5-531. Definitions In this article, unless the context otherwise requires: 1. " Bond related expenses" means any expenses incurred by the director to issue and administer the bonds, including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying agent fees, transfer agent fees, legal, accounting, feasibility consultant and other professional […]
5-532. Authorization of state lottery revenue bonds A. The director shall issue state lottery revenue bonds pursuant to this article in an amount sufficient to provide monies to: 1. Deposit in the state general fund by December 31, 2010 an amount of not more than four hundred fifty million dollars. 2. Pay bond related expenses. […]
5-533. Issuance and sale of bonds; state lottery revenue bond proceeds fund; use of bond proceeds A. The state lottery revenue bonds shall be sold at public or private sale at the price and on the terms prescribed by the director at, above or below par. The first four hundred fifty million dollars of proceeds […]
5-534. State lottery revenue bond debt service fund A. The state lottery revenue bond debt service fund is established. The fund shall consist of monies transferred pursuant to law. The department shall administer and account for the state lottery revenue bond debt service fund. B. If the director issues state lottery revenue bonds: 1. Amounts […]
5-535. Securing principal and interest; refunding bonds A. In connection with issuing state lottery revenue bonds authorized by this article and to secure the principal and interest on the bonds, the director may: 1. Segregate the state lottery revenue bond debt service fund into one or more accounts and subaccounts and provide that bonds issued […]
5-536. Lien of pledge A. Any pledge made under this article in connection with state lottery revenue bonds is valid and binding from the time the pledge is made. B. The monies pledged and received by the state lottery revenue bond debt service fund and by the state lottery fund to be placed in the […]
5-537. Bond purchase; cancellation The director may purchase bonds for cancellation out of any monies available for the purchase, at a price of not more than either of the following: 1. If the bonds are redeemable at the time of the purchase, the applicable redemption price plus accrued interest to the next interest payment date […]
5-538. Payment of bonds The state lottery revenue bonds shall be paid solely from monies from the state lottery revenue bond debt service fund established by section 5-534.
5-539. Investment of monies; funds A. The director may authorize the state treasurer or bond trustee to invest monies in the state lottery revenue bond proceeds fund and the state lottery revenue bond debt service fund. B. The order directing an investment may state a specified time when the monies invested will be used. The […]
5-540. Characteristics of bonds; negotiable; exemption from taxation; obligation; legal investments A. State lottery revenue bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial […]
5-541. Effect of changing circumstances of bonds; agreement of state A. An amendment of any provision of this article does not diminish or impair the validity of bonds issued under this article or the remedies and rights of bondholders. B. This state pledges to and agrees with the holders of the bonds authorized by this […]
5-542. Validity of bonds A. This article constitutes full authority for authorizing and issuing state lottery revenue bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be construed […]
5-543. State officials to comply with agreements Notwithstanding any other law, all state officials shall comply with all agreements made by the director with or for the benefit of the owners of its state lottery revenue bonds. The executive director of the state lottery commission shall provide assistance and information as requested by the director […]
