Ch. 661

LAWS OF MARYLAND

Pension Fund, if this Fund is established and administered by the
organization representing a majority of the horsemen racing in
the State.                                                                                                 

[(ii)] 2. The formula for distribution of the
purse money shall be determined by an agreement between an
organization representing the horsemen and the tracks, the
agreement to be subject to the approval of the Commission. It is
the intention that the allocation shall be made in the
approximate amount of 85 percent to the current year's overnight
races and 15 percent not to exceed 17 percent to the current
year's stake races.

[(iii)] 3. An amount to be determined by the
organization, equal to not less than 1 percent but not more than
2 percent, shall be deducted from all open purses and paid to the
organization representing a majority of the horsemen in the
State[ .]; AND                                                                                   

[(5)] (i)] (IV) 1. 7.70 percent of the regular mutuel
pools, 8.70 percent of the multiple mutuel pools involving 2
horses, and 11.70 percent of the multiple mutuel pools involving
3 or more horses shall be retained by the licensee. The licensee
shall pay from its share 0.25 percent of all mutuel pools to the
Maryland Race Track Employees Pension Fund to be administered by
representatives of the licensee and the employees.

[(ii)] 2. The increased funds allocated to
licensees commencing July 1, 1985 pursuant to PARAGRAPH (2) OF
THIS subsection [(b)(5) of this section] are provided so that
each licensee shall improve the facilities and services of its
track and increase its promotional and marketing activities, in
order that attendance and wagering may be increased and the
well-being of the thoroughbred racing industry enhanced.

Exclusive of the increased funds allocated to licensees

commencing on July 1, 1985 pursuant to PARAGRAPH (2) OF THIS
subsection [(b)(5) of this section], in no year shall the
licensee's expenditure for capital improvements, marketing,
public relations, promotions and maintenance be less than the
average expenditure of the licensee for the three fiscal years
preceding the enactment of this legislation for each of the above
listed areas. Each licensee shall submit to the Commission and
the General Assembly:                                                                                

[1.] A. By August 1, 1985 report on the
proposed use of the increased funds for the licensees' current
fiscal year;

[2.] B. By August 1, 1986 and each year

thereafter a report, reviewed by the independent public

accountants approved by the Commission to audit such licensee,

specifying the manner in which the increased funds were expended

or committed in the prior fiscal year of the licensee and an

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