New York Racing, Pari-Mutuel Wagering and Breeding Law Article 6 - NEW YORK CITY OFF-TRACK BETTING CORPORATION

• 601 - Declaration of Policy and Statement of Purposes.
  It is hereby found, determined and declared: 1. That the New York state off-track pari-mutuel betting law was created by a chapter of the laws...
• 602 - Definitions.
  As used in this article, the following terms shall mean and include: 1. "Administrative code." The administrative code of the city. 2. "Board." The board...
• 603 - New York City Off-Track Betting Corporation.
  1. A corporation to be known as the "New York city off-track betting corporation" is hereby created. Such corporation shall be a body corporate and...
• 604 - Powers of the Corporation.
  The corporation shall have power: 1. To sue and be sued; 2. To have a seal and to alter the same at its pleasure; 3....
• 605 - Policing of Off-Track Betting.
  1. The corporation shall, at its own expense, provide such policing as may be necessary to preserve order in branch offices and other facilities and...
• 606 - Personnel Administration; Pension, Retirement and Other Benefits.
  1. For the purposes of this section, all employees of the New York city off-track betting corporation on or after the effective date of the...
• 607 - Acquisition or Leasing of Property by the State or Corporation; Agreements Between the State and Corporation As to Use or Occupancy of Property.
  1. The state may, in accordance with the provisions of law governing the acquisition or leasing of real property by the state, acquire real property...
• 609 - Contracts of Corporation.
  1. The corporation shall let contracts for construction or any other work, including the furnishing of materials or supplies incident thereto, and contracts for the...
• 609-a - Capital Acquisition Fund.
  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...
• 610 - Moneys of Corporation.
  1. The monetary transactions of the corporation and the keeping of its books and accounts shall be under the supervision of the director of the...
• 611 - Issuance of Bonds and Notes by Corporation.
  1. The corporation shall have the power and is hereby authorized, from time to time, to issue negotiable bonds and notes in such aggregate principal...
• 612 - Reserve Fund.
  1. The corporation shall create and establish a special fund herein referred to as the capital reserve fund, and shall pay into such capital reserve...
• 613 - Agreement of the State.
  The state does pledge to and agree with the holders of any and all bonds and notes of the corporation that the state will not...
• 614 - State and City Not Liable on Bonds and Notes.
  The bonds, notes or other obligations of the corporation shall not be a debt of either the state or the city, and neither the state...
• 616 - Remedies of Holders of Bonds and Notes.
  1. In the event that the corporation shall default in the payment of the principal of or interest on any issue of bonds or notes...
• 617 - Exemption From Taxation.
  1. The moneys and property of the corporation and any property under its jurisdiction, control or supervision, and all of its activities and operations shall...
• 618 - Notice of Claim; Action Against Corporation.
  1. In every action against the corporation for damages, for injuries to real or personal property, or for the destruction thereof, or for personal injuries,...
• 619 - Civil Actions Against Employees of the Corporation.
  1. As used in this section the following terms shall mean and include: a. "Corporation counsel." The corporation counsel of the city. b. "Employee." Any...
• 620 - Bonds and Notes As Legal Investments.
  The bonds and notes of the corporation are hereby made securities in which all public officers and bodies of this state and all municipalities and...
• 621 - Annual and Special Reports.
  Within one hundred twenty days after the end of the fiscal year of the corporation, the directors thereof shall submit to the governor, the legislature,...
• 622 - Separability.
  If any section, provision or part of this article, or the application thereof to any person or circumstances shall be held invalid by any court...
• 623 - Inconsistent Provisions of Other Laws Superseded.
  Insofar as the provisions of this article are inconsistent with the provisions of any other law, general, special or local, the provisions of this article...
• 624 - Termination of the Corporation.
  The corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the...

Last modified: February 3, 2019