Senate Bill sb1268c1

    Florida Senate - 2003                    CS for SB 1268 & 1392

    By the Committee on Education; and Senators Lynn and Wasserman
    Schultz




    304-2194-03

  1                      A bill to be entitled

  2         An act relating to the state lottery; amending

  3         ss. 24.115, 24.121, and 1010.70, F.S.;

  4         providing that all unclaimed prize money shall

  5         be deposited in the Educational Enhancement

  6         Trust Fund; providing an effective date.

  7  

  8  Be It Enacted by the Legislature of the State of Florida:

  9  

10         Section 1.  Subsection (2) of section 24.115, Florida

11  Statutes, is amended to read:

12         24.115  Payment of prizes.--

13         (2)  All unclaimed prize money shall be deposited in

14  the Educational Enhancement Trust Fund as provided in s.

15  24.121 added to the pool from which future prizes are to be

16  awarded or used for special prize promotions.

17         Section 2.  Subsection (2) of section 24.121, Florida

18  Statutes, is amended to read:

19         24.121  Allocation of revenues and expenditure of funds

20  for public education.--

21         (2)  Each fiscal year, at least 38 percent of the gross

22  revenue from the sale of on-line lottery tickets, variable

23  percentages of the gross revenue from the sale of instant

24  lottery tickets as determined by the department consistent

25  with subsection (1), all unclaimed prize money, and other

26  earned revenue, excluding application processing fees, shall

27  be deposited in the Educational Enhancement Trust Fund, which

28  is hereby created in the State Treasury to be administered by

29  the Department of Education. The Department of the Lottery

30  shall transfer moneys to the Educational Enhancement Trust

31  Fund at least once each quarter. Funds in the Educational

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 2003                    CS for SB 1268 & 1392
    304-2194-03




 1  Enhancement Trust Fund shall be used to the benefit of public

 2  education in accordance with the provisions of this act.

 3  Notwithstanding any other provision of law, a maximum of $180

 4  million of lottery revenues transferred to the Educational

 5  Enhancement Trust Fund in fiscal year 1997-1998 and for 30

 6  years thereafter shall be reserved as needed and used to meet

 7  the requirements of the documents authorizing the bonds issued

 8  by the state pursuant to s. 1013.68 or s. 1013.70 or

 9  distributed to school districts for the Classrooms First

10  Program as provided in s. 1013.68. Such lottery revenues are

11  hereby pledged to the payment of debt service on bonds issued

12  by the state pursuant to s. 1013.68 or s. 1013.70. Debt

13  service payable on bonds issued by the state pursuant to s.

14  1013.68 or s. 1013.70 shall be payable from the first lottery

15  revenues transferred to the Educational Enhancement Trust Fund

16  in each fiscal year. Amounts distributable to school districts

17  that request the issuance of bonds pursuant to s. 1013.68(3)

18  are hereby pledged to such bonds pursuant to s. 11(d), Art.

19  VII of the State Constitution. The amounts distributed through

20  the Classrooms First Program shall equal $145 million in each

21  fiscal year. These funds are intended to provide up to $2.5

22  billion for public school facilities.

23         Section 3.  Section 1010.70, Florida Statutes, is

24  amended to read:

25         1010.70  Educational Enhancement Trust Fund.--Each

26  fiscal year, at least 38 percent of the gross revenue from the

27  sale of lottery tickets, all unclaimed prize money, and other

28  earned revenue, excluding application processing fees, shall

29  be deposited in the Educational Enhancement Trust Fund as

30  provided in s. 24.121.

31         Section 4.  This act shall take effect July 1, 2003.

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    Florida Senate - 2003                    CS for SB 1268 & 1392
    304-2194-03




 1          STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
                       COMMITTEE SUBSTITUTE FOR
 2                    Senate Bills 1268 and 1392

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 4  The Committee Substitute combines SB 1268 and SB 1392.  The
    unclaimed prize money from Lottery is deposited into the
 5  Educational Enhancement Trust Fund. The result is a net
    increase in the trust fund available for appropriation by the
 6  Legislature.

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CODING: Words stricken are deletions; words underlined are additions.