Senate Bill No. 251
(By Senators McCabe, Green, Stollings, Plymale, Facemire, Kessler
and Bowman)
____________
[Introduced February 13, 2009; referred to the Committee on
Government Organization; then to the Committee on Finance.]
____________
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §13-2H-1, §13-2H-2,
§13-2H-3, §13-2H-4, §13-2H-5
, §13-2H-6, §13-2H-7
, §13-2H-8,
§13-2H-9,
§13-2H-10 and §13-2H-11;
and to amend and reenact
§29-22C-27
of said code, all relating
to the authorization of
municipalities, county commissions and certain boards of
education to issue revenue bonds secured by lottery revenue
for the purpose of acquiring or constructing public projects
.
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 article, designated
§13-2H-1, §13-2H-2,
§13-2H-3, §13-2H-4, §13-2H-5
, §13-2H-6, §13-2H-7
, §13-2H-8,
§13-2H-9,
§13-2H-10 and §13-2H-11
;
and that §29-22C-27
of said code
be amended and reenacted, all to read as follows:
CHAPTER 13. PUBLIC BONDED INDEBTEDNESS.
ARTICLE 2H. LOTTERY REVENUE BOND ACT.
§13-2H-1. Short title.
This article may be known as and may be cited as the Lottery
Revenue Bond Act.
§13-2H-2.
Definitions.
Unless the context clearly indicates otherwise, as used in
this article:
(a) "Board of education" means a county board of education of
a growth county, as that term is defined in section three, article
twenty, chapter seven of this code, which has enacted the Local
Powers Act and in which county a racetrack is located that has
participated in the West Virginia Thoroughbred Development Fund
since on or before January 1, 1991, and is receiving lottery
revenues.
(b) "Governmental body" means any municipality, county or
board of education that receives lottery revenues.
(c) "Lottery revenues" means the funds distributed to a
governmental body pursuant to the provisions of sections ten and
ten-b
, article twenty-two-a, chapter twenty-nine of this code
;
section one thousand four hundred eight
, article twenty-two-b of
said chapter;
or section twenty-seven, article twenty-two-c of said
chapter.
(d) "Lottery revenue bonds" means bonds, debentures, notes,
certificates of participation, certificates of beneficial interest, certificates of ownership or other evidences of indebtedness or
ownership that are issued by a governmental body, the proceeds of
which are used directly or indirectly to finance or refinance
public projects pursuant to this article and are secured by the
lottery revenues of the governmental body.
(e) "Lottery revenue fund" means the fund required to be
established by the governmental body to deposit lottery revenues if
the governmental body issues lottery revenue bonds.
(f) "Public project" means any project approved by a
governmental body to acquire, improve, renovate, extend, enlarge,
increase, repair, construct, equip, maintain and operate public
buildings, structures, fixtures, property, public infrastructure
and appurtenant facilities of any type or types for which the
governmental body is permitted by law to expend public funds
including, but not limited to, those projects as defined in section
one, article sixteen, chapter eight of this code.
§13-2H-3. Powers conferred on counties and municipalities.
In addition to any other powers which a county or municipality
may now have, each county, by and through its county commission,
and each municipality, by and through its council or other
governing body in lieu thereof, may: (a) Acquire, whether by
purchase, construction, gift, lease or otherwise, one or more
public projects, or additions thereto, which shall be located
within this state; and (b) issue and deliver lottery revenue bonds
secured by lottery revenues
to finance or refinance public projects.
§13-2H-4. Issuance of lottery revenue bonds by county.
(a) The county commission may issue lottery revenue bonds of
the county as provided in this section to finance or refinance all
or part of a public project and pledge all or any part of the
lottery revenues for the payment of the principal of and interest
on such lottery revenue bonds and for reserves therefor: Provided,
That a county commission receiving lottery revenues pursuant to the
provisions of subdivision (3), subsection (c), section
twenty-seven
, article twenty-two-c, chapter twenty-nine
of this
code may only pledge fifty percent of the lottery revenues to the
payment of principal and interest on the lottery revenue bonds and
for reserves therefor. Any pledge of lottery revenue funds for
lottery revenue bonds is a prior and superior charge on the lottery
revenues and Lottery Revenue Fund over the use of any of the moneys
to pay for the cost of any of the purposes on a cash basis.
