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A03555 Summary:

BILL NOA03555
 
SAME ASNo Same As
 
SPONSORPretlow
 
COSPNSR
 
MLTSPNSR
 
Amd §212, RWB L
 
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.
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A03555 Actions:

BILL NOA03555
 
02/03/2023referred to racing and wagering
01/03/2024referred to racing and wagering
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A03555 Memo:

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.
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A03555 Text:



 
                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
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