Disclosure of Financial Resources

PURPOSE: The purpose of this rule is to set forth the disclosure of financial resources required for the Class A licenses. (1) An applicant for a Class A license must disclose the following with regard to financial resources: (A) An audited financial statement reflecting the applicant’s current assets including investments in affiliated entities, loans and advances receivable and fixed assets and current liabilities including loans and advances payable, long-term debt and equity. (The commission may require additional financial information from each equity and/or debt source.); (B) Equity and debt sources of funds to develop and operate the horse racing facility for which the license is requested— 1. For each source of equity contribution the following information must be included: A. Identification of the source; B. The amount; C. The form; D. Method of payment; E. The nature and amount of present commitment; and F. Documentation; 2. For each source of debt contribution the following information must be provided: A. Identification of the source; B. The amount; C. Terms of the debt; D. Collateral, if any; E. Identity of guarantors, if any; F. Nature and amount of commitments; and G. Documentation; and 3. If the applicant anticipates obtaining further equity or debt contributions, the applicant must disclose the plans for obtaining commitments; and (C) 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. AUTHORITY: section 313.580, RSMo 1986.* This rule originally filed as 12 CSR 5011.090. Original rule filed June 17, 1986, effective Oct. 27, 1986. Amended: Filed June 6, 1989, effective Aug. 24, 1989. Moved to 11 CSR 45-51.090, effective Aug. 28, 1995. *Original authority: 313.580, RSMo 1986.