Section 433. Resources of fund

1. The fund is authorized and directed to
  collect and receive in each calendar year to be  paid  to  the  fund  by
  quarter  horse racing associations or corporations or regional off-track
  betting corporations ten percent of the  breaks  derived  from  on-track
  wagers  or  off-track  wagers,  as  the case may be, as provided in this
  article and article five-a of this chapter and to deposit such moneys in
  a bank or banks in this state.
    2. The fund  is  authorized  to  dispose  and  distribute  the  moneys
  received  by  it  pursuant  to  the  provisions  of sections two hundred
  twenty-two through seven hundred five of this chapter for the  following
  purposes and no other:
    a.  Thirty-six  percent  as  awards  to  breeders  of  New  York-breds
  finishing first, second, third and fourth in open races.
    b. Fifteen percent as  awards  to  stallion  owners,  whose  New  York
  stallions  have  sired New York-breds finishing first, second, third and
  fourth in races.
    c. Thirty-five percent to provide purse moneys for  races  exclusively
  for  New  York-breds,  the conditions of which have been approved by the
  fund.
    d. Nine percent to advance and promote breeding and raising of quarter
  horses in this state by the publication and dissemination of information
  relating thereto, and the encouragement  of  interest,  including  among
  youth, in the breeding and raising of New York-breds, and to advance and
  promote interest generally in agricultural pursuits.
    e.  Five  percent  or  such  lower  proportion as the state racing and
  wagering board may prescribe based upon the operational  experience  and
  objectives  of  the  fund,  for the administration and management of the
  fund. If the board shall reduce the proportion of the  fund's  resources
  applicable to administration, the proportions otherwise applicable shall
  be   increased  accordingly.  All  moneys  of  the  fund  in  excess  of
  twenty-five thousand dollars on hand at the end of  each  calendar  year
  shall be remitted to and vest in the state.