2008 Session

Budget Amendments - HB30 (Conference Report)

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Lottery Line of Credit (language only)

Item 3-2.03 #1c

Item 3-2.03 #1c

Working Capital Funds and Lines of Credit
Lines of Credit

Page 492, line 22, strike "$25,000,000" and insert
Page 492, after line 39 insert:
"e. The State Lottery Department is hereby authorized to use its line of credit to meet cash flow needs for operations at any time during the year and to provide cash to the State Lottery Fund to meet the required transfer of estimated lottery profits to the Lottery Proceeds Fund in the month of June, as specified in provisions of § 3-1.01G. of this act.  The State Lottery Department shall repay the line of credit as actual cash flows become available. The Secretary of Finance is authorized to increase the line of credit to the State Lottery Department if necessary to meet operating needs."

(This amendment increases the State Lottery Department's line of credit from $25.0 million to $40.0 million to more accurately display the appropriation of lottery proceeds for public education.)