|
| This bill repeals that fund and creates a new fund, the Harness |
| Racing Stabilization Fund, into which 2% of the total gross slot |
| machine income must be deposited. The new fund serves as a source |
| of revenue for licensed off-track betting facilities that apply to |
| the Department of Public Safety, Gambling Control Board for |
| financial assistance payments. The board is required to establish |
| criteria that the off-track betting facility must meet in order to |
| be eligible for financial assistance payments. One criterion that |
| an off-track betting facility must meet is a showing of loss of |
| revenue due to the presence of licensed slot machines in the State. |
| The board determines whether the off-track betting facility has met |
| the criteria and the amount of the financial assistance payment. |
| If the amount of payments to the fund exceeds the amount of |
| financial assistance payments, then the excess lapses to the |
| Treasurer of State to be used for the elderly low-cost drug program |
| in the Department of Health and Human Services. |
