S 8419: Provides that from April 1, 2025 to March 31, 2026, twenty-three percent of funds in the Catskill off-track betting corporation's capital acquisition fund shall be made available for certain past due obligations; requires such corporation to submit an expenditure plan for approval before accessing such funds.

  
  STATE OF NEW YORK ________________________________________________________________________ 8419 2025-2026 Regular Sessions  IN SENATE June 9, 2025 ___________ Introduced by Sen. ADDABBO -- 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 funds in the Catskill off-track betting corporation's capital acquisition fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 509-a of the racing, pari-mutuel 2 wagering and breeding law is amended by adding two new paragraphs e-1 3 and g to read as follows: 4 e-1. Notwithstanding any other provision of law or regulation to the 5 contrary, from April first, two thousand twenty-five to March thirty- 6 first, two thousand twenty-six, forty-five percent of the funds, not to 7 exceed two million seven hundred thousand dollars, in the Catskill off- 8 track betting corporation's capital acquisition fund established pursu- 9 ant to this section, shall be available to such off-track betting corpo- 10 ration for the purposes of expenditures necessary to pay off any 11 outstanding debts and obligations; past due statutory obligations to New 12 York licensed or franchised racing corporations or associations; past 13 due contractual obligations due to other racing associations or organ- 14 izations for the costs of acquiring a simulcast signal; past due statu- 15 tory payment obligations due to the New York state thoroughbred breeding 16 and development fund corporation, agriculture and New York state horse 17 breeding development fund, and the Harry M. Zweig memorial fund for 18 equine research; and past due obligations due the state. 19 g. Prior to a corporation being able to utilize the funds authorized 20 by paragraph e-1 of this subdivision, the corporation must submit an 21 expenditure plan to the gaming commission for review. Such plan shall 22 include the corporation's outstanding liabilities, projected revenue for 23 the upcoming year, a detailed explanation of how the funds will be used, 24 and any other information necessary to detail such plan as determined by EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13373-02-5 
 S. 8419 2 1 the commission. Upon review, the commission shall make a determination 2 as to whether the requirements of this paragraph have been satisfied and 3 notify the corporation of expenditure plan approval. In the event the 4 commission determines the requirements of this paragraph have not been 5 satisfied, the commission shall notify the corporation of all deficien- 6 cies necessary for approval. As a condition of such expenditure plan 7 approval, the corporation shall provide a report to the commission no 8 later than the last day of the calendar year for which the funds are 9 requested, which shall include an accounting of the use of such funds. 10 At such time, the commission may cause an independent audit to be 11 conducted of the corporation's books to ensure that all moneys were 12 spent as indicated in such approved plan. The audit shall be paid for 13 from money in the fund established by this section. If the audit deter- 14 mines that a corporation used the money authorized under this section 15 for a purpose other than one listed in their expenditure plan, then the 16 corporation shall reimburse the capital acquisition fund for the unau- 17 thorized amount. 18 § 2. This act shall take effect immediately.