§ 11-1203 Payment of the tax.
AC § 11-1203
a. The tax imposed by this chapter shall be paid by the racing corporation or association to the commissioner of finance daily after each day of each race meeting, by depositing it to the account of the city in such bank or banks as may be designated by the city in accordance with the provisions of section four hundred twenty-one of the New York city charter or at such regular intervals as the commissioner of finance may require. b. The amount of the tax paid on admissions pursuant to this chapter shall be the property of the city of New York and shall be held by the racing corporation or association as trustee for and on account of the city of New York and the racing corporation or association shall be liable for the tax. Officers of the racing corporation or association shall be personally liable for the tax collected or required to be collected hereunder. c. Every racing corporation or association conducting running horse race meetings at race meeting grounds or enclosures located wholly or partly within the city of New York shall, on or before April first, nineteen hundred fifty-two and annually thereafter, before the opening of any race meeting in each year, execute and file with the commissioner of finance a bond issued by a surety company authorized to transact business in this state and approved by the superintendent of insurance of this state as to solvency and responsibility in an amount sufficient to secure the payment of the taxes and/or penalties and interest due or which may become due hereunder, to be fixed by the commissioner of finance.
