GREYHOUND DOG RACING - INITIATIVE STATUTE -- Establishes California Greyhound Racing Commission to license and regulate the conduct of greyhound by qualified greyhound racing associations. Applicants for a first license shall pay a fifty-thousand dollars non-refundable application fee. Once issued, licenses shall automatically be renewable for three year periods unless revoked for just cause. The pari-mutuel method of wagering shall be deposited in a Greyhound Racing Fund in the State Treasury, which shall be available for specified public purposes when appropriated by the Legislature