BILL NUMBER: S6357
SPONSOR: MARTINEZ
 
TITLE OF BILL:
An act to amend the racing, pari-mutuel wagering and breeding law, in
relation to setting compensation and maximum compensation for the boards
of directors of off-track betting corporations
 
PURPOSE:
To increase the compensation for the boards of directors of off-track
betting corporation.
 
SUMMARY OF PROVISIONS:
Section 1 of this bill amends section 502 of the Racing, Pari-Mutuel
Wagering and Breeding Law by increasing the compensation paid to the
board of directors from $250 per day to $1000 per day for meetings held
pursuant to the by-laws of the board and increases the yearly limit on
such compensation from $2500 to $15000. It increases the daily compen-
sation from $100 to $500, with a yearly limit of $5000, for other meet-
ings as the board decides. It increases the additional compensation for
the chairman of the board elected in accordance with subdivision one of
section 502 of the Racing Pari-Mutuel Wagering and Breeding Law, from
one thousand dollars per year to five thousand dollars per year to cover
those expenses and activities associated with such office.
Section 2 of this bill provides the effective date.
 
JUSTIFICATION:
The compensation for the board of directors of OTB's has not been
increased since 1973. The outdated compensation makes it difficult to
attract qualified candidates for the board of directors. To attract
qualified board members, they must be properly compensated for their
time and expertise. At the current $250 a day for board meetings, and
$100 per day for other meetings, the board of directors are not being
adequately compensated for their time and expertise, or for taking them
away from their other employment and professions. This legislation will
bring compensation in line with the times.
 
LEGISLATIVE HISTORY:
N/A
 
FISCAL IMPLICATIONS:
There is no fiscal impact on the State or local governments.
 
EFFECTIVE DATE:
This act shall take effect in the following fiscal year.