2006 Michigan Compiled Laws - Mich. Comp. Laws § 432.41 State lottery fund; creation; payment of prizes; prize structure; investment authority of state treasurer; review of status of installment prize investments; reserves; disposition of earnings.
Act 239 of 1972 432.41 State lottery fund; creation; payment of prizes; prize structure; investment authority of state treasurer; review of status of installment prize investments; reserves; disposition of earnings. Sec. 41. (1) A special fund to be known as the "state lottery fund" is created in the department of treasury. Except as provided in subsection (3), the state lottery fund consists of all revenues received from the sale of state lottery tickets or shares and all other money credited or transferred to the fund from any other fund or sources pursuant to law including interest earnings on common cash attributable to the state lottery fund. Revenue derived from the sale of tickets or shares of any joint enterprise shall be treated in the manner provided for in the joint enterprise participation agreement executed by the commissioner. The commissioner shall deposit net revenue from any joint enterprise in the state lottery fund. Earnings resulting from installment payment of any lottery prizes shall be used for payment of prizes to lottery winners and the prize structure formulated pursuant to sections 11 and 12 shall be established accordingly. (2) The investment authority of the state treasurer with regard to the state lottery fund shall be the same as his or her investment authority with regard to retirement system funds. To assure a continuing availability of money with which to pay state lottery prize installments and to compensate for variations in the yield on investments, every 6 months the commissioner and the state treasurer shall review the status of the installment prize investments and shall agree on an amount to be restricted out of the total revenues of the state lottery fund as a reserve against a drop in yield. If the commissioner and the state treasurer fail to agree on the amount to be reserved, the matter shall be referred to the state administrative board for a decision on the amount to be reserved. (3) Except as provided in subsection (4), after the payment of prizes to the holders of winning state lottery tickets or shares or the payment pursuant to section 32 of the liabilities to this state of holders of winning state lottery tickets or shares, and the payment of the reasonable expenses of the bureau in its operation of the lottery, the net revenue in the state lottery fund and any money or interest generated by the state lottery fund and share of common cash shall be deposited in the state school aid fund and shall be distributed as provided by law. (4) Ten percent of each year's state lottery advertising budget but not to exceed $1,000,000.00 shall be deposited in the compulsive gaming prevention fund created in the compulsive gaming prevention act.
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