N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 516: Moneys of corporations; disposition of net revenues

§ 516. Moneys of corporations; disposition of net revenues. 1. The

monetary transactions of the corporation and the keeping of its books

and accounts shall be under the supervision of the board of directors

who shall be subject to the general and specific jurisdiction of the

state board and to audit by the comptroller.

2. After payment of all of the costs of the corporation's functions,

net revenue remaining to the corporation shall be divided among the

participating counties in accordance with the following provisions:

a. Fifty percent of such revenue distributed among the participating

counties on the basis of the proportion of the total off-track

pari-mutuel wagering accepted by the corporation during the previous

period that originated in the branch offices located in each

participating county;

b. Fifty percent of such revenue on the basis of population, as

defined as the total population in each participating county shown by

the latest preceding decennial federal census completed and published as

a final population count by the United States bureau of the census

preceding the commencement of the calendar year in which such

distribution is to be made; and

c. A participating county containing a city electing to participate in

the management and revenues of a corporation under subdivision two of

section five hundred two of this article shall distribute revenue

received under paragraphs a and b of this subdivision to such city

according to the proportion such city's population bears to the county's

population.

2-a. The net revenue remaining to the corporation shall be distributed

quarterly, not more than thirty days after the close of the calendar

quarter, unless, each off-track betting corporation's board shall

determine once annually, that such net revenue remaining to the

corporation shall be distributed to participating counties and cities on

an annual, or bi-annual basis, to be distributed not more than thirty

days after the close of the calendar year, or the close of the bi-annual

year (January-June and July-December). No such determination shall be

made prior to the board's receipt of an annual written approval, to such

specified annual, or bi-annual payment schedule, between each off-track

betting corporation and the governing bodies of each participating

counties and cities within such applicable region.

3. The comptroller and his legally authorized representative are

authorized to and shall from time to time but at least once annually,

examine the accounts and books of the corporation, including its

receipts, disbursements, contracts, leases, sinking funds, investments

and any other records and papers relating to its financial standing.

4. The corporation shall have power, notwithstanding the provisions of

this section, to contract with the holders of any of its bonds as to the

custody, collection, securing, investment and payment of any moneys of

the corporation or any moneys held in trust or otherwise for the payment

of bonds in any way to secure bonds, and to carry out any such contract

notwithstanding that such contract may be inconsistent with the previous

provisions of this section.

5. Moneys held in trust or otherwise for the payment of bonds or in

any way to secure bonds and deposits of such moneys may be secured in

the same manner as moneys of the corporation, and all banks and trust

companies are authorized to give such security for such deposits.