(b) The lottery revenue bonds may be authorized and issued by
the county commission to finance or refinance, in whole or in part,
public projects in an aggregate principal amount not exceeding the
amount which the county commission determines can be paid as to
both principal and interest and reasonable margins for a reserve
therefor from the lottery revenues and the Lottery Revenue Fund.
A county commission issuing lottery revenue bonds shall establish
a fund to deposit lottery revenues and call such fund the Lottery
Revenue Fund. The county commission shall thereafter deposit all lottery revenues pledged to the payment of principal and interest
of lottery revenue bonds into the Lottery Revenue Fund.
(c) The issuance of lottery revenue bonds may be authorized by
an order of the county commission. The lottery revenue bonds
shall: (1) Bear a date or dates; (2) mature at a time or times not
exceeding forty years from their respective dates; (3) be in a
specific denomination; (4) be in a registered form with
exchangeability and interchangeability privileges; (5) be payable
in a medium of payment and at a place or places within or without
the state; (6) be subject to terms of prior redemption at those
prices; and (7) may have such other terms and provisions as
determined by the county commission. The lottery revenue bonds
shall be signed by the president of the county commission under the
seal of the county commission, attested by the clerk of the county
commission. Lottery revenue bonds may be sold in a manner as the
county commission determines is for the best interests of the
county.
(d) The county commission may enter into: (1) Trust
agreements with banks or trust companies within or without the
state and in trust agreements or orders authorizing the issuance of
bonds; (2) valid and legally binding covenants with the holders of
the lottery revenue bonds as to the custody, safeguarding and
disposition of the proceeds of the lottery revenue bonds, the
moneys in the Lottery Revenue Fund, sinking funds, reserve funds or
any other moneys or funds; as to the rank and priority, if any, or different issues of lottery revenue bonds by the county commission
under the provisions of this section; (3) agreements as to such
provisions as payment, term, security, default and remedy
provisions as the county commission shall consider necessary or
desirable; and (4) agreements as to any other matters or provisions
which are considered necessary and advisable by the county
commission in the best interests of the county and to enhance the
marketability of such lottery revenue bonds.
(e) The lottery revenue bonds are negotiable instruments under
the Uniform Commercial Code of this state and are not obligations
or debts of the state or of the county issuing the bonds and the
credit or taxing power of the state or county may not be pledged
therefor, but the lottery revenue bonds may be payable only from
the revenue pledged therefor as provided in this section.
(f) A holder of lottery revenue bonds has a lien against the
lottery revenues and the Lottery Revenue Fund for payment of the
lottery revenue bond and the interest thereon and may bring suit to
enforce the lien.
(g) A county commission may issue and secure additional bonds
payable out of the lottery revenues and the Lottery Revenue Fund
which bonds may rank on a parity with, or be subordinate or
superior to, other bonds issued by the county commission and
payable from the Lottery Revenue Fund.
§13-2H-5. Issuance of lottery revenue bonds by municipality.
(a) A municipality may issue lottery revenue bonds as provided in this section to finance or refinance all or part of a public
project and pledge all or any part of the lottery revenues for the
payment of the principal of and interest on the lottery revenue
bonds and for reserves therefor: Provided, That a municipality
receiving lottery revenues pursuant to the provisions of
subdivision (4), subsection (c), section twenty-seven
, article
twenty-two-c, chapter twenty-nine
of this code
may only pledge
fifty percent of the lottery revenues to the payment of principal
and interest on the lottery revenue bonds and for reserves
therefor. Any pledge of lottery revenue funds for lottery revenue
bonds is a prior and superior charge on the lottery revenues and
Lottery Revenue Fund over the use of any of the moneys to pay for
the cost of any of such purposes on a cash basis.
