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