3772.28 [Effective 9/10/2010] Approval for debt transactions. - Ohio Statutes

3772.28 [Effective 9/10/2010] Approval for debt transactions.

(A) A casino operator shall not enter into a debt transaction without the approval of the commission. The casino operator shall submit, in writing, a request for approval of a debt transaction that contains at least the following information:

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

(2) The amount of the funds involved;

(3) The type of debt transaction;

(4) The source of the funds to be obtained;

(5) All sources of collateral;

(6) The purpose of the debt transaction;

(7) The terms of the debt transaction;

(8) Any other information deemed necessary by the commission.

(B) As used in this section, “debt transaction” means a transaction by a casino operator concerning a casino facility totaling five hundred thousand dollars or more in which a casino operator acquires debt, including bank financing, private debt offerings, and any other transaction that results in the encumbrance of assets.

Added by 128th General Assembly File No. 38, HB 519, § 1, eff. 9/10/2010.