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.
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.
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