New Jersey § 5:10-27

§ 5:10-27.

The Legislature hereby finds and declares that the general welfare of the people of

the State will be promoted by the advancement of horse racing facilities in the State;

that it is vital to State Government that the revenues derived from parimutuel betting

on horse race meetings at racetracks in the State be continued; that ownership and

operation of racetracks for horse racing by a State agency would protect against a

loss of revenue to the State and assure the financial stability of the racetracks

and availability of capital to repair, reconstruct and restore damaged or destroyed

facilities thereof and to provide improvements and additions thereto; that the advancement

and retention of the horse racing and related activities in the State will not only

provide recreational opportunities for the people of the State but will also benefit

the people in the form of increased commerce and employment. The Legislature has determined that in order to accomplish such purposes and goals,

it is necessary and desirable to authorize the New Jersey Sports and Exposition Authority

to immediately acquire and operate the Garden State Racetrack facility, its contiguous

properties and auxiliary facilities. The Legislature further finds that the powers conferred by this act and the expenditure

of public moneys pursuant hereto will serve a valid public purpose and that the enactment

of the provisions hereinafter set forth is in the public interest and is hereby so

declared to be such as a matter of express legislative determination.