HB3029 FBM

HOUSE COMMITTEE ON FINANCE

COUNSEL: Marsha Morris

FLOOR BOOK MEMO

HB 3029

BY: Delegates Michael, Doyle, Leach, Campbell, Kelley, Proudfoot and Miller

SHORT TITLE: Authorizing the distribution of proceeds from racetrack video lottery.

DATE INTRODUCED: 3/2/99

CODE REFERENCE: WVC § 29-22A-10 Amends and reenacts.

PROPOSED LAW PRESENTED TO THE COMMITTEE:
This section of the code was amended in 1998 to redirect the moneys from the payment of the veterans memorial to the construction of the parking garage and the repairs for the Morris Square property.

Current law distributes 1% of the net terminal income (Racetrack Video Lottery) as follows:
$20,000 for veterans grave markers; $100,000 for the repository and maintenance of capitol monuments; $500,000 to a special fund for the construction and maintenance of a state capitol complex parking garage and the remainder of this distribution to a special fund for the renovation and repairs of the Morris Square properties.

Since the Administration has decided to sell the Morris Square property rather than renovate it, this proposed bill would redirect those Morris Square funds to preservation and restoration of the state Capitol.

TITLE: Sufficient

FISCAL NOTE: Requested.

EFFECTIVE DATE: 90 days.

COMMITTEE ACTION: Originated in Committee