Vermont § 656 - State Lottery Fund

§ 656. State Lottery Fund

• (a) There is hereby created in the State Treasury a separate fund to be known as the State
  Lottery Fund. The Fund shall consist of all revenues received from the Treasurer for
  initial funding, from sale of lottery tickets, from license fees, and from all other
  money credited or transferred from any other fund or source pursuant to law. The monies
  in the State Lottery Fund shall be disbursed pursuant to subdivision 651(11) of this title and shall be disbursed by the Treasurer on warrants issued by the Commissioner of
  Finance and Management, when authorized by the Commissioner of Liquor and Lottery
  and approved by the Commissioner of Finance and Management. (b) Expenditures for administrative and overhead expenses of the operation of the State
  Lottery, except agent and bank commissions, shall be paid from Lottery receipts from
  an appropriation authorized for that purpose. Agent commissions shall be set by the
  Board of Liquor and Lottery and shall not exceed 6.25 percent of gross receipts and
  bank commissions shall not exceed one percent of gross receipts. Once the draw game
  results become official, the payment of any commission on any draw game ticket that
  wins at least $10,000.00 shall be made through the normal course of processing payments
  to lottery agents, regardless of whether the winning ticket is claimed. (c) Not less than 50 percent of gross receipts shall be paid out as prizes. (d) Annuities for lottery winners shall be purchased by the State Treasurer. The State
  Treasurer shall make all investments of State Lottery Fund monies. (Added 1977, No. 82, § 2, eff. April 27, 1977; amended 1979, No. 54, § 3; 1979, No. 98 (Adj. Sess.), § 1; 1983, No. 195 (Adj. Sess.), § 5(b); 1985, No. 15; 1997, No. 155 (Adj. Sess.), § 66g; 2003, No. 66, § 52a; 2013, No. 113 (Adj. Sess.), § 1; 2018, No. 1 (Sp. Sess.), § 96.)