced  by M. of A. PRETLOW -- read once and referred to the Commit-
  tee on Racing and Wagering  --  committee  discharged,  bill  amended,
  ordered reprinted as amended and recommitted to said committee

AN  ACT  relating  to  capital  acquisition funds maintained by regional
  off-track betting corporations

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. a. Notwithstanding any other provision of law or regulation
to  the  contrary, up to five hundred thousand dollars of the funds in a
capital acquisition fund, established pursuant to section 509-a  of  the
racing,  pari-mutuel  wagering  and breeding law shall be available once
per annum to a regional off-track betting corporation for any  corporate
purpose;  provided, however, that such regional off-track betting corpo-
ration is not utilizing  its  capital  acquisition  fund  for  corporate
purposes  as  provided in section 3 of part II of chapter 58 of the laws
of 2012, and further provided, that at a time and  in  a  manner  to  be
determined  and  prescribed  by the New York state gaming commission, at
least ten percent of such amount shall be distributed among the  partic-
ipating  counties  on  the  basis of population, as defined as the total
population in each participating county shown by  the  latest  preceding
decennial  federal  census completed and published as a final population
count by the United States bureau of the census preceding the  commence-
ment of the calendar year in which such distribution is to be made.
  b.  A  regional  off-track betting corporation that chooses to utilize
its capital acquisition fund  for  corporate  purposes  as  provided  in
subdivision a of this section shall do so by providing written notifica-
tion  to the New York state gaming commission, including any information
which such commission may require, at least fifteen days in  advance  of
its decision to utilize monies for corporate purposes.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10960-02-5

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