US Laws, Codes, Statutes & Cases

 
    §   224.   Franchise   to  nonprofit  racing  association  to  conduct
  pari-mutuel betting at race meetings for running races or steeplechases.
  Any nonprofit racing association, at the time of making  application  to
  the  state  racing  and wagering board for a franchise to conduct a race
  course or race meetings for running races or steeplechases, or  at  such
  subsequent  time  as the state racing and wagering board may permit, may
  apply to such board for a franchise to conduct  at  such  race  meetings
  pari-mutuel  betting  on  the  races  to  be  run thereat. The board may
  prescribe the form in which such  application  shall  be  made  and  the
  information  to  be  furnished  by  such  association.  If  the board be
  satisfied from such application, or from other sources  of  information,
  that  such  association  can  be reasonably expected to provide over the
  years covered by its  racing  franchise  the  facilities  and  equipment
  sufficient  to  accommodate  the  probable  number of patrons, the board
  shall issue to such  association  a  franchise  to  conduct  pari-mutuel
  betting  in  the  manner  and  subject  to  the conditions prescribed by
  sections two hundred twenty-two  through  seven  hundred  five  of  this
  chapter,  at  the racetrack or tracks described in such racing franchise
  for the duration  of  such  racing  franchise  and  to  retain  for  its
  corporate  purposes  the  following percentages of pari-mutuel pools: in
  the first zone, five and one-half per centum plus twenty per  centum  of
  the  breaks;  in  the  second  zone,  six  and  one-half per centum plus
  twenty-five per centum of the breaks, except that for the period  ending
  December  thirty-first,  nineteen  hundred  eighty-five, or such earlier
  date as the association shall have paid on its  long  term  indebtedness
  subsequent  to  April  first,  nineteen hundred sixty-four, an aggregate
  amount of not more than sixty-eight  million  dollars,  the  percentages
  shall be as follows: in the first zone, six and one-half per centum plus
  twenty  per centum of the breaks; in the second zone, seven and one-half
  per centum plus twenty-five per centum of the breaks. The  state  racing
  and  wagering  board  shall  amend any franchise previously issued by it
  pursuant to the provisions of this section to provide that the holder of
  such franchise shall retain for its corporate purposes  the  percentages
  of  the  pari-mutuel  pools specified in this section, which percentages
  shall not be decreased for the duration of such franchise. It shall also
  amend any such franchise issued prior to January first, nineteen hundred
  sixty-eight, to provide that the  holder  thereof  may  retain  for  its
  corporate  purposes  any greater percentages of pari-mutuel pools as may
  be provided by amendments to section two  hundred  twenty-nine  of  this
  chapter becoming effective on or after said date.  By acceptance of such
  pari-mutuel   franchise   such   association   shall  agree  to  conduct
  pari-mutuel betting in accordance with the provisions thereof.