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Seminole Indians Proposing to Bail Out Florida Deficit?
April 23, 2009

Here's some irony for ya'!  100 years after the end of the Seminole wars, the State of Florida is looking to the Seminole Indian's for help with the budget deficit for the next couple of years!

By proposing a sort of loan, in which the State would receive four years worth of revenue from the Gambling Compact over a two years period of time, Gov. Crist is hopeful that these funds will put the deficit back on tract. The total would come to $1.1 billion that, according to Gov. Crist, could be put to education.

The loan would work out that Florida would receive a 10% share of all of the Seminole gambling proceeds up to $2 billion and a percentage that will increase up to 25% on anything over $5 billion. However, since Florida is looking to receive most of the proceeds in the first two years, in accordance with the agreement, Florida would receive $600 million the first year, $500 million the next year, 0 the following year and only a wee bit of cash in the fourth year.  
 
The agreement still has to pass through the Legislature and Gov. Crist is hopeful that it will.  So, here’s a big “Thanks” to the Florida Seminole Indian Tribe, oh.. and sorry about that silly war thing…