REPRESENTATIVES Schneider, Clancy, Peterson, Hollister, Schmidt, Seitz, Carmichael, Carano, Aslanides, Beatty, Flowers, Barrett, Daniels, Chandler, Gilb, Kearns, Koziura, McGregor, Miller, Olman, Strahorn, Skindell, Woodard, Sferra, Allen, Brown, Cirelli, DeBose, Domenick, C. Evans, Grendell, Key, Oelslager, S. Patton, T. Patton, Price, Slaby, Ujvagi, Wilson

To amend sections 9.98, 9.981, 9.982, 122.63, 133.01,

1

133.08, 133.081, 133.10, 149.43, 169.05, 173.08,

2

175.08, 175.09, 175.21, 175.22, 175.23, 175.24,

3

175.25, 175.26, 176.05, 176.06, 176.07, 319.63,

4

and 1349.11, to amend, for the purpose of adopting

5

new section numbers as indicated in parentheses,

6

sections 175.08 (175.09), 175.09 (175.10), 175.21

7

(174.02), 175.22 (174.03), 175.23 (174.04), 175.24

8

(174.05), 175.25 (174.06), and 175.26 (174.07), to

9

enact new sections 175.01 to 175.08 and 175.11 to

10

175.13 and section 174.01, and to repeal sections

11

175.01, 175.02, 175.03, 175.04, 175.041, 175.05,

12

175.06, 175.07, 175.10, 175.11, 175.12, 175.13,

13

175.14, and 175.15 of the Revised Code to remove

14

the Ohio Housing Finance Agency from the

15

Department of Development, making the Ohio Housing

16

Finance Agency an independent agency, to make

17

other changes to the Ohio Housing Finance Agency

18

Law, to make certain alternate provisions of the

19

bond issuance law applicable to bonds issued under

20

the Uniform Public Securities Law, to amend the

21

definition of interest rate hedge to allow a

22

requirement that an issuer issue bonds at a future

23

date, and to add to certain financing and credit

24

enhancement techniques applicable to bonds

25

authority for the bond proceedings to provide for

26

the proceeds from the sale of bonds to be held in

27

escrow and invested in United States government

28

securities and used for the purpose of retiring

29

the bonds or other obligations of the bond issuer.

30

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That sections 9.98, 9.981, 9.982, 122.63, 133.01,	31
133.08, 133.081, 133.10, 149.43, 169.05, 173.08, 175.08, 175.09,	32
175.21, 175.22, 175.23, 175.24, 175.25, 175.26, 176.05, 176.06,	33
176.07, 319.63, and 1349.11 be amended, sections 175.08 (175.09),	34
175.09 (175.10),175.21 (174.02), 175.22 (174.03), 175.23 (174.04),	35
175.24 (174.05), 175.25 (174.06), and 175.26 (174.07) be amended	36
for the purpose of adopting new section numbers as indicated in	37
parentheses, and new sections 175.01, 175.02, 175.03, 175.04,	38
175.05, 175.06, 175.07, 175.08, 175.11, 175.12, and 175.13 and	39
section 174.01 of the Revised Code be enacted to read as follows:	40

Sec. 9.98.  As used in sections 9.98 to 9.983 of the Revised	41
Code:	42

(A) "Absolute obligor" means the person, other than the	43
issuer, ultimately responsible under a loan agreement, lease, or	44
sale or installment sale agreement, or other contract with the	45
issuer to make payments necessary to provide adequate moneys to	46
meet the debt service on the bonds, whether or not such payments	47
are also provided for pursuant to a credit facility.	48

(B) "Administrative agent" means a bank, trust company, or	49
other person which has responsibility for authenticating,	50
delivering, or redeeming commercial paper on behalf of the issuer.	51

(C) "Agent" means, as applicable, one or more of the persons	52
who are administrative agents, indexing agents, remarketing	53
agents, or other persons having responsibility for performing	54
functions with respect to floating rate interest structures or put	55
arrangmentsarrangements.	56

(D) "Bonds" means bonds, notes, or other obligations	57
evidencing the borrowing of money, whether or not interest	58
bearing, or in coupon, registered, or book entry form, and	59
includes, as appropriate, coupons or interest, if any, pertaining	60
thereto.	61

(E) "Bond proceedings" means resolutions, ordinances, orders,	62
trust agreements, indentures, and bonds, loan, sale, or	63
installment sale agreements, agreements with administrative,	64
indexing, or remarketing agents, and agreements pertaining to	65
credit facilities, interest rate hedges, and put arrangements,	66
which authorize or provide for the terms, security, liquidity,	67
issuance, marketing, remarketing, delivery, carrying, redemption,	68
or payment of bonds, or the investment of moneys pertaining to	69
bonds.	70

(F) "Commercial paper" means bonds with one or more	71
maturities of three hundred sixty-five days or less which, under	72
the bond proceedings, are expected to be funded by the issuance of	73
additional bonds with maturities of three hundred sixty-five days	74
or less, whether or not ultimately to be funded with long term	75
bonds.	76

(G) "Credit facility" means letters of credit, lines of	77
credit, stand-by, contingent, or firm bond purchase agreements,	78
insurance or surety arrangements, and guarantees, and other	79
arrangements which provide for direct payment of debt service on	80
bonds, for security or for additional security in the event of	81
nonpayment or default in respect of bonds, or for making payment	82
to bondholders under put arrangements, or for otherwise supporting	83
the credit or liquidity of the bonds, and includes credit,	84
reimbursement, subrogation, and other agreements and arrangements	85
for reimbursement, and security for the reimbursement, of the	86
person providing the credit facility.	87

(H) "Debt service" means the principal, interest, and	88
redemption premium payments, and any deposits pertaining thereto,	89
required with respect to bonds.	90

(I) "Floating rate interest structure" means provisions in	91
the bond proceedings whereby the interest rate or rates payable on	92
the bonds, or upon successive series of commercial paper, vary	93
from time to time pursuant to or in relation to an index provided	94
by an indexing agent or otherwise established, a formula, base,	95
publicly announced rate, yields on other obligations,	96
determinations of an agent, or any one or combination of the	97
foregoing, with or without approval or consent of the absolute	98
obligor or issuer as provided in the bond proceedings.	99

(J) "Indexing agent" means a person with responsibility for	100
establishing, adjusting and maintaining an index of interest rates	101
or yields for purposes of a floating rate interest structure.	102

(K) "Interest rate period" means that period of time during	103
which an interest rate or rates established under a floating rate	104
interest structure will pertain, which periods may be altered or	105
become fixed pursuant to the bond proceedings upon stated	106
occurrences or upon determination of the absolute obligor or	107
issuer.	108

(L) "Interest rate hedge" means any arrangement by:

109

(1) By which either:

110

(1)(a) The different interest costs or receipts at fixed	111
interest rates and at floating interest rates, or at different	112
maturities, are exchanged on stated amounts of bonds or	113
investments, or on notional amounts; or	114

(2)(b) A party will pay interest costs in excess of an agreed	115
limitation; and	116

(2) Which also may include a requirement for the issuer to	117
issue bonds at a future date. This requirement shall be deemed to	118
be part of the bond proceedings at the time the interest rate	119
hedge is entered into. Issuance of bonds at a future date shall	120
not require further legislative action, but shall be a ministerial	121
act.	122

