Resolution No. 280
Supervisor ARGOTSINGER offered the following Resolution and moved its adoption:
RESOLUTION AUTHORIZING FULTON COUNTY TO ACCEPT ANNUAL PAYMENT OF CAPITAL DISTRICT REGIONAL OFF-TRACK BETTING CORPORATION NET REVENUES RATHER THAN QUARTERLY PAYMENTS
WHEREAS, as part of the State Fiscal Year 2017-2018 Budget, the State Legislature approved State legislation (S.7532, A.9597) to improve cash flow management for Off Track Betting Corporations by allowing the disposition of net revenues to participating counties to be made by annual, bi-annual or quarterly basis; and
WHEREAS, Fulton County received a letter from the Capital District Regional Off-Track Betting Corporation (CDROTB), dated June 5, 2018, asking that the County agree to accepting annual payment of “profits” rather than the existing practice of quarterly payments; now, therefore be it
RESOLVED, That upon the recommendation of the Committee on Finance, the Board of Supervisors hereby agrees to accept the distribution of net revenues from Capital District Regional Off Track Betting Corporation on an annual, bi-annual or quarterly basis as determined by the CDROTB Board of Directors at its organizational meeting; and, be it further
RESOLVED, That certified copies of this Resolution be forwarded to the County Treasurer, Capital District Regional Off-Track Betting Corporation, Joseph Decristofaro, Budget Director/County Auditor and Administrative Officer/Clerk of the Board.
Seconded by Supervisor BRADT and adopted by the following vote: TOTAL: Ayes: 19 Nays: 0 Absent: 1 (Supervisor Callery)