6562-S2 AMS SCHO S5325.4

2SSB 6562 - S AMD - 838

By Senators Schow, Heavey, McCaslin, Roach, Johnson, Rasmussen and Loveland

                                                    ADOPTED 3/3/98

    On page 2, line 9, after "this fund" insert "and from RCW 67.16.105(4)"

2SSB 6562 - S AMD - 838

By Senators Schow, Heavey, McCaslin, Roach, Johnson, Rasmussen and Loveland

                                                    ADOPTED 3/3/98

    On page 4, line 38, after "payment." insert "The commission shall transfer funds generated under subsection (2) of this section equal to the difference between funds collected under this subsection (3) in a calendar year and three hundred thousand dollars, and distribute that amount under this subsection (3).

(4) Beginning July 1, 1999, at the conclusion of each authorized race meet, the commission shall calculate the mathematical average daily gross receipts of parimutuel wagering that is conducted only at the physical location of the live race meet at those race meets of licensees with gross receipts of all their in-state parimutuel machines of more than fifty million dollars.  Such calculation shall include only the gross parimutuel receipts from wagering occurring on live racing dates, including live racing receipts and receipts derived from one simulcast race card that is conducted only at the physical location of the live racing meet, which, for the purposes of this subsection, is "the handle."  If the calculation exceeds eight hundred eighty-six thousand dollars, the licensee shall within ten days of receipt of written notification by the commission forward to the commission a sum equal to the product obtained by multiplying 0.6 percent by the handle.  Sums collected by the commission under this subsection shall be forwarded on the next business day following receipt thereof to the state treasurer to be deposited in the fair fund created in section 2 of this act."

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