(b) In its review of the contracts pursuant to this section in any contract in excess of one hundred thousand dollars, the franchise oversight board may review the character and fitness of the entity or its principals entering into contracts with a franchised corporation and provided further the oversight board may require such information as it deems necessary including the power to subpoena such books, records, and other pertinent information related to the contracts from the contractor or vendor of any contract. 7. Notwithstanding the provisions of section seven of the general business law, or any other inconsistent provision of general, special or local law, the state racing and wagering board shall specify annually the dates on which, and the hour of the first post time for days during which, such franchised corporation may operate at the places and for the full number of days specified in its franchise. 8. The state racing and wagering board shall permit the franchised corporation to conduct pari-mutuel betting in the manner and subject to the conditions prescribed by this chapter, at the racetracks described in such racing franchise for the duration of such racing franchise. 9. (a) The franchised corporation shall maintain a separate account for all funds held on deposit in trust by the corporation for individual horsemen's accounts. Purse funds shall be paid by the corporation as required to meet its purse payment obligations. Funds held in horsemen's accounts shall only be released or applied as requested and directed by the individual horseman. For two thousand nineteen the New York Jockey Injury Compensation Fund, Inc. may use up to two million dollars from the account established pursuant to this subdivision to pay the annual costs required by section two hundred twenty-one of this article.

(b) Unless otherwise permitted by written agreement with the horsemen's organization recognized pursuant to section two hundred twenty-eight of this article the franchised corporation shall fund purses in an amount (on an annual basis and not a per-race basis) in excess of that required by this chapter, so as to reduce the purse cushion at the end of each calendar year by the amount set forth below: Year Reduction of Purse Maximum Purse Cushion at Cushion for Calendar Year Year End Not to Exceed 2008 $0 $20.0 million 2009 $1.0 million $19.0 million 2010 $1.0 million $18.0 million 2011 $2.0 million $16.0 million 2012 $2.0 million $14.0 million 2013 $3.0 million $11.0 million 2014 $3.0 million $8.0 million 2015 $2.0 million $6.0 million Thereafter the maximum purse cushion at year end shall not exceed $6.0 million.

(c) The franchised corporation shall establish and maintain a separate account for funds to be held on deposit in trust by the franchised corporation for the horsemen's organization recognized pursuant to section two hundred twenty-eight of this article. Starting in two thousand eighteen and annually thereafter, funds from the account established pursuant to this subdivision shall be deposited in the separate account established under this paragraph in an amount to be agreed upon by the franchised corporation and the horsemen's organization recognized pursuant to section two hundred twenty-eight of this article. Funds held in this account shall be used by such recognized horsemen's organization solely as collateral to secure workers' compensation insurance coverage, including through the New York Jockey Injury Compensation Fund, Inc. Such coverage shall include high deductible programs and forms of self-insurance.

(d) In the event the horsemen's organization recognized pursuant to section two hundred twenty-eight of this article determines that the funds are no longer needed as collateral to secure workers' compensation insurance coverage, then, upon agreement by the franchised corporation and such appropriately recognized horsemen's organization, funds in the separate account established under paragraph (c) of this subdivision shall be returned to the account established pursuant to paragraph (a) of this subdivision.

(e) The account shall be subject to annual audit by a certified public accountant approved and paid by the appropriately recognized horsemen's organization.