An organization representing the majority of the owners of racing animals, participating in any race meet, may require the licensee conducting such race meet to provide and deliver to the commission evidence of a Race Meet License Surety Bond, in an amount sufficient to cover all awards and purses due to the contestants at such race meet and conditioned that said licensee will pay and discharge all obligations to said contestants in connection with the race meet.

"Race meet" means any live exhibition of racing involving horses registered within their breed or greyhounds, conducted at a track located within the state of Colorado and operated by a licensee under a license granted pursuant to section 12-60-505, where the pari-mutuel system of wagering is used.

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