(M) "Issuer" means the state, political subdivision,	123
authority, commission, agency, officer, or other entity having	124
authority to issue bonds referred to in section 9.981 of the	125
Revised Code, and includes the body and officers authorized to act	126
for the issuer in the matter.	127

(N) "Put arrangement" means provisions in the bond	128
proceedings under which holders of the applicable bonds may	129
exercise an option, or are required, to surrender the bonds or	130
their ownership for an amount of payment previously established in	131
or pursuant to the bond proceedings, at times, which may, but need	132
not be, consistent with the ends of interest rate periods and	133
which may be altered with or without the approval or consent, or	134
upon the direction of, the absolute obligor or the issuer, as	135
provided for in the bond proceedings.	136

(O) "Remarketing agent" means the person having	137
responsibility for marketing or remarketing commercial paper or	138
bonds with put arrangements, which may include responsibility for	139
making recommendations or determinations as to prices or interest	140
rates.	141

Sec. 9.981.  (A) Sections 9.98 to 9.983 of the Revised Code	142
are applicable to bonds:	143

(1) The payment of the debt service on which is to be	144
provided for directly or indirectly by payments contracted to be	145
made in the bond proceedings by the absolute obligors, being	146
persons other than the issuer; and	147

(2) Which are authorized to be issued under sections 122.39	148
to 122.62, Chapter 165., 902., 3377., 3706., division (A)(4) of	149
section 4582.06, division (A)(8) of section 4582.31, section	150
4582.48, or Chapter 6121. or 6123. of the Revised Code,	151
notwithstanding other provisions therein.	152

(B) Sections 9.98 to 9.983 of the Revised Code are applicable	153
to bonds issued under Chapters 133., 140., 152., 154., 175., and	154
349. of the Revised Code, and to any bonds authorized under laws	155
which expressly make those sections applicable.	156

(C) Subject to division (A) of this section, the authority	157
provided in sections 9.98 to 9.983 of the Revised Code is	158
supplemental to and not in derogation of any similar authority	159
provided by, derived from, or implied by, any law, the Ohio	160
Constitution, or any charter, resolution, or ordinance, and no	161
inference shall be drawn to negate the authority thereunder by	162
reason of the express provisions of sections 9.98 to 9.983 of the	163
Revised Code.	164

(D) Sections 9.98 to 9.983 of the Revised Code shall be	165
liberally construed to permit flexibility in the arrangements	166
therein provided to enhance the issuance of such bonds and provide	167
for terms most beneficial and satisfactory to the persons which	168
undertake to provide for their payment, security, and liquidity.	169

Sec. 9.982.  (A) The bond proceedings for bonds referred to	170
in division (A) or (B) of section 9.981 of the Revised Code may	171
provide for one or more of the following:	172

(1) Floating rate interest structures, which may, but need	173
not be, limited to maximum rates, with interest periods which may	174
be fixed or vary from time to time and which may contemporaneously	175
differ for portions of the bonds;	176

(2) Put arrangements, with times for puts fixed or varying	177
from time to time and which may contemporaneously differ for	178
portions of the bonds, which puts, when accompanied by remarketing	179
arrangements, shall not constitute the discharge of the bonds so	180
put, and which remarketing shall be a continuation of the original	181
obligation represented by the put bonds and not a reissuance or	182
new issuance of bonds;	183

(3) Special interest payment dates related to the floating	184
rate interest structure or put arrangements, different from	185
interest payment dates otherwise provided by law;	186

(4) Conversion of terms between floating and fixed interest	187
rates, between different interest rate periods, and between	188
different dates for exercising put arrangements, and for	189
termination of put arrangements, floating rate interest	190
structures, and credit facilities, upon stated conditions	191
occurring or upon the direction of the absolute obligor, or the	192
issuer, or other person providing the credit facility;	193

(5) Issuance of the bonds as commercial paper pursuant to	194
master bond proceedings without necessity for reauthorization of	195
successive series; and for otherwise facilitating such issuance	196
without need for further written authorization or execution of	197
bonds;	198

(6) Sale of the bonds at a discount, and with or without	199
interest to be separately payable on the bonds;	200

(7) Sale of bonds the proceeds of which are held in escrow	201
and invested in direct obligations of the United States or	202
obligations guaranteed as to payment by the United States. Those	203
obligations shall mature or be subject to redemption by and at the	204
option of the holders of the obligations not later than the dates	205
when the amounts held in escrow will be sufficient to pay the	206
principal of, and interest on, the bonds as they become due. The	207
amounts held in escrow may be used, at a specified date, to retire	208
either the bonds issued in accordance with division (A)(7) of this	209
section or other obligations of the issuer. No certificate of the	210
fiscal officer as to the maximum maturity of those bonds is	211
required. The maximum maturity of the bonds shall be forty years	212
after their issuance as set forth in division (B) of section 9.983	213
of the Revised Code. Further, the bonds shall not be subject to	214
the limitations of section 133.04, 133.05, 133.07, or 133.09 of	215
the Revised Code. The bonds are determined by the general assembly	216
to create a special obligation that is not bonded indebtedness	217
subject to Section 11 of Article XII, Ohio Constitution.	218

As used in division (A)(7) of this section, "amounts held in	219
escrow" include bond proceeds together with interest or other	220
investment income accrued on bond proceeds through investments in	221
obligations of the United States or obligations guaranteed as to	222
payment by the United States.	223

(B) The bond proceedings or other documents or agreements	224
pertaining to bonds referred to in division (A) or (B) of section	225
9.981 of the Revised Code may provide for one or more of the	226
following:	227

(1) Credit facilities;

228

(2) Agreements with indexing agents, remarketing agents, and	229
administrative agents, and for substitutions for such agents,	230
including substitution directed by the absolute obligor, or the	231
person providing the credit facility, or the issuer;	232

(3) Interest rate hedges.

233

(C) Financing statements and continuation statements	234
pertaining to the security for the bonds, or to the security for	235
payments under loan agreements, leases, and sale and installment	236
sale agreements pertaining to bonds referred to in division (A) or	237
(B) of section 9.981 of the Revised Code may be filed, amended,	238
and continued under Chapter 1309. of the Revised Code, and shall	239
have the effect provided in Chapter 1309. of the Revised Code, but	240
whether or not so filed, amended, or continued, the security	241
otherwise provided for under the law authorizing such bonds is not	242
impaired or diminished.	243

Sec. 122.63.  The department of development shall:

244

(A) Provide technical assistance to sponsors, homeowners,	245
private developers, contractors, and other appropriate persons on	246
matters relating to housing needs and the development,	247
construction, financing, operation, management, and evaluation of	248
housing developments;	249

(B) Carry out continuing studies and analyses of the housing	250
needs of this state and, after conducting public hearings, prepare	251
annually a plan of housing needs, primarily for the use of the	252
department pursuant to Chapter 128. of the Revised Code. The plan,	253
copies of which shall be filed with the speaker of the house of	254
representatives and the president of the senate for distribution	255
to the members of the general assembly, shall:	256

(1) Establish areawide housing needs, including existing and	257
projected needs for the provision of an adequate supply of decent,	258
safe, and sanitary housing for low- and moderate-income persons,	259
including housing that may require utilization of state or federal	260
assistance;	261

