SECOND REGULAR SESSION
95TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES PARKINSON (Sponsor), ICET, FUNDERBURK, TILLEY, DENISON AND DIEHL (Co-sponsors).
4979L.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 26, RSMo, by adding thereto one new section relating to the Nixon-Obama let's gamble on Missouri's future fund.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 26, RSMo, is amended by adding thereto one new section, to be known as section 26.310, to read as follows:
26.310. 1. There is hereby created in the state treasury the "Governor Nixon's Federal Scratch-Off, Match-Off Fund", which shall consist of moneys collected under this section.
2. For each regular pay period for employees of the state of Missouri, two dollars shall be deducted from the governor's personal pay and deposited into the fund.
3. The governor or the governor's designee shall each week withdraw one dollar from the fund and purchase a Powerball lottery ticket on behalf of the citizens of the state of Missouri. The ticket shall be purchased at a Missouri licensed lottery retailer.
4. All moneys awarded and collected from a winning ticket purchased under this section shall be deposited into the fund until such time as the fund balance exceeds three hundred million dollars. At such time, the governor shall have the authority to dissolve the fund and transfer the moneys in the fund to the general revenue fund for the purpose of filling any current budget shortfall.
5. All deposits to the fund from the governor's personal pay under subsection 2 of this section shall cease at the time the governor dissolves the fund in accordance with subsection 4 of this section.
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