US Laws, Codes, Statutes & Cases

 
    §  516.  Moneys  of  corporations; disposition of net revenues. 1. The
  monetary transactions of the corporation and the keeping  of  its  books
  and  accounts  shall  be under the supervision of the board of directors
  who shall be subject to the general and  specific  jurisdiction  of  the
  state board and to audit by the comptroller.
    2.  After  payment of all of the costs of the corporation's functions,
  net revenue remaining to the corporation shall  be  divided,  quarterly,
  not more than thirty days after the close of the calendar quarter, among
  the participating counties in accordance with the following provisions:
    a.  Fifty  percent of such revenue distributed among the participating
  counties  on  the  basis  of  the  proportion  of  the  total  off-track
  pari-mutuel  wagering  accepted  by  the corporation during the previous
  calendar quarter that originated in the branch offices located  in  each
  participating county;
    b.  Fifty  percent  of  such  revenue  on  the basis of population, as
  defined as the total population in each participating  county  shown  by
  the latest preceding decennial federal census completed and published as
  a  final  population  count  by  the  United States bureau of the census
  preceding  the  commencement  of  the  calendar  year  in   which   such
  distribution is to be made; and
    c. A participating county containing a city electing to participate in
  the  management  and  revenues of a corporation under subdivision two of
  section five hundred  two  of  this  article  shall  distribute  revenue
  received  under  paragraphs  a  and  b  of this subdivision to such city
  according to the proportion such city's population bears to the county's
  population.
    3. The comptroller  and  his  legally  authorized  representative  are
  authorized  to  and  shall from time to time but at least once annually,
  examine the  accounts  and  books  of  the  corporation,  including  its
  receipts,  disbursements,  contracts, leases, sinking funds, investments
  and any other records and papers relating to its financial standing.
    4. The corporation shall have power, notwithstanding the provisions of
  this section, to contract with the holders of any of its bonds as to the
  custody, collection, securing, investment and payment of any  moneys  of
  the corporation or any moneys held in trust or otherwise for the payment
  of  bonds in any way to secure bonds, and to carry out any such contract
  notwithstanding that such contract may be inconsistent with the previous
  provisions of this section.
    5. Moneys held in trust or otherwise for the payment of  bonds  or  in
  any  way  to  secure bonds and deposits of such moneys may be secured in
  the same manner as moneys of the corporation, and all  banks  and  trust
  companies are authorized to give such security for such deposits.