(2) Establish priorities for housing needs, taking into	262
account the availability of and need for conserving land and other	263
natural resources;	264

(3) Be coordinated with other housing and related planning of	265
the state and of regional planning agencies.	266

(C) Carry out the provisions of Chapter 3735. of the Revised	267
Code relating to metropolitan housing authorities;	268

(D) Carry out the provisions of sections 175.21174.01 to	269
175.25174.07 of the Revised Code relating to the low- and	270
moderate-income housing trust fund.	271

Sec. 133.01.  As used in this chapter, in sections 9.95,	272
9.96, and 2151.655 of the Revised Code, in other sections of the	273
Revised Code that make reference to this chapter unless the	274
context does not permit, and in related proceedings, unless	275
otherwise expressly provided:	276

(A) "Acquisition" as applied to real or personal property	277
includes, among other forms of acquisition, acquisition by	278
exercise of a purchase option, and acquisition of interests in	279
property, including, without limitation, easements and	280
rights-of-way, and leasehold and other lease interests initially	281
extending or extendable for a period of at least sixty months.	282

(B) "Anticipatory securities" means securities, including	283
notes, issued in anticipation of the issuance of other securities.	284

(C) "Board of elections" means the county board of elections	285
of the county in which the subdivision is located. If the	286
subdivision is located in more than one county, "board of	287
elections" means the county board of elections of the county that	288
contains the largest portion of the population of the subdivision	289
or that otherwise has jurisdiction in practice over and	290
customarily handles election matters relating to the subdivision.	291

(D) "Bond retirement fund" means the bond retirement fund	292
provided for in section 5705.09 of the Revised Code, and also	293
means a sinking fund or any other special fund, regardless of the	294
name applied to it, established by or pursuant to law or the	295
proceedings for the payment of debt charges. Provision may be made	296
in the applicable proceedings for the establishment in a bond	297
retirement fund of separate accounts relating to debt charges on	298
particular securities, or on securities payable from the same or	299
common sources, and for the application of moneys in those	300
accounts only to specified debt charges on specified securities or	301
categories of securities. Subject to law and any provisions in the	302
applicable proceedings, moneys in a bond retirement fund or	303
separate account in a bond retirement fund may be transferred to	304
other funds and accounts.	305

(E) "Capitalized interest" means all or a portion of the	306
interest payable on securities from their date to a date stated or	307
provided for in the applicable legislation, which interest is to	308
be paid from the proceeds of the securities.	309

(F) "Chapter 133. securities" means securities authorized by	310
or issued pursuant to or in accordance with this chapter.	311

(G) "County auditor" means the county auditor of the county	312
in which the subdivision is located. If the subdivision is located	313
in more than one county, "county auditor" means the county auditor	314
of the county that contains the highest amount of the tax	315
valuation of the subdivision or that otherwise has jurisdiction in	316
practice over and customarily handles property tax matters	317
relating to the subdivision. In the case of a county that has	318
adopted a charter, "county auditor" means the officer who	319
generally has the duties and functions provided in the Revised	320
Code for a county auditor.	321

(H) "Credit enhancement facilities" means letters of credit,	322
lines of credit, stand-by, contingent, or firm securities purchase	323
agreements, insurance, or surety arrangements, guarantees, and	324
other arrangements that provide for direct or contingent payment	325
of debt charges, for security or additional security in the event	326
of nonpayment or default in respect of securities, or for making	327
payment of debt charges to and at the option and on demand of	328
securities holders or at the option of the issuer or upon certain	329
conditions occurring under put or similar arrangements, or for	330
otherwise supporting the credit or liquidity of the securities,	331
and includes credit, reimbursement, marketing, remarketing,	332
indexing, carrying, interest rate hedge, and subrogation	333
agreements, and other agreements and arrangements for payment and	334
reimbursement of the person providing the credit enhancement	335
facility and the security for that payment and reimbursement.	336

(I) "Current operating expenses" or "current expenses" means	337
the lawful expenditures of a subdivision, except those for	338
permanent improvements and for payments of debt charges of the	339
subdivision.	340

(J) "Debt charges" means the principal, including any	341
mandatory sinking fund deposits and mandatory redemption payments,	342
interest, and any redemption premium, payable on securities as	343
those payments come due and are payable. The use of "debt charges"	344
for this purpose does not imply that any particular securities	345
constitute debt within the meaning of the Ohio Constitution or	346
other laws.	347

(K) "Financing costs" means all costs and expenses relating	348
to the authorization, including any required election, issuance,	349
sale, delivery, authentication, deposit, custody, clearing,	350
registration, transfer, exchange, fractionalization, replacement,	351
payment, and servicing of securities, including, without	352
limitation, costs and expenses for or relating to publication and	353
printing, postage, delivery, preliminary and final official	354
statements, offering circulars, and informational statements,	355
travel and transportation, underwriters, placement agents,	356
investment bankers, paying agents, registrars, authenticating	357
agents, remarketing agents, custodians, clearing agencies or	358
corporations, securities depositories, financial advisory	359
services, certifications, audits, federal or state regulatory	360
agencies, accounting and computation services, legal services and	361
obtaining approving legal opinions and other legal opinions,	362
credit ratings, redemption premiums, and credit enhancement	363
facilities. Financing costs may be paid from any moneys available	364
for the purpose, including, unless otherwise provided in the	365
proceedings, from the proceeds of the securities to which they	366
relate and, as to future financing costs, from the same sources	367
from which debt charges on the securities are paid and as though	368
debt charges.	369

(L) "Fiscal officer" means the following, or, in the case of	370
absence or vacancy in the office, a deputy or assistant authorized	371
by law or charter to act in the place of the named officer, or if	372
there is no such authorization then the deputy or assistant	373
authorized by legislation to act in the place of the named officer	374
for purposes of this chapter, in the case of the following	375
subdivisions:	376

(1) A county, the county auditor;

377

(2) A municipal corporation, the city auditor or village	378
clerk or clerk-treasurer, or the officer who, by virtue of a	379
charter, has the duties and functions provided in the Revised Code	380
for the city auditor or village clerk or clerk-treasurer;	381

(3) A school district, the treasurer of the board of	382
education;	383

(4) A regional water and sewer district, the secretary of the	384
board of trustees;	385

(5) A joint township hospital district, the treasurer of the	386
district;	387

(6) A joint ambulance district, the clerk of the board of	388
trustees;	389

(7) A joint recreation district, the person designated	390
pursuant to section 755.15 of the Revised Code;	391

(8) A detention facility district or a district organized	392
under section 2151.65 of the Revised Code or a combined district	393
organized under sections 2152.41 and 2151.65 of the Revised Code,	394
the county auditor of the county designated by law to act as the	395
auditor of the district;	396

(9) A township, a fire district organized under division (C)	397
of section 505.37 of the Revised Code, or a township police	398
district, the clerk of the township;	399

(10) A joint fire district, the clerk of the board of	400
trustees of that district;	401

(11) A regional or county library district, the person	402
responsible for the financial affairs of that district;	403

(12) A joint solid waste management district, the fiscal	404
officer appointed by the board of directors of the district under	405
section 343.01 of the Revised Code;	406