(b) The lottery revenue bonds may be authorized and issued by
the municipality to finance or refinance, in whole or in part,
public projects in an aggregate principal amount not exceeding the
amount which the municipality determines can be paid as to both
principal and interest and reasonable margins for a reserve
therefor from the lottery revenues and the Lottery Revenue Fund.
A municipality issuing lottery revenue bonds shall establish a fund
to deposit lottery revenues and call the fund the Lottery Revenue
Fund. The municipality shall thereafter deposit all lottery
revenues pledged to the payment of principal and interest of
lottery revenue bonds into the Lottery Revenue Fund.
(c) The issuance of lottery revenue bonds may be authorized by an ordinance of the municipality and such lottery revenue bonds
shall be issued pursuant to the provisions of article sixteen
,
chapter eight of this code.
(d) The lottery revenue bonds are negotiable instruments under
the Uniform Commercial Code of this state and may not be considered
to be obligations or debts of the state or of the municipality
issuing the bonds and the credit or taxing power of the state or
municipality may not be pledged therefor, but the lottery revenue
bonds may be payable only from the revenue pledged therefor as
provided in this section.
(e) A holder of lottery revenue bonds has a lien against the
lottery revenues and the Lottery Revenue Fund for payment of the
lottery revenue bond and the interest thereon and may bring suit to
enforce the lien.
(f) A municipality may issue and secure additional bonds
payable out of the lottery revenues and the Lottery Revenue Fund
which bonds may rank on a parity with, or be subordinate or
superior to, other bonds issued by the municipality and payable
from the Lottery Revenue Fund.
§13-2H-6. Issuance of lottery revenue bonds by board of education.
(a) A board of education may issue and deliver lottery revenue
bonds secured by
lottery revenues
to finance or refinance
public
projects. The board of education may issue lottery revenue bonds
of the school district as provided in this section to finance or
refinance all or part of a public project and pledge all or any part of the lottery revenues for the payment of the principal of
and interest on lottery revenue bonds and for reserves therefor.
Any pledge of lottery revenue funds for lottery revenue bonds is a
prior and superior charge on the lottery revenues and Lottery
Revenue Fund over the use of any of the moneys to pay for the cost
of any of such purposes on a cash basis.
(b) Lottery revenue bonds may be authorized and issued by the
board of education to finance or refinance, in whole or in part,
public projects in an aggregate principal amount not exceeding the
amount which the board of education determines can be paid as to
both principal and interest and reasonable margins for a reserve
therefor from the lottery revenues and the Lottery Revenue Fund.
A board of education issuing lottery revenue bonds shall establish
a fund to deposit lottery revenues and call the fund the Lottery
Revenue Fund. The board of education shall thereafter deposit all
lottery revenues pledged to the payment of principal and interest
of lottery revenue bonds into the Lottery Revenue Fund.
(c) The issuance of lottery revenue bonds may be authorized by
an order of the board of education and the lottery revenue bonds
shall: (1) Bear a specific date or dates; (2) mature at such time
or times not exceeding forty years from their respective dates; (3)
be in a specific denomination; (4) be in registered form with
exchangeability and interchangeability privileges; (5) be payable
in the medium of payment and at a specific place or places within
or without the state; (6) be subject to terms of prior redemption at specific prices; and (7) have such other terms and provisions as
determined by the board of education. The lottery revenue bonds
shall be signed by the president of the board of education under
the seal of the board of education, attested by the secretary of
the board of education. Lottery revenue bonds may be sold in the
manner as the board of education determines is for the best
interests of the school district.
