§ 433 — Resources of fund

New York § 433

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 4: Quarter Horse Racing and Breeding

Text

§ 433. Resources of fund. 1. The fund is authorized and directed to\ncollect and receive in each calendar year to be paid to the fund by\nquarter horse racing associations or corporations or regional off-track\nbetting corporations ten percent of the breaks derived from on-track\nwagers or off-track wagers, as the case may be, as provided in this\narticle and article five-a of this chapter and to deposit such moneys in\na bank or banks in this state.\n 2. The fund is authorized to dispose and distribute the moneys\nreceived by it pursuant to the provisions of sections two hundred\ntwenty-two through seven hundred five of this chapter for the following\npurposes and no other:\n a. Thirty-six percent as awards to breeders of New York-breds\nfinishing first, second, third and fourth in open races.\n b. Fifteen percent as awards to stallion owners, whose New York\nstallions have sired New York-breds finishing first, second, third and\nfourth in races.\n c. Thirty-five percent to provide purse moneys for races exclusively\nfor New York-breds, the conditions of which have been approved by the\nfund.\n d. Nine percent to advance and promote breeding and raising of quarter\nhorses in this state by the publication and dissemination of information\nrelating thereto, and the encouragement of interest, including among\nyouth, in the breeding and raising of New York-breds, and to advance and\npromote interest generally in agricultural pursuits.\n e. Five percent or such lower proportion as the commission may\nprescribe based upon the operational experience and objectives of the\nfund, for the administration and management of the fund. If the\ncommission shall reduce the proportion of the fund's resources\napplicable to administration, the proportions otherwise applicable shall\nbe increased accordingly. All moneys of the fund in excess of\ntwenty-five thousand dollars on hand at the end of each calendar year\nshall be remitted to and vest in the state.\n