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Who cares
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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:A10476
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 the franchise oversight board with the authority to retain a restructuring firm to prepare a restructuring and business plan for New York City Off-track Betting Corporation.
Summary of provisions
Amends subdivision 8 of Section 212 of the racing, pari-mutuel and breeding law to provide the franchise oversight board with the authority to retain a restructuring firm to prepare a restructuring and business plan for New York City Off-track Betting Corporation. And upon approval of such plan by the Board, see to its implementation by the Corporation.
Justification
NYCOTB is in organizational disrepair. In order to reorganize the Corporation into a viable ongoing entity, it is incumbent upon the state to have an independent, objective panel --- in this case the Franchise Oversight --- to engage the services of an outside consulting firm to develop a plan suitable to sustain NYCOTB's continued operation.
Legislative history
New bill.
Fiscal implications
None direct. With a possible increase in revenue to the state should the Corporation reorganization be successful.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.