What a silly bunch of people? NY PML Sec 105, not worth the paper it is written on. Just ask Attorney General Eric Schneiderman for his Opinion (free). Let's bet!
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A09062 Summary:
BILL NO A09062 SAME AS Same as Uni. S 6293 SPONSOR Sweeney (MS) COSPNSR Thiele, Englebright, Ramos, Raia MLTSPNSR Add S503-a, RWB L Authorizes the Suffolk regional off-track betting corporation to file for bankruptcy; provides that all funds in the capital acquisition fund shall be available to the Suffolk regional OTB for any corporate purpose.Go to top
A09062 Votes:
There are no votes for this bill in this legislative session.Go to top
A09062 Memo:
BILL NUMBER:A9062 TITLE OF BILL: An act to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing the Suffolk regional off-track betting corporation to file for bankruptcy; and providing that all funds in the capital acquisition fund shall be available to the Suffolk regional OTB for any corporate purpose PURPOSE OR GENERAL IDEA OF BILL: This bill would provide Suffolk OTB with the specific power to file for bankruptcy under the United States Bankruptcy Code. The ability to file for bankruptcy protection would allow Suffolk OTB to address its debts and long-term obligations in an orderly manner, while continuing to operate and generate revenue to pay creditors and Suffolk County. The bill also allows Suffolk OTB to access funds in its capital acquisition fund for general corporate purposes of the Suffolk OTB. JUSTIFICATION: Suffolk OTB was created in the early 1970s to raise revenue for Suffolk County as a participating municipality, curb illegal bookmaking, and support the State's horse racing industry. It is required by statute to make payments to the State, Suffolk County, other municipalities and the horse racing industry. In recent years it has faced fiscal challenges. This bill would amend the Racing and Wagering Law to specifically empower Suffolk OTB to file for bankruptcy. This specific authorization to allow Suffolk OTB to file for bankruptcy will protect taxpayers as well as the horse racing industry in New York. Without bankruptcy protection, in the face of fiscal difficulty, Suffolk 0TB could be forced to shut its doors and terminate hundreds of employees. This has devastating consequences for employees, suppliers, landlords, neighbor- hoods and creditors, and creates complicated and expensive issues for taxpayers. In addition, it causes New York horse racing enthusiasts and racing revenue to shift from New York State-based operations to out-of- state horse racing ventures. In March, 2011, Suffolk OTB filed for bankruptcy protection. It filed a Plan of Debt Adjustment with the bankruptcy court, providing for the 100 percent payment of its creditors over time according to specific sched- ules. The bankruptcy allowed Suffolk OTB to continue to operate and generate revenue to pay creditors, while addressing its debts and long- term obligations in an orderly manner. However, an objection to the bankruptcy petition filed by an out-of-state competitor, challenging the OTB's legal authority to declare bankruptcy, was ultimately sustained. Amending the Racing and Wagering Law to specifically authorize Suffolk OTB to file for bankruptcy protection will provide Suffolk OTB with the tools to methodically address debts and long term obligations such as leases and health care coverage while continuing to operate, serve the public, generate revenue for the State and Suffolk County and pay credi- tors; and then exit bankruptcy as soon as practicable. Suffolk OTB is not on the expense side of State or local budgets. Section 509-a of the Racing and Wagering Law expressly authorizes regional OTBs to create capital acquisition funds, funded by pari-mutuel wagering pools, for the purpose of financing the future acquisition, construction or equipping of facilities. This bill would provide that all funds accumulated in Suffolk OTB's capital acquisition fund created pursuant to section 509-a of the Racing and Wagering Law or deposited into such fund thereafter will be available to Suffolk OTB for any corporate purpose. It will allow Suffolk OTB to access and use for corporate purposes funds that are simply not needed for the future acquisition, construction and equipping of facilities. PRIOR LEGISLATIVE HISTORY: New bill. FISCAL IMPLICATIONS: None. EFFECTIVE DATE: This act shall take effect immediately.Go to top
A09062 Text:
S T A T E O F N E W Y O R K
________________________________________________________________________
S. 6293 A. 9062
S E N A T E - A S S E M B L Y
January 20, 2012
___________
IN SENATE -- Introduced by Sen. FLANAGAN -- read twice and ordered
printed, and when printed to be committed to the Committee on Racing,
Gaming and Wagering
IN ASSEMBLY -- Introduced by M. of A. SWEENEY, THIELE, ENGLEBRIGHT,
RAMOS, RAIA -- read once and referred to the Committee on Racing and
Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in
relation to authorizing the Suffolk regional off-track betting corpo-
ration to file for bankruptcy; and providing that all funds in the
capital acquisition fund shall be available to the Suffolk regional
OTB for any corporate purpose
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The racing, pari-mutuel wagering and breeding law is
2 amended by adding a new section 503-a to read as follows:
3 S 503-A. ADDITIONAL POWERS OF THE SUFFOLK REGIONAL OFF-TRACK BETTING
4 CORPORATION. IN ADDITION TO THE POWERS ENUMERATED IN SECTION FIVE
5 HUNDRED THREE OF THIS ARTICLE, THE SUFFOLK REGIONAL OFF-TRACK BETTING
6 CORPORATION IS HEREBY AUTHORIZED AND MAY FILE ANY PETITION WITH ANY
7 UNITED STATES DISTRICT COURT OR COURT OF BANKRUPTCY UNDER ANY PROVISION
8 OF LAWS OF THE UNITED STATES FOR THE COMPOSITION OR ADJUSTMENT OF MUNIC-
9 IPAL INDEBTEDNESS.
10 S 2. Notwithstanding any other provision of law or regulation to the
11 contrary, all funds in the capital acquisition fund, established pursu-
12 ant to section 509-a of the racing, pari-mutuel wagering and breeding
13 law shall be available to the Suffolk regional off-track betting corpo-
14 ration for any corporate purpose.
15 S 3. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13856-06-2
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