ENGROSSED
Senate Bill No. 147
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Introduced January 14, 2004; referred to the Committee on
Finance.]
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A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §29-22-18c, relating
to transfers of unappropriated net profit between state
lottery fund and state excess lottery fund and between state
excess lottery fund and state lottery fund.
Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §29-22-18c, to read as
follows:
ARTICLE 22. STATE LOTTERY ACT.
§29-22-18c. Transfer of surplus net profits.
(a) In the fiscal year beginning on the first day of July, two
thousand four, and ending on the thirtieth day of June, two
thousand five, when an unappropriated surplus is realized in the
state lottery fund, created by section eighteen of this article, the secretary of the department of tax and revenue shall authorize
the transfer of so much of the surplus net profit from the state
lottery fund to the state excess lottery fund, created in section
eighteen-a of this article, as will offset a real or anticipated
deficit in the state excess lottery fund for that fiscal year.
(b) In any fiscal year when an unappropriated surplus is
realized in the state excess lottery fund, created by section
eighteen-a of this article, the secretary of the department of tax
and revenue shall authorize the transfer of so much of the surplus
net profit from the state excess lottery fund to the state lottery
fund, created in section eighteen of this article, as will offset
a real or anticipated deficit in the state lottery fund for that
fiscal year before transferring any money from the state excess
lottery fund to the separate account in the state lottery pursuant
to subsection (f), section eighteen-a of this article.
(c)
Construction. -- In the event there is any conflict
between language in this section and that in any other section of
this code, the language of this section controls.
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