68 Ind. Admin. Code 5-3-2

Current through October 31, 2024

Section 68 IAC 5-3-2 - Notification and approval

Authority: IC 4-33-4; IC 4-35-4

Affected: IC 4-33-4-21; IC 4-35

Sec. 2.

(a) A casino licensee, casino license applicant, or affiliate thereof may not enter into a debt transaction without receiving the approval of the commission.

(b) A casino licensee, casino license applicant, or affiliate thereof shall submit, in writing, a request for approval of a debt transaction that includes the following:

(1) The request for approval must be submitted at least ten (10) days before a scheduled meeting of the commission. The executive director shall place the request for approval of a debt transaction on the agenda of the commission meeting to be held under 68 IAC 1-2-5.

(2) A representative of the riverboat licensee, riverboat license applicant, or affiliate thereof shall be present at the commission meeting to answer questions posed by the commission or the executive director.

(3) The approval of the debt transaction will be discussed, and a decision issued by the commission, at the next business meeting of the commission held under 68 IAC 1-2-5.

(c) The request for approval of a debt transaction shall contain, at a minimum, the following information:

(1) The names and addresses of the parties to the debt transaction.

(2) The maximum amount of the funds involved.

(3) The type of debt transaction.

(4) The source of the monies obtained by the casino licensee, casino license applicant, or affiliate thereof.

(5) Sources of collateral.

(6) The purpose of the debt transaction.

(7) The terms of the debt transaction.

(8) The projected interest rate of the material debt transaction.

(9) Filings that must be submitted to a regulatory agency in connection with the debt transaction.

(10) An executive summary of the debt transaction.

(11) A legal opinion that the debt transaction does not violate IC 4-33-4 -21.

(12) Any other information that the executive director deems necessary to ensure compliance with IC 4-33, IC 4-35, and this title.

68 IAC 5-3-2

Indiana Gaming Commission; 68 IAC 5-3-2; filed Jul 18, 1996, 8:55 a.m.: 19 IR 3300; readopted filed Nov 25, 2002, 10:11 a.m.: 26 IR 1261; filed Sep 30, 2004, 11:05 a.m.: 28 IR 526; readopted filed Nov 14, 2008, 12:51 p.m.: 20081210-IR-068080730RFA; filed Dec 6, 2012, 2:32 p.m.: 20130102-IR-068110786FRA

Readopted filed 9/19/2018, 4:09 p.m.: 20181017-IR-068180283RFA