(13) A joint emergency medical services district, the person	407
appointed as fiscal officer pursuant to division (D) of section	408
307.053 of the Revised Code;	409

(14) A fire and ambulance district, the person appointed as	410
fiscal officer under division (B) of section 505.375 of the	411
Revised Code;	412

(15) A subdivision described in division (MM)(17) of this	413
section, the officer who is designated by law as or performs the	414
functions of its chief fiscal officer.	415

(M) "Fiscal year" has the same meaning as in section 9.34 of	416
the Revised Code.	417

(N) "Fractionalized interests in public obligations" means	418
participations, certificates of participation, shares, or other	419
instruments or agreements, separate from the public obligations	420
themselves, evidencing ownership of interests in public	421
obligations or of rights to receive payments of, or on account of,	422
principal or interest or their equivalents payable by or on behalf	423
of an obligor pursuant to public obligations.	424

(O) "Fully registered securities" means securities in	425
certificated or uncertificated form, registered as to both	426
principal and interest in the name of the owner.	427

(P) "Fund" means to provide for the payment of debt charges	428
and expenses related to that payment at or prior to retirement by	429
purchase, call for redemption, payment at maturity, or otherwise.	430

(Q) "General obligation" means securities to the payment of	431
debt charges on which the full faith and credit and the general	432
property taxing power, including taxes within the tax limitation	433
if available to the subdivision, of the subdivision are pledged.	434

(R) "Interest" or "interest equivalent" means those payments	435
or portions of payments, however denominated, that constitute or	436
represent consideration for forbearing the collection of money, or	437
for deferring the receipt of payment of money to a future time.	438

(S) "Internal Revenue Code" means the "Internal Revenue Code	439
of 1986," 100 Stat. 2085, 26 U.S.C.A. 1 et seq., as amended, and	440
includes any laws of the United States providing for application	441
of that code.	442

(T) "Issuer" means any public issuer and any nonprofit	443
corporation authorized to issue securities for or on behalf of any	444
public issuer.	445

(U) "Legislation" means an ordinance or resolution passed by	446
a majority affirmative vote of the then members of the taxing	447
authority unless a different vote is required by charter	448
provisions governing the passage of the particular legislation by	449
the taxing authority.	450

(V) "Mandatory sinking fund redemption requirements" means	451
amounts required by proceedings to be deposited in a bond	452
retirement fund for the purpose of paying in any year or fiscal	453
year by mandatory redemption prior to stated maturity the	454
principal of securities that is due and payable, except for	455
mandatory prior redemption requirements as provided in those	456
proceedings, in a subsequent year or fiscal year.	457

(W) "Mandatory sinking fund requirements" means amounts	458
required by proceedings to be deposited in a year or fiscal year	459
in a bond retirement fund for the purpose of paying the principal	460
of securities that is due and payable in a subsequent year or	461
fiscal year.	462

(X) "Net indebtedness" has the same meaning as in division	463
(A) of section 133.04 of the Revised Code.	464

(Y) "Obligor," in the case of securities or fractionalized	465
interests in public obligations issued by another person the debt	466
charges or their equivalents on which are payable from payments	467
made by a public issuer, means that public issuer.	468

(Z) "One purpose" relating to permanent improvements means	469
any one permanent improvement or group or category of permanent	470
improvements for the same utility, enterprise, system, or project,	471
development or redevelopment project, or for or devoted to the	472
same general purpose, function, or use or for which	473
self-supporting securities, based on the same or different sources	474
of revenues, may be issued or for which special assessments may be	475
levied by a single ordinance or resolution. "One purpose"	476
includes, but is not limited to, in any case any off-street	477
parking facilities relating to another permanent improvement, and:	478

(1) Any number of roads, highways, streets, bridges,	479
sidewalks, and viaducts;	480

(2) Any number of off-street parking facilities;

481

(3) In the case of a county, any number of permanent	482
improvements for courthouse, jail, county offices, and other	483
county buildings, and related facilities;	484

(4) In the case of a school district, any number of	485
facilities and buildings for school district purposes, and related	486
facilities.	487

(AA) "Outstanding," referring to securities, means securities	488
that have been issued, delivered, and paid for, except any of the	489
following:	490

(1) Securities canceled upon surrender, exchange, or	491
transfer, or upon payment or redemption;	492

(2) Securities in replacement of which or in exchange for	493
which other securities have been issued;	494

(3) Securities for the payment, or redemption or purchase for	495
cancellation prior to maturity, of which sufficient moneys or	496
investments, in accordance with the applicable legislation or	497
other proceedings or any applicable law, by mandatory sinking fund	498
redemption requirements, mandatory sinking fund requirements, or	499
otherwise, have been deposited, and credited for the purpose in a	500
bond retirement fund or with a trustee or paying or escrow agent,	501
whether at or prior to their maturity or redemption, and, in the	502
case of securities to be redeemed prior to their stated maturity,	503
notice of redemption has been given or satisfactory arrangements	504
have been made for giving notice of that redemption, or waiver of	505
that notice by or on behalf of the affected security holders has	506
been filed with the subdivision or its agent for the purpose.	507

(BB) "Paying agent" means the one or more banks, trust	508
companies, or other financial institutions or qualified persons,	509
including an appropriate office or officer of the subdivision,	510
designated as a paying agent or place of payment of debt charges	511
on the particular securities.	512

(CC) "Permanent improvement" or "improvement" means any	513
property, asset, or improvement certified by the fiscal officer,	514
which certification is conclusive, as having an estimated life or	515
period of usefulness of five years or more, and includes, but is	516
not limited to, real estate, buildings, and personal property and	517
interests in real estate, buildings, and personal property,	518
equipment, furnishings, and site improvements, and reconstruction,	519
rehabilitation, renovation, installation, improvement,	520
enlargement, and extension of property, assets, or improvements so	521
certified as having an estimated life or period of usefulness of	522
five years or more. The acquisition of all the stock ownership of	523
a corporation is the acquisition of a permanent improvement to the	524
extent that the value of that stock is represented by permanent	525
improvements. A permanent improvement for parking, highway, road,	526
and street purposes includes resurfacing, but does not include	527
ordinary repair.	528

(DD) "Person" has the same meaning as in section 1.59 of the	529
Revised Code and also includes any federal, state, interstate,	530
regional, or local governmental agency, any subdivision, and any	531
combination of those persons.	532

(EE) "Proceedings" means the legislation, certifications,	533
notices, orders, sale proceedings, trust agreement or indenture,	534
mortgage, lease, lease-purchase agreement, assignment, credit	535
enhancement facility agreements, and other agreements,	536
instruments, and documents, as amended and supplemented, and any	537
election proceedings, authorizing, or providing for the terms and	538
conditions applicable to, or providing for the security or sale or	539
award of, public obligations, and includes the provisions set	540
forth or incorporated in those public obligations and proceedings.	541

(FF) "Public issuer" means any of the following that is	542
authorized by law to issue securities or enter into public	543
obligations:	544

(1) The state, including an agency, commission, officer,	545
institution, board, authority, or other instrumentality of the	546
state;	547

(2) A taxing authority, subdivision, district, or other local	548
public or governmental entity, and any combination or consortium,	549
or public division, district, commission, authority, department,	550
board, officer, or institution, thereof;	551