(d) The board of education may enter into: (1) Trust
agreements with banks or trust companies, within or without the
state; (2) trust agreements or the orders authorizing the issuance
of the bonds; (3) valid and legally binding covenants with the
holders of the lottery revenue bonds as to the custody,
safeguarding and disposition of the proceeds of the lottery revenue
bonds, the moneys in the Lottery Revenue Fund, sinking funds,
reserve funds or any other moneys or funds; (4) agreements as to
the rank and priority, if any, or different issues of lottery
revenue bonds by the board of education under the provisions of
this section; (5) agreements as to the provisions of payment, term,
security, default and remedy provisions as the board of education
may consider necessary or desirable; and (6) agreements as to any
other matters or provisions which are considered necessary and
advisable by the board of education in the best interests of the
school district and to enhance the marketability of such lottery
revenue bonds.
(e) The lottery revenue bonds are negotiable instruments under the Uniform Commercial Code of this state and may not be considered
to be obligations or debts of the state or of the board of
education issuing the bonds and the credit or taxing power of the
state or board of education may not be pledged therefor, but the
lottery revenue bonds may be payable only from the revenue pledged
therefor as provided in this section.
(f) A holder of lottery revenue bonds has a lien against the
lottery revenues and the Lottery Revenue Fund for payment of the
lottery revenue bond and the interest thereon and may bring suit to
enforce the lien.
(g) A board of education may issue and secure additional bonds
payable out of the lottery revenues or Lottery Revenue Fund which
bonds may rank on a parity with, or be subordinate or superior to,
other bonds issued by the board of education and payable from the
Lottery Revenue Fund.
§13-2H-7. Use of proceeds from sale of bonds.
(a) The proceeds from the sale of any bonds issued under
authority of this article may be applied only for the purpose for
which the bonds were issued: Provided, That any accrued interest
received in any sale shall be applied to the payment of the
principal of or the interest on the bonds sold. If for any reason
any portion of the proceeds are not needed for the purpose for
which the bonds were issued, then the unneeded portion of the
proceeds shall be applied to the purchase of bonds for cancellation
or payment of the principal of or the interest on the bonds or held in reserve for the payment thereof.
(b) The costs of any public project shall be considered to
include the following:
(1) Capital costs, including, but not limited to, the actual
costs of the construction of public works or improvements, capital
improvements and facilities, new buildings, structures and
fixtures, the demolition, alteration, remodeling, repair or
reconstruction of existing buildings, structures and fixtures, the
removal or containment of, or the restoration of soil or
groundwater affected by environmental pollution, environmental
remediation, the acquisition of equipment and site clearing,
grading and preparation;
(2) Financing costs, including, but not limited to, any
interest paid to holders of evidences of indebtedness issued to pay
for project costs, all costs of issuance and any redemption
premiums, credit enhancement or other related costs;
(3) Real property acquisition costs;
(4) Professional service costs, including, but not limited to,
those costs incurred for architectural planning, engineering and
legal advice and services;
(5) Imputed administrative costs, including, but not limited
to, reasonable charges for time spent by governmental body
employees in connection with the implementation of a project;
(6) Relocation costs, including, but not limited to, those
relocation payments made following condemnation and job training and retraining and costs for utility relocation; and
(7) Organizational costs, including, but not limited to, the
costs of conducting environmental impact and other studies and the
costs of informing the public with respect to the implementation of
project plans.
§13-2H-8. Redemption of bonds.
The lottery revenue bonds issued pursuant to this article may
contain a provision therein to the effect that they, or any of
them, may be called for redemption at any time prior to maturity by
the governmental body and at such redemption prices or premiums,
which terms shall be stated in the bond.
§13-2H-9. Refunding bonds.
