N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 433: Resources of fund

§ 433. Resources of fund. 1. The fund is authorized and directed to

collect and receive in each calendar year to be paid to the fund by

quarter horse racing associations or corporations or regional off-track

betting corporations ten percent of the breaks derived from on-track

wagers or off-track wagers, as the case may be, as provided in this

article and article five-a of this chapter and to deposit such moneys in

a bank or banks in this state.

2. The fund is authorized to dispose and distribute the moneys

received by it pursuant to the provisions of sections two hundred

twenty-two through seven hundred five of this chapter for the following

purposes and no other:

a. Thirty-six percent as awards to breeders of New York-breds

finishing first, second, third and fourth in open races.

b. Fifteen percent as awards to stallion owners, whose New York

stallions have sired New York-breds finishing first, second, third and

fourth in races.

c. Thirty-five percent to provide purse moneys for races exclusively

for New York-breds, the conditions of which have been approved by the

fund.

d. Nine percent to advance and promote breeding and raising of quarter

horses in this state by the publication and dissemination of information

relating thereto, and the encouragement of interest, including among

youth, in the breeding and raising of New York-breds, and to advance and

promote interest generally in agricultural pursuits.

e. Five percent or such lower proportion as the commission may

prescribe based upon the operational experience and objectives of the

fund, for the administration and management of the fund. If the

commission shall reduce the proportion of the fund's resources

applicable to administration, the proportions otherwise applicable shall

be increased accordingly. All moneys of the fund in excess of

twenty-five thousand dollars on hand at the end of each calendar year

shall be remitted to and vest in the state.