La. Admin. Code tit. 35 § III-5736

Current through Register Vol. 50, No. 8, August 20, 2024

Section III-5736 - Purses from Video Poker

A. In accordance with, and as defined by, R.S. 33:4862.23, monies in the Video Draw Poker Purse Supplement Fund shall be annually appropriated to the commission, and shall be allocated by the commission as follows.

1. Two-thirds of the total funds to all thoroughbred racing associations, proportionately distributed to each association based on the number of prior calendar year thoroughbred race days per track to the total number of prior calendar year thoroughbred race days. Such funds shall be used solely to supplement purses in accordance with a schedule or formula established by the purse committee of the Louisiana Thoroughbred Breeders Association, and only on Louisiana-bred thoroughbred races with purses not exceeding $20,000.

2. One-third of the total funds to the Louisiana Quarter Horse Breeders Association to be used solely to supplement Louisiana-bred quarter horse purses.

B. The commission shall distribute the above thoroughbred funds based upon issuance of each condition book from each racing association. Quarter horse funds shall be distributed periodically based on requests from the Louisiana Quarter Horse Breeders Association for scheduled race days during active race meetings.

C. Each receiving association shall maintain funds in a separate interest-bearing bank account approved by the commission, with appropriate transfers made to the horsemen's bookkeeper for purse distribution. The purse fund account so designated shall be a separate account from all other sources of purse funds, and the source of funds shall be indicated as such on racing association daily racing programs (Louisiana Thoroughbred Breeders Association or Louisiana Quarter Horse Breeders Association).

D. Unused funds at the end of a race meeting shall be retained in such bank account, for use during the next race meeting, and shall be subject to the same restrictions as specified herein.

E. Adequate records, to the satisfaction of the commission, shall be maintained, and fund usage and records will be audited by the commission, with reports issued.

La. Admin. Code tit. 35, § III-5736

Adopted by the Department of Economic Development, Racing Commission, LR 22:13 (January 1996), amended by the Office of the Governor, Division of Administration, Racing Commission LR 31:3160 (December 2005).

AUTHORITY NOTE: Promulgated in accordance with R.S. 4:148 and R.S. 33:4862.23.