2017 New York Laws
PML - Racing, Pari-Mutuel Wagering and Breeding Law
Article 7 - Equine Research
703 - Finances of Fund.

  703.  Finances  of  fund.  1.  Two  percent  of all moneys accruing
  respectively to the  agriculture  and  New  York  state  horse  breeding
  development  fund  and  the  New  York  state  thoroughbred breeding and
  development fund, for the purpose of conducting equine  research,  shall
  be  deposited by such funds in a special interest bearing account, title
  to which shall be in New York state veterinary college  at  Cornell  and
  control  over  which  shall  be in the committee subject to audit by the
  state comptroller. Withdrawals from such accounts  shall  be  made  only
  upon the authorization of the committee and the signatures of two of the
  committee's   members   as  designated  by  the  committee.  All  moneys
  transferred by such funds to special  accounts  pursuant  to  rules  and
  regulations of the state racing and wagering board, prior to the date on
  which  this  article shall have become law, shall be deemed to have been
  deposited as provided in this subdivision. Moneys  accrued  subsequently
  shall  be  deposited  monthly  within one month of their accrual by such
  funds and notice thereof shall be forwarded to  the  committee  and  the
  state racing and wagering board.
2.  On  or  before  January  first  and July first, of each subsequent
  calendar year, such funds shall provide to the committee and  the  state
  racing  and  wagering  board  a  certified  statement  of  amounts  then
  deposited to the credit of the committee and a projection of funds to be
  deposited to the credit of such committee for the subsequent  six  month
  period.