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Loan For Oklahoma’s Lottery Operation Delayed

Oklahoma LotteryOklahoma Lottery: Loan For Oklahoma’s Lottery Operation Delayed

Oklahoma Lottery Commission officials said Monday instant lottery tickets should still go on sale in October, despite an unexpected delay in obtaining loan funds for the state's new lottery operation.

The commission is negotiating with lenders for a line of credit of up to $10 million to get the lottery off the ground.

Gary Bush, bond attorney, told the panel that after the loan is approved by the state Council on Bond Oversight, it goes to the attorney general for approval and then a 30-day "cooling off" period is required by state law before the transaction can be completed.

Bush said after the 30 days, the commission cannot be sued over the loan. He said as things now stand, the commission may not get the loan funds until mid-August.

Jim Orbison, commission chairman, said the loan is a straight forward transaction permitted by the state lottery question and he does not anticipate it will face a legal challenge.

Officials said one of the lending institutions is seeking additional financial information before approving the loan.

In order to speed up the loan process, the commission scheduled meetings for Friday and next Tuesday to vote on the loan.

James Scroggins, executive director of the lottery, said the delay does not threaten the effort to have instant lottery tickets available for sale in October.

Orbison said the commission also hopes to begin online lottery sales by November, earlier than originally expected.

In other action, the commission held an executive session to settle on request-for-proposal forms for lottery games, which will become public as soon as the forms are posted on the Department of Central Services Web site.

The commission has already obligated most of the $500,000 appropriation it received from the Legislature, but will hold expenditures down until it gets additional financing, officials said.

The commission voted to spend up to $10,000 on an interagency contract with the University of Oklahoma Center for Business Management to produce a database of retailers who will sell lottery tickets.

Commissioners also voted to have a subcommittee review 13 firms that are seeking to provide legal services to the new agency and make a recommendation to the full panel.

AP

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8 comments. Last comment 11 years ago by LOTTOMIKE.
Page 1 of 1
Tnplayer805's avatar - G 14_v78828750_Small.JPG
North Dakota
United States
Member #13397
April 5, 2005
1623 Posts
Offline
Posted: June 29, 2005, 6:36 pm - IP Logged

I will be in OK in Nov.  It will be interesting to see what games they have and whether or not they use balls or computer for their first number's game.

How are you going to win if you don't play?


    United States
    Member #379
    June 5, 2002
    11296 Posts
    Offline
    Posted: July 2, 2005, 1:29 pm - IP Logged

    I plan to be out there the day it starts.

      Todd's avatar - Cylon 2.gif
      Chief Bottle Washer
      New Jersey
      United States
      Member #1
      May 31, 2000
      23267 Posts
      Offline
      Posted: July 2, 2005, 1:30 pm - IP Logged

      To pick up scratch tickets?

       

      Check the State Lottery Report Card
      What grade did your lottery earn?

       

      Sign the Petition for True Lottery Drawings
      Help eliminate computerized drawings!


        United States
        Member #379
        June 5, 2002
        11296 Posts
        Offline
        Posted: July 2, 2005, 1:34 pm - IP Logged

        I have friends near Tulsa.

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
          United States
          Member #1
          May 31, 2000
          23267 Posts
          Offline
          Posted: July 2, 2005, 1:36 pm - IP Logged

          Are you timing your visit to coincide with scratch tickets going on sale in Oklahoma?

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!


            United States
            Member #379
            June 5, 2002
            11296 Posts
            Offline
            Posted: July 2, 2005, 1:37 pm - IP Logged

            Yes I am.

              Todd's avatar - Cylon 2.gif
              Chief Bottle Washer
              New Jersey
              United States
              Member #1
              May 31, 2000
              23267 Posts
              Offline
              Posted: July 2, 2005, 1:39 pm - IP Logged

              I wish you success.  Don't forget to bring your lucky quarter (for scratching).

               

              Check the State Lottery Report Card
              What grade did your lottery earn?

               

              Sign the Petition for True Lottery Drawings
              Help eliminate computerized drawings!

                LOTTOMIKE's avatar - cash money.jpg
                Tennessee
                United States
                Member #7853
                October 15, 2004
                11338 Posts
                Offline
                Posted: July 28, 2005, 3:35 am - IP Logged

                does anyone know if OK is going to be computerized or balls......