(3) Any other body corporate and politic, or other public	552
entity.	553

(GG) "Public obligations" means both of the following:

554

(1) Securities;

555

(2) Obligations of a public issuer to make payments under	556
installment sale, lease, lease purchase, or similar agreements,	557
which obligations bear interest or interest equivalent.	558

(HH) "Refund" means to fund and retire outstanding	559
securities, including advance refunding with or without payment or	560
redemption prior to maturity.	561

(II) "Register" means the books kept and maintained by the	562
registrar for registration, exchange, and transfer of registered	563
securities.	564

(JJ) "Registrar" means the person responsible for keeping the	565
register for the particular registered securities, designated by	566
or pursuant to the proceedings.	567

(KK) "Securities" means bonds, notes, certificates of	568
indebtedness, commercial paper, and other instruments in writing,	569
including, unless the context does not admit, anticipatory	570
securities, issued by an issuer to evidence its obligation to	571
repay money borrowed, or to pay interest, by, or to pay at any	572
future time other money obligations of, the issuer of the	573
securities, but not including public obligations described in	574
division (GG)(2) of this section.	575

(LL) "Self-supporting securities" means securities or	576
portions of securities issued for the purpose of paying costs of	577
permanent improvements to the extent that receipts of the	578
subdivision, other than the proceeds of taxes levied by that	579
subdivision, derived from or with respect to the improvements or	580
the operation of the improvements being financed, or the	581
enterprise, system, project, or category of improvements of which	582
the improvements being financed are part, are estimated by the	583
fiscal officer to be sufficient to pay the current expenses of	584
that operation or of those improvements or enterprise, system,	585
project, or categories of improvements and the debt charges	586
payable from those receipts on securities issued for the purpose.	587
Until such time as the improvements or increases in rates and	588
charges have been in operation or effect for a period of at least	589
six months, the receipts therefrom, for purposes of this	590
definition, shall be those estimated by the fiscal officer, except	591
that those receipts may include, without limitation, payments made	592
and to be made to the subdivision under leases or agreements in	593
effect at the time the estimate is made. In the case of an	594
operation, improvements, or enterprise, system, project, or	595
category of improvements without at least a six-month history of	596
receipts, the estimate of receipts by the fiscal officer, other	597
than those to be derived under leases and agreements then in	598
effect, shall be confirmed by the taxing authority.	599

(MM) "Subdivision" means any of the following:

600

(1) A county, including a county that has adopted a charter	601
under Article X, Ohio Constitution;	602

(2) A municipal corporation, including a municipal	603
corporation that has adopted a charter under Article XVIII, Ohio	604
Constitution;	605

(3) A school district;

606

(4) A regional water and sewer district organized under	607
Chapter 6119. of the Revised Code;	608

(5) A joint township hospital district organized under	609
section 513.07 of the Revised Code;	610

(6) A joint ambulance district organized under section 505.71	611
of the Revised Code;	612

(7) A joint recreation district organized under division (C)	613
of section 755.14 of the Revised Code;	614

(8) A detention facility district organized under section	615
2152.41, a district organized under section 2151.65, or a combined	616
district organized under sections 2152.41 and 2151.65 of the	617
Revised Code;	618

(9) A township police district organized under section 505.48	619
of the Revised Code;	620

(10) A township;

621

(11) A joint fire district organized under section 505.371 of	622
the Revised Code;	623

(12) A county library district created under section 3375.19	624
or a regional library district created under section 3375.28 of	625
the Revised Code;	626

(13) A joint solid waste management district organized under	627
section 343.01 or 343.012 of the Revised Code;	628

(14) A joint emergency medical services district organized	629
under section 307.052 of the Revised Code;	630

(15) A fire and ambulance district organized under section	631
505.375 of the Revised Code;	632

(16) A fire district organized under division (C) of section	633
505.37 of the Revised Code;	634

(17) Any other political subdivision or taxing district or	635
other local public body or agency authorized by this chapter or	636
other laws to issue Chapter 133. securities.	637

(NN) "Taxing authority" means in the case of the following	638
subdivisions:	639

(1) A county, a county library district, or a regional	640
library district, the board or boards of county commissioners, or	641
other legislative authority of a county that has adopted a charter	642
under Article X, Ohio Constitution, but with respect to such a	643
library district acting solely as agent for the board of trustees	644
of that district;	645

(2) A municipal corporation, the legislative authority;

646

(3) A school district, the board of education;

647

(4) A regional water and sewer district, a joint ambulance	648
district, a joint recreation district, a fire and ambulance	649
district, or a joint fire district, the board of trustees of the	650
district;	651

(5) A joint township hospital district, the joint township	652
hospital board;	653

(6) A detention facility district or a district organized	654
under section 2151.65 of the Revised Code, a combined district	655
organized under sections 2152.41 and 2151.65 of the Revised Code,	656
or a joint emergency medical services district, the joint board of	657
county commissioners;	658

(7) A township, a fire district organized under division (C)	659
of section 505.37 of the Revised Code, or a township police	660
district, the board of township trustees;	661

(8) A joint solid waste management district organized under	662
section 343.01 or 343.012 of the Revised Code, the board of	663
directors of the district;	664

(9) A subdivision described in division (MM)(17) of this	665
section, the legislative or governing body or official.	666

(OO) "Tax limitation" means the "ten-mill limitation" as	667
defined in section 5705.02 of the Revised Code without diminution	668
by reason of section 5705.313 of the Revised Code or otherwise,	669
or, in the case of a municipal corporation or county with a	670
different charter limitation on property taxes levied to pay debt	671
charges on unvoted securities, that charter limitation. Those	672
limitations shall be respectively referred to as the "ten-mill	673
limitation" and the "charter tax limitation."	674

(PP) "Tax valuation" means the aggregate of the valuations of	675
property subject to ad valorem property taxation by the	676
subdivision on the real property, personal property, and public	677
utility property tax lists and duplicates most recently certified	678
for collection, and shall be calculated without deductions of the	679
valuations of otherwise taxable property exempt in whole or in	680
part from taxation by reason of exemptions of certain amounts of	681
taxable value under division (C) of section 5709.01 or section	682
323.152 of the Revised Code, or similar laws now or in the future	683
in effect.	684

(QQ) "Year" means the calendar year.

