|SB 0385||Establishes Year 2000 Classroom Fund with gaming proceeds|
|LR Number:||S1693.01I||Fiscal Note:||1693-01|
|Last Action:||02/08/99 - Referred S Appropriations Committee||Journal page:||S195|
|Effective Date:||August 28, 1999|
SB 385 - This act revises the distribution of riverboat gaming proceeds. Currently, any gaming proceeds in excess of the amount transferred to the School District Bond Fund is transferred to the State School Moneys Fund and used to fund the basic state school aid formula.
The act revises the distribution to place the riverboat
gaming proceeds which now go to the State School Moneys Fund to
the Year 2000 Classroom Fund, which is created by the act. The
change is implemented over a five year period, with 20% increases
each year in the portion transferred to the Year 2000 Classroom
Fund, until 100% of such funds are transferred in FY 2004. For
FY 2005 and thereafter, the distribution reverts to transferring
all such funds to the State School Moneys Fund. Transfers to the
School District Bond Fund are not affected by this act.