SB 2894

Abstract

Amends the Riverboat Gambling Act. Provides that the moneys deposited in the State Gaming Fund from (1) the re-issuance of a revoked or terminated license and (2) the operation of a riverboat by a licensee whose license was re-issued (including the admission tax and the privilege tax) shall be distributed as follows: the lesser of 20% or one-twelfth of $100,000,000 shall be transferred monthly from the State Gaming Fund into the Emergency Capital Program Fund and the remainder shall be transferred monthly from the State Gaming Fund into the Education Assistance Fund. Amends the State Finance Act to create the Emergency Capital Program Fund as a special fund in the State treasury. Provides that moneys in the Emergency Capital Program Fund shall be used solely for the purpose of capital-related expenditures based on the emergency need of the project, as determined by the Capital Development Board. Effective immediately.