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A bill to be entitled

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An act relating to revenues from taxes on slot machines;

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amending s. 551.106, F.S.; clarifying that revenues from

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taxes on slot machines shall be used to supplement

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salaries of K-12 educators statewide; providing an

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effective date.

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

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     Section 1.  Subsection (2) of section 551.106, Florida

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Statutes, is amended to read:

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     551.106  License fee; tax rate; penalties.--

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     (2)  TAX ON SLOT MACHINE REVENUES.--

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     (a)  The tax rate on slot machine revenues at each facility

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shall be 50 percent.

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     (b)  The slot machine revenue tax imposed by this section

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shall be paid to the division for deposit into the Pari-mutuel

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Wagering Trust Fund for immediate transfer by the Chief Financial

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Officer for deposit into the Educational Enhancement Trust Fund

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of the Department of Education. Any interest earnings on the tax

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revenues shall also be transferred to the Educational Enhancement

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Trust Fund.

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     (c)1.  Funds transferred to the Educational Enhancement

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Trust Fund under paragraph (b) shall be used to supplement

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salaries of K-12 educators public education funding statewide.

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     2.  If necessary to comply with any covenant established

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pursuant to s. 1013.68(4), s. 1013.70(1), or s. 1013.737(3),

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funds transferred to the Educational Enhancement Trust Fund under

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paragraph (b) shall first be available to pay debt service on

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lottery bonds issued to fund school construction in the event

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lottery revenues are insufficient for such purpose or to satisfy

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debt service reserve requirements established in connection with

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lottery bonds. Moneys available pursuant to this subparagraph are

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subject to annual appropriation by the Legislature.

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     Section 2.  This act shall take effect July 1, 2008.