What's happening
This bill allows the Catskill off-track betting corporation to use its capital acquisition fund for general corporate purposes until depleted.
Why it matters
Allows Catskill OTB to redirect funds originally set aside for capital improvements (like buildings or equipment) to cover any corporate expenses, which could help the corporation address urgent financial needs or operational shortfalls.
May signal that the Catskill OTB is facing financial challenges, as the legislation permits the depletion of its capital acquisition fund for broader uses rather than restricting it to long-term investments in infrastructure or assets.
Could impact the corporation's future ability to invest in upgrades or maintenance of its physical locations, since once the fund is exhausted for general expenses, there may be less money available for capital projects.
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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 other laws or regulations.
Contractors supplying Catskill OTB offices, facilities and equipment
The bill would allow corporate uses of a fund established to finance acquisition, construction and equipment purchases.
Catskill OTB bettors
The bill would retain existing limits on contributions from pari-mutuel wagering pools while allowing corporate use of the capital acquisition fund.
Headline styles
Use Betting Fund for Expenses
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 39
No co-sponsors yet.
History
- Referred to racing, gaming and wagering
- Referred to rules
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.
Let Catskill OTB Use Funds
In Assembly Committee · Racing And Wagering · Sponsor J. Gary Pretlow
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6624
2019-2020 Regular Sessions
IN SENATE
July 10, 2019
Introduced by Sen. SKOUFIS -- 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 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
S. 6624 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.
Sponsor's memo
Title of bill
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
Purpose or general idea of bill
To allow for the Catskill Off-Track Betting Corporation to use their Capital Acquisition Fund for corporate purposes.
Justification
Currently the Capital Acquisition Fund is used to only fund capital projects related to the Catskill Off-Track Betting Corporation. However, much of the money is sitting unused. At the same time, the Catskill Off-Track Betting Corporation needs money for completing payroll. The framework provided by the Capital Acquisition Fund is outdated, and significantly harms the ability of the Catskill Off-Track Betting Corpo- ration to conduct business. The Catskill Off-Track Betting Corporation needs to maintain a healthy business, as it is a source of employment as well as provides revenue for education. If the Catskill Off-Track Betting Corporation is not able to sustain itself, then the education budget will be reduced from the loss in taxes.
Legislative history
New Bill
Local fiscal implications
To be determined.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.