US Laws, Codes, Statutes & Cases

 
    § 254. Powers of the fund. The fund shall have power:
    1. To sue and be sued;
    2. To have a seal and to alter the seal at its pleasure;
    3.  To  make and execute contracts and all other instruments necessary
  or convenient for the exercise of its powers and  functions  under  this
  article;
    4.  To  make  and  alter  by-laws  for  its  organization and internal
  management;
    5.  To  acquire,  by  condemnation  pursuant  to  the  eminent  domain
  procedure  law  or  otherwise,  hold  and  dispose  of real and personal
  property for its corporate purposes;
    6. To appoint  such  officers,  agents,  and  employees  as  it  deems
  necessary, to prescribe their duties and qualifications and to fix their
  compensation  from  within the amounts available therefor subject to the
  approval of the director of the budget,  but  expenditures  pursuant  to
  this subdivision and subdivision nine of this section shall not exceed a
  total  amount  of  two  hundred  fifty thousand dollars during any year,
  provided that expenditures pursuant  to  subdivision  thirteen  of  this
  section  shall not be included in such two hundred fifty thousand dollar
  limit;
    7. To receive, review, approve and disapprove capital plans  submitted
  by  the  non-profit  racing  association,  to  authorize such non-profit
  racing  association  to  enter  into  short-term  or  long-term   credit
  agreements  to meet the costs of any capital improvements included in an
  approved capital plan provided that it determines that  such  agreements
  are consistent with the constitutional requirement that the state derive
  a  reasonable  revenue  for  the  support of government from pari-mutuel
  betting on thoroughbred racing, and to extend credit or  make  loans  to
  such  non-profit  racing  association  for  the  costs  of  any  capital
  improvements included in an approved capital plan which credit or  loans
  may  be  secured  by  mortgages, assignments or pledges of contracts and
  revenues,  and  other  security  interests,  all  upon  such  terms  and
  conditions  as  the fund shall determine to be necessary or desirable in
  connection therewith, including such provisions  for  the  establishment
  and  maintenance  of reserve and insurance funds and, in the exercise of
  the powers granted in this  article  in  connection  with  such  capital
  improvements,  to  require the inclusion in any contract, loan agreement
  or  other  legal  instrument  of  such  provisions  for  the   planning,
  acquiring,    construction,    reconstruction,   improving,   equipping,
  operating, maintaining or furnishing of such capital improvements by the
  non-profit  racing  association  as  the  fund  may  deem  necessary  or
  desirable,  and  such  provisions  for  the  mortgaging  of  any  racing
  facilities and the land upon which such facilities are situated  as  the
  fund may deem necessary or desirable;
    8. To invest pledged moneys of the fund not required for immediate use
  or  disbursement  in (a) obligations of, or obligations the principal of
  and interest on which are  unconditionally  guaranteed  by,  the  United
  States  of  America  or  obligations issued or guaranteed by agencies or
  instrumentalities of the United States; (b) general obligations  of,  or
  obligations guaranteed by, the state, to the payment of the principal of
  and  interest  on  which  the  full  faith  and  credit of the state are
  pledged; (c) negotiable or non-negotiable  time  deposits  evidenced  by
  certificates  of  deposit  issued  by  banks,  trust companies, national
  banking associations or savings and loan associations which are  insured
  by  the  federal  deposit insurance corporation, provided that such time
  deposits in any such bank, trust company, national  banking  association
  or  savings and loan association are continuously secured by obligations
  described in paragraph (a) or (b)  of  this  subdivision,  and  provided
  further  that such obligations at all times have a market value at least
  equal to the maturity  value  of  the  deposits  so  secured,  including
  accrued interest;
    9.  To  engage the services of private consultants, counsel, auditors,
  and financial advisors on a contract basis  for  rendering  professional
  and technical assistance and advice;
    10.  To  acquire, hold, use and dispose of its income, revenues, funds
  and moneys;
    11. To contract for and to accept any gifts  or  grants  or  loans  of
  funds or property or financial or other aid in any form from the federal
  government  or  any agency or instrumentality thereof, or from the state
  or any agency or instrumentality thereof, or from any other  source  and
