4-36-105 - Racing development fund.

4-36-105. Racing development fund.

(a)  There is hereby established within the general fund a special agency account to be known as the “racing development fund,” referred to as the “fund” in this section. The fund shall be composed of breakage proceeds received by the state under § 4-36-306(d), the uncashed ticket proceeds received by the state under § 4-36-306(e), registration fees collected by the commission under § 4-36-304, and the fund allocation established in § 4-36-306(a).

(b)  Any unencumbered funds and any unexpended balance of this fund remaining at the end of the fiscal year shall not revert to the general fund, but shall be carried forward until expended in accordance with the provisions of this chapter.

(c)  Interest accruing on investments and deposits of the fund shall be returned to the fund and remain a part of the fund.

(d)  The fund shall be managed on a revolving no-quarter basis.

(e)  An advisory committee composed of one (1) breeder, one (1) member of the commission, and one (1) member who shall be a representative of a licensed association shall be selected by the full commission for terms established by the commission, and shall offer recommendations to the commission concerning the administration of the fund for supplemental programs and purses.

(f)  After defraying the state costs in implementing and administering this chapter, as provided in § 4-36-104, the commission shall use the fund to promote, enhance, improve and encourage the development of the breeding industry in Tennessee by providing supplemental programs and purses for designated stakes, handicap, allowance and non-claiming maiden races at licensed race meetings in Tennessee. The awarding and payment of a supplemental purse shall be conditioned on the winning, placing or showing in such races by Tennessee bred horses. Any supplemental purse provided for a designated race shall be apportioned among the winning, placing and showing horses in the same proportion as the stake or purse is provided for the race by the association.

(g)  The commission shall control expenditures made from the fund. The commission shall consult with various breeders' associations in allocating the proceeds from the fund. The commission shall promulgate rules and regulations to effectuate the provisions of this subsection (g), and shall administer the program in a manner best designed to promote and aid the development of the horse breeding industry in Tennessee, to upgrade the quality of racing in Tennessee, and to improve the quality of horses bred in Tennessee.

[Acts 1987, ch. 311, § 28; 1990, ch. 684, § 11.]