Texas Occupations Code 2028.103 – Set-Aside for Texas-Bred Program
(a) A horse racetrack association shall set aside for the Texas-bred program and pay to the commission an amount equal to one percent of a live multiple two wagering pool and a live multiple three wagering pool. From the set-aside amounts:
(1) two percent shall be set aside for purposes of Subchapter F, Chapter 88, Education Code; and
(2) the remaining amount shall be allocated as follows:
(A) 10 percent may be used by the appropriate state horse breed registry for administration; and
(B) the remainder shall be used for awards.
(a-1) The commission shall deposit money paid to the commission under Subsection (a) into the Texas-bred incentive fund established under Section 2028.301. The commission shall distribute the money collected under this section and deposited into the fund to the appropriate state horse breed registries for the Texas-bred program in accordance with rules adopted under Subsection (c).
Terms Used In Texas Occupations Code 2028.103
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(b) The amount set aside under Subsection (a) is in addition to any money received from the breakage.
(c) The commission shall adopt rules relating to the deposit, accounting, auditing, and distribution of all amounts set aside for the Texas-bred program under this subchapter and for the use of those amounts by the state breed registries under that program.