|Date Requested:June 01, 2009
Time Requested:10:19 AM
| FUND(S) |
Education Arts, Sciences and Tourism Debt Service Fund
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
|The purpose of this bill is to reissue revenue bonds for tourism and education.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
The prosposed legislation does not affect the Lottery's revenues in any way. The only language in the State Lottery Act affected is the change that the money transfer to the "Education and Tourism Debt Service Fund" rather than the "Education Arts, Sciences and Tourism Debt Service Fund."
Aside from the name change, the Bill also changes what happens to the money after the Lottery has made the transfer, which does not actually change the amount transferred or the Lottery's part in it.
Outside of the Lottery, the only revenue change is that the principal amount of the bonds issued under W.Va. 5-6-11a(b) shall not exceed, in the aggregate, $150 million, rather than the $100 million under the current language.
However, pursuant to 29-22-18(i), the Lottery is still prohibited from allocating more than $1 million a month to the Fund in question. Also, it the total allocation from the Lottery to the Fund may not exceed the lesser of the principal and interest requirements cetified to the Lottery Director or $10 million.