AB1654 - Committee on the Budget This bill would provide instead that the purpose of the act issupport for preservation of the rights, liberties, and welfare of thepeople by providing additional moneys to benefit education eitherdirectly or indirectly by providing funds to pay the General Fund andinfrastructure bond obligations without the imposition of additionalor increased taxes. The bill would provide that the act may be
changed for the purposes of modernizing the lottery or to further thepurpose of the act. The bill would provide that specified provisionsregarding General Fund appropriations and California State Lottery
Fund appropriations may only be amended by a vote of the people. Thebill would state the intent of the People of California to permanently secure the contribution that the California State Lotteryhas made to funding public education, as specified. SIGNED
AB 1741 - Committee on the Budget, This bill would, upon a filing by the Director of Finance of adesignation of portions of the lottery revenue assets to be sold,permit the Infrastructure and Economic Development Bank to sell onbehalf of the state those lottery revenue assets to a special purpose
trust, which would be established as a not-for-profit corporation bythe bill for the purpose of purchasing the assets. The bill would define lottery assets for these purposes as revenues of the statelottery that are required to be transferred into the Lottery AssetsFund and the right to receive those revenues. The bill would permit the bank to enter into sales agreements with the special purpose, as specified. The bill would permit the Director of Finance todetermine when lottery revenue assets may be sold. The bill wouldthe special purpose trust to issue bonds on terms it shalldetermine and to pledge lottery revenue assets as collateral and security for the bonds. The bill would except this pledge fromspecified provisions regarding secured interests. SIGNED
SCA 12 - Senator Perata - State Lottery This measure would provide that an additional purpose of the California State Lottery is to provide funds for other publicpurposes. The measure would authorize the Legislature to obtainmoneys for the purposes of the California State Lottery through the sale of future revenues of the California State Lottery and rights toreceive those revenues to an entity authorized by the Legislature to issue debt obligations for the purpose of funding that purchase. ( Future Statewide Ballot Measure)
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