Senate Bill sb0490

    Florida Senate - 2005                                   SB 490

    By Senator Lynn





    7-335-05

  1                      A bill to be entitled

  2         An act relating to the state lottery; amending

  3         s. 24.115, F.S.; requiring that all unclaimed

  4         prize money from lottery tickets, except

  5         instant lottery tickets, be deposited in the

  6         Educational Enhancement Trust Fund; amending s.

  7         24.121, F.S.; requiring that unclaimed prize

  8         money deposited in the Educational Enhancement

  9         Trust Fund be used only to provide funding for

10         grades K-12 through the Florida Education

11         Finance Program; amending s. 1010.70, F.S.,

12         relating to the Educational Enhancement Trust

13         Fund, to conform; providing an effective date.

14  

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

16  

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

18  Statutes, is amended to read:

19         24.115  Payment of prizes.--

20         (2)  All unclaimed prize money, except unclaimed prize

21  money from instant lottery tickets, shall be deposited in the

22  Educational Enhancement Trust Fund to be used to provide

23  funding for grades K-12 as provided in s. 24.121. Unclaimed

24  prize money from instant lottery tickets shall be added to the

25  pool from which future prizes are to be awarded or used for

26  special prize promotions.

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

28  Statutes, is amended to read:

29         24.121  Allocation of revenues and expenditure of funds

30  for public education.--

31  

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    Florida Senate - 2005                                   SB 490
    7-335-05




 1         (2)  Each fiscal year, at least 39 percent of the gross

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

 3  percentages of the gross revenue from the sale of instant

 4  lottery tickets as determined by the department consistent

 5  with subsection (1), unclaimed prize money, except unclaimed

 6  prize money from instant lottery tickets, and other earned

 7  revenue, excluding application processing fees, shall be

 8  deposited in the Educational Enhancement Trust Fund, which is

 9  hereby created in the State Treasury to be administered by the

10  Department of Education. The Department of the Lottery shall

11  transfer moneys to the Educational Enhancement Trust Fund at

12  least once each quarter. Funds in the Educational Enhancement

13  Trust Fund shall be used to the benefit of public education in

14  accordance with the provisions of this act, except for funds

15  from unclaimed prize money, which shall be used only to

16  provide funding for grades K-12 through the Florida Education

17  Finance Program. Notwithstanding any other provision of law,

18  lottery revenues transferred to the Educational Enhancement

19  Trust Fund shall be reserved as needed and used to meet the

20  requirements of the documents authorizing the bonds issued by

21  the state pursuant to s. 1013.68, s. 1013.70, or s. 1013.737

22  or distributed to school districts for the Classrooms First

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

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

25  by the state pursuant to s. 1013.68, s. 1013.70, or s.

26  1013.737. Debt service payable on bonds issued by the state

27  pursuant to s. 1013.68, s. 1013.70, or s. 1013.737 shall be

28  payable from, and is secured by a first lien on, the first

29  lottery revenues transferred to the Educational Enhancement

30  Trust Fund in each fiscal year. Amounts distributable to

31  school districts that request the issuance of bonds pursuant

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    Florida Senate - 2005                                   SB 490
    7-335-05




 1  to s. 1013.68(3) are hereby pledged to such bonds pursuant to

 2  s. 11(d), Art. VII of the State Constitution.

 3         Section 3.  Section 1010.70, Florida Statutes, is

 4  amended to read:

 5         1010.70  Educational Enhancement Trust Fund.--Each

 6  fiscal year, at least 39 percent of the gross revenue from the

 7  sale of lottery tickets, variable percentages of the gross

 8  revenue from the sale of instant lottery tickets as determined

 9  by the department, unclaimed prize money, except unclaimed

10  prize money from instant lottery tickets, and other earned

11  revenue, excluding application processing fees, shall be

12  deposited in the Educational Enhancement Trust Fund as

13  provided in s. 24.121.

14         Section 4.  This act shall take effect July 1, 2005.

15  

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17                          SENATE SUMMARY

18    Provides that all unclaimed prize money from state
      lottery tickets, except instant lottery tickets, must be
19    deposited in the Educational Enhancement Trust Fund.
      Provides that unclaimed prize money deposited in the
20    Educational Enhancement Trust Fund may be used only to
      provide funding for grades K-12 through the Florida
21    Education Finance Program.

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