Connecticut General Statutes 12-812 – Duties of president
(a)(1) The president of the corporation, subject to the direction of the board, shall conduct daily, weekly, multistate, special instant or other lottery games and shall determine the number of times a lottery shall be held each year, the form and price of the tickets and the aggregate amount of prizes, which shall not be less than forty-five per cent of the sales unless required by the terms of any agreement entered into for the conduct of multistate lottery games. The proceeds of the sale of tickets, other than from online lottery ticket sales, shall be deposited in the lottery and gaming fund of the corporation from which prizes shall be paid, upon vouchers signed by the president, or by either of two persons designated and authorized by him, in such numbers and amounts as the president determines. The corporation may limit its liability in games with fixed payouts and may cause a cessation of sales of tickets of certain designation when such liability limit has been reached.
Terms Used In Connecticut General Statutes 12-812
- 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.
- Trustee: A person or institution holding and administering property in trust.
(2) The president of the corporation, subject to the direction of the board, shall conduct retail sports wagering, online sports wagering and fantasy contests, if licensed to do so pursuant to § 12-853. The proceeds of such wagering and contest activities shall be deposited in the lottery and gaming fund of the corporation from which winnings shall be paid and from which the payments required by sections 12-867 and 12-868 shall be made.
(b) The president, subject to the direction of the board, may enter into agreements for the sale of product advertising on lottery tickets, play slips and other lottery media.
(c) On a weekly basis, the president shall estimate, and certify to the State Treasurer, that portion of the balance in the lottery and gaming fund which exceeds the current needs of the corporation for the payment of prizes and winnings, the payments required by sections 12-867 and 12-868, the payment of current operating expenses and funding of approved reserves of the corporation. The corporation shall transfer the amount so certified from the lottery and gaming fund of the corporation to the General Fund upon notification of receipt of such certification by the Treasurer, except that if the amount on deposit in the Connecticut Teachers’ Retirement Fund Bonds Special Capital Reserve Fund, established in § 10-183vv, is less than the required minimum capital reserve, as defined in subsection (b) of said section, the corporation shall pay such amount so certified to the trustee of the fund for deposit in the fund. If the corporation transfers any moneys to the General Fund at any time when the amount on deposit in said capital reserve fund is less than the required minimum capital reserve, the amount of such transfer shall be deemed appropriated from the General Fund to the Connecticut Teachers’ Retirement Fund Bonds Special Capital Reserve Fund.
(d) The proceeds of online lottery ticket sales shall be deposited in the online lottery ticket sales fund of the corporation established pursuant to § 12-853a. On a weekly basis, the president shall estimate, and certify to the State Treasurer, that portion of the balance in such fund which exceeds the current needs of the corporation for the payment of prizes, the payment of current operating expenses and funding of approved reserves of the corporation related to online lottery ticket sales. For the fiscal years ending June 30, 2022, and June 30, 2023, upon notification of receipt of such certification by the State Treasurer, the corporation shall transfer the amount so certified to the General Fund. For the fiscal year ending June 30, 2024, and each fiscal year thereafter, the corporation shall, upon notification of receipt of such certification by the State Treasurer, (1) transfer the amount so certified to the debt-free community college account established pursuant to § 10a-174a, until the corporation has transferred a total of fourteen million dollars in a fiscal year to said account, and (2) transfer any amount remaining after the transfers required by subdivision (1) of this subsection to the General Fund.
(e) On a monthly basis, the president shall estimate and certify to the Secretary of the Office of Policy and Management, the amount that the corporation transferred to the General Fund, pursuant to subsection (c) of this section and § 12-867, that was from the proceeds of retail sports wagering at a retail sports wagering facility at the XL Center in Hartford that exceeds the payment of prizes and winnings, the payment of any federal excise taxes applicable to such sums received, the payment of current operating expenses and the funding of approved reserves of the corporation.