685

(RR) "Interest rate hedge" means any arrangement by:

686

(1) By which either:

687

(1)(a) The different interest costs or receipts at fixed	688
interest rates and at floating interest rates, or at different	689
maturities, are exchanged on stated amounts of bonds or	690
investments, or on notional amounts; or	691

(2)(b) A party will pay interest costs in excess of an agreed	692
limitation; and	693

(2) Which also may include a requirement for the issuer to	694
issue bonds at a future date. This requirement shall be deemed to	695
be part of the bond proceedings at the time the interest rate	696
hedge is entered into. Issuance of bonds at a future date shall	697
not require further legislative action, but shall be a ministerial	698
act.	699

(SS) "Administrative agent," "agent," "commercial paper,"	700
"floating rate interest structure," "indexing agent," "interest	701
rate period," "put arrangement," and "remarketing agent" have the	702
same meanings as in section 9.98 of the Revised Code.	703

(TT) "Sales tax supported" means obligations to the payment	704
of debt charges on which an additional sales tax or additional	705
sales taxes have been pledged by the taxing authority of a county	706
pursuant to section 133.081 of the Revised Code.	707

Sec. 133.08.  (A) In addition to any power to issue	708
securities under other provisions of the Revised Code for the	709
purposes, a county may issue revenue securities as authorized in	710
this section.	711

(B) A county may issue revenue securities to fund or refund	712
revenue securities previously issued, or for any purposes for	713
which it could issue self-supporting securities and, without	714
limitation, any of the following general purposes:	715

(1) For one or more established sewer districts, any of the	716
purposes provided in divisions (C)(2)(a) and (b) of section 133.07	717
of the Revised Code;	718

(2) Hospital facilities as defined in division (E) of section	719
140.01 of the Revised Code;	720

(3) Facilities described in division (C)(10) of section	721
133.07 of the Revised Code;	722

(4) Off-street parking facilities pursuant to section 307.02	723
of the Revised Code.	724

(C) The county shall establish rates or charges for the use,	725
availability, or rental of the facilities to which the financing	726
relates, being the improvement, enterprise, system, project, or	727
categories of improvements or the operation or function that the	728
facilities serve, which rates or charges shall be designed to	729
provide revenues to the county sufficient to pay the costs of all	730
current expenses of the facilities payable by the county and to	731
pay the debt charges on the securities and to establish and	732
maintain any contractually required special funds relating to the	733
securities or the facilities.	734

(D) Revenue securities issued under this section shall not be	735
general obligations of the county. Revenue securities issued under	736
this section shall be secured only by a pledge of and lien upon	737
the revenues of the county, derived from its ownership or	738
operation of the facilities, including those rates or charges or	739
rents and any interest subsidies or debt charges, grants, or other	740
payments by federal or state agencies available therefor, and the	741
covenants of the county to maintain sufficient rentals, rates, and	742
charges to produce revenues sufficient to pay all current expenses	743
of the facilities payable by the county and to pay the debt	744
charges on the securities and to establish and maintain any	745
contractually required special funds relating to the securities or	746
the facilities, and, if the securities are anticipatory	747
securities, to issue the revenue securities in anticipation of the	748
issuance of which the revenue securities are issued. Revenue	749
securities may also be secured by a pledge of and lien on the	750
proceeds of any securities issued to fund or refund those revenue	751
securities.	752

(E) The county officers authorized by the county taxing	753
authority shall execute the necessary documents, including but not	754
limited to trust agreements and leases, to provide for the pledge,	755
protection, and disposition of the pledged revenues from which	756
debt charges and any special fund deposits are to be paid.	757

(F) As long as any of these revenue securities, in either	758
original or refunded form, remain outstanding, except as otherwise	759
provided in those documents, all parts of the facilities the	760
revenues from which are pledged, shall remain under the control of	761
the county taxing authority, whether any parts of the facilities	762
are leased to or operated by others or are in or thereafter come	763
within the boundaries of any municipal corporation, and the	764
facilities shall remain subject to the power and duty of the	765
taxing authority to fix and collect rates or charges or rents for	766
the use of facilities.	767

(G) The authority to issue securities of the county under	768
this section for permanent improvements described in division	769
(B)(2) of this section or division (C)(2)(d) of section 133.07 of	770
the Revised Code may separately and independently be exercised by	771
a board of county hospital trustees established under section	772
339.02 of the Revised Code for those permanent improvements and	773
related operations under the control of that board.	774

(H) Sections 9.98 to 9.983 of the Revised Code apply to	775
securities issued under this section, notwithstanding any other	776
provision in this chapter.	777

Sec. 133.081.  (A) As used in this section:

778

(1) "Anticipation notes" means notes issued in anticipation	779
of the sales tax supported bonds authorized by this section;	780

(2) "Authorizing proceedings" means the resolution,	781
legislation, trust agreement, certification, and other agreements,	782
instruments, and documents, as amended and supplemented,	783
authorizing, or providing for the security or sale or award of,	784
sales tax supported bonds, and includes the provisions set forth	785
or incorporated in those bonds and proceedings;	786

(3) "County sales tax" means any sales tax levied by the	787
taxing authority of a county pursuant to section 5739.021 or	788
5739.026 of the Revised Code, and any tax levied by that taxing	789
authority upon storage, use, or consumption under section 5741.021	790
or 5741.023 of the Revised Code. However, "county sales tax" does	791
not include a sales tax subject to referendum or a sales tax that	792
was adopted as an emergency measure and is subject to initiative	793
petition under section 5739.022 of the Revised Code.	794

(4) "Sales tax supported bonds" means the sales tax supported	795
bonds authorized by this section, including anticipation notes;	796

(5) "Refunding bonds" means sales tax supported bonds issued	797
to provide for the refunding of the sales tax supported bonds	798
referred to in this section as refunded obligations.	799

(B) The taxing authority of a county which has levied a	800
county sales tax for the purpose of providing additional general	801
revenues of the county pursuant to Chapter 5739. of the Revised	802
Code may anticipate the receipts of such tax and issue sales tax	803
supported bonds of the county in the principal amount necessary to	804
pay the costs of financing any permanent improvement as defined in	805
division (CC) of section 133.01 of the Revised Code, or to refund	806
any refunded obligations, provided that the taxing authority	807
certifies that the annual debt charges on the sales tax supported	808
bonds, or on the sales tax supported bonds being anticipated by	809
anticipation notes, do not exceed the estimated annual county	810
sales tax. The maximum aggregate amount of sales tax supported	811
bonds that may be outstanding at any time in accordance with their	812
terms shall not exceed an amount which requires or is estimated to	813
require payments from sales tax receipts of debt charges on the	814
sales tax supported bonds, or, in the case of anticipation notes,	815
projected debt charges on the sales tax supported bonds	816
anticipated, in any calendar year in an amount exceeding the	817
county sales tax in anticipation of which the bonds or	818
anticipation notes are issued as estimated by the fiscal officer	819
based on general sales tax receipts averaged for the prior two	820
calendar years prior to the year in which the sales tax supported	821
bonds are issued, and annualized for any increase in the county	822
sales tax which may have been levied in part during such period or	823
levied after such period. A taxing authority may at any time issue	824
renewal anticipation notes, issue sales tax supported bonds to pay	825
renewal anticipation notes, and, if it considers refunding	826
expedient, issue refunding sales tax supported bonds whether the	827
refunded obligations have or have not matured. The refunding sales	828
tax supported bonds shall be sold and the proceeds needed for such	829
purpose applied in the manner provided in the authorizing	830
proceedings of the taxing authority. The maximum maturity of sales	831
tax supported bonds shall be calculated by the fiscal officer in	832
accordance with section 133.20 of the Revised Code, and such	833
calculation shall be filed with the taxing authority of the county	834
prior to passage of a bond authorizing resolution. If the county	835
sales tax pledged to the payment of the sales tax supported bonds	836
has a stated expiration date, the final principal maturity date of	837
the sales tax supported bonds shall not extend beyond the final	838
year of collection of the county sales tax pledged to the payment	839
of the sales tax supported bonds.	840

