§ 9-1A-28. Purse Dedication Account
West's Annotated Code of MarylandState GovernmentEffective: July 1, 2023
Effective: July 1, 2023
MD Code, State Government, § 9-1A-28
§ 9-1A-28. Purse Dedication Account
(a) There is a Purse Dedication Account under the authority of the State Racing Commission.
(b)(1) The Account shall receive money as required under § 9-1A-27 of this subtitle.
(iii) for fiscal year 2022 and each fiscal year thereafter, on a properly approved transmittal prepared by the Maryland Stadium Authority, issue a warrant to pay out $5,000,000, from the portion of the proceeds in the Account allocated to thoroughbred purses under subsection (c)(1) of this section, to the State Lottery Fund established under § 9-120 of this title until any bonds, debt, or other financial instruments issued or made available by the Maryland Stadium Authority for a racing facility under Title 10, Subtitle 6 of the Economic Development Article reach final maturity; and
(c) Subject to subsections (d) and (e) of this section, the State Racing Commission shall allocate funds in the Account as follows:
(d) The amount of funds allocated to thoroughbred purses and the Maryland-bred Race Fund shall be allocated as follows:
(e) The amount of funds allocated to standardbred purses and the Standardbred Race Fund shall be allocated as follows:
(f) From the amount provided to thoroughbred purses, the State Racing Commission shall pay an annual grant of $100,000 to Fair Hill, as defined under § 11-811 of the Business Regulation Article.
(g)(1) Of the amount provided from the Purse Dedication Account under subsection (e)(1) of this section:
(i) for Ocean Downs Race Course, an amount equal to but not exceeding $30,000 multiplied by the total number of live racing days held during the calendar year may be used to provide financial assistance for operating losses incurred during that calendar year, in accordance with generally accepted accounting principles, to support a minimum of 40 annual live racing days unless the racing licensee is prevented by weather, acts of God, or other circumstances beyond the racing licensee's control; and
(ii) for Rosecroft Raceway, up to $1,200,000 each year for calendar years 2018, 2019, 2020, 2021, 2022, 2023, and 2024 may be used to provide financial assistance for operating losses, in accordance with generally accepted accounting principles, to support a minimum of 40 annual live racing days unless the racing licensee is prevented by weather, acts of God, or other circumstances beyond the racing licensee's control.
(h)(1) To obtain operating assistance under this section:
(i) The provisions of this section may not be construed to apply to the racecourse in Allegany County until horse racing begins at that racecourse.
(j) On or before December 1, 2014, the State Racing Commission shall:
Credits
Added by Acts 2007, 1st Sp. Sess., c. 4, § 1, eff. Nov. 25, 2008. Amended by Acts 2009, c. 447, § 1, eff. Oct. 1, 2009; Acts 2011, c. 412, § 1, eff. July 1, 2011; Acts 2012, c. 303, § 1, eff. Oct. 1, 2012; Acts 2012, c. 303, §§ 2, 3; Acts 2015, c. 227, § 1, eff. Oct. 1, 2015; Acts 2018, c. 333, § 1, eff. Oct. 1, 2018; Acts 2018, c. 334, § 1, eff. Oct. 1, 2018; Acts 2019, c. 8, § 5; Acts 2020, c. 590, § 1, eff. June 1, 2020; Acts 2023, c. 642, § 1, eff. July 1, 2023; Acts 2023, c. 643, § 1, eff. July 1, 2023.
MD Code, State Government, § 9-1A-28, MD STATE GOVT § 9-1A-28
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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