N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 703: Finances of fund

§ 703. Finances of fund. 1. Two percent of all moneys accruing

respectively to the agriculture and New York state horse breeding

development fund and the New York state thoroughbred breeding and

development fund, for the purpose of conducting equine research, shall

be deposited by such funds in a special interest bearing account, title

to which shall be in New York state veterinary college at Cornell and

control over which shall be in the committee subject to audit by the

state comptroller. Withdrawals from such accounts shall be made only

upon the authorization of the committee and the signatures of two of the

committee's members as designated by the committee. All moneys

transferred by such funds to special accounts pursuant to rules and

regulations of the commission, prior to the date on which this article

shall have become law, shall be deemed to have been deposited as

provided in this subdivision. Moneys accrued subsequently shall be

deposited monthly within one month of their accrual by such funds and

notice thereof shall be forwarded to the committee and the commission.

* 1-a. All amounts necessary to conduct the research project specified

in subdivision seven of section seven hundred four of this article shall

be appropriated or transferred to the fund from the general fund of the

state treasury. Such funds shall be used for the purposes contained in

the agreement established pursuant to subdivision seven of section seven

hundred four of this article, provided that such amount shall not exceed

what is necessary to cover all expenses as contained in such agreement.

* NB Repealed September 1, 2028

2. On or before January first and July first, of each subsequent

calendar year, such funds shall provide to the committee and the

commission a certified statement of amounts then deposited to the credit

of the committee and a projection of funds to be deposited to the credit

of such committee for the subsequent six-month period.

3. Upon the authorization through a resolution by the committee, the

fund may acquire moneys by the acceptance of conditional gifts, grants,

devises or bequests given in furtherance of the mission of the fund to

the extent that any such gift, grant, devise, or bequest is in the form

of cash, securities, or other form of personal property that is readily

convertible to cash, and only if the condition of the gift is that it be

used for the unrestricted purpose of equine research. The fund may not

accept a conditional gift, grant, devise, or bequest if the condition

would require the fund to undertake to acquire property, construct,

alter, or renovate any real property, or alter or suspend the research

that the fund is already conducting or supporting. All moneys accepted

shall be deposited into a segregated account subject to the requirements

and conditions of subdivision one of this section. The fund shall

provide notice of the acceptance of such moneys to the commission.