Relates to the members of the franchise oversight board and the duties and responsibilities of such board with regard to the New York city off-track betting corporation.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3555
SPONSOR: Pretlow
 
TITLE OF BILL:
An act to amend the racing, pari-mutuel wagering and breeding law, in
relation to the franchise oversight board
 
PURPOSE:
To provide the franchise oversight board with the authority to retain a
restructuring firm to prepare a restructuring and business plan for New
York City Off-track Betting Corporation.
 
SUMMARY OF PROVISIONS:
Amends subdivision 8 of Section 212 of the racing, pari-mutuel and
breeding law to provide the franchise oversight board with the authority
to retain a restructuring firm to prepare a restructuring and business
plan for New York City Off-track Betting Corporation. And upon approval
of such plan by the Board, see to its implementation by the Corporation.
 
JUSTIFICATION:
NYCOTB is in organizational disrepair. In order to reorganize the Corpo-
ration into a viable ongoing entity, it is incumbent upon the state to
have an independent, objective panel --- in this case the Franchise
Oversight --- to engage the services of an outside consulting firm to
develop a plan suitable to sustain NYCOTB's continued operation.
 
LEGISLATIVE HISTORY:
2022 01/05/22 A2287 referred to racing and wagering
2019-2020 A3869 referred to racing and wagering
A2305 referred to racing and wagering
 
FISCAL IMPLICATIONS:
None direct. With a possible increase in revenue to the state should the
Corporation reorganization be successful.
 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that the
Amendment to section 212 of the racing, pari-mutuel wagering and breed-
ing law made by section one of this act shall take effect upon the
confirmation of the New York Racing Association plan of reorganization
pursuant to section 16 of chapter 18 of the laws of 2008, as amended;
provided further, that the amendments to section 212 of the racing,
pari-mutuel wagering and breeding law made by section one of this act
shall be deemed repealed as provided by chapter 354 of the laws of 2005,
as amended.
STATE OF NEW YORK
________________________________________________________________________
3555
2023-2024 Regular Sessions
IN ASSEMBLY
February 3, 2023
___________
Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
tee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in
relation to the franchise oversight board
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (xx) of paragraph a of subdivision 8 of
2 section 212 of the racing, pari-mutuel wagering and breeding law, as
3 renumbered by section 2 of part NN of chapter 59 of the laws of 2017, is
4 renumbered subparagraph (xxi) and a new subparagraph (xx) is added to
5 read as follows:
6 (xx) acting on behalf of New York city off-track betting corporation,
7 retain a restructuring firm to prepare a restructuring and business plan
8 for New York city off-track betting corporation. Such plan shall be
9 reviewed by the franchise oversight board together with New York city
10 off-track betting corporation and upon acceptance by the franchise over-
11 sight board shall be implemented by New York city off-track betting
12 corporation; and
13 § 2. This act shall take effect immediately; provided, however, that
14 the amendments to section 212 of the racing, pari-mutuel wagering and
15 breeding law made by section one of this act shall take effect upon the
16 confirmation of the New York Racing Association plan of reorganization
17 pursuant to section 16 of chapter 18 of the laws of 2008, as amended;
18 provided further, that the amendments to section 212 of the racing,
19 pari-mutuel wagering and breeding law made by section one of this act
20 shall be deemed repealed as provided by chapter 354 of the laws of 2005,
21 as amended.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD08310-01-3