House Journal: Page 1439: Friday, April 25, 2003
Page 56
1 recommendations for changes in the law that the chief
2 executive officer deems necessary or desirable. The
3 annual report shall be submitted within one hundred
4 twenty days after the close of the fiscal year. The
5 chief executive officer shall report immediately to
6 the governor, the treasurer of state, and the general
7 assembly any matters that require immediate changes in
8 the law in order to prevent abuses or evasions of this
9 chapter or rules adopted or to rectify undesirable
10 conditions in connection with the administration or
11 operation of the lottery.
12 b. Maintain weekly or more frequent records of
13 lottery transactions, including the distribution of
14 tickets or shares to retailers, revenues received,
15 claims for prizes, prizes paid, prizes forfeited, and
16 other financial transactions of the authority.
17 c. The authority shall deposit in the lottery fund
18 created in subsection 2 any moneys received by
19 retailers from the sale of tickets or shares less the
20 amount of any compensation due the retailers. The
21 chief executive officer may require licensees to file
22 with the authority reports of receipts and
23 transactions in the sale of tickets or shares. The
24 reports shall be in the form and contain the
25 information the chief executive officer requires.
26 2. A lottery fund is created in the office of the
27 treasurer of state and shall exist as the recipient
28 fund for authority receipts. The fund consists of all
29 revenues received from the sale of lottery tickets or
30 shares and all other moneys lawfully credited or
31 transferred to the fund. The chief executive officer
32 shall certify quarterly that portion of the fund that
33 has been transferred to the general fund of the state
34 under this chapter and shall cause that portion to be
35 transferred to the general fund of the state.
36 However, upon the request of the chief executive
37 officer and subject to the approval by the treasurer
38 of state, an amount sufficient to cover the
39 foreseeable administrative expenses of the lottery for
40 a period of twenty-one days may be retained from the
41 lottery fund. Prior to the quarterly transfer to the
42 general fund of the state, the chief executive officer
43 may direct that lottery revenue shall be deposited in
44 the lottery fund and in interest-bearing accounts
45 designated by the treasurer of state. Interest or
46 earnings paid on the deposits or investments is
47 considered lottery revenue and shall be transferred to
48 the general fund of the state in the same manner as
49 other lottery revenue.
50 3. The chief executive officer shall certify
© 2003 Cornell College and
League of Women Voters of Iowa
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