SB-0855, As Passed Senate, January 17, 2008
October 25, 2007, Introduced by Senators THOMAS, HUNTER, KUIPERS, JACOBS, JANSEN, ANDERSON, BASHAM, BARCIA, OLSHOVE, BROWN, SANBORN, GILBERT, GLEASON, PAPPAGEORGE, JELINEK, VAN WOERKOM, CLARKE, BRATER and SCHAUER and referred to the Committee on Homeland Security and Emerging Technologies.
A bill to amend 1972 PA 239, entitled
"McCauley-Traxler-Law-Bowman-McNeely lottery act,"
by amending section 41 (MCL 432.41), as amended by 1997 PA 72.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
A special fund to be known as the "state The
fund" fund is
created in the department of treasury.
Except as provided in subsection (3), the state lottery fund
revenues money received from the sale of state
lottery tickets or shares and all other money credited or
to the fund from any other fund or
pursuant to law including interest earnings on common cash
to the state lottery fund.
Revenue Money derived from
the sale of tickets or shares of any joint enterprise shall be
treated in the manner provided for in the joint enterprise
participation agreement executed by the commissioner. The
commissioner shall deposit net revenue from any joint enterprise in
the state lottery fund. Earnings resulting from installment payment
of any lottery prizes shall be used for payment of prizes to
lottery winners and the prize structure formulated pursuant to
sections 11 and 12 shall be established accordingly.
(2) The investment authority of the state treasurer with
to the state lottery fund
shall be is the same as his or her
investment authority with regard to retirement system funds. The
state treasurer shall comply with the divestment from terror act in
making investments under this act. To assure a continuing
availability of money with which to pay state lottery prize
installments and to compensate for variations in the yield on
investments, every 6 months the commissioner and the state
treasurer shall review the status of the installment prize
investments and shall agree on an amount to be restricted out of
the total revenues of the state lottery fund as a reserve against a
drop in yield. If the commissioner and the state treasurer fail to
agree on the amount to be reserved, the matter shall be referred to
the state administrative board for a decision on the amount to be
(3) Except as provided in subsection (4), after the payment of
prizes to the holders of winning state lottery tickets or shares or
the payment pursuant to section 32 of the liabilities to this state
of holders of winning state lottery tickets or shares, and the
payment of the reasonable expenses of the bureau in its operation
of the lottery, the net revenue in the state lottery fund and any
money or interest generated by the state lottery fund and share of
common cash shall be deposited in the state school aid fund and
shall be distributed as provided by law.
(4) Ten percent of each year's state lottery advertising
to exceed more
than $1,000,000.00 shall be deposited
in the compulsive gaming prevention fund created in section 3 of
the compulsive gaming prevention act, 1997 PA 70, MCL 432.253.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No. 846
of the 94th Legislature is enacted into law.