N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 233: Bond required of corporation conducting pari-mutuel betting

§ 233. Bond required of corporation conducting pari-mutuel betting. 1.

Every corporation franchised or licensed by the commission 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 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.

2. In addition hereto, every such corporation 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 commission not exceeding five hundred thousand dollars, with

sureties approved by the attorney general, that such corporation 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 commission

pending investigation by it of any race, into a trust account pending

completion of such investigation.