HB 1786 Summary

• Eliminates the minimum net proceeds requirement of 35% of gross lottery proceeds that must be transferred to the Oklahoma Education Lottery Trust Fund.

• Removes the temporary reduced minimum of 30% that applied only to the first two fiscal years and any partial first fiscal year of the Commission for debt repayment purposes.

• Maintains the requirement that at least 45% of gross proceeds be made available as prize money and that all net proceeds be transferred to the Oklahoma Education Lottery Trust Fund.

• Preserves all existing appropriation allocations from the Trust Fund: 45% for K-12 education and early childhood programs, 45% for higher education tuition assistance and capital projects, 5% for School Consolidation and Assistance Fund, and 5% for Teachers' Retirement System.

• Takes effect July 1, 2015, with an emergency clause for immediate implementation upon passage and approval.