Text: SF00443 Text: SF00445 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 99E.9A INSTANT LOTTERY GAME FOR
1 2 STUDENT SCHOLARSHIPS.
1 3 1. a. For the fiscal year beginning July 1, 2001, and
1 4 ending June 30, 2002, and for each of the four succeeding
1 5 fiscal years, the lottery commissioner shall develop and
1 6 conduct a new instant lottery game annually to provide moneys
1 7 for postsecondary educational scholarships for children born
1 8 in this state during each of the years 2002 through 2006,
1 9 respectively. Each annual instant lottery game shall be
1 10 conducted during the entire fiscal year and the proceeds shall
1 11 be used to fund scholarships for children born in this state
1 12 during the calendar year commencing on the succeeding January
1 13 1. The moneys received from the sale of tickets for each
1 14 instant lottery game shall be deposited in a special account
1 15 in the lottery fund. Notwithstanding section 99E.10, after
1 16 payment of the prizes and the deduction of moneys authorized
1 17 pursuant to section 99E.10, subsection 1, paragraphs "a" and
1 18 "c", the remaining moneys shall be transferred to a separate
1 19 account in the Iowa children postsecondary scholarship trust
1 20 created in subsection 2. The proceeds of the account
1 21 including all interest and other moneys accruing from
1 22 investments shall be used to fund scholarships to public
1 23 postsecondary colleges and universities in this state
1 24 commencing eighteen years after the eligible children's birth
1 25 year.
1 26 b. Within six months after the completion of the fifth
1 27 annual instant lottery game, the director shall submit a
1 28 report on the results of the instant lottery games to the
1 29 general assembly pursuant to section 7A.11A.
1 30 c. As used in this section, the term "children born in
1 31 this state" also includes newborn children adopted by Iowa
1 32 residents.
1 33 2. An Iowa children postsecondary scholarship trust is
1 34 created. The treasurer of state is the trustee and shall be
1 35 responsible for the administration and investment of all
2 1 moneys credited to the trust. In carrying out the duties of
2 2 trustee and administrator of the trust, the treasurer of state
2 3 may exercise any of the powers authorized in section 12D.2 as
2 4 those powers are applicable to the investment of moneys in the
2 5 trust. The proceeds of each account in the Iowa children
2 6 postsecondary scholarship trust shall be used exclusively to
2 7 fund scholarships as authorized by the general assembly for
2 8 eligible Iowans.
2 9 3. Not later than January 1, 2007, the college student aid
2 10 commission, created pursuant to section 261.1, shall prepare
2 11 and submit to the general assembly recommendations for an Iowa
2 12 children postsecondary scholarship program for the eligible
2 13 students. The recommendations shall include, but are not
2 14 limited to, consideration of the various types of scholarships
2 15 which may be offered based on projections of the number of
2 16 children potentially eligible and the amount of moneys
2 17 available to fund the scholarships each year, academic
2 18 standards for eligibility, and the workforce needs of this
2 19 state.
2 20 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
2 21 immediate importance, takes effect upon enactment.
2 22 EXPLANATION
2 23 This bill directs the lottery commissioner to develop and
2 24 conduct an instant lottery game each fiscal year for five
2 25 fiscal years to fund postsecondary educational scholarships
2 26 for children born in Iowa during 2002 or each of the
2 27 succeeding four years. The proceeds from each separate
2 28 instant lottery game shall be credited to a separate account
2 29 in an Iowa children postsecondary scholarship trust fund which
2 30 is created in the state treasury. Each account shall be
2 31 credited with all of the proceeds from the sale of the instant
2 32 lottery tickets for each fiscal year less the amount paid for
2 33 prizes, the amounts deducted for the gambling treatment fund,
2 34 and the expense of conducting the instant lottery game.
2 35 The treasurer of state shall serve as trustee to the
3 1 scholarship trust fund and shall be responsible for the
3 2 administration and investment of all moneys. The treasurer of
3 3 state may exercise any of the powers authorized for the
3 4 investment of moneys in the Iowa educational savings trust.
3 5 Not later than January 1, 2007, the college student aid
3 6 commission is directed to prepare and submit to the general
3 7 assembly recommendations for the Iowa children postsecondary
3 8 scholarship program including, but not limited to,
3 9 consideration of the types of scholarships which may be
3 10 offered based on projections of the number of eligible
3 11 students and the amount of moneys available, and the workforce
3 12 needs in this state.
3 13 After completion of the five annual instant lottery games,
3 14 the lottery commissioner is to submit a report to the general
3 15 assembly on the results of the games.
3 16 This bill takes effect upon enactment.
3 17 LSB 2995XS 79
3 18 tj/cls/14
Text: SF00443 Text: SF00445 Text: SF00400 - SF00499 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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