(1) There is hereby created a fund, to be known as the horse breeders' and owners' awards and supplemental purse fund, referred to in this section as the "fund", that shall consist of money deposited thereto by the licensee for the racing of horses and by an operator of an in-state simulcast facility that receives simulcast races of horses for the purposes of this section, to be held in a trust account, which money shall be paid out to owners and breeders of Colorado-bred horses as provided in this section and by rules of the commission. The rules shall provide for an administrative fee to be paid to the Colorado horse breeder associations for registering and maintaining breeding records for the administration of the fund. The fees shall not exceed ten percent of the total money generated by the unclaimed pari-mutuel tickets and the money provided by section 44-32-701 (2)(b).
The money derived pursuant to section 44-32-701 (2)(b) shall be paid to a trust account for the fund on the fifteenth day of the calendar month immediately following the month in which the sum was received. In addition, the proceeds derived from all unclaimed pari-mutuel tickets for each horse race meet and for each simulcast race of horses received by an in-state simulcast facility shall be paid to a trust account for the fund after a period of one year following the end of the race meet.
After money from the fund has been distributed to the respective breeder associations, further distribution shall be governed by the bylaws of the associations. Nothing in this section shall be construed to prohibit the distribution of money from the fund to owners and breeders of Colorado-bred horses that are otherwise eligible under the bylaws of the associations and that run in races outside Colorado.
Notwithstanding section 24-30-204, the commission may establish by rule a periodfor distribution of money in the fund that is not consistent with the state's general fiscal-year period.
Any money credited to the fund and not distributed within three years shall be paid,as authorized by the commission, either:
As purses for races held at live race meets in Colorado; or
As fees required for participation in an interstate compact to which Colorado is aparty pursuant to section 44-32-202 (4).
Source: L. 2018: Entire article added with relocations, (HB 18-1024), ch. 26, p. 318, § 2, effective October 1.
Editor's note: This section is similar to former § 12-60-704 as it existed prior to 2018.