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Sponsors
No co-sponsors yet.
History
- Reported referred to ways and means
- Referred to racing and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A10475
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to the franchise oversight board
Purpose
To provide that no former or current director or officer of New York city off-track betting corporation shall be appointed as a member of the franchise oversight board and to extend the oversight functions of the board to apply to the New York city Off Track Betting Corporation.
Summary of provisions
Amends subdivision 3 of Section 212 of the Racing, Pari-mutuel and Breeding law to provide that no former or current director of New York City Off-track Betting Corporation shall be appointed as a member to the franchise oversight board.
Amends subdivision 8 of Section 212 of the Racing, Pari-mutuel and Breeding law to add to the powers of the franchise oversight board and give the authorization to exercise the identical oversight and approval functions that are assigned to the board concerning virtually all activ- ities of the New York Racing Association.
Amends subdivision 8 of Section 212 of the Racing, Pari-mutuel and Breeding law to provide that New York city Off-track Betting Corporation shall transfer all wagering accounts to the franchise oversight board.
Justification
There are no specific provisions for any agency or entity of the state to oversee all operations of the NYCOTB Corporation. For forty some years, the NYCOTB has operated as an independent public benefit corpo- ration answering in large measure (with the exception of some racing and wagering board powers)to no officially established panel with the authority to make determinations to approve or disapprove many of OTB's functions. By assigning such authority to the franchise oversight board, NYCOTB as a state owned public benefit corporation will have a state established entity reviewing its policies, capital and operating plans, simulcasting and other contracts, as well as budgets.
Legislative history
New bill.
Fiscal implications
None. However, there is a potential to increase revenues to the state under a new more efficient NYCOTB business plan.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.