2023 New York Laws › PML - Racing, Pari-Mutuel Wagering and Breeding Law › Article 5 - Regional Off-Track Betting Corporations › 516 - Moneys of Corporations; Disposition of Net Revenues.

§  516.  Moneys  of  corporations; disposition of net revenues. 1. The
  monetary transactions of the corporation and the keeping  of  its  books
  and  accounts  shall  be under the supervision of the board of directors
  who shall be subject to the general and  specific  jurisdiction  of  the
  state board and to audit by the comptroller.
2.  After  payment of all of the costs of the corporation's functions,
  net revenue remaining to the corporation  shall  be  divided  among  the
  participating counties in accordance with the following provisions:
a.  Fifty  percent of such revenue distributed among the participating
  counties  on  the  basis  of  the  proportion  of  the  total  off-track
  pari-mutuel  wagering  accepted  by  the corporation during the previous
  period  that  originated  in  the  branch  offices   located   in   each
  participating county;
b.  Fifty  percent  of  such  revenue  on  the basis of population, as
  defined as the total population in each participating  county  shown  by
  the latest preceding decennial federal census completed and published as
  a  final  population  count  by  the  United States bureau of the census
  preceding  the  commencement  of  the  calendar  year  in   which   such
  distribution is to be made; and
c. A participating county containing a city electing to participate in
  the  management  and  revenues of a corporation under subdivision two of
  section five hundred  two  of  this  article  shall  distribute  revenue
  received  under  paragraphs  a  and  b  of this subdivision to such city
  according to the proportion such city's population bears to the county's
  population.
2-a. The net revenue remaining to the corporation shall be distributed
  quarterly, not more than thirty days after the  close  of  the  calendar
  quarter,  unless,  each  off-track  betting  corporation's  board  shall
  determine  once  annually,  that  such  net  revenue  remaining  to  the
  corporation shall be distributed to participating counties and cities on
  an  annual,  or  bi-annual basis, to be distributed not more than thirty
  days after the close of the calendar year, or the close of the bi-annual
  year (January-June and July-December). No such  determination  shall  be
  made prior to the board's receipt of an annual written approval, to such
  specified  annual, or bi-annual payment schedule, between each off-track
  betting corporation and  the  governing  bodies  of  each  participating
  counties and cities within such applicable region.
3.  The  comptroller  and  his  legally  authorized representative are
  authorized to and shall from time to time but at  least  once  annually,
  examine  the  accounts  and  books  of  the  corporation,  including its
  receipts, disbursements, contracts, leases, sinking  funds,  investments
  and any other records and papers relating to its financial standing.
4. The corporation shall have power, notwithstanding the provisions of
  this section, to contract with the holders of any of its bonds as to the
  custody,  collection,  securing, investment and payment of any moneys of
  the corporation or any moneys held in trust or otherwise for the payment
  of bonds in any way to secure bonds, and to carry out any such  contract
  notwithstanding that such contract may be inconsistent with the previous
  provisions of this section.
5.  Moneys  held  in trust or otherwise for the payment of bonds or in
  any way to secure bonds and deposits of such moneys may  be  secured  in
  the  same  manner  as moneys of the corporation, and all banks and trust
  companies are authorized to give such security for such deposits.