(C) Every issue of sales tax supported bonds outstanding in	841
accordance with their terms shall be payable out of the sales tax	842
receipts received by the county or proceeds of sales tax supported	843
bonds, renewal anticipation notes, or refunding sales tax	844
supported bonds which may be pledged for such payment in the	845
authorizing proceedings. The pledge shall be valid and binding	846
from the time the pledge is made, and the county sales tax	847
receipts and proceeds so pledged and thereafter received by the	848
county shall immediately be subject to the lien of that pledge	849
without any physical delivery of the county sales tax receipts or	850
proceeds or further act. The lien of any pledge is valid and	851
binding as against all parties having claims of any kind in tort,	852
contract, or otherwise against the county, whether or not such	853
parties have notice of the lien. Neither the resolution nor any	854
trust agreement by which a pledge is created or further evidenced	855
need be filed or recorded except in the records of the taxing	856
authority.	857

(D) Sales tax supported bonds issued under this section do	858
not constitute a debt, or a pledge of the faith and credit, of the	859
state, the county, or any other political subdivision of the	860
state, and the holders or owners of the notes have no right to	861
have taxes levied by the general assembly or by the taxing	862
authority of any political subdivision of the state, including the	863
taxing authority of the county, for the payment of debt charges.	864
Unless paid from other sources, sales tax supported bonds are	865
payable from the sales tax receipts pledged for their payment as	866
authorized by this section. All sales tax supported bonds shall	867
contain on their face a statement to the effect that the sales tax	868
supported bonds, as to debt charges, are not debts or obligations	869
of the state and are not debts of any political subdivision of the	870
state, but, unless paid from other sources, are payable from the	871
sales tax receipts pledged for their payment. The utilization and	872
pledge of the sales tax receipts and proceeds of sales tax	873
supported bonds, renewal anticipation notes, or refunding sales	874
tax supported bonds for the payment of debt charges is determined	875
by the general assembly to create a special obligation which is	876
not a bonded indebtedness subject to Section 11 of Article XII,	877
Ohio Constitution.	878

(E) The sales tax supported bonds shall bear such date or	879
dates, shall be executed in the manner, and shall mature at such	880
time or times, in the case of any anticipation notes not exceeding	881
ten years from the date of issue of the original anticipation	882
notes and in the case of any sales tax supported bonds or of any	883
refunding sales tax supported bonds, not exceeding the maximum	884
maturity certified to the taxing authority pursuant to division	885
(B) of this section, all as the authorizing proceedings may	886
provide. The sales tax supported bonds shall bear interest at such	887
rates, or at variable rate or rates changing from time to time, in	888
accordance with provisions in the authorizing proceedings, be in	889
such denominations and form, either coupon or registered, carry	890
such registration privileges, be payable in such medium of payment	891
and at such place or places, and be subject to such terms of	892
redemption, as the taxing authority may authorize or provide. The	893
sales tax supported bonds may be sold at public or private sale,	894
and at, or at not less than, the price or prices as the taxing	895
authority determines. If any officer whose signature or a	896
facsimile of whose signature appears on any sales tax supported	897
bonds or coupons ceases to be such officer before delivery of the	898
sales tax supported bonds or anticipation notes, the signature or	899
facsimile shall nevertheless be sufficient for all purposes as if	900
that officer had remained in office until delivery of the sales	901
tax supported bonds. Whether or not the sales tax supported bonds	902
are of such form and character as to be negotiable instruments	903
under Title XIII of the Revised Code, the sales tax supported	904
bonds shall have all the qualities and incidents of negotiable	905
instruments, subject only to any provisions for registration.	906
Neither the members of the board of the taxing authority nor any	907
person executing the sales tax supported bonds shall be liable	908
personally on the sales tax supported bonds or be subject to any	909
personal liability or accountability by reason of their issuance.	910

(F) Notwithstanding any other provision of this section,	911
sections 9.98 to 9.983, 133.02, 133.70, and 5709.76, and division	912
(A) of section 133.03 of the Revised Code apply to the sales tax	913
supported bonds. Sales tax supported bonds issued under this	914
section need not comply with any other law applicable to notes or	915
bonds but the authorizing proceedings may provide that divisions	916
(B) to (E) of section 133.25 of the Revised Code apply to the	917
sales tax supported bonds or anticipation notes.	918

(G) Any authorized proceedings may contain provisions,	919
subject to any agreements with holders as may then exist, which	920
shall be a part of the contract with the holders, as to the	921
pledging of any or all of the county's anticipated sales tax	922
receipts to secure the payment of the sales tax supported bonds;	923
the use and disposition of the sales tax receipts of the county;	924
the crediting of the proceeds of the sale of sales tax supported	925
bonds to and among the funds referred to or provided for in the	926
authorizing proceedings; limitations on the purpose to which the	927
proceeds of the sales tax supported bonds may be applied and the	928
pledging of portions of such proceeds to secure the payment of the	929
sales tax supported bonds or of anticipation notes; the agreement	930
of the county to do all things necessary for the authorization,	931
issuance, and sale of those notes anticipated in such amounts as	932
may be necessary for the timely payment of debt charges on any	933
anticipation notes; limitations on the issuance of additional	934
sales tax supported bonds; the terms upon which additional sales	935
tax supported bonds may be issued and secured; the refunding of	936
refunded obligations; the procedure by which the terms of any	937
contract with holders may be amended, and the manner in which any	938
required consent to amend may be given; securing any sales tax	939
supported bonds by a trust agreement or other agreement; and any	940
other matters, of like or different character, that in any way	941
affect the security or protection of the sales tax supported bonds	942
or anticipation notes.	943

(H) The taxing authority of a county may not repeal, rescind,	944
or reduce any portion of a county sales tax pledged to the payment	945
of debt charges on sales tax supported bonds issued by the county	946
while such sales tax supported bonds remain outstanding, and no	947
portion of a county sales tax pledged to the payment of debt	948
charges on sales tax supported bonds shall be subject to repeal or	949
reduction by the electorate of the county or by the taxing	950
authority of the county while such sales tax supported bonds are	951
outstanding.	952

Sec. 133.10.  (A) In anticipation of the collection of	953
current property tax revenues in and for any fiscal year, the	954
taxing authority of any subdivision may issue securities, but the	955
aggregate principal amount of such securities shall not exceed	956
one-half of the amount that the budget commission estimates the	957
subdivision will receive from property taxes in that fiscal year	958
and prior to the last day of the sixth month following the month	959
in which the securities are issued, other than taxes to be	960
received for the payment of debt charges or allocated to debt	961
charges on securities issued pursuant to division (C) of this	962
section, and less all advances. When a partial, semiannual, or	963
final property tax settlement is delayed, securities may also be	964
issued in anticipation of the receipt of property taxes levied or	965
collected for debt charges to the extent necessary to meet such	966
debt charges but not in excess of such estimated receipts, less	967
all advances. The securities issued pursuant to this division (A)	968
shall mature not later than the last day of the sixth month	969
following the month in which the securities are issued and in any	970
case not later than the last day of the fiscal year in which they	971
are issued.	972

(B) In anticipation of the collection of current revenues in	973
and for any fiscal year from any source or combination of sources,	974
including distributions of any federal or state moneys, other than	975
the proceeds of property taxes levied by the subdivision, the	976
taxing authority of any subdivision may issue securities, but the	977
aggregate principal amount of such securities shall not exceed	978
one-half of the amount estimated by the fiscal officer to be	979
received by the subdivision from such sources during the remainder	980
of such fiscal year, less advances and prior collections.	981

