§ 23-111-515 - Additional racing days for the benefit of small municipalities and community colleges. - Arkansas Statutes

23-111-515. Additional racing days for the benefit of small municipalities and community colleges.

(a) (1) The Arkansas Racing Commission is authorized to allow each dog racing franchise holder to conduct six (6) additional days of racing during each twelve-month period.

(2) The additional days of racing may be divided between each of the two (2) racing meets allowed by this section, or all the additional days of racing may be added to a single racing meet as determined by the commission.

(3) In the event the additional days allowed by the commission fall upon a Saturday or Saturdays, then the franchise holder, at its option, may conduct daylight racing as authorized for a regular racing meet.

(b) (1) The franchise holder shall distribute the net proceeds, as defined in subdivision (b)(2) of this section, from the additional days of dog racing as follows:

(A) Twenty-five percent (25%) thereof shall be remitted at the end of each racing meet at which such additional days of racing are conducted to the various municipalities in the county where the dog racing meet is held which have a population of fewer than five thousand (5,000) inhabitants according to the most recent federal census, with each such municipality to receive an equal share of the funds; and

(B) Seventy-five percent (75%) of the proceeds shall be deposited with the Treasurer of State as special revenues and credited to an institution of higher education fund in the county in which the dog racing track is located. Such funds shall be considered local taxes for the purposes of 6-61-601.

(2) Net proceeds derived from the additional days of dog racing shall be all revenue derived from the pari-mutuel wagering at the dog racing track during the additional days of racing, less the amount of the purses paid by the franchise holder.

(c) The commission shall establish appropriate rules and regulations to assure compliance with the provisions of this section and shall audit and verify all receipts and expenditures of the franchise holder in determining compliance with this section.