ID S1285

Modifies Section 67-7434 of Idaho Code to change lottery dividend transfers from a single annual transfer on July 1 to periodic transfers made at least once annually but not more than five (5) times per year as determined by the commission.

Establishes a temporary distribution formula beginning July 1, 2009 allocating lottery net income as: 3/8 to permanent building account, 3/8 to school district building account, and 1/4 to bond levy equalization fund, with unpaid balances transferred by September 30 of the following fiscal year.

Requires minimum distributions to permanent building and school district building accounts equal to fiscal year 2008 levels if funds are available; if funds fall below fiscal year 2008 levels, splits available funds equally between the two accounts.

Directs that any adjustments needed to meet minimum distribution requirements be deducted from the bond levy equalization fund transfer, with that fund receiving only the remainder if any.

Sunsets the temporary distribution formula on September 30, 2014, returning to the standard distribution method outlined in subsection (1).