CO SB215

Colorado lottery commission must promulgate rules to conduct new lotteries designed to generate at least $100 million in additional net lottery proceeds during the first 12 months of operation, unless a state asset is sold for at least $500 million and proceeds credited to the Colorado Scholars Cash Fund.

Commission is authorized to enter into contracts to sell future net lottery proceeds from the new lotteries and to issue financial instruments backed by future lottery revenues, with proceeds transmitted to the state treasurer.

Creates the Colorado Scholars Cash Fund in the state treasury to receive net lottery proceeds that would otherwise go to the general fund, with moneys to be annually appropriated for postsecondary education financial assistance.

Allocates 10% of net lottery proceeds (capped at $8 million annually) to the public school capital construction assistance fund and 5% (capped at $3 million annually) to the Colorado state veterans trust fund.

Financial instruments issued under this bill may have maturity dates up to 30 years, are negotiable, and proceeds from their sale must be credited to the Colorado Scholars Cash Fund.