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1995 SESSION
LD6965100Be it enacted by the General Assembly of Virginia:
1. That § 58.1-4022 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-4022. State Lottery Fund.
A. All moneys received from the sale of lottery tickets or shares, less payment for prizes and compensation of agents as authorized by regulation and any other revenues received under this chapter, shall be placed in a special fund known as the "State Lottery Fund." Notwithstanding any other provisions of law, interest earned from moneys in the State Lottery Fund shall accrue to the benefit of such Fund.
B. The total costs for the operation and administration of the lottery shall
be funded from the State Lottery Fund and shall be in such amount as provided
in the general appropriation appropriations act.
Appropriations to the Department during any fiscal year beginning on and
after July 1, 1989, exclusive of agent compensation, shall at no time exceed
ten percent of the total annual estimated gross revenues to be generated from
lottery sales. However, should it be anticipated at any time by the Director
that such operational and administrative costs for a fiscal year will exceed
the limitation provided herein, the Director shall immediately report such
information to the Board, the Governor and the Chairmen of Senate Finance and
House Appropriations Committees. From the moneys in the Fund, the Comptroller
shall establish a special reserve fund in such amount as shall be provided by
regulation of the Department for (i) operation of the lottery, or (ii) use if
the game's pay-out liabilities exceed its cash on hand.
C. Any start-up sums appropriated from the general fund of the Commonwealth necessary to commence operation of a state lottery shall be repaid within the first twelve months of initial lottery sales.
D. Appropriation of lottery revenues shall be made only upon actual and audited collections as transferred to the general fund and shall in no event be predicated upon an estimation of such revenues. No later than ten days after receipt of the audit report required by § 58.1-4023, the Comptroller shall transfer to the general fund, less the special reserve fund, the audited balances of the State Lottery Fund. Beginning with lottery profits collected from lottery sales on July 1, 1994, one-third of the amount so transferred to the general fund shall be distributed among the counties and cities of the Commonwealth.
One-half of the amount distributed to any county or city shall be based on such county's or city's annual lottery sales compared to the Commonwealth's. The remaining one-half shall be based upon each county's and city's school-age population according to the most recent statewide census of such population taken by the Department of Education pursuant to § 22.1-284 of the Code of Virginia.
The amounts shall be distributed within thirty days after the Comptroller transfers the audited balances of the State Lottery Fund to the general fund.
The amount distributed to any county or city shall be used by such county or city for capital outlay projects, including the repayment of debt and interest thereon incurred for any such capital outlay project.
E. As a function of the administration of this chapter, funds may be expended for the purposes of reasonably informing the public concerning (i) the facts embraced in the subjects contained in subdivisions 1 through 7 of subsection A of § 58.1-4007 and (ii) the fact that the net proceeds are paid into the general fund of the Commonwealth; but no funds shall be expended for the primary purpose of inducing persons to participate in the lottery.