§ 703 — Finances of fund

New York § 703

• Jurisdiction: New York
• Law PML: Racing, Pari-Mutuel Wagering and Breeding Law
• Art. 7: Equine Research

Text

§ 703. Finances of fund. 1. Two percent of all moneys accruing\nrespectively to the agriculture and New York state horse breeding\ndevelopment fund and the New York state thoroughbred breeding and\ndevelopment fund, for the purpose of conducting equine research, shall\nbe deposited by such funds in a special interest bearing account, title\nto which shall be in New York state veterinary college at Cornell and\ncontrol over which shall be in the committee subject to audit by the\nstate comptroller. Withdrawals from such accounts shall be made only\nupon the authorization of the committee and the signatures of two of the\ncommittee's members as designated by the committee. All moneys\ntransferred by such funds to special accounts pursuant to rules and\nregulations of the commission, prior to the date on which this article\nshall have become law, shall be deemed to have been deposited as\nprovided in this subdivision. Moneys accrued subsequently shall be\ndeposited monthly within one month of their accrual by such funds and\nnotice thereof shall be forwarded to the committee and the commission.\n * 1-a. All amounts necessary to conduct the research project specified\nin subdivision seven of section seven hundred four of this article shall\nbe appropriated or transferred to the fund from the general fund of the\nstate treasury. Such funds shall be used for the purposes contained in\nthe agreement established pursuant to subdivision seven of section seven\nhundred four of this article, provided that such amount shall not exceed\nwhat is necessary to cover all expenses as contained in such agreement.\n * NB Repealed September 1, 2028\n 2. On or before January first and July first, of each subsequent\ncalendar year, such funds shall provide to the committee and the\ncommission a certified statement of amounts then deposited to the credit\nof the committee and a projection of funds to be deposited to the credit\nof such committee for the subsequent six-month period.\n 3. Upon the authorization through a resolution by the committee, the\nfund may acquire moneys by the acceptance of conditional gifts, grants,\ndevises or bequests given in furtherance of the mission of the fund to\nthe extent that any such gift, grant, devise, or bequest is in the form\nof cash, securities, or other form of personal property that is readily\nconvertible to cash, and only if the condition of the gift is that it be\nused for the unrestricted purpose of equine research. The fund may not\naccept a conditional gift, grant, devise, or bequest if the condition\nwould require the fund to undertake to acquire property, construct,\nalter, or renovate any real property, or alter or suspend the research\nthat the fund is already conducting or supporting. All moneys accepted\nshall be deposited into a segregated account subject to the requirements\nand conditions of subdivision one of this section. The fund shall\nprovide notice of the acceptance of such moneys to the commission.\n