11 CSR 45-53.070
Disclosure of Financial Resources
PURPOSE: This rule sets forth the disclosure
of financial resources required for the Class
D licenses.
(1) An applicant for a Class D license must
disclose the following with regard to financial
resources:
(A) An audited financial statement of each
of the three (3) previous fairs for which parimutuel wagering is proposed.
1. If the application is for a fair which
has not been conducted in each of the three
(3) previous years, audited financial statements must be provided for all previous fairs.
2. If the application is for a fair which
has never been conducted, applicant must so
state;
(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 the 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 5013.070. Emergency rule filed June 5, 1986,
effective June 15, 1986, expired Oct. 13,
1986. Original rule filed June 12, 1986,
effective Oct. 27, 1986. Moved to 11 CSR 4553.070, effective Aug. 28, 1995.
*Original authority: 313.580, RSMo 1986.