Any lottery revenue bonds issued hereunder and at any time
outstanding may, at any time and from time to time, be refunded by
a county, municipality or board of education by the issuance of its
refunding bonds in such amount as the governmental body may
determine necessary to refund the principal of the bonds so to be
refunded, together with any unpaid interest thereon; to make any
improvements or alterations in the public project; and any premiums
and commissions necessary to be paid in connection therewith. Any
refunding may be effected whether the bonds to be refunded have
then matured or shall thereafter mature, either by sale of the
refunding bonds and the application of the proceeds thereof for the
redemption of the bonds to be refunded thereby or by exchange of
the refunding bonds for the bonds to be refunded thereby: Provided, That the holders of any bonds so to be refunded may not
be compelled without their consent to surrender their bonds for
payment or exchange prior to the date on which they are payable or,
if they are called for redemption, prior to the date on which they
are by their terms subject to redemption. Any refunding bonds
issued under the authority of this article shall be payable from
the lottery revenues, the Lottery Revenue Fund or from other moneys
or the principal of and interest on or other investment yield from
investments or proceeds of bonds or other applicable funds and
moneys, including investments of proceeds of any refunding bonds,
and are subject to the provisions contained in section five, six or
seven of this article, as applicable.
§13-2H-10. Exemption from taxation.
The lottery revenue bonds issued pursuant to this article and
the income therefrom are exempt from all taxation by the State of
West Virginia, or by any county, school district, municipality or
political subdivision thereof, except inheritance, estate and
transfer taxes; and the real and personal property which a county
commission, a municipality or board of education may acquire
pursuant to the provisions of this article shall be exempt from
taxation by the state, or any county, municipality or other levying
body, as public property, so long as the same is owned by such
county, municipality or board of education.
§13-2H-11. Construction of article.
This article may not be construed as a restriction or
limitation upon any powers which a county, municipality or board of
education might otherwise have under any laws of this state, but
shall be construed as alternative or additional. This article may
not be construed as requiring an election by the voters of a
county, municipality or board of education prior to the issuance of
bonds hereunder by a county, municipality or board of education and
may not be construed as requiring any proceeding under any law or
laws, other than that which is required by this article.
CHAPTER 29. MISCELLANEOUS BOARDS AND OFFICERS.
ARTICLE 22C. WEST VIRGINIA LOTTERY RACETRACK TABLE GAMES ACT.
§29-22C-27. West Virginia Lottery Racetrack Table Games Fund;
Community-Based Service Fund; State Debt Reduction
Fund; distribution of funds.
(a)(1) There is hereby created and established a special fund
in the State Treasury to be known as the West Virginia Lottery
Racetrack Table Games Fund and all tax collected under this article
shall be deposited with the State Treasurer and placed in the West
Virginia Lottery Racetrack Table Games Fund. The fund shall be an
interest bearing account with all interest or other return earned
on the money of the fund credited to and deposited in the fund.
(2) Notwithstanding any provision of this article to the
contrary, all racetrack table games license fees received by the
commission pursuant to section eight of this article shall be deposited into the Community-Based Service Fund which is hereby
created in the State Treasury. Moneys of the fund shall be
expended by the Bureau of Senior Services upon appropriation of the
Legislature solely for the purpose of enabling the aged and
disabled citizens of this state to maintain their residency in the
community-based setting through the provision of home and
community-based services.
(b) From the gross amounts deposited into the Racetrack Table
Games Fund pursuant to subsection (a) of this section, the
commission shall:
(1) Retain an amount for the administrative expenses of the
commission as determined by the commission in accordance with
subsection (d) of this section;
(2) Transfer two and one-half percent of adjusted gross
receipts from all thoroughbred racetracks with West Virginia
Lottery table games to the special funds established by each
thoroughbred racetrack table games licensees for the payment of
regular racetrack purses, such amount being divided equally between
such special funds of each thoroughbred racetrack table games
licensee and transfer two and one-half percent of adjusted gross
receipts from all greyhound racetracks with West Virginia Lottery
table games to the special funds established by each greyhound
racetrack table games licensees for the payment of regular
racetrack purses, such amount being divided equally between such
special funds of each greyhound racetrack table games licensee;
(3) Transfer two percent of the adjusted gross receipts from
all licensed racetracks to the Thoroughbred Development Fund
created under section thirteen-b, article twenty-three, chapter
nineteen of this code and the Greyhound Breeding Development Fund
created under section ten of said article. The total amount
transferred under this subdivision shall be divided pro rata among
the development funds for each racetrack table games licensee based
on relative adjusted receipts from each racetrack. No portion of
the amounts transferred to these funds may be used for the benefit
of any person or activity other than at or associated with a
racetrack table games licensee;
(4) Transfer one percent of the adjusted gross receipts from
each licensed racetrack to the county commissions of the counties
where racetracks with West Virginia Lottery table games are
located.
