This bill aims to amend and reenact specific sections of the West Virginia Code related to the distribution of net terminal income from racetrack video lottery and adjusted gross receipts from racetrack table games. Key changes include the restoration of funds previously removed in 2014, with provisions allowing the commission to transfer up to $9 million to the Licensed Racetrack Modernization Fund. Additionally, the bill stipulates that for the fiscal year beginning July 1, 2014, and each subsequent year, certain distributions will be reduced by 100 percent, with the total reductions being redirected to the State Excess Lottery Revenue Fund.

Furthermore, the bill introduces new legal language that outlines the prioritization of debt service payments from the State Excess Lottery Fund before any appropriations are made. It also allows the Governor, under specific conditions, to redirect revenues derived from net terminal income to the General Revenue Fund during budget shortfalls. The bill emphasizes the need for appropriations to be made in accordance with the new provisions and ensures that all distributions are handled on a pro rata basis after debt service payments are fulfilled.

Statutes affected:
Introduced Version: 29-22A-10d, 29-22A-10e, 29-22C-27a