N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 503-a: Additional powers of the regional off-track betting corporations

§ 503-a. Additional powers of the regional off-track betting

corporations. 1. In addition to the powers enumerated in section five

hundred three of this article, financially insolvent regional off-track

betting corporations, as determined by the commission upon review of

certified financial statements, are hereby authorized and may file any

petition with any United States district court or court of bankruptcy

under any provision of laws of the United States for the composition or

adjustment of municipal indebtedness, provided such corporation is

authorized by a resolution adopted by a majority of the participating

counties to such region, or, for a corporation wholly contained within

one county, by a resolution adopted by such county. The provisions of

this subdivision shall not apply to the Suffolk regional off-track

betting corporation until April first, two thousand fourteen.