Sec. 12. Funding
313 words·~1 min read·
/bill/114/hr/3084/ih/section-12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Nothing in this Act requires the United States Government to provide funding for or to guarantee the debts of the Authority. The funds necessary for the establishment and administration of the Thoroughbred horseracing anti-doping program shall be paid entirely by the Thoroughbred horseracing industry in accordance with the following provisions: Initial funding to establish the Authority and underwrite its operations prior to the effective date shall be provided by loans obtained by and donations made to the Authority; the Authority is empowered to borrow money and to accept private donations and contributions toward the funding of its operations.
By November 1, 2016, and prior to November 1 of each year thereafter, the Authority shall determine and provide to each State racing commission the estimated amount required per racing starter to fund the Thoroughbred horseracing anti-doping program for the coming year and to liquidate any loans or funding shortfall in the current year and any prior years. Such amount shall be based upon the annual budget of the Authority for the succeeding year, as approved by the Authority’s board of directors.
The Authority’s initial budget shall require the approval of two-thirds of its board of directors and any subsequent budget that exceeds the preceding year’s budget by more than 5 percent shall also require the approval of two-thirds of the Authority’s board of directors. On or before the 20th day of each calendar month, each State racing commission shall remit to the Authority an amount equal to the applicable fee per racing start multiplied by the number of racing starts in the State in the previous month.
Each State racing commission shall determine, subject to the applicable laws and regulations of the State, the method by which the requisite amount shall be allocated, assessed, and collected, provided that in no event shall the funds be obtained by means of an increase in the takeout.