By Moffat H.B. No. 952
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the dedication of revenue derived from the state
1-3 lottery to the foundation school fund.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 466.355(b), Government Code, is amended
1-6 to read as follows:
1-7 (b) Money in the state lottery account may be used only for
1-8 the following purposes and shall be distributed as follows:
1-9 (1) the payment of prizes to the holders of winning
1-11 (2) the payment of costs incurred in the operation and
1-12 administration of the lottery, including any fees received by a
1-13 lottery operator, provided that the costs incurred in a fiscal
1-14 biennium may not exceed an amount equal to 15 percent of the gross
1-15 revenue accruing from the sale of tickets in that biennium;
1-16 (3) the establishment of a pooled bond fund, lottery
1-17 prize reserve fund, unclaimed prize fund, and prize payment
1-18 account; and
1-19 (4) the balance, after creation of a reserve
1-20 sufficient to pay the amounts needed or estimated to be needed
1-21 under Subdivisions (1) through (3), to be transferred to the
1-22 foundation school [
unobligated portion of the general revenue]
1-23 fund, on or before the 15th day of each month.
1-24 SECTION 2. This Act takes effect September 1, 1997, and
2-1 applies only to a transfer from the state lottery account made on
2-2 or after that date.
2-3 SECTION 3. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended.