The net proceeds received from the state lottery for education as provided by law must be deposited by the State Treasurer in a fund separate and distinct from the state general fund entitled the "Education Lottery Account". All interest or income earned by the fund must be retained in the account and used for its stated purposes. However, all revenue received by the Education Lottery Account in any fiscal year together with earnings on it for that year must be disbursed as required by Section 59-150-350 and as appropriated by the General Assembly in its annual general appropriations bill or any bill appropriating monies for previous or current fiscal years. It is the intent of the General Assembly in creating this Education Lottery Account that its funds be managed so as to establish and fund these programs permanently. Upon receipt of monies transferred to the Education Lottery Account held by the State Treasurer, these monies must be appropriated by the General Assembly in its annual general appropriations bill or any bill appropriating monies for previous or current fiscal years to the programs and for the purposes stipulated in Section 59-150-350. The Comptroller General shall record these revenues received on a cash basis, and disbursements for the purposes provided also must be on a cash basis; however, unexpended funds at the end of a fiscal year after disbursement to the programs authorized to receive the funds as provided in Section 59-150-350 and as appropriated by the General Assembly in its annual general appropriations bill or any bill appropriating monies for previous or current fiscal years may be carried forward to future years and expended for the same purposes. Notwithstanding any other provision of law, no distribution may be made from the Education Lottery Account until net proceeds in the account exceed thirty-five million dollars.
HISTORY: 2001 Act No. 59, Section 2.
Structure South Carolina Code of Laws
Chapter 150 - South Carolina Education Lottery Act
Section 59-150-10. Short title.
Section 59-150-20. Definitions.
Section 59-150-30. Lottery Commission created; management performance audit.
Section 59-150-50. Duties of the board.
Section 59-150-60. Powers of the commission.
Section 59-150-80. Executive director; internal auditor.
Section 59-150-90. Executive director, duties, and powers; prohibited campaign activities.
Section 59-150-110. Lottery Retailer Advisory Board.
Section 59-150-120. Assistance to small and minority businesses; annual report.
Section 59-150-165. State and national criminal background investigation.
Section 59-150-200. Lottery retailer rental payments.
Section 59-150-210. Sales restrictions.
Section 59-150-220. Instant tickets; theft, loss, or damage.
Section 59-150-230. Lottery prizes.
Section 59-150-270. False statements to commission, false entries in records.
Section 59-150-290. Compliance with Consolidated Procurement Code.
Section 59-150-300. Review board actions.
Section 59-150-320. Lottery finances.
Section 59-150-325. Education Lottery Oversight Committee.
Section 59-150-330. Set off of certain debts against prizes; definitions; remedies.
Section 59-150-340. Education Lottery Account.
Section 59-150-350. Education Lottery Account management.
Section 59-150-355. Education lottery appropriations and uses.
Section 59-150-356. Use of Education Lottery funds for technology.
Section 59-150-365. South Carolina Workforce Industry Needs Scholarship.
Section 59-150-370. HOPE Scholarships; eligibility; administration; reporting requirement.
Section 59-150-375. Scholarships for visual or hearing impaired or multi-handicapped students.
Section 59-150-380. Educational Lottery Teaching Scholarship Grants Program.
Section 59-150-390. Primary and secondary technology funding.