Bill Text: MS SB2829 | 2024 | Regular Session | Introduced
Bill Title: Net lottery proceeds; provide that any shall be paid into State Highway Fund on requisition of Transportation Commission.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2024-03-05 - Died In Committee [SB2829 Detail]
Download: Mississippi-2024-SB2829-Introduced.html
MISSISSIPPI LEGISLATURE
2024 Regular Session
To: Finance
By: Senator(s) McLendon
Senate Bill 2829
AN ACT TO AMEND SECTION 27-115-85, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY NET PROCEEDS GENERATED BY THE ALYCE G. CLARKE MISSISSIPPI LOTTERY LAW SHALL BE PAID INTO THE STATE HIGHWAY FUND FROM THE LOTTERY PROCEEDS FUND UPON REQUISITION OF THE STATE TRANSPORTATION COMMISSION; TO BRING FORWARD SECTION 27-115-51, MISSISSIPPI CODE OF 1972, FOR THE PURPOSE OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-115-85, Mississippi Code of 1972, is amended as follows:
27-115-85. * * * Net proceeds generated by the Alyce G. Clarke Mississippi
Lottery Law, created pursuant to this chapter and deposited into the Lottery
Proceeds Fund under Section 27-115-51(2), * * *
shall be paid into the State Highway Fund by warrant issued by the State Fiscal
Officer upon requisition of the State Transportation Commission as needed to
provide funds to repair, renovate and maintain highways and bridges of the
state; however, funds paid into the State Highway Fund under this section shall
be first used for matching federal funds authorized to the state pursuant to
any federal highway infrastructure program implemented after September 1, 2018. * * *
SECTION 2. Section 27-115-51, Mississippi Code of 1972, is brought forward as follows:
27-115-51. (1) (a) All monies received by the corporation from the sale of lottery tickets and all other sources shall be deposited into a corporate operating account. Such account shall be established in a custodian financial institution domiciled in the State of Mississippi and insured by the Federal Deposit Insurance Corporation and collateralized as prescribed by Section 27-105-5. The corporation may use all monies in the corporate operating account for the purposes of paying prizes and the necessary expenses of the corporation and dividends to the state. The corporation shall estimate and allocate the amount to be paid by the corporation to prizewinners.
(b) (i) The investment of monies in the corporate operating account, other than the amount specifically required for the purchase of securities for payment of deferred prizes, shall be invested in a manner prescribed by the board, consistent with law. Such securities purchased as investments by the corporation shall be issued in the name of the corporation and shall be kept at a custodian financial institution domiciled in the State of Mississippi insured by the Federal Deposit Insurance Corporation.
(ii) The investment of monies in the corporate operating account, other than the amount specifically required for the purchase of securities for deferred prize payments to winners, shall be invested only in securities in a manner prescribed by the board, consistent with law. Such securities purchased as investments by the corporation shall be issued in the name of the corporation and shall be safe kept at a custodian financial institution domiciled in the State of Mississippi insured by the Federal Deposit Insurance Corporation.
(iii) These instruments may be in varying maturities and may be in book-entry form.
(iv) For the purpose of deferred prize payments to winners, the corporation shall purchase or invest in only those securities prescribed by the board, consistent with law.
(c) Within twenty (20) days following the close of each calendar month, the corporation shall transfer to the Lottery Proceeds Fund in the State Treasury the amount of net proceeds.
(d) The apportionment of the total gross revenues accruing from the sale of lottery tickets or shares and from all other sources shall be as follows:
(i) The payment of prizes to the holders of winning lottery tickets or shares which in any case shall be no less than fifty percent (50%) of the total gross revenues accruing from the sale of lottery tickets.
(ii) The payment of costs incurred in the operation and administration of the lottery, including the expenses of the corporation and the costs resulting from any contract or contracts entered into for promotional, advertising or operational services or for the purchase or lease of lottery equipment and materials, which in no case shall exceed fifteen percent (15%) of the total gross revenues accruing from the sale of lottery tickets. However, this restriction shall not apply until after the first twelve (12) months of revenue generation.
(2) A Lottery Proceeds Fund is hereby established in the State Treasury. Net proceeds shall be deposited into this fund as provided in subsection (1) of this section. Monies deposited into the Lottery Proceeds Fund shall be invested by the state in accordance with state investment practices, and all earnings from such investments shall accrue to this account. No monies shall be allotted or expended from this account unless pursuant to a warrant issued as provided under Section 27-115-85.
SECTION 3. This act shall take effect and be in force from and after July 1, 2024.
