N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 609-a: Capital acquisition fund

§ 609-a. Capital acquisition fund. The corporation may create and

establish a capital acquisition fund for the purpose of financing the

acquisition, construction or equipping of offices, facilities or

premises of the corporation. Such capital acquisition fund shall consist

of (i) the amounts specified pursuant to subdivision three-a of section

five hundred thirty-two of this chapter; and (ii) contributions from the

corporation's pari-mutuel wagering pools, subject to the following

limitations:

(1) no contribution shall exceed the amount of one percent of the

total pari-mutuel wagering pools for the quarter in which the

contribution is made;

(2) no contribution shall reduce the amount of quarterly net revenues,

exclusive of surcharge revenues, to an amount less than fifty percent of

such net revenues; and

(3) the balance of the fund shall not exceed the lesser of one percent

of total pari-mutuel wagering pools for the previous twelve months or

the undepreciated value of the corporation's offices, facilities and

premises.