Oklahoma Lottery Commission Selects JPMorgan Chase for State Lottery Financing

By Packham, Jeff | THE JOURNAL RECORD, July 8, 2005 | Go to article overview

Oklahoma Lottery Commission Selects JPMorgan Chase for State Lottery Financing


Packham, Jeff, THE JOURNAL RECORD


A $10 million revolving line of credit offered by JPMorgan Chase Bank was approved Thursday by the Oklahoma Lottery Commission in an effort to secure financing for staff and other operational expenses needed to reach implementation sometime later this year.

JPMorgan Chase was selected after five proposals had been submitted to provide the financing for the Lottery Commission until lottery revenues are generated. Commission Treasurer Thomas Riley said three of the proposals were set aside due to issues involving structure and costs, which left the bids from JPMorgan Chase and Citigroup.

Riley said the bid from Citigroup originally came in at a higher cost than the one from JPMorgan Chase and could actually reach a level much higher than the accepted bid when considering the interest rate. Both bids involved a note, Riley said.

The approval of the JPMorgan bid was the latest of several steps required in moving forward with accepting a lender to assist the Lottery Commission in its first full fiscal year. Riley said the bid was already approved by the Council on Bond Oversight on June 30, which prevented the bid from stalling for another month.

That allowed us to move forward without delay, Riley said.

The target date for scratch-off lottery tickets is set for October while online games are anticipated for November. Riley said he estimates that given the $65 million forecast of lottery revenues for the current fiscal year, the lottery stands to lose $800,000 in gross revenues per day if the target dates aren't reached.

The proposal by JPMorgan Chase includes a provision allowing the pricing to be based on how much is drawn as opposed to the entire line of credit. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Oklahoma Lottery Commission Selects JPMorgan Chase for State Lottery Financing
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.