N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 503-a

§ 503-a. Additional powers of the regional off-track betting\ncorporations. 1. In addition to the powers enumerated in section five\nhundred three of this article, financially insolvent regional off-track\nbetting corporations, as determined by the commission upon review of\ncertified financial statements, are hereby authorized and may file any\npetition with any United States district court or court of bankruptcy\nunder any provision of laws of the United States for the composition or\nadjustment of municipal indebtedness, provided such corporation is\nauthorized by a resolution adopted by a majority of the participating\ncounties to such region, or, for a corporation wholly contained within\none county, by a resolution adopted by such county. The provisions of\nthis subdivision shall not apply to the Suffolk regional off-track\nbetting corporation until April first, two thousand fourteen.\n