5-533. Issuance and sale of bonds; state lottery
revenue bond proceeds fund; use of bond proceeds
A. The state lottery revenue bonds shall be sold at public or private sale at the
price and on the terms prescribed by the director at, above or below par. The first four
hundred fifty million dollars of proceeds received from the issuance of state lottery
revenue bonds shall be deposited in the state general fund.
B. The state lottery revenue bond proceeds fund is established. Except as provided
in subsection A, the fund shall consist of the net proceeds received from the sale of any
state lottery revenue bonds issued by the director pursuant to this article. The
Department shall administer the fund.
C. The director may use monies in the state lottery revenue bond proceeds fund only
for the purposes provided in section 5-532, subsection A, paragraphs 2, 3 and 4. The
monies in the fund are exempt from The provisions of section 35-190 relating to the
lapsing of appropriations.
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