New York Laws
Article 2 - Thoroughbred Racing and Breeding
233 - Bond Required of Corporation Conducting Pari-Mutuel Betting.

§ 233. Bond required of corporation conducting pari-mutuel betting. 1.
Every corporation franchised or licensed by the commission to conduct
pari-mutuel betting, annually and before the opening of any race
meeting, shall execute and file with the state comptroller, a bond to
the state in a penalty to be fixed by the commissioner of taxation and
finance not exceeding five hundred thousand dollars, with sureties
approved by the attorney general, that it will keep its books and
records and make reports as required by this chapter, that it will pay
to the state all taxes imposed by this chapter, that it will distribute
to the patrons of pari-mutuel pools conducted by it all sums due upon
presentation of winning tickets held by them, and that it will otherwise
comply with all the provisions of this chapter in relation to the
conduct of races and of pari-mutuel betting on its racetrack.

2. In addition hereto, every such corporation first licensed or
franchised after January first, nineteen hundred eighty-six, annually
and before the opening of any race meeting shall execute and file with
the state comptroller, a bond to the state in a penalty to be fixed by
the commission not exceeding five hundred thousand dollars, with
sureties approved by the attorney general, that such corporation will
make all purse payments advertised and offered as premiums, prizes or
awards to owners of horses competing in races at such track within one
week of such race, or, if such payment is ordered held by the commission
pending investigation by it of any race, into a trust account pending
completion of such investigation.

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