West Virginia § 29-22-18g Additional allocation of net profits from the State Lottery Fund to Fire Protection Fund, County Fire Protection Fund and All County Fire Protection Fund

West Virginia Statutes

§ 29-22-18g — Additional allocation of net profits from the State Lottery Fund to Fire Protection Fund, County Fire Protection Fund and All County Fire Protection Fund

West Virginia·Ch. 29 MISCELLANEOUS BOARDS AND OFFICERS·Art. 22 STATE LOTTERY ACT

(a)Notwithstanding any other provision of this code to the contrary, following the end of each fiscal year, after the Lottery Commission has met the requirements for the allocation of net profits from the State Lottery Fund as required under §29-22-18 of this code and any other provisions of this code, and after satisfying the requirements for funds dedicated to pay debt service in accordance with bonds payable from the State Lottery Fund and for other purposes as required by §29-22-18 and §29-22-18f of this code, the Lottery Commission shall annually allocate and transfer from any remaining and available net profits for the fiscal year in the State Lottery Fund the following:

(1)The sum of $6 million, or the sum of the remaining and available net profits, whichever is less, to the Fire

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(a) Notwithstanding any other provision of this code to the contrary, following the end of each fiscal year, after the Lottery Commission has met the requirements for the allocation of net profits from the State Lottery Fund as required under §29-22-18 of this code and any other provisions of this code, and after satisfying the requirements for funds dedicated to pay debt service in accordance with bonds payable from the State Lottery Fund and for other purposes as required by §29-22-18 and §29-22-18f of this code, the Lottery Commission shall annually allocate and transfer from any remaining and available net profits for the fiscal year in the State Lottery Fund the following:

(1) The sum of $6 million, or the sum of the remaining and available net profits, whichever is less, to the Fire Protection Fund created in §33-3-33 of this code, which sum transferred shall be distributed in accordance with the provisions of that section;

(2) The sum of $3 million, or the sum of the remaining and available net profits, whichever is less, to the County Fire Protection Fund created in §7-5B-1 of this code, which sum transferred shall be distributed in accordance with the provisions of that section; and

(3) The sum of $3 million, or the sum of the remaining and available net profits, whichever is less, to the All County Fire Protection Fund created in §7-5B-2 of this code, which sum transferred shall be distributed in accordance with the provisions of that section.

(b) In the event that remaining and available net profits for the fiscal year in the State Lottery Fund are not sufficient to meet the allocation and transfer of net profits as directed under subsection (a) of this section, then the amounts allocated and transferred under subsection (a) of this section from any remaining and available net profits for the fiscal year shall be reduced on a pro rata basis.

West Virginia § 29-22-18g (Additional allocation of net profits from the State Lottery Fund to Fire Protection Fund, County Fire Protection Fund and All County Fire Protection Fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.