1990R12- RACE TRACKS
RESOLUTION NO. ,9CLtf::l)..
A RESOLUTION
BY THE CITY COUNCIL OF THE CITY OF SCHERTZ,
TEXAS, URGING THE TEXAS MUNICIPAL LEAGUE TO
SUPPORT LEGISLATION AMENDING THE TEXAS RACING
ACT TO LOWER THE STATE TAKE OUT FEE AND
EXPEDITING THE CONSTRUCTION OF CLASS 1 RACE
TRACKS.
WHEREAS, the intent of the Texas Racing Act is to spur
economic development, growth, new investment and jobs throughout
Texas; and
WHEREAS, the Texas Racing Act is a result of a state
wide referendum and the economic results have not been realized;
and
WHEREAS, the Schertz City Council is concerned that the
Texas Racing Act is inadequate insofar as the ability to attract
investors and reassure lenders due to an inequity in the amount
of money available to be set aside for debt re-payment, which
comes directly from the percentage of the pari-mutuel set aside
for these purposes; and
WHEREAS, there is not enough retainage by the track for
adequate purses or prize money to attract top-notch horses; and
WHEREAS, all Texas cities will benefit from the
economic growth that would result from an improved Racing Act;
NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS:
THAT the Texas Municipal League support legislation
amending the Texas Racing Act by lowering the State Take Out Fee,
and expediting the construction of Class 1 race tracks.
~-
Mayor, City of
....,1
PASSED, APPROVED AND ADOPTED this the 81 day of
1990.
ATTEST:
Schertz
(SEAL QF CITY)