Print Friendly SENATE BILL NO. 1363 – Lottery money/school dist bldg acct
SENATE BILL NO. 1363
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LOTTERY MONEYS - Amends existing law to provide that the State Lottery
shall transfer its net income to the School District Building Account.
01/30 Senate intro - 1st rdg - to printing
02/02 Rpt prt - to St Aff
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fourth Legislature Second Regular Session - 1998
IN THE SENATE
SENATE BILL NO. 1363
BY EDUCATION COMMITTEE
1 AN ACT
2 RELATING TO THE STATE LOTTERY; AMENDING SECTION 67-7434, IDAHO CODE, TO PRO-
3 VIDE THAT THE STATE LOTTERY SHALL TRANSFER ITS NET INCOME TO THE SCHOOL
4 DISTRICT BUILDING ACCOUNT.
5 Be It Enacted by the Legislature of the State of Idaho:
6 SECTION 1. That Section 67-7434, Idaho Code, be, and the same is hereby
7 amended to read as follows:
8 67-7434. LOTTERY DIVIDENDS. Annually, on July 1, the lottery shall trans-
9 fer one-half (1/2) of its net income to the permanent building account
10 and one-half (1/2) of its net income to the school district building
11 account, after reserving sufficient moneys to ensure the continuation of the
12 lottery, as determined by the director and commission.
13 A one (1) time allotment of two hundred thousand dollars ($200,000) of the
14 lottery's first year dividends shall be allocated and used by the permanent
15 building fund advisory council for the construction of a Vietnam veterans
16 memorial in the state.
STATEMENT OF PURPOSE
This measure would give the income from the Idaho State
lottery wholly to the school districts to be used for
building, maintenance and repair of school buildings.
The distribution of lottery revenues to the public schools
(K-12) would double. In FY 1997 the total distribution would
have been $20.0 million instead of $10.0 million; in FY 1998
total lottery revenues are estimated to be $19.5 million. The
income to the Permanent Building Fund would decrease by $9-10
million per year.
CONTACT: Sen. Stennett
STATEMENT OF PURPOSE/FISCAL NOTE
Bill No S1363