Attorney General No.

SA83RF0043

Secretary of State No.

349

Description

STATE LOTTERY LAW. INITIATIVE CONSTITUTIONAL AMENDMENT. Amends constitution to establish state lottery. Money collected is deposited in State Lottery Fund and distributed as follows: State General Fund, 10%. General fund of county where ticket sold, 5%. Retail seller, 10%. Lottery administration, 5%. Prizes of $1,000,000 each, paid over 10 to 20 year period, 70%. Money in State Lottery Fund is to be loaned to qualified home buyers, at not to exceed 85% of current average interest rate, to purchase homes not exceeding 110% of median price in county. Contains specific provisions regarding operation and administration of lotteries and home loans. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The potential revenue increases from the lottery proposed in this initiative are indeterminable.

Proponents

Thomas K. Sullivan, 1735 South Winchester Boulevard, Campbell, Ca 95008 (408) 379-7660

Date

1-26-1984

Document Type

Initiative

Qualified

Failed to Qualify

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