2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 24 - New Mexico Lottery
Section 6-24-24 - Disposition of revenue.

A. As nearly as practical, an amount equal to at least fifty percent of the gross annual revenue from the sale of lottery tickets shall be returned to the public in the form of lottery prizes.

B. No later than the last business day of each month, the authority shall transmit at least twenty-seven percent of the gross revenue of the previous month until December 31, 2008 and at least thirty percent of the gross revenue of the previous month thereafter to the state treasurer, who shall deposit it in the lottery tuition fund.

C. Operating expenses of the lottery include all costs incurred in the operation and administration of the lottery and all costs resulting from any contracts entered into for the purchase or lease of goods or services required by the lottery, including the costs of supplies, materials, tickets, independent audit services, independent studies, data transmission, advertising, promotion, incentives, public relations, communications, commissions paid to lottery retailers, printing, distribution of tickets, purchases of annuities or investments to be used to pay future installments of winning lottery tickets, debt service and payment of any revenue bonds issued, contingency reserves, transfers to the reserve fund and any other necessary costs incurred in carrying out the provisions of the New Mexico Lottery Act.

History: Laws 1995, ch. 155, § 24; 2000, ch. 52, § 1; 2001, ch. 300, § 3; 2007, ch. 72, § 5.

The 2007 amendment, effective July 1, 2007, required the authority to transfer at least twenty-seven percent of monthly gross revenues to the lottery tuition fund until December 31, 2008 and thereafter to transfer at least thirty percent of monthly gross revenues and deleted the transfer of balances to the lottery tuition fund.

The 2001 amendment, effective June 15, 2001, in Subsection B, after "who shall deposit", substituted "them" for "fifty percent of the revenues in the public school capital outlay fund for expenditure pursuant to the provisions of the Public School Capital Outlay Act and fifty percent".

The 2000 amendment, effective July 1, 2000, in Subsection B, changed percentages for the deposits of net revenue from sixty to fifty percent for the public school capital outlay fund and from forty to fifty percent for the lottery tuition fund.