WILLIAM DONALD SCHAEFER, Governor                   Ch. 661

unaudited report on the proposed use of the funds for the current
fiscal year of the licensee; and

[3.] C. Any additional information the
General Assembly deems appropriate.

[(iii)] 3. In the event that the General
Assembly finds that a licensee's proposed use of the increased
funds is inconsistent with the purposes specified in this section
on the licensee has not expended the funds consistent with the
proposed use of the funds, as determined by the General Assembly
in its sole discretion, the General Assembly may, by joint
resolution, direct that the Commission notwithstanding any other
provision of the law, shall not award in the following calendar
year any part of on all of the additional 80 days of racing
authorized in § 7(b) of this article to the licensee whose
proposed use or expenditure of the increased funds is found
inconsistent by the General Assembly with the purposes specified
in this section.

(3) IN RECOGNITION OF THE SIGNIFICANCE OF THE STAKES

RACE KNOWN AS THE PREAKNESS STAKES TO THE STATE OF MARYLAND, AND

IN ADDITION TO ANY ACTION THAT THE MARYLAND RACING COMMISSION MAY

TAKE UNDER § 1 OF THIS ARTICLE:

(I) IF THE PREAKNESS STAKES IS OFFERED FOR
SALE, THE STATE RESERVES THE RIGHT OF FIRST REFUSAL OF ANY BONA
FIDE OFFER TO PURCHASE THE PREAKNESS STAKES. UPON RECEIPT BY THE
LICENSEE OF A BONA FIDE OFFER TO PURCHASE THE PREAKNESS STAKES,
THE STATE SHALL:---------------------------------------------------

1. BE NOTIFIED OF THE BONA FIDE OFFER BY
THE LICENSEE WITHIN 30 DAYS OF THE BONA FIDE OFFER BEING MADE TO
THE LICENSEE; AND-------------------------------------------------

2. WITHIN 60 DAYS OF RECEIPT OF THE
NOTIFICATION IN ITEM 1 OF THIS SUBPARAGRAPH, SUBMIT AN OFFER THAT
AT LEAST MATCHES THE TERMS AND CONDITIONS OF THE BONA FIDE OFFER
REFERRED TO IN SUBPARAGRAPH (I) OF THIS PARAGRAPH;

(II) IF THE PREAKNESS STAKES IS TRANSFERRED,
OTHER THAN TO ANOTHER TRACK IN MARYLAND AS A RESULT OF A DISASTER
OR AN EMERGENCY SITUATION AS PROVIDED IN SUBPARAGRAPH (III) OF
THIS PARAGRAPH, OR SOLD TO A BUYER OTHER THAN THE STATE OF
MARYLAND, THE ALLOCATION OF THE MUTUEL POOLS ON ALL RACES
CONDUCTED BY A MILE THOROUGHBRED TRACK LICENSED UNDER § 1 OF THIS
ARTICLE SHALL BE:------------------------------------------------------------

1. 4.09 PERCENT OF ALL MUTUEL POOLS SHALL
BE PAID TO THE COMMISSION FOR THE USE OF THE STATE;--------------

2. ONE PERCENT OF ALL MUTUEL POOLS SHALL
BE ALLOCATED TO THE MARYLAND-BRED RACE FUND;

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