(a) Required payment.--In addition to the tax imposed under section 13C62 (relating to sports wagering tax), each sports wagering certificate holder shall pay on a weekly basis, on a form and in the manner prescribed by the department, a local share assessment into a restricted receipts account established within the fund. All money owed under this section shall be held in trust by the sports wagering certificate holder until the money is paid into the restricted account. Funds in the restricted account are hereby appropriated to the department on a continuing basis for the purposes set forth under this section.
(b) Distributions.--The department shall, on a quarterly basis, make distributions from the local share assessments deposited into the restricted account under subsection (a) into a restricted receipt account to be established in the Commonwealth Financing Authority to be used exclusively for grants for projects in the public interest in this Commonwealth.
(c) Definitions.--As used in this section, the following words and phrases shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:
"Local share assessment." Two percent of a sports wagering certificate holder's daily gross sports wagering revenue.
Cross References. Section 13C63 is referred to in section 13C62 of this title.