County commissions may pledge this money to make payments
on lottery revenue bonds issued pursuant to article two-h, chapter
thirteen of this code.
The one percent transferred under this
subdivision shall be divided pro rata among the counties with a
racetrack with West Virginia Lottery table games based on relative
adjusted gross receipts from each county's racetrack: Provided,
That the county board of education of a growth county, as that term
is defined in section three, article twenty, chapter seven of this
code, which has enacted the Local Powers Act, and in which county
a racetrack is located that has participated in the West Virginia
Thoroughbred Development Fund since on or before January 1, 1991, shall receive one percent of adjusted gross receipts as provided in
this subdivision for the purpose of capital improvements
public
projects, as defined in section two, article two-h, chapter
thirteen of this code or to make payments on lottery revenue bonds
issued to finance public projects;
(5) Transfer two percent of the adjusted gross receipts from
each licensed racetrack to the governing bodies of municipalities
within counties where racetracks with West Virginia Lottery table
games are located.
Municipalities may pledge the money to make
payments on lottery revenue bonds issued pursuant to article two-h,
chapter thirteen of this code. which This money
shall be allocated
as follows:
(A) One half of the amounts transferred under this subdivision
shall be allocated to the municipalities within each county having
a racetrack table games licensee, based on relative adjusted gross
receipts from West Virginia Lottery table games from those
racetracks and the total amount allocated to the municipalities
within a county shall be divided pro rata among the municipalities
based on each municipality's population determined at the most
recent United States decennial census of population: Provided,
That: (i) For each allocation, when a municipality is physically
located in two or more counties, only that portion of its
population residing in the county where the authorized table games
are located shall be considered; (ii) no single municipality in a
county where West Virginia Lottery racetrack table games are played may receive a total share under this paragraph that is in excess of
seventy-five percent of the total distribution under this paragraph
for the county in which the municipality is located; and (iii) no
municipality receiving moneys under this paragraph shall receive an
amount which is less than that received by a municipality under
provisions of subdivision (4), subsection (c) of this section; and
(B) One half of the amounts transferred under this subdivision
shall be allocated pro rata to the municipalities within all the
counties having a racetrack table games licensee based on each
municipality's population determined at the most recent United
States decennial census of population: Provided, That: (i) No
municipality which received funds above its pro rata share pursuant
to subparagraph (iii), paragraph (A) of this subdivision shall
receive an allocation under this paragraph; (ii) for each
allocation, when a municipality is physically located in two or
more counties, only that portion of its population residing in the
county where the authorized table games are located shall be
considered; and (iii) no single municipality in a county where West
Virginia Lottery racetrack games are played may receive a total
share under this paragraph that is in excess of twenty-five percent
of the total transfers under this paragraph: Provided, however,
That the county board of education of a growth county, as that term
is defined in section three, article twenty, chapter seven of this
code, which has enacted the Local Powers Act, and in which county
a racetrack is located that has participated in the West Virginia Thoroughbred Development Fund since on or before January 1, 1991,
shall receive the two percent of adjusted gross receipts as
provided in this subdivision for the purpose of capital
improvements
public projects, as defined in section two, article
two-h, chapter thirteen of this code, or to make payments on
lottery revenue bonds issued to finance the public projects;
(6) Transfer one half of one percent of the adjusted gross
receipts to the governing bodies of municipalities in which a
racetrack table games licensee is located, which municipalities
shall each receive an equal share of the total amount allocated
under this subdivision: Provided, That no distribution under this
subdivision shall be made to any municipality which did not have a
licensed racetrack within its municipal boundaries as they existed
on January 1, 2007: Provided, however, That if no racetrack table
games licensee is located within a municipality, no transfer shall
be made under this subdivision.