(C) In anticipation of the collection of current property tax	982
revenues in and for any fiscal year, the taxing authority of a	983
county, municipal corporation, township, or school district may	984
issue securities, but the aggregate principal amount of those	985
securities and of any securities issued pursuant to division (A)	986
of this section outstanding at the time of issuance shall not	987
exceed one-half of the amount that the budget commission estimates	988
the subdivision will receive from all property taxes that are to	989
be distributed to the subdivision from all settlements of taxes	990
that are to be made in the remainder of that fiscal year, other	991
than taxes to be received for the payment of debt charges, and	992
less all advances.	993

(D) When the tax settlement scheduled under division (B) of	994
section 321.24 of the Revised Code is delayed pursuant to division	995
(E) of that section, the taxing authority of a school district may	996
issue property tax anticipation securities against the taxes to be	997
included in that settlement, but the aggregate principal amount of	998
all securities outstanding against those taxes shall not exceed	999
ninety per cent of the amount estimated to be received from that	1000
settlement by the budget commission, other than taxes to be	1001
received for the payment of debt charges, and less all advances.	1002
The securities issued pursuant to this division (D) shall mature	1003
on or before the next ensuing thirty-first day of August.	1004

(E) This division applies to all securities authorized by	1005
this section.	1006

(1) The amounts from the sources anticipated needed to pay	1007
debt charges and financing costs shall be considered appropriated	1008
for that purpose, and other appropriations from those sources by	1009
the taxing authority shall be limited to the balance available	1010
after deducting the amount to pay those debt charges and financing	1011
costs. The portions of those amounts as received and to be applied	1012
to those debt charges shall be deposited and set aside in an	1013
account for the purpose in the bond retirement fund in the amounts	1014
and at the times required to pay those debt charges as provided	1015
for by the authorizing legislation or otherwise provided by law.	1016

(2) Except as otherwise provided in division (H) of this	1017
section, the securities shall not be issued prior to the first day	1018
and, except as otherwise provided in divisions (A) and (D) of this	1019
section, shall mature not later than the last day of the fiscal	1020
year for which the revenues are anticipated.	1021

(3) The proceeds of the principal amount of the securities	1022
shall be used only for the purposes for which the amounts	1023
anticipated were levied, collected, distributed, and appropriated,	1024
and for financing costs related to those securities.	1025

(4) Property taxes include distributions from the state in	1026
payment of credits against or partial exemptions from, or	1027
reduction of, property taxes.	1028

(5) If for any reason debt charges on securities authorized	1029
by this section are not paid by the subdivision in the fiscal year	1030
when due, the taxing authority of the subdivision shall include in	1031
its next annual appropriation measure an amount sufficient to pay	1032
those debt charges, and the county auditor and county treasurer	1033
shall withhold, in a custodial account, amounts due the	1034
subdivision from the sources anticipated until such amount is	1035
accumulated by those officers and they directly pay or provide,	1036
through the paying agent or otherwise, for the payment of those	1037
debt charges.	1038

(F) The authority to issue securities under divisions (A) and	1039
(B) of this section may be exercised by any board of library	1040
trustees of a public library, or board of park commissioners of a	1041
township, to which the budget commission has allotted a share of	1042
the local government fund under section 5747.51 of the Revised	1043
Code or of the library and local government support fund under	1044
section 5707.051 of the Revised Code.	1045

(G) The taxing authority of a school district issuing	1046
securities under division (A), (C), or (D) of this section shall	1047
in the legislation authorizing the securities affirm the levy of,	1048
or covenant to levy, the anticipated property taxes to be	1049
collected in the following year.	1050

(H) The taxing authority of a school district may issue	1051
securities authorized by this section on or after the tenth day	1052
preceding the first day of the fiscal year for which the revenues	1053
are anticipated; provided, that if the taxing authority of a	1054
school district issues securities authorized by this section prior	1055
to the first day of the fiscal year for which the revenues are	1056
anticipated:	1057

(1) None of the proceeds received by the school district from	1058
the sale of the securities shall be considered available for	1059
appropriation prior to the first day of the fiscal year for which	1060
the revenues are anticipated; and	1061

(2) None of the proceeds received by the school district from	1062
the sale of the securities shall be expended prior to the first	1063
day of the fiscal year for which the revenues are anticipated.	1064

(I) Sections 9.98 to 9.983 of the Revised Code are applicable	1065
to securities issued under this section by the taxing authority of	1066
a school district.	1067

Sec. 149.43.  (A) As used in this section:

1068

(1) "Public record" means records kept by any public office,	1069
including, but not limited to, state, county, city, village,	1070
township, and school district units, and records pertaining to the	1071
delivery of educational services by an alternative school in Ohio	1072
kept by a nonprofit or for profit entity operating such	1073
alternative school pursuant to section 3313.533 of the Revised	1074
Code. "Public record" does not mean any of the following:	1075

(a) Medical records;

1076

(b) Records pertaining to probation and parole proceedings or	1077
to proceedings related to the imposition of community control	1078
sanctions and post-release control sanctions;	1079

(c) Records pertaining to actions under section 2151.85 and	1080
division (C) of section 2919.121 of the Revised Code and to	1081
appeals of actions arising under those sections;	1082

(d) Records pertaining to adoption proceedings, including the	1083
contents of an adoption file maintained by the department of	1084
health under section 3705.12 of the Revised Code;	1085

(e) Information in a record contained in the putative father	1086
registry established by section 3107.062 of the Revised Code,	1087
regardless of whether the information is held by the department of	1088
job and family services or, pursuant to section 3111.69 of the	1089
Revised Code, the office of child support in the department or a	1090
child support enforcement agency;	1091

(f) Records listed in division (A) of section 3107.42 of the	1092
Revised Code or specified in division (A) of section 3107.52 of	1093
the Revised Code;	1094

(g) Trial preparation records;

1095

(h) Confidential law enforcement investigatory records;

1096

(i) Records containing information that is confidential under	1097
section 2317.023 or 4112.05 of the Revised Code;	1098

(j) DNA records stored in the DNA database pursuant to	1099
section 109.573 of the Revised Code;	1100

(k) Inmate records released by the department of	1101
rehabilitation and correction to the department of youth services	1102
or a court of record pursuant to division (E) of section 5120.21	1103
of the Revised Code;	1104

(l) Records maintained by the department of youth services	1105
pertaining to children in its custody released by the department	1106
of youth services to the department of rehabilitation and	1107
correction pursuant to section 5139.05 of the Revised Code;	1108

(m) Intellectual property records;

1109

(n) Donor profile records;

1110

(o) Records maintained by the department of job and family	1111
services pursuant to section 3121.894 of the Revised Code;	1112

(p) Peace officer, firefighter, or EMT residential and	1113
familial information;	1114

(q) In the case of a county hospital operated pursuant to	1115
Chapter 339. of the Revised Code, information that constitutes a	1116
trade secret, as defined in section 1333.61 of the Revised Code;	1117

(r) Information pertaining to the recreational activities of	1118
a person under the age of eighteen;	1119

(s) Records provided to, statements made by review board	1120
members during meetings of, and all work products of a child	1121
fatality review board acting under sections 307.621