What's happening
This bill allows the Catskill off-track betting corporation to use its capital acquisition fund for general corporate purposes until the fund is exhausted.
Why it matters
Increased Financial Flexibility. By allowing the Catskill off-track betting corporation to use its capital acquisition fund for general corporate purposes, the bill gives the corporation greater flexibility to address operational needs or financial shortfalls, rather than restricting those funds solely to capital projects.
Potential Support for Ongoing Operations. The capital acquisition fund can now be used to cover ongoing expenses, which could help the corporation remain solvent or maintain services if it faces declining revenues or unexpected costs.
Shift in Funding Priorities. This change signals a shift away from long-term investment in infrastructure toward immediate financial needs, which may have longer-term implications for facility upgrades or maintenance if capital funds are depleted for other uses.
Temporary Measure. The provision applies only "until the fund has been exhausted," meaning this is a limited, one-time opportunity for the corporation to repurpose these funds, rather than a permanent change in how the capital acquisition fund may be used.
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Who cares
Catskill Off-Track Betting Corporation
The bill would make its capital acquisition fund available for corporate purposes until the fund is exhausted, notwithstanding contrary laws or regulations.
Catskill OTB management and financial staff
The bill would give them broader flexibility to use money in a fund established to finance acquiring, constructing or equipping corporate offices and facilities.
Contractors and equipment suppliers serving Catskill OTB
They would have an interest in how the corporation uses funds currently designated for offices, facilities and premises.
Headline styles
Let Catskill OTB Use Funds
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to racing and wagering
- Referred to racing 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.
Use Betting Fund for Expenses
In Senate Committee · Racing, Gaming And Wagering · Sponsor James Skoufis
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5951
2019-2020 Regular Sessions
IN ASSEMBLY
February 20, 2019
Introduced by M. of A. PRETLOW -- read once and referred to the Committee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to the utilization of funds in the Catskill off-track betting corporation's capital acquisition fund
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, the opening paragraph as amended by chapter 346 of the laws of 1990, is amended to read as follows:
§ 509-a. Capital acquisition fund. 1. 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)] a. 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)] b. 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)] c. 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.
2. Notwithstanding any other provision of law or regulation to the contrary, funds in the Catskill off-track betting corporation's capital
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09829-01-9
A. 5951 2
acquisition fund established pursuant to this section shall be available to the Catskill off-track betting corporation for corporate purposes pursuant to this section until the fund has been exhausted.
§ 2. This act shall take effect on the thirtieth day after it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.