  to comply, subject to the provisions of this article, with the terms and
  conditions hereof;
    12.  To  enter  into agreements to pay annual sums in lieu of taxes or
  assessments to any municipality or taxing or assessment district of  the
  state  in  respect  of  any real property which is owned by the fund and
  located in such municipality or taxing or assessment district, provided,
  however, that the amount  so  paid  for  any  year  upon  such  property
  including  the  value  of  any capital improvement made to such property
  shall not exceed the sum last  paid  as  taxes  or  assessment  on  such
  property  to such municipality or taxing or assessment district prior to
  the time of its acquisition by the fund;
    13. (a) To conduct running races, steeplechases or  hunt  meetings  at
  racing  facilities  and to conduct pari-mutuel betting on the outcome of
  the same when necessary to assure the continuation  of  the  racing  and
  pari-mutuel  betting  activities  at  such  racing facilities (i) in the
  event that the racing  and/or  pari-mutuel  betting  franchises  of  the
  racing  corporation  or  non-profit racing association then holding such
  franchises have either been terminated in the manner provided by law  or
  have  been  relinquished  by  such  corporation  or association, or such
  corporation or association declines to continue conducting race meetings
  and pari-mutuel betting on the outcome of the same as required  by  such
  franchises  unless  such  declination  is the result of strikes, acts of
  God,  or  other  unavoidable  causes  not  under  the  control  of  such
  corporation   or   association,  or  the  corporate  existence  of  such
  corporation or association has been dissolved in the manner provided  by
  law  prior  to  the end of the term of any such franchise and (ii) until
  such time as a new franchise is granted pursuant to  the  provisions  of
  subdivision eleven of section two hundred eight of this chapter;
    (b)  (i)  In  the  event that a non-profit racing association fails to
  advise  the  fund  in  writing  by  July  fifteenth,  nineteen   hundred
  ninety-four   of  its  intention  to  conduct  a  race  meeting  at  the
  thoroughbred racing facility located in Queens county known as  Aqueduct
  racetrack  from October fifteenth, nineteen hundred ninety-four to April
  thirtieth, nineteen hundred ninety-five,  they  shall  be  considered  a
  voluntary  declination to continue conducting a race meeting during such
  time period and the fund shall have the power to conduct running  races,
  steeplechase  or  hunt  meetings  at  racing  facilities  and to conduct
  pari-mutuel betting on the outcome of the same at such  racing  facility
  during such time period.
    (ii)  The fund may contract with a corporation or association licensed
  pursuant to section two hundred seven of this chapter to conduct such  a
  meeting.
    (iii)  The fund or the corporation or association licensed pursuant to
  section two hundred seven of this chapter  to  conduct  such  a  meeting
  shall:
    (A)  continue  to  honor  all  contracts  then  in  effect  between  a
  non-profit   racing   association   and   regional   off-track   betting
  corporation,  racing  association or corporation, totalizator companies,
  labor  unions  representing   employees   of   the   non-profit   racing
  association,   and   concession   contracts  entered  into  pursuant  to
  subdivision seven of section two hundred eight of this chapter;
    (B) pay the non-profit racing association the pro rata  share  of  the
  real  property  tax,  due  for the period of October fifteenth, nineteen
  hundred ninety-four to April thirtieth, nineteen hundred ninety-five for
  the facility known as Aqueduct racetrack.
    (iv) A race meeting conducted by the fund shall  be  governed  by  the
  requirements of section two hundred twenty-nine of this chapter.
    (v)  A race meeting conducted by a corporation or association pursuant
  to a contract with the fund shall be governed  by  the  requirements  of
  section  two  hundred  twenty-eight  of  this  chapter  except  that the
  retained percentage applicable to super exotic bets shall be twenty-five
  per centum and the state pari-mutuel tax rate shall be three per  centum
  of all wagers, notwithstanding inconsistent provisions of this section.
    (vi)  The  fund  or  a  corporation  or  association conducting a race
  meeting pursuant to a contract with  the  fund  shall  be  considered  a
  "track"  pursuant  to the provisions of section one thousand one of this
  chapter.
    14. To do all things necessary, convenient or desirable to  carry  out
  its purposes and for the exercise of the powers granted in this article.