Bill Text: CT SB00280 | 2018 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Connecticut Lottery Corporation.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2018-04-05 - File Number 276 [SB00280 Detail]
Download: Connecticut-2018-SB00280-Comm_Sub.html
General Assembly |
Substitute Bill No. 280 | |
February Session, 2018 |
*_____SB00280PS____031918____* |
AN ACT CONCERNING THE CONNECTICUT LOTTERY CORPORATION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (Effective from passage) (a) The Secretary of the Office of Policy and Management shall issue a request for proposals from independent valuation service providers to valuate the Connecticut Lottery Corporation in connection with the possible contribution of the corporation for a term of thirty years to a common trust fund for the benefit of the state retirement systems. The independent valuation service provider shall (1) assume that there will be no material change in the operation and management of the corporation, (2) review the corporation, including, but not limited to, its cash flows, operating history, legal structure and projections, and (3) issue a report that represents its opinion as to the valuation of the corporation. Not later than November 1, 2019, the secretary shall submit the report, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and public safety and security.
(b) Not later than thirty days after the secretary receives the report described in subsection (a) of this section from the independent valuation service provider, the secretary shall issue a request for proposals for actuarial services to assess the general impact on the state retirement systems of the possible contribution of the corporation to a common trust fund for the benefit of state retirement systems. The actuary shall issue a report which describes such impact on (1) the funding of the state retirement systems, and (2) the state's actuarially required contributions to the state retirement systems. Not later than February 1, 2020, the secretary shall submit the report, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and public safety and security.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
from passage |
New section |
Statement of Legislative Commissioners:
In Subsec. (b), the first sentence was rewritten for clarity, subdivision designators (1) and (2) were added for clarity and "2019" was changed to "2020" for consistency with the provisions of Subsec. (a).
PS |
Joint Favorable Subst. -LCO |