Section 9 of the Principal Act is amended as follows:

(a) by omitting from subsection (1)(c) "with the approval of the Minister," ;

(b) by omitting paragraph (ca) from subsection (1) and substituting the following paragraph:

(ca) may, for the other purposes of this subsection, use any of the following payments that are received by the Authority or on its behalf:

(i) interest and other income from any investments under paragraph (a) ;

(ii) interest and other income from any loans under paragraph (c) ;

(iii) rents and fees from any leases it has granted;

(iv) licence and registration fees;

(v) proceeds from the sale of goods or provision of services;

(vi) such other payments as the Minister may approve; and

(c) by omitting from subsection (1)(d) "with the approval of the Minister," ;

(d) by omitting from subsection (1)(f) "with the approval of the Minister," ;

(e) by omitting from subsection (1)(g) "and the Tasmanian Racing Appeal" and substituting ", each Council and the" ;

(f) by omitting subsections (2A) and (2B) and substituting the following subsections:

(2A)  Subject to section 10 (8) , the Authority must determine, from the amounts that it receives from the Totalizator Agency Board under sections 57P , 57Q and 57T of the Racing and Gaming Act 1952 , the total amount that is to be available to each Council in each racing year.

(2B)  The Authority must, before the expiration of the 2 year period immediately following the commencement of the Racing Amendment Act 1997 , develop a performance-based formula for the purpose of making determinations under subsection (2A) and, after that period, those determinations are to be made in accordance with the formula.

(2C)  The Authority may, from time to time, review and amend the performance-based formula.

(2D)  The amount that is available to a Council in a racing year is to be expended by that Council for such purposes, and in such respective amounts, as the Authority approves.