Gov. Crist signs bill to allow more gambling money to flow to schools
Using a Miami high school as a backdrop, Gov. Charlie Crist this morning signed into law SB 788, which sets terms for the Seminole Tribe to expand gambling in Florida in exchange for its financial support of public schools.
“I am grateful to the Florida Legislature and the Seminole Tribe of Florida for their desire to provide much-needed funds for the children of our state,” Crist said in a news release. “A ratified agreement will provide much needed revenue that can help us develop world-class schools throughout the Sunshine State .”
The bill allows Crist to negotiate with the Seminole Tribe to add specific types of gambling in seven places within the tribal land. The deal would guarantee Florida schools a minimum of $150 million annually, along with additional revenue sharing on the following schedule:
- 12 percent of profits up to $2.5 billion.
- 15 percent of profits between $2.5 billion and $3 billion.
- 20 percent of profits between $3 billion and $4 billion.
- 22.5 percent of profits between $4 billion and 4.5 billion.
- 25 percent of any profits above $4.5 billion
(Photo from flanews.com)