The municipality may pledge this
money to make payments on lottery revenue bonds issued pursuant to
article two-h, chapter thirteen of this code;
and
(7) Distribute the remaining amounts, hereinafter referred to
as the net amounts in the Racetrack Table Games Fund, in accordance
with the provisions of subsection (c) of this section.
(c) From the net amounts in the Racetrack Table Games Fund,
the commission shall:
(1) Transfer seventy-six percent to the State Debt Reduction
Fund, which is hereby created in the State Treasury. Moneys of the fund shall be expended solely for the purpose of accelerating the
reduction of existing unfunded liabilities and existing bond
indebtedness of the state and shall be expended or transferred only
upon appropriation of the Legislature;
(2) Transfer four percent, divided pro rata based on relative
adjusted gross receipts from the individual licensed racetracks for
and on behalf of all employees of each licensed racing association,
into a special fund to be established by the Racing Commission to
be used for payment into the pension plan for all employees of each
licensed racing association;
(3) Transfer ten percent, to be divided and paid in equal
shares, to each county commission in the state that is not eligible
to receive a distribution under subdivision four, subsection (b) of
this section: Provided, That funds transferred to county
commissions under this subdivision shall be used only to pay
regional jail expenses and the costs of infrastructure improvements
and other capital improvements: Provided, however, That up to
fifty percent of these funds may be pledged to make payments on
lottery revenue bonds issued pursuant to article two-h, chapter
thirteen of this code.
(4) Transfer ten percent, to be divided and paid in equal
shares, to the governing bodies of each municipality in the state
that is not eligible to receive a distribution under subdivisions
(5) and (6), subsection (b) of this section: Provided, That funds
transferred to municipalities under this subdivision shall be used only to pay for debt reduction in municipal police and fire pension
funds and the costs of infrastructure improvements and other
capital improvements: Provided, however, That up to fifty percent
of these funds may be pledged to make payments on lottery revenue
bonds issued pursuant to article two-h, chapter thirteen of this
code.
(d) All expenses of the commission incurred in the
administration and enforcement of this article shall be paid from
the Racetrack Table Games Fund, including reimbursement of state
law-enforcement agencies for services performed at the request of
the commission pursuant to this article. At no time may the
commission's expenses associated with a particular racetrack with
authorized table games under this article exceed three percent of
the total annual adjusted gross receipts received from that
licensee's operation of table games under this article, including,
but not limited to, all license fees or other amounts attributable
to the licensee's operation of table games under this article.
These expenses shall either be allocated to the racetrack with West
Virginia Lottery table games for which the expense is incurred, if
practicable, or be treated as general expenses related to all
racetrack table games facilities and be allocated pro rata among
the racetrack table games facilities based on the ratio that annual
adjusted gross receipts from operation of table games at each
racetrack with West Virginia Lottery table games bears to total
annual adjusted gross receipts from operation of table games at all racetracks with West Virginia Lottery table games during the fiscal
year of the state. From this allowance, the commission shall
transfer at least $100,000 but not more than $500,000 into the
Compulsive Gambling Treatment Fund created in section nineteen,
article twenty-two-a of this chapter.
________
(NOTE:
The purpose of this bill is to authorize county
commissions, municipalities and boards of education that receive
lottery revenues to issue bonds secured by such lottery revenues to
construct public projects. This will allow county commissions,
municipalities and boards of education to construct more public
projects which creates jobs and stimulates the economy.
Article two-h
is new; therefore, strike-throughs and
underscoring have been omitted.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.)