Code of Massachusetts Regulations › 205 CMR - MASSACHUSETTS GAMING COMMISSION › Title 205 CMR 149.00 - Race Horse Development Fund › Section 149.04 - Race Horse Development Fund: Distributions; Escrow Accounts

Current through Register 1525, July 5, 2024
(1) If the commission determines pursuant to
			 205 CMR
			 149.03(2)(a)  that monies
			 due to a harness racing association or horse racing association from the race
			 horse development fund should be placed in an escrow account, the commission
			 shall establish a race horse development fund escrow account to hold such funds
			 and any interest thereon for distribution in accordance with M.G.L. c. 23K,
			 § 60(c), the recommendations of the horse racing committee, and
			 205
			 CMR 149.00.
(2) The commission shall establish a separate
			 race horse development fund escrow account concerning each harness racing
			 association or horse racing association for which it determines such an account
			 is necessary pursuant to
			 205 CMR
			 149.03(2)(a)
(3) The commission shall hold funds in such
			 race horse development fund escrow accounts subject to the following
			 requirements: Monies held in a race horse development fund escrow account shall
			 be held in escrow for no more than three years from the date of the
			 Commission's determination to hold the funds in escrow. After three years, any
			 monies remaining in such race horse development fund escrow accounts shall be
			 transferred or distributed by the commission in accordance with the
			 recommendations of the horse racing committee.
(4)
(a) The
			 commission shall make distributions from the race horse development fund, or
			 from a race horse development fund escrow account created under
			 205 CMR
			 149.03, in the distribution percentage(s)
			 approved by the commission upon a recommendation of the horse racing committee
			 between thoroughbred and standardbred racing as follows, in accordance with
			 M.G.L. c. 23K, § 60, and
			 205
			 CMR 149.00:
1. 80% of
			 the funds approved by the commission shall be paid weekly into separate,
			 interest bearing purse accounts in accordance with M.G.L. c. 23K, §
			 60(c)(i). If there is more than one racing association within a particular
			 breed, the funds allocated to that breed shall be divided between the
			 associations at the discretion of the commission. The earned interest on those
			 accounts shall be credited to the respective purse accounts and shall be
			 combined with revenues from existing purse agreements to fund purses for live
			 races consistent with those agreements, with the advice and consent of the
			 applicable horsemen.
2. 16% of the
			 funds approved by the commission shall be deposited by the Commission in
			 accordance with M.G.L. c. 23K, § 60(c)(ii) for the benefit of the
			 respective breeding programs authorized by the commission.
3. 4% of the funds approved by the commission
			 shall be used to fund health and pension benefits for the members of the
			 horsemen's organizations representing the owners and trainers at a horse racing
			 facility for the benefit of the organization's members, their families,
			 employees and others under the rules and eligibility requirements of the
			 organization, as approved by the commission in accordance with M.G.L. c. 23K,
			 § 60(c)(iii), provided, however, that if there is more than one horsemen's
			 organization within a particular breed, the funds allocated to that breed shall
			 be divided at the discretion of the commission. This amount shall be deposited
			 by the Commission within five business days of the end of each month into a
			 separate account to be established by each respective horsemen's organization
			 at a banking institution of its choice. Of this amount, the commission shall
			 determine how much shall be paid annually by the horsemen's organization to the
			 thoroughbred jockeys or standardbred drivers' organization at the horse racing
			 facility for health insurance, life and/or accident insurance or other benefits
			 to active and disabled thoroughbred jockeys or standardbred drivers under the
			 rules and eligibility requirements of that organization.