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A BILL TO BE ENTITLED
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AN ACT
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relating to payment of costs incurred in the operation and |
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administration of the Texas Lottery Commission. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 466.355(b), Government Code, is amended |
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to read as follows: |
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(b) Money in the state lottery account may be used only for |
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the following purposes and shall be distributed as follows: |
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(1) the payment of prizes to the holders of winning |
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tickets; |
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(2) the payment of costs incurred in the operation and |
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administration of the commission [lottery], including any fees paid |
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to [received by] a lottery operator, provided that the costs |
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incurred in a fiscal biennium may not exceed an amount equal to 12 |
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percent of the gross revenue accruing from the sale of tickets in |
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that biennium; |
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(3) the establishment of a pooled bond fund, lottery |
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prize reserve fund, unclaimed prize fund, and prize payment |
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account; and |
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(4) the balance, after creation of a reserve |
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sufficient to pay the amounts needed or estimated to be needed under |
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Subdivisions (1) through (3), to be transferred to the foundation |
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school fund, on or before the 15th day of each month. |
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SECTION 2. This Act takes effect September 1, 2007. |