West Virginia Code 29-22A-10g – Redirection of certain amounts from net terminal revenue
(a) The Governor may, by Executive Order, redirect seventy-five percent of the deposits of revenues derived from net terminal income imposed under this article, for any period commencing after June 30, 2017, and ending before July 1, 2018, to the General Revenue Fund, instead of to the funds otherwise mandated in this article, in article two-d, chapter twenty-three of this code or in any other provision of this code, until certification of the Governor to the Legislature that an independent actuary has determined that the unfunded liability of the Old Fund, as defined in chapter twenty-three of this code, has been paid or provided for in its entirety.
Terms Used In West Virginia Code 29-22A-10g
- Net terminal income: means gross terminal income minus an amount deducted by the commission to reimburse the commission for its actual costs of administering racetrack video lottery at the licensed racetrack. See West Virginia Code 29-22A-3
(b) The Governor is authorized to redirect deposits of revenues, pursuant to subsection (a) of this section, notwithstanding the following provisions of code:
(1) Paragraph (B), subdivision (9), subsection (c), section ten of this article;
(2) Paragraph (B), subdivision (9), subsection (a), section ten-b of this article;
(3) Subdivision (1), subsection (g), section ten-d of this article;
(4) Subdivision (1), subsection (f), section ten-e of this article; or
(5) Any other provision of this code to the contrary.