Current through Register Vol. XLI, No. 50, December 13, 2024
Section 178-9-4 - Request for Reimbursement of Funds4.1. A racetrack seeking reimbursement for funds expended upon a capital improvement shall make a written request to the Director of Audit which shall contain: 4.1.a. a detailed description of the capital improvement and its purpose;4.1.b. a detailed description of how the capital improvement provides for the betterment of racing;4.1.c. a detailed description of how the capital improvement benefits those engaged in racing activities;4.1.d. an estimate of the capital improvement cost; 4.1.e. copies of the bids solicited by the racetrack from potential vendors; and,4.1.f. a deduction for the salvage value received from any old asset.4.2. Upon receipt of a written request from a racetrack seeking reimbursement for funds expended upon a capital improvement, the Director of Audit shall: 4.2.a. Include the reimbursement request information in the reports provided for in subsection 3.2. of this rule.4.2.b. Submit the application to the Commission for approval, denial, or other action deemed appropriate by the Commission.4.2.c. Provide notice to the racetrack that the request has been approved, denied, or otherwise acted upon by the Commission.4.3. Any increase in the anticipated cost of a capital improvement project shall be submitted to and approved by the Commission.