For every year that the organization operating the Breeders’ Cup Championship series chooses to conduct the Breeders’ Cup at a race meeting in California, the following, notwithstanding any other provision of law, shall apply to the race meeting conducting the Breeders’ Cup races on days during which Breeders’ Cup races are conducted:
(a) The amounts that would have otherwise been distributed to a purse account pursuant to subdivisions (a), (b), (c), and (d) of Section 19601.02 shall be made available for the purpose of promoting and sponsoring the Breeders’ Cup.
(b) The thoroughbred racing association hosting the Breeders’ Cup shall enter into a written agreement, in consultation and cooperation with the California Tourism Commission and the statewide marketing organization formed pursuant to Section 19605.73, with the organization that operates the Breeders’ Cup regarding the manner in which the funds set aside to support and promote the Breeders’ Cup are to be expended.
(c) Within 90 days after the holding of each Breeders’ Cup, a written report shall be made to the board detailing the manner in which the set-aside funds were utilized to promote and support the Breeders’ Cup.