Relating generally to video lottery

SB 513 modifies West Virginia's racetrack video lottery funding structure. It establishes a "Licensed Racetrack Modernization Fund" within the State Lottery Fund, allowing licensed racetracks to receive $1 in recoupment for every $2 spent on qualifying facility improvements (like new video terminals or building upgrades) after July 1, 2011. Racetracks must retain new equipment for at least five years. The bill also adjusts how net terminal income is distributed: 30% goes to the State Lottery Fund, 2% to the county where terminals are located, and the remainder covers racetrack operations (replacing separate lottery agent commissions). These changes apply to all fiscal years beginning July 1, 2011, through 2030.