| 1 | The Committee on Business Regulation recommends the following: |
| 2 |
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| 3 | Committee Substitute |
| 4 | Remove the entire bill and insert: |
| 5 | A bill to be entitled |
| 6 | An act relating to the state lottery; amending s. 24.115, |
| 7 | F.S.; providing for the deposit of a percentage of |
| 8 | unclaimed prize money in the Educational Enhancement Trust |
| 9 | Fund to provide funding for grades K-12; amending s. |
| 10 | 24.121, F.S.; revising provisions relating to the |
| 11 | allocation of revenues for public education; amending s. |
| 12 | 1010.70, F.S.; conforming provisions; providing an |
| 13 | effective date. |
| 14 |
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| 15 | Be It Enacted by the Legislature of the State of Florida: |
| 16 |
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| 17 | Section 1. Subsection (2) of section 24.115, Florida |
| 18 | Statutes, is amended to read: |
| 19 | 24.115 Payment of prizes.-- |
| 20 | (2) Eighty percent of all unclaimed prize money shall be |
| 21 | deposited in the Educational Enhancement Trust Fund to be used |
| 22 | to provide funding for grades K-12 as provided in s. 24.121. The |
| 23 | remaining 20 percent of All unclaimed prize money shall be added |
| 24 | to the pool from which future prizes are to be awarded or used |
| 25 | for special prize promotions. |
| 26 | Section 2. Subsections (1) and (2) of section 24.121, |
| 27 | Florida Statutes, are amended to read: |
| 28 | 24.121 Allocation of revenues and expenditure of funds for |
| 29 | public education.-- |
| 30 | (1) Variable percentages As nearly as practical, at least |
| 31 | 50 percent of the gross revenue from the sale of on-line and |
| 32 | instant lottery tickets and variable percentages, as determined |
| 33 | by the department, of the gross revenue from the sale of instant |
| 34 | lottery tickets shall be returned to the public in the form of |
| 35 | prizes paid by the department or retailers as authorized by this |
| 36 | act. The variable percentages of gross revenue from the sale of |
| 37 | on-line and instant lottery tickets returned to the public in |
| 38 | the form of prizes shall be established by the department in a |
| 39 | manner designed to maximize the amount of funds deposited under |
| 40 | subsection (2). |
| 41 | (2) Each fiscal year, at least 39 percent of the gross |
| 42 | revenue from the sale of on-line lottery tickets, variable |
| 43 | percentages of the gross revenue from the sale of on-line and |
| 44 | instant lottery tickets as determined by the department |
| 45 | consistent with subsection (1), and other earned revenue, |
| 46 | excluding application processing fees, shall be deposited in the |
| 47 | Educational Enhancement Trust Fund, which is hereby created in |
| 48 | the State Treasury to be administered by the Department of |
| 49 | Education. The Department of the Lottery shall transfer moneys |
| 50 | to the Educational Enhancement Trust Fund at least once each |
| 51 | quarter. Funds in the Educational Enhancement Trust Fund shall |
| 52 | be used to the benefit of public education in accordance with |
| 53 | the provisions of this act. Notwithstanding any other provision |
| 54 | of law, lottery revenues transferred to the Educational |
| 55 | Enhancement Trust Fund shall be reserved as needed and used to |
| 56 | meet the requirements of the documents authorizing the bonds |
| 57 | issued by the state pursuant to s. 1013.68, s. 1013.70, or s. |
| 58 | 1013.737 or distributed to school districts for the Classrooms |
| 59 | First Program as provided in s. 1013.68. Such lottery revenues |
| 60 | are hereby pledged to the payment of debt service on bonds |
| 61 | issued by the state pursuant to s. 1013.68, s. 1013.70, or s. |
| 62 | 1013.737. Debt service payable on bonds issued by the state |
| 63 | pursuant to s. 1013.68, s. 1013.70, or s. 1013.737 shall be |
| 64 | payable from, and is secured by a first lien on, the first |
| 65 | lottery revenues transferred to the Educational Enhancement |
| 66 | Trust Fund in each fiscal year. Amounts distributable to school |
| 67 | districts that request the issuance of bonds pursuant to s. |
| 68 | 1013.68(3) are hereby pledged to such bonds pursuant to s. |
| 69 | 11(d), Art. VII of the State Constitution. |
| 70 | Section 3. Section 1010.70, Florida Statutes, is amended |
| 71 | to read: |
| 72 | 1010.70 Educational Enhancement Trust Fund.--Each fiscal |
| 73 | year, at least 39 percent of the gross revenue from the sale of |
| 74 | lottery tickets, variable percentages of the gross revenue from |
| 75 | the sale of on-line and instant lottery tickets as determined by |
| 76 | the department, and other earned revenue, excluding application |
| 77 | processing fees, shall be deposited in the Educational |
| 78 | Enhancement Trust Fund as provided in s. 24.121. |
| 79 | Section 4. This act shall take effect July 1, 2004. |