2003 Session

Budget Amendments - SB700 (Member Request)

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Chief Patron: Stosch
Payment of Lottery Prizes (language only)

Item 524 #1s

Item 524 #1s

Independent Agencies
Lottery Department, State

Page 491, following line 6, insert:
"D. The State Lottery Department shall evaluate the financial instruments ( such as similar securities from the U. S. government enterprises, annuities, or municipal bonds from state and local governments) that are available as replacement lending securities held for payment of prize installments.  The evaluation will be used as a basis for competitive procurement of a safe and effective replacement for the 30-year U. S. Treasury bonds, which are no longer available.  The State Lottery Department shall report its findings to the Governor and the money committees of the General Assembly within 60 days."

(This amendment requires the Lottery to study the financial instruments used to finance prizes paid out on an installment basis.)