House Journal: Page 1449: Friday, April 25, 2003
Page 66
1 September 1, 2003, shall end April 30, 2008.
2 5. Notwithstanding any provision of chapter 99G,
3 as created by this Act, to the contrary, the initial
4 board of directors of the Iowa lottery authority shall
5 consist of the duly appointed and confirmed members of
6 the Iowa lottery board serving at the date of
7 succession. Said board members shall serve as members
8 of the Iowa lottery authority's board of directors
9 throughout the remainder of their respective Iowa
10 lottery board terms, subject to earlier resignation or
11 removal from office for cause as provided by this Act.
12 6. Personnel of the lottery division employed on
13 September 1, 2003, shall transition to the Iowa
14 lottery authority as the initial authority employees.
15 7. Whereas the lottery division was authorized
16 only as a self-funded enterprise and except for an
17 initial appropriation for start-up expenses, funds of
18 the state have not been authorized for use or
19 obligation to pay the expenses or prizes of the
20 lottery division. The Iowa lottery authority shall
21 function as the legal successor to the lottery
22 division and shall assume all of the assets and
23 obligations of the lottery division, and funds of the
24 state shall not be used or obligated to pay the
25 expenses or prizes of the authority or its
26 predecessor, the lottery division.
27 8. In order to effect an immediate and efficient
28 transition of the lottery from the lottery division to
29 the Iowa lottery authority, as soon as practicable,
30 the Iowa lottery authority shall do all of the
31 following:
32 a. Take such steps and enter into such agreements
33 as the board of the Iowa lottery authority may
34 determine are necessary and proper in order to effect
35 the transfer, assignment, and delivery to the
36 authority from the state of all the tangible and
37 intangible assets constituting the lottery, including
38 the exclusive right to operate the lottery and the
39 assignment to and assumption by the authority of all
40 agreements, covenants, and obligations of the lottery
41 division and other agencies of the state, relating to
42 the operation and management of the lottery.
43 b. Receive as transferee from the state of Iowa
44 all of the tangible and intangible assets constituting
45 the lottery including, without limitation, the
46 exclusive authorization to operate a lottery in the
47 state of Iowa and ownership of annuities and bonds
48 purchased prior to the date of transfer and held in
49 the name of the Iowa lottery for payment of lottery
50 prizes, and shall assume and discharge all of the
© 2003 Cornell College and
League of Women Voters of Iowa
Comments about this site or page?
hjourn@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Wed Jul 16 15:30:00 CDT 2003
URL: /DOCS/GA/80GA/Session.1/HJournal/01400/01449.html
jhf