HB 213 Summary

• Establishes the education endowment fund and dividend raffle fund as separate accounts in the general fund to support public education through permanent fund dividend donations and raffle revenue.

• Allows permanent fund dividend recipients age 18 and older to voluntarily donate $100 or more (in $100 increments) to educational purposes and enter an annual raffle with prizes ranging from 1-8 percent of the dividend raffle fund balance.

• Appropriates donated funds as follows: 25 percent to education endowment fund, 25 percent to dividend raffle fund, and 50 percent directly to the Department of Education and Early Development for school district supplemental grants based on average daily membership.

• Authorizes the education endowment fund to transfer 4.5 percent of its average market value annually to schools once the fund balance exceeds $1 billion, and allows excess dividend raffle funds above $300 million to transfer to the education endowment fund.

• Amends the definition of "gambling" to exclude the permanent fund dividend raffle and modifies public school trust fund investment and administration provisions; provisions take effect January 1, 2019.