§ 609-A — Capital acquisition fund

New York § 609-A

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 6: New York City Off-track Betting Corporation

Text

§ 609-a. Capital acquisition fund. The corporation may create and\nestablish a capital acquisition fund for the purpose of financing the\nacquisition, construction or equipping of offices, facilities or\npremises of the corporation. Such capital acquisition fund shall consist\nof (i) the amounts specified pursuant to subdivision three-a of section\nfive hundred thirty-two of this chapter; and (ii) contributions from the\ncorporation's pari-mutuel wagering pools, subject to the following\nlimitations:\n (1) no contribution shall exceed the amount of one percent of the\ntotal pari-mutuel wagering pools for the quarter in which the\ncontribution is made;\n (2) no contribution shall reduce the amount of quarterly net revenues,\nexclusive of surcharge revenues, to an amount less than fifty percent of\nsuch net revenues; and\n (3) the balance of the fund shall not exceed the lesser of one percent\nof total pari-mutuel wagering pools for the previous twelve months or\nthe undepreciated value of the corporation's offices, facilities and\npremises.\n