Bredesen wants to distribute Lottery reserves

NASHVILLE, Tenn. (AP) -- Gov. Phil Bredesen says the Lottery's huge cash reserves need to be distributed.

Bredesen, a Democrat, tells The Associated Press that he's abandoning last year's proposal to create a $100 million pool that would have served as collateral to improve credit ratings for school districts.

The governor says last year's plan never gained any traction among lawmakers who are more interested in writing checks than improving bond ratings.

Bredesen has yet to detail the specifics of how he would like to see the money spent. But he wants to make sure it isn't just a blanket handout that some school districts might use as a substitute instead of a supplement for construction funding.

The Lottery has about $400 million stored up in its reserves.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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