§ 9-17-116 — Fidelity fund for retailers; assessments

Wyoming § 9-17-116

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 17: WYOMING LOTTERY

Text

(a) The corporation may establish a fidelity fund separate
from all other funds and shall assess each retailer a one (1)
time fee not to exceed one hundred dollars ($100.00) per sales
location. The corporation is authorized to invest the funds or
place the funds in one (1) or more interest bearing accounts.
Monies deposited to the fund may be used to cover losses the
corporation experiences due to nonfeasance, misfeasance or
malfeasance of a lottery retailer. In addition, the funds may
be used to purchase blanket bonds covering the Wyoming lottery
corporation against losses from all retailers. At the end of
each fiscal year, the corporation shall pay to the general
lottery fund any amount in the fidelity fund which exceeds two
hundred fifty thousand dollars ($250,000.00) and the funds shall
be commingled with and treated as net proceeds from the lottery.
(b) A reserve account may be established as a general
operating expense to cover amounts deemed uncollectible. The
corporation shall establish procedures for minimizing any losses
that may be experienced for the foregoing reasons and shall
exercise and exhaust all available options in the procedures
prior to amounts being written off to this account.
(c) The corporation may require any retailer to post an
appropriate bond, as determined by the corporation, using an
insurance company acceptable to the corporation. The amount
shall not exceed the applicable district sales average of
lottery tickets for two (2) billing periods.
(d) In its discretion, the corporation may allow a
retailer to deposit and maintain with the corporation
securities, held in trust in the name of the Wyoming lottery
corporation, that are interest bearing or accruing. Securities
eligible under this subsection shall be limited to:
(i) Certificates of deposit issued by solvent banks
or savings associations organized and existing under the laws of
this state or under the laws of the United States;
(ii) United States bonds, notes and bills for which
the full faith and credit of the United States is pledged for
the payment of principal and interest;
(iii) Federal agency securities by an agency or
instrumentality of the United States government.