11 Va. Admin. Code § 10-20-80

Current through Register Vol. 41, No. 8, December 2, 2024

Section 11VAC10-20-80 - Disclosure of financial resources

An applicant for license must provide the following with regard to financial resources:

1. The most recent independently audited financial statement showing:

a. The applicant's current assets, including investments in affiliated entities, loans and accounts receivable;

b. Fixed assets;

c. Current liabilities, including loans and accounts payable; and

d. Long-term debt and equity; and

e. Statement of income and expenses, and statement of cash flow;

2. Equity and debt sources of funds to develop, own and operate the horse racing facility:

a. With respect to each source of equity:

(1) Contribution;

(2) Identification of the source;

(3) Amount;

(4) Form;

(5) Method of payment;

(6) Nature and amount of present commitment; and

(7) Documentation, copies of agreements and actions which the applicant will take to obtain commitments for additional amounts;

b. With respect to each source of debt:

(1) Contribution;

(2) Identification of the source;

(3) Amount;

(4) Terms of debt;

(5) Collateral;

(6) Identity of guarantors;

(7) Nature and amount of commitments; and

(8) Documentation, copies of agreements and actions which the applicant will take to obtain commitments for additional amounts; and

3. Identification and description of sources of additional funds if needed due to cost overruns, nonreceipt of expected equity or debt funds, failure to achieve projected revenues or other cause.

11 Va. Admin. Code § 10-20-80

Derived from VR662-01-02 § 2.7, eff. March 14, 1990; amended, Virginia Register Volume 6, Issue 13, eff. April 25, 1990; Volume 10, Issue 13, eff. April 20, 1994.

Statutory Authority

§ 59.1-369 of the Code of Virginia.