US Laws, Codes, Statutes & Cases

 
    §  257.  Moneys  of  the  fund.  1.  All moneys of the fund, except as
  otherwise authorized or provided in this article, shall be deposited  as
  soon  as practicable in a separate account or accounts in banks or trust
  companies organized under the laws of  the  state  or  national  banking
  associations  doing  business  in the state. The moneys in such accounts
  shall be paid out on checks signed by such officer or  employee  of  the
  fund  as the fund shall authorize. All deposits of such moneys shall, if
  required by the fund, be secured by obligations of the United States  or
  of  the  state of a market value equal at all times to the amount of the
  deposit and all banks and trust companies are authorized  to  give  such
  security for such deposits.
    2.  At the end of each calendar year, the fund shall pay all moneys of
  the fund in excess of seven  million  dollars  to  the  commissioner  of
  taxation and finance for deposit in the general fund of the state of New
  York.
    3.  Subject  to  the  approval  of  the  comptroller,  the  fund shall
  prescribe a system of accounts.
    4. In order to ensure the  continuity  of  high  quality  thoroughbred
  racing  and of pari-mutuel betting at the thoroughbred racing facilities
  in this state and the continued  production  by  such  activities  of  a
  reasonable  revenue  for  the  support  of government as required by the
  constitution as the basis for the authorization of  pari-mutuel  betting
  on  thoroughbred  racing in this state, the fund is hereby authorized to
  approve, pursuant to  applications  submitted  in  accordance  with  the
  provisions of subdivision one of section two hundred fifty-eight of this
  chapter,  deferrals  of  the  payments due to it pursuant to section two
  hundred  twenty-nine  and  subdivision  one  of  section   two   hundred
  fifty-eight  of  this  chapter,  to the extent authorized by such latter
  subdivision. Approval of such an application shall not  be  unreasonably
  withheld  by  the  fund if it determines that the association submitting
  such  application  is  in  compliance  with  all  of  the   requirements
  established  by  subdivision  one  of section two hundred fifty-eight of
  this chapter.