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Sponsors
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History
- Referred to racing, gaming and wagering
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Authorizes capitol payments be made to the New York Racing Association, Inc. for capitol works or purposes at Aqueduct, Belmont and Saratoga racetracks
In Assembly Committee · Ways And Means
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend chapter 55 of the laws of 2009 enacting the transportation, economic development and environmental conservation budget and to amend chapter 18 of the laws of 2008 amending the racing, pari-mutuel wagering and breeding law relating to racing corporations and associations, in relation to the New York Racing Association
Purpose
This bill would achieve necessary temporary capital spending relief to the New York Racing Association, Inc. (NYRA).
Summary of provisions
Sections 1 and 2 of the bill would amend Chapter 55 of the Laws of 2009 and Chapter 18 of the Laws of 2008 to allow NYRA to borrow a portion of the $250 million appropriation for capital works purposes at Aqueduct, Belmont and Saratoga Racetracks.
Section 3 of the bill would require NYRA to repay any monies borrowed under §§ 1 and 2 to the operator of the Aqueduct Video lottery gaming facility.
Section 4 of the bill would provide for an effective date.
Existing law
Under current law, the $250 million reappropriation can only be used for services and expenses related to payments for capital works for the video lottery terminal gaming facility proposed for Aqueduct Racetrack.
Statement in support
This legislation would achieve necessary temporary capital spending relief to NYRA. In 2008, the State acquired clear title to the Aqueduct, Belmont and Saratoga Racetracks from NYRA. In 2009 and 2010 NYRA will expend approximately $17 million in capital moneys to implement projects and improvements at these tracks which will preserve the useful life and value of these State-owned facilities. This legislation would allow the State to reimburse NYRA for these expenditures.
Budget implications
This legislation would not have any significant impact on the State's Financial Plan because the Plan contemplates disbursement of the $250 million reappropriation during the 2010-11 Fiscal Year.
Effective date
This act would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.