Assembly Bill A10929

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  10929

                          I N  A S S E M B L Y

                               May 3, 2010
                               ___________

Introduced by COMMITTEE ON RULES -- (at request of the Governor) -- read
  once and referred to the Committee on Ways and Means

AN  ACT to amend chapter 55 of the laws of 2009 enacting the transporta-
  tion, economic development and environmental conservation  budget  and
  to  amend chapter 18 of the laws of 2008 amending the racing, pari-mu-
  tuel wagering and breeding law relating  to  racing  corporations  and
  associations, in relation to the New York Racing Association

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Section 1 of chapter 55 of the laws of 2009  enacting  the
transportation,  economic  development  and  environmental  conservation
budget is amended by repealing the items hereinbelow set forth in brack-
ets and by adding to such section the items underscored in this section.
              NEW YORK STATE URBAN DEVELOPMENT CORPORATION

               CAPITAL PROJECTS - REAPPROPRIATIONS 2009-10

ECONOMIC DEVELOPMENT (CCP)

  Miscellaneous Capital Projects Fund - 387
  New York Racing Account

By chapter 18, section 104, of the laws of 2008:
  For services and expenses relating to payments for  capital  works  or
    purposes,  including,  but  not limited to, payments to the New York
    racing association for the purpose of acquisition of clear title  to
    the Aqueduct, Belmont and Saratoga racetracks and related real prop-
    erty  pursuant to an order of the United States bankruptcy court for
    the southern district of New York approving a plan of reorganization
    of the New York racing association,  as  authorized  pursuant  to  a
    chapter  of  the  laws  of  2008. These funds may be suballocated or
    transferred  to  any  department,  agency,   or   public   authority
    (91QA0809) ... 105,000,000 ...................... (re. $105,000,000)

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD12216-01-0
              

A. 10929                            2

  For  services  and  expenses  related to payments for capital works or
    purposes, including, but not  limited  to,  costs  for  the  design,
    acquisition, construction and equipment of such structures as may be
    necessary  to  properly house video lottery terminal gaming at Aque-
    duct  racetrack including, but not limited to, the costs of property
    acquisition, studies, appraisals,  surveys,  testing,  environmental
    impact statements, infrastructure, facility design, construction and
    equipment,  cost  of  leasing  space, professional fees and costs of
    issuance, as authorized pursuant to a chapter of the laws of 2008 OR
    TO THE NEW YORK RACING ASSOCIATION, INC. FOR OTHER CAPITAL WORKS  OR
    PURPOSES  AT AQUEDUCT, BELMONT AND SARATOGA RACETRACKS PURSUANT TO A
    PLAN APPROVED BY THE FRANCHISE OVERSIGHT BOARD AND THE  DIRECTOR  OF
    THE  BUDGET.   These funds may be suballocated or transferred to any
    department, agency, or public authority (91AQ0809) .................
    250,000,000 ..................................... (re. $250,000,000)

  S 2.  Subdivision (b) of section 103 of chapter 18 of the laws of 2008
amending the racing, pari-mutuel wagering and breeding law  relating  to
racing corporations and associations, is amended to read as follows:
  (b)  Subject  to the provisions of chapter 59 of the laws of 2000, but
notwithstanding any other provisions of law to the contrary,  the  urban
development  corporation is hereby authorized to issue bonds or notes in
one or more series in  an  aggregate  principal  amount  not  to  exceed
$250,000,000,  excluding  bonds  or  notes issued to finance one or more
debt service reserve funds, to pay costs of issuance of  such  bonds  or
notes  and bonds or notes issued to refund or otherwise repay such bonds
or notes previously issued, for the purpose  of  financing  the  design,
acquisition,  construction  and  equipment  of such structures as may be
necessary to properly house video lottery terminal  gaming  at  Aqueduct
racetrack  OR TO THE NEW YORK RACING ASSOCIATION, INC. FOR OTHER CAPITAL
WORKS OR PURPOSES AT AQUEDUCT, BELMONT AND SARATOGA RACETRACKS  PURSUANT
TO  A PLAN APPROVED BY THE FRANCHISE OVERSIGHT BOARD AND THE DIRECTOR OF
THE BUDGET.  Eligible project costs may include, but not be limited  to,
the cost of property acquisition, studies, appraisals, surveys, testing,
environmental   impact   statements,  infrastructure,  facility  design,
construction and equipment, costs of leasing  space,  professional  fees
and costs of issuance.
  S  3.  Capital  payments made to The New York Racing Association, Inc.
pursuant to section two of this act shall be repaid at the direction  of
the director of the budget to the operator of the Aqueduct video lottery
gaming facility. Such repayments shall be made pursuant to a schedule to
be  determined  by  the director of the budget, from capital improvement
payments payable to The New York Racing Association, Inc. as a result of
video lottery gaming at the Aqueduct racetrack. Such  repayment  may  be
used  by  the Aqueduct video lottery gaming facility operator to pay for
services and expenses related to payments  for  capital  works  for  the
design,  acquisition,  construction  and equipment of such structures as
may be necessary to properly house video lottery terminal gaming at  the
Aqueduct racetrack.
  S 4. This act shall take effect immediately.