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History
- Referred to racing, gaming and wagering
Full text
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Sponsor's memo
Title of bill
An act in relation to authorizing the New York city off-track betting corporation to file a petition for adjustment of its indebtedness
Purpose
This bill would statutorily authorize the New York City Off-Track Betting Corporation (NYCOTB) to file a petition for protection under Chapter 9 of the federal Bankruptcy Code, and would allow NYCOTB to defer until May 8, 2010 certain payments to horse racing industry participants and the State of New York.
Summary of provisions
Section 1 of the bill would statutorily authorize NYCOTB to file a petition with the United States Bankruptcy Court for the Southern District of New York for protection under Chapter 9 of the federal Bankruptcy Code.
Section 2 of the bill would confirm that NYCOTB was authorized to file for Chapter 9 protection at the time that it filed, prior to the enactment of this act.
Section 3 of the bill would allow NYCOTB to defer until May 8, 2010 payments to racing industry participants, other than direct commission payments on wagers to racetracks and breeders in New York State, as well as payments to the State Department of Taxation and Finance for unclaimed tickets.
Section 4 of the bill would provide the effective date.
Existing law
Executive Order 27 allows the Governor to authorize NYCOTB to file for Chapter 9 protection.
Statement in support
This legislation is necessary to ensure that NYCOTB will have necessary cash resources to maintain solvency through May 8, 2010, during which time it is the intent of the Executive to work with the Legislature for the purposes of I developing a longer-term, legislative solution to protect the future solvency of the NYCOTB.
Budget implications
This legislation would cause the deferral of a payment to the State for unclaimed tickets, valued at approximately $5 million.
Effective date
This act would take effect immediately; provided, however, that section one of this act would be deemed to have been in full force and effect on and after December 2, 2009.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.