I had heard one ad along the lines of "it will strengthen Education and free up some of the general fund money for other critical projects" which for me translates into "the money goes into the general fund to be done with as they see fit according to our laws".

I'm actually happy to hear that if it passes that some of the $ will go to the tracks. The original legislation (back in the mid-80s) was that slots could only be at the tracks with X% going to the players, Y% going to purse enhancement (since purses are created by a complex factor of % $ bet + entry fees figuring exactly how much is from slots is clean), Z% going to plant improvement, and Q% going to the general fund. Do you have links to the companion legislation?