(a) There is established an account to be known as the “debt-free community college account” which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account, including, but not limited to, (1) state appropriations for the debt-free community college program established pursuant to § 10a-174, and (2) deposits from the Connecticut Lottery Corporation in accordance with subsection (d) of § 12-812. Moneys in the account shall be expended by the Board of Regents for Higher Education for the purposes of the debt-free community college program established pursuant to § 10a-174.

Terms Used In Connecticut General Statutes 10a-174a

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

(b) Not later than January 1, 2023, July 1, 2023, January 1, 2024, and January first annually thereafter, the president of the Connecticut Lottery Corporation shall report to the Board of Regents for Higher Education (1) the amount of revenue received by the corporation from online lottery ticket sales, as defined in § 12-801, during the current fiscal year, and (2) an estimate of the amount that will be deposited in the debt-free community college account from such sales pursuant to subsection (d) of § 12-812 during the next fiscal year.

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