Corporation Authorized to Borrow Money; Validation of Debt; Restriction on Use of Money in State General Fund; Purchase or Release of Goods and Services

  1. Law
  2. Georgia Code
  3. State Government
  4. Lottery for Education
  5. General Provisions
  6. Corporation Authorized to Borrow Money; Validation of Debt; Restriction on Use of Money in State General Fund; Purchase or Release of Goods and Services

Checkout our iOS App for a better way to browser and research.

  1. The corporation may borrow, or accept and expend, in accordance with the provisions of this chapter, such moneys as may be received from any source, including income from the corporation's operations, for effectuating its corporate purposes, including the payment of the initial expenses of initiation, administration, and operation of the corporation and the lottery.
  2. Any debt of the corporation may be validated pursuant to the provisions of subsection (e) of Code Section 50-17-25, and the provisions of such subsection relating to the State Financing and Investment Commission shall be deemed to apply to the corporation.
  3. The corporation shall be self-sustaining and self-funded. Moneys in the state general fund shall not be used or obligated to pay the expenses of the corporation or prizes of the lottery, and no claim for the payment of an expense of the lottery or prizes of the lottery may be made against any moneys other than moneys credited to the corporation operating account.
  4. The corporation may purchase, lease, or lease-purchase such goods or services as are necessary for effectuating the purposes of this chapter. The corporation may make procurements which integrate functions such as lottery game design, lottery ticket distribution to retailers, supply of goods and services, and advertising.In all procurement decisions, the corporation shall take into account the particularly sensitive nature of the state lottery and shall act to promote and ensure security, honesty, fairness, and integrity in the operation and administration of the lottery and the objectives of raising net proceeds for the benefit of educational programs and purposes.

(Code 1981, §50-27-32, enacted by Ga. L. 1992, p. 3173, § 2.)


Download our app to see the most-to-date content.