Adopted by House 6-2-2009
HB113 HFA White #1 6-2McO
Delegate White moves to amend the committee amendment on page nine, section sixteen-a, line one, following the subsection designation "(a)", by inserting a subdivision designation "(1)";
On page nine, section sixteen-a, line fourteen, following the words "chapter five", by striking out the remainder of the subsection and inserting in lieu thereof the following:
"and continued by this section.
(2) All amounts deposited in the fund shall be pledged to the repayment of the principal, interest and redemption premium, if any, on any revenue bonds or refunding revenue bonds authorized by this section. The authority may further provide in the trust agreement for priorities on the revenues paid into the Education, Arts, Sciences and Tourism Debt Service Fund as may be necessary for the protection of the prior rights of the holders of bonds issued at different times under the provisions of this section or section eleven-a, article six, chapter five of this code. The bonds issued pursuant to this section shall be separate from all other bonds which may be or have been issued from time to time under the provisions of section eleven-a, article six, chapter five of this code . The Education, Arts, Sciences and Tourism Debt Service Fund shall be pledged solely for the repayment of bonds issued pursuant to this section and section eleven-a, article six, chapter five of this code . On or prior to May 1 of each year, commencing May 1, 2010, the authority shall certify to the state lottery director the principal and interest and coverage ratio requirements for the following fiscal year on any revenue bonds or refunding revenue bonds issued pursuant to this section, and for which moneys deposited in the Education, Arts, Sciences and Tourism Debt Service Fund have been pledged, or will be pledged, for repayment pursuant to this section.
(3) After the authority has issued bonds authorized by this section, and after the requirements of all funds have been satisfied, including coverage and reserve funds established in connection with the bonds issued pursuant to this section, any balance remaining in the Education, Arts, Sciences and Tourism Debt Service Fund may be used for the redemption of any of the outstanding bonds issued under this section which, by their terms, are then redeemable or for the purchase of the outstanding bonds at the market price, but not to exceed the price, if any, at which redeemable, and all bonds redeemed or purchased shall be immediately canceled and shall not again be issued .";
On page ten, section sixteen-a, line seven, following the words "to the authority", by inserting the words "on or before February 1, 2010,";
On page ten, section sixteen-a, line twenty-three, following the words "on or before", by striking out the word "January" and inserting in lieu thereof the word "February";
On page seventeen, section eight, beginning on line three, following the words "capital improvements", by striking out the words: "or used on a cash basis for community and technical college capital improvements or capital projects. All funds appropriated to the fund by the Legislature prior to the sale of bonds and not needed for initial debt service payments shall be transferred to the fund and may be used on a cash basis by the Council for community and technical college capital improvements or capital projects.", and inserting in lieu thereof the words "or used by the Council on a cash basis as provided under subdivision (4), subsection (j), section eighteen, article twenty-two, chapter twenty-nine of this code for community and technical college capital improvements or capital projects.";
On page nineteen, section eighteen, line twenty-one, following the words "and administration expenses", by striking out the colon and the remainder of the subsection and inserting a period.
On page twenty-four, section eighteen, line eleven, following the words "bonds or refunding bonds", by inserting the words "issued in accordance with section eleven-a, article six, chapter five or section sixteen-a, article fifteen, chapter thirty-one of this code";
On page twenty-four, section eighteen, beginning on line twenty, following the words "provisions of", by striking out the words "that section" and inserting the words "section eleven-a, article six, chapter five or section sixteen-a, article fifteen, chapter thirty-one of this code";
And,
On page twenty-six, section eighteen, line twelve, following the words "net lottery profits" and the period, by striking out the remainder of the subdivision.


ADOPTED

REJECTED