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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 4. EXECUTIVE BRANCH |
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Subtitle E. OTHER EXECUTIVE AGENCIES AND PROGRAMS |
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Chapter 466. STATE LOTTERY |
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Subchapter H. REVENUE |
Sec. 466.355. STATE LOTTERY ACCOUNT
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(a) The state lottery account is a special account in the general revenue fund. The account consists of all revenue received from the sale of tickets, license and application fees under this chapter, and all money credited to the account from any other fund or source under law. Interest earned by the state lottery account shall be deposited in the unobligated portion of the general revenue fund.
(b) Money in the state lottery account may be used only for the following purposes and shall be distributed as follows:
(1) the payment of prizes to the holders of winning tickets;
(2) the payment of costs incurred in the operation and administration of the lottery, including any fees received by a lottery operator, provided that the costs incurred in a fiscal biennium may not exceed an amount equal to 12 percent of the gross revenue accruing from the sale of tickets in that biennium;
(3) the establishment of a pooled bond fund, lottery prize reserve fund, unclaimed prize fund, and prize payment account; and
(4) the balance, after creation of a reserve sufficient to pay the amounts needed or estimated to be needed under Subdivisions (1) through (3), to be transferred on or before the 15th day of each month as follows:
(A) the portion of the balance attributable to the lottery game operated under Section 466.027 to the fund for veterans' assistance established by Section 434.017; and
(B) the remainder to the foundation school fund.
(c) Each August the comptroller shall:
(1) estimate the amount to be transferred to the foundation school fund on or before September 15; and
(2) notwithstanding Subsection (b)(4), transfer the amount estimated in Subdivision (1) to the foundation school fund before August 25.