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1995 SESSION

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SB 859 Lottery Fund; enhancing pool prize.

Introduced by: Joseph B. Benedetti | all patrons    ...    notes | add to my profiles

SUMMARY:

State Lottery Fund. Permits the Lottery Department to enhance the prize pool with income derived from lending securities held to make the annual payments to Lotto jackpot winners. This measure will permit the Lottery Department to accumulate and retain beyond the current fiscal year revenue earned from the Department's securities lending program, which is managed by the Department of the Treasury. The income will be deposited in the Lottery Department's special reserve fund. Currently, moneys in the special reserve fund may be used only for operation of the lottery or for supplementing prizes when a game's pay-out liabilities exceed cash on hand.


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