An Act to create the lottery repeal and recovery fund and revise provisions regarding the distribution of state revenue from video lottery.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That a NEW SECTION be added:
42-7A-66. Video lottery repeal and recovery fund--Creation.
There is created in the state treasury the video lottery repeal and recovery fund. The fund consists of all moneys deposited into the fund in accordance with 42-7A-63. All interest received from the fund shall be deposited into the general fund. Moneys in the fund may not be expended until the playing of video lottery machines in this state is prohibited.
Section 2. That 42-7A-63 be AMENDED:
42-7A-63. Net machine income--Deposit--General fund cap.
The commission shall maximize
revenues to the state from video lottery. The state's percentage of
net machine income shall be fifty percent. The
state's percentage of One-half
of one percent of the net
machine income shall be directly
deposited
to
into
the video lottery operating fund. The remainder of the state's net
machine income up to the general fund cap shall be deposited into the
general fund,
except for one-half of one percent of net machine income authorized
for deposit into the video lottery operating fund
and the state's net machine income above the general fund cap shall
be deposited into the video lottery repeal and recovery fund.
The general fund cap shall be the state's share of the net machine income from the fiscal year 2019, not including amounts deposited into the video lottery operating fund, minus the amount of interest deposited into the general fund under 42-7A-66 in the preceding fiscal year.