2006 New York Code - Bond Required Of Corporation Or Association Conducting Pari-mutuel Betting.

 
    §   225.  Bond  required  of  corporation  or  association  conducting
  pari-mutuel betting.  Every corporation or association licensed by or to
  which a franchise is issued by the state racing and  wagering  board  to
  conduct pari-mutuel betting, annually and before the opening of any race
  meeting,  shall  execute  and file with the state comptroller, a bond to
  the state in a penalty to be fixed by the commissioner of  taxation  and
  finance  not  exceeding  five  hundred  thousand  dollars, with sureties
  approved by the attorney general,  that  it  will  keep  its  books  and
  records and make reports as required by sections two hundred twenty-five
  through  seven  hundred  five  of  this chapter, that it will pay to the
  state all taxes imposed by this chapter, that it will distribute to  the
  patrons  of  pari-mutuel  pools  conducted  by  it  all  sums  due  upon
  presentation of winning tickets held by them, and that it will otherwise
  comply with all the provisions  of  this  chapter  in  relation  to  the
  conduct  of  races  and  of  pari-mutuel  betting  on  its racetrack. In
  addition hereto, every such corporation or association first licensed or
  franchised after January first, nineteen  hundred  eighty-six,  annually
  and  before  the opening of any race meeting shall execute and file with
  the state comptroller, a bond to the state in a penalty to be  fixed  by
  the  board  not  exceeding  five hundred thousand dollars, with sureties
  approved by the attorney general, that it will make all  purse  payments
  advertised and offered as premiums, prizes or awards to owners of horses
  competing  in  races  at such track within one week of such race, or, if
  such payment is ordered held by the board pending investigation by it of
  any race, into a trust account pending completion of such investigation,
  such bond to cover purses for quarter horse races in like manner if such
  licensee is conducting a mixed meeting pursuant to section  two  hundred
  seven of this article and article four of this chapter.