<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".33" citation="COMAR 09.10.06.33" title_num="09" subtitle_num="10" chapter_num="06" heading="Funding.">
  <paragraph num="A.">
    <text>The application documents shall state the source of funds for the construction or operation of the racetrack.</text>
  </paragraph>
  <paragraph num="B.">
    <text>If a source of funds listed under §A of this regulation is an equity contribution, the applicant shall disclose the:</text>
    <paragraph num="(1)">
      <text>Amount of contribution;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Terms of any commitment from that source; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>If the contribution is other than cash or cash equivalent, the basis for valuing the noncash contribution.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>If a source of funds listed under §A of this regulation is a debt contribution, the applicant shall disclose the:</text>
    <paragraph num="(1)">
      <text>Amount of contribution;</text>
    </paragraph>
    <paragraph num="(2)">
      <text>Terms of any commitment from that source; and</text>
    </paragraph>
    <paragraph num="(3)">
      <text>If the contribution is other than cash or cash equivalent, the basis for valuing the noncash contribution.</text>
    </paragraph>
  </paragraph>
  <paragraph num="D.">
    <text>The application documents shall include documents from which the Commission can conclude that financing for the racetrack is reasonably assured, such as a letter of commitment, and that the financing is conditioned only on conditions normal and customary to a sophisticated financing, such as acquisition of zoning variances, building permits, and other government approval.</text>
  </paragraph>
  <paragraph num="E.">
    <text>The application documents shall describe alternate sources of funds for unexpected occurrences, such as cost overruns, nonreceipt of equity or debt funds, or overestimated revenues.</text>
  </paragraph>
  <paragraph num="F.">
    <text>The application documents shall state the amount of working capital the applicant intends to have available for the first 6 weeks of racetrack operations, including funds for the payment of expenses for officials, drug testing, and purses.</text>
  </paragraph>
  <paragraph num="G.">
    <text>Together with the funding disclosures under this regulation, the application documents shall show proof of the financial ability of the applicant to complete the project.</text>
  </paragraph>
</regulation>