Section 609-A. Capital acquisition fund  


Latest version.
  • 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.