Section 452.10  Purpose

 

a)         Pursuant to Section 26.1 of the Illinois Horse Racing Act [230 ILCS 5/26.1], the Board shall verify that an amount equal to at least 50% of the breakage retained by each licensee is used by the organization licensee for racetrack improvements at the racetrack from which the wagering facility derives its license.

 

b)         Pursuant to Section 54.75(b)(2) of the Illinois Horse Racing Act (Horse Racing Equity Trust Fund), the Board shall verify that moneys distributed to the organization licensee are used to improve, maintain, market and otherwise operate its racing facilities to conduct live racing, which shall include backstretch services and capital improvements related to live racing and the backstretch.

 

(Source:  Amended at 34 Ill. Reg. 2955, effective February 22, 2010)

 

Section 452.20  Definitions

 

            "Racetrack Improvements" – erection, improving or acquisition of seating stands, buildings or other structures, ground or track and the necessary purchase or required restoration of depreciable property and equipment used in the operation of a racetrack.  Ordinary repairs and maintenance shall not be considered racetrack improvements.

 

Section 452.30  Verification of Expenditures

 

Each organization licensee shall submit to the Board annually a report containing the following information:

 

a)         Pursuant to Section 26.1 of the Act, the amount of breakage earned in the previous year by organization licensee, intertrack wagering licensee and intertrack wagering location licensee;

 

b)         Pursuant to Section 54.75(b)(2) of the Act, the amount of moneys received by the organization licensee in the previous year from the Horse Racing Equity Trust Fund;

 

c)         A detailed description of improvements made pursuant to Section 26.1 of the Act;

 

d)         A detailed description of expenditures made using the moneys received by the organization licensee pursuant to Section 54.75(b)(2) of the Act, including moneys used for improvements, maintenance, marketing, backstretch services, capital improvements and other operating expenses.  Moneys received shall be applied prospectively from December 13, 2009 (the date the Treasurer transferred funds from the Protest Fund to the Horse Racing Equity Trust Fund), and organization licensees are prohibited from applying the moneys retroactively; and 

 

e)         If the Board so requests, verification of payment, including, but not limited to, canceled checks and/or invoices.

             

(Source:  Amended at 34 Ill. Reg. 2955, effective February 22, 2010)

 

Section 452.40  Deadline for Filing

 

As detailed in Section 452.30, each organization licensee shall submit to the Board a report no later than January 31 of the succeeding year.