What's happening
This bill allows regional off-track betting corporations to use up to $500,000 from their capital acquisition fund annually for employee salaries and benefits.
Why it matters
Provides financial flexibility for regional off-track betting corporations. , allowing them to redirect up to $500,000 annually from funds typically reserved for capital projects (like buildings or equipment) to cover urgent salary and benefits needs, potentially preventing layoffs or service disruptions.
Includes a safeguard to ensure these funds aren’t double-dipped. , specifying that corporations cannot use the capital acquisition fund for both employee costs and other corporate purposes as outlined in prior legislation, which helps limit potential misuse.
Requires notification and oversight. , mandating that any corporation wishing to use funds for salaries must notify the gaming commission at least 15 days in advance and provide requested information, adding a layer of transparency and regulatory review.
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Who cares
Headline styles
Let OTB Use Funds for Payroll
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to racing, gaming and wagering
- Returned to senate
- Died in assembly
- Referred to racing and wagering
- Delivered to assembly
- Passed senateVote 55–7
- Ordered to third reading cal.1976
- Referred to rules
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6669
2017-2018 Regular Sessions
IN SENATE
June 12, 2017
Introduced by Sen. AMEDORE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing a regional off-track betting corporation to allocate up to $500,000 from its capital acquisition fund for salaries and benefits of employees of such corporation
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 509-a of the racing, pari-mutuel wagering and breeding law, as added by chapter 681 of the laws of 1989 and the opening paragraph as amended by chapter 346 of the laws of 1990, is amended to read as follows:
§ 509-a. Capital acquisition fund. a. The corporation may create and establish a capital acquisition fund for the purpose of financing the acquisition, construction or equipping of offices, facilities or premises of the corporation. Such capital acquisition fund shall consist of (i) the amounts specified pursuant to subdivision three-a of section five hundred thirty-two of this chapter; and (ii) contributions from the corporation's pari-mutuel wagering pools, subject to the following limitations:
(1) no contribution shall exceed the amount of one percent of the total pari-mutuel wagering pools for the quarter in which the contribution is made;
(2) no contribution shall reduce the amount of quarterly net revenues, exclusive of surcharge revenues, to an amount less than fifty percent of such net revenues; and
(3) the balance of the fund shall not exceed the lesser of one percent of total pari-mutuel wagering pools for the previous twelve months or the undepreciated value of the corporation's offices, facilities and premises.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13131-01-7
S. 6669 2
b. 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 this section shall be available once per annum to a regional off-track betting corporation for the sole purpose of paying the salaries and benefits of employees of such corporation; provided, however, that such regional off-track betting corporation is not utilizing its capital acquisition fund for corporate purposes as provided in section three of part II of chapter fifty-eight of the laws of two thousand twelve.
c. A regional off-track betting corporation that chooses to utilize its capital acquisition as provided in subdivision b of this section shall do so by providing written notification to the gaming commission, including any information which such commission may require, at least fifteen days in advance of its decision to utilize monies for such purposes.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing a regional off-track betting corporation to allocate up to $500,000 from its capital acquisition fund for salaries and benefits of employees of such corporation
Purpose
This legislation is intended to authorize regional off-track betting corporations to use up to $500,000 of the funds in their capital acquisition fund for the sole purpose of paying the salaries and benefits of employees of such corporation.
Summary of provisions
Section 1. Authorizes regional off-track betting corporations to use up to $500,000 from their capital acquisition fund to pay the salaries and benefits of employees of such corporation. If an off-track betting corporation chooses to utilize its capital acquisition fund to pay salaries and benefits of employees, it shall provide written notification to the gaming commission at least fifteen days in advance of its decision to utilize monies for such purposes.
Section 2. Establishes the effective date.
Justification
Current law allows regional off-track betting corporations to create and establish a capital acquisition fund for the purpose of financing the acquisition, construction or equipping of offices, facilities or premises of the corporation.
This legislation would authorize regional corporations to use funds from their capital acquisition fund to pay the salaries and benefits of employees of the corporation, allowing them to retain their employees. Such action is prohibited under current law.
Legislative history
New bill.
Fiscal implications to state and local governments
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.