Section 431.319 - Payment into horsemen's simulcast pool; disposition; distribution; audit. - Michigan Statutes

HORSE RACING LAW OF 1995 (EXCERPT)
Act 279 of 1995

431.319 Payment into horsemen's simulcast pool; disposition; distribution; audit.

Sec. 19.

(1) All money designated by this act to be paid into the horsemen's simulcast purse pool, shall be deposited in a depository designated by all participating certified horsemen's organizations and distributed by their designated escrow agent as follows:

(a) 50% of the funds generated from thoroughbred simulcasts for horsemen's purses and 35% of the funds generated from standardbred simulcasts for horsemen's purses shall be divided between all thoroughbred purse pools. The division shall be on a pro rata basis between all thoroughbred race meeting licensees based upon the percentage of total thoroughbred handle, from all sources, for the previous calendar year.

(b) 50% of the funds generated from thoroughbred simulcasts for horsemen's purses and 65% of the funds generated from standardbred simulcasts for horsemen's purses shall be divided between all standardbred purse pools. The division shall be on a pro rata basis between all standardbred race meeting licensees based upon the percentage of total standardbred handle, from all sources, for the previous calendar year.

(2) The certified horsemen's organizations and race meeting licensees shall have audit rights of the funds set forth in this section.

History: 1995, Act 279, Imd. Eff. Jan. 9, 1996
Admin Rule: R 285.812.1 et seq. of the Michigan Administrative Code.