NY A04537

Allows the Catskill off-track betting corporation to use capital acquisition fund monies for statutory obligations, payroll, and expenses to accept authorized wagers until the fund is exhausted.

Permits the corporation to contribute up to 1 percent of quarterly pari-mutuel wagering pools to the capital acquisition fund, provided contributions do not reduce quarterly net revenues below 50 percent of such revenues.

Limits the capital acquisition fund balance to the lesser of 1 percent of total pari-mutuel wagering pools for the previous 12 months or the undepreciated value of the corporation's offices, facilities, and premises.

Requires the corporation to submit an expenditure plan to the gaming commission for review before accessing capital acquisition funds, including information on outstanding liabilities, projected revenue, and detailed fund usage explanations.

Mandates annual reporting to the governor, assembly speaker, senate temporary president, and gaming commission documenting actual fund use, employment impact, statutory obligation status, and accounting of all expenditures.