Bill Text: WV SB533 | 2016 | Regular Session | Introduced
Bill Title: Changing distribution of net terminal income from racetrack video lottery
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Introduced - Dead) 2016-02-06 - To Finance [SB533 Detail]
Download: West_Virginia-2016-SB533-Introduced.html
WEST virginia Legislature
2016 regular session
Introduced
Senate Bill 533
By Senators Snyder, Kirkendoll, Stollings and Unger
[Introduced February 6,
2016;
Referred to the Committee on Finance.]
A BILL to amend and reenact §29-22A-10d and §29-22A-10e of the Code of West Virginia, 1931, as amended, all relating to changes in distribution of net terminal income, excess net terminal income and excess lottery fund.
Be it enacted by the Legislature of West Virginia:
That §29-22A-10d and §29-22A-10e of the Code of West Virginia, 1931, as amended, be amended and reenacted, all to read as follows:
ARTICLE 22A. RACETRACK VIDEO LOTTERY.
29-22A-10d. Changes in distribution of net terminal income; distributions from excess lottery fund.
(a) Notwithstanding any provision of subsection (b), section ten of this article to the contrary, for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, the commission may transfer up to $9 million as actual costs and expenses to the Licensed Racetrack Modernization Fund.
(b) Notwithstanding any provision of subsection (c), section ten of this article to the contrary, for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, each distribution, except those distributions to be made pursuant to subdivisions (1), (2), (3), (4), (5) and (7), subsection (c), section ten of this article, shall be reduced by one hundred percent. Payments shall not be made pursuant to section ten of this article, other than those excepted by this subsection, and are made in lieu thereof in an amount to be determined by appropriation from the state Excess Lottery Revenue Fund.
(c) The total amount of reductions resulting from subsection (b) of this section shall be paid into the state Excess Lottery Revenue Fund, created by section eighteen-a, article twenty-two of this chapter. For the fiscal year beginning July 1, 2014, and each fiscal year thereafter, distributions to be made pursuant to subdivisions (2) and (5), subsection (c), section ten of this article shall be reduced by ten percent, and the amounts resulting from the reduction shall be paid into the state Excess Lottery Revenue Fund.
(d) Notwithstanding any other provision of this code to the contrary, for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, moneys deposited to the state Excess Lottery Revenue Fund pursuant to this section shall be expended by the Lottery in accordance with appropriations.
(e) Prior to payment of any appropriation made pursuant to this section, debt service payments payable from the state Excess Lottery Fund shall first be paid in accordance with the provisions of sections eighteen-a, eighteen-d and eighteen-e, article twenty-two of this chapter and in the priority as defined by subsection (c), section eighteen-f, article twenty-two of this chapter.
(f) Notwithstanding any other provision of this code to the contrary, after payment of debt service from the state Excess Lottery Revenue Fund, all other distributions required by section eighteen-a, article twenty-two of this chapter and the distributions appropriated pursuant to this section shall be paid on a pro rata basis.
(g) Notwithstanding the
provisions of paragraph (B), subdivision (9), subsection (c), section ten of
this article, upon certification of the Governor to the Legislature that an
independent actuary has determined that the unfunded liability of the Old Fund,
as defined in chapter twenty-three of this code, has been paid or provided for
in its entirety, the transfers made to the Workers’ Compensation Debt Reduction
Fund pursuant to paragraph (A), subdivision (9), subsection (c), section ten of
this article shall expire and those funds shall remain in the state Excess
Lottery Revenue Fund subject to appropriation.
29-22A-10e. Changes in distribution of excess net terminal income; distributions from excess lottery fund.
(a) Notwithstanding any provision of subsection (a), section ten-b of this article to the contrary, for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, each distribution, except those distributions to be made pursuant to subdivisions (1), (2), (3), (4), (5) and (7), subsection (a), section ten-b of this article, shall be reduced by one hundred percent. Payments shall not be made pursuant to section ten-b of this article, other than those excepted by this subsection, and are made in lieu thereof in an amount to be determined by appropriation from the state Excess Lottery Revenue Fund.
(b) The total amount of reductions resulting from subsection (a) of this section shall be paid into the state Excess Lottery Revenue Fund created in section eighteen-a, article twenty-two of this chapter. For the fiscal year beginning July 1, 2014, and each fiscal year thereafter, distributions to be made pursuant to subdivisions (2) and (5), subsection (a), section ten-b of this article shall be reduced by ten percent, and the amounts resulting from the reduction shall be paid into the state Excess Lottery Revenue Fund.
(c) Notwithstanding any other provision of this code to the contrary, for the fiscal year beginning July 1, 2014, and each fiscal year thereafter, moneys deposited to the state Excess Lottery Revenue Fund pursuant to this section shall be expended by the lottery in accordance with appropriations.
(d) Prior to payment of any appropriation made pursuant to this section, debt service payments payable from the state Excess Lottery Fund shall first be paid in accordance with the provisions of sections eighteen-a, eighteen-d, and eighteen-e, article twenty-two of this chapter and in the priority as defined by subsection (c), section eighteen-f, article twenty-two of this chapter.
(e) Notwithstanding any other provision of this code to the contrary, after payment of debt service from the state Excess Lottery Revenue Fund, all other distributions required by section eighteen-a, article twenty-two of this chapter and the distributions appropriated pursuant to this section shall be paid on a pro rata basis.
(f) Notwithstanding the
provisions of paragraph (B), subdivision (9), subsection (a), section ten-b of
this article, upon certification of the Governor to the Legislature that an
independent actuary has determined that the unfunded liability of the Old Fund,
as defined in chapter twenty-three of this code, has been paid or provided for
in its entirety, the transfers made to the Workers’ Compensation Debt Reduction
Fund pursuant to paragraph (A), subdivision (9), subsection (a), section ten-b
of this article shall expire and those funds shall remain in the state Excess
Lottery Revenue Fund subject to appropriation.
NOTE: The purpose of this bill is to allocate a certain amount of net and excess terminal income from racetrack video lottery distributed to licensed racetrack purse funds once the Workers’ Compensation Debt Reduction Fund is paid for in its entirety as originally intended in the 2005 enabling legislation and in current code §29-22A-10b(a)(9).
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
