Arizona Laws 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:
Terms Used In Arizona Laws 5-532
- 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 fees and expenses, bond insurance or other credit enhancements or liquidity facilities, attorney and accounting fees and expenses related to credit enhancement, bond insurance or liquidity enhancement, remarketing fees, rating agency fees and costs, travel and telecommunications expenses and all other fees considered necessary by the director in order to market and administer the bonds. See Arizona Laws 5-531
- Bond related obligations: means any agreement or contractual relationship between the director and any bank, trust company, insurance company, surety bonding company, pension fund or other financial institution providing increased credit on, or security for, the bonds or liquidity for secondary market transactions and any agreement to fund or replenish reserves for the bonds. See Arizona Laws 5-531
- Bonds: means any bonds issued pursuant to this article. See Arizona Laws 5-531
- Director: means the director of the department of administration. See Arizona Laws 5-531
- state lottery: means the lottery created and operated pursuant to this chapter. See Arizona Laws 5-551
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
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.
3. Pay fees, charges and expenses incurred with respect to bond related obligations.
4. Fully or partially fund any reserves or sinking accounts for debt service on the bonds established by the bond documents.
B. The director shall authorize the bonds by an appropriate document signed by the director. The bond authorizing document shall prescribe:
1. The fixed or variable rate or rates of interest, the date or dates on which interest is payable and the denominations of the bonds.
2. The date or dates of the bonds and maturity, within twenty years after the date of issuance.
3. The form of the bonds.
4. The manner of executing the bonds.
5. The medium and place of payment.
6. The terms of redemption, which may provide for a premium for early redemption.
C. The bonds issued pursuant to this article shall be known as state lottery revenue bonds.
D. The director shall notify the joint legislative budget committee of the bond’s proposed terms and conditions at least ten days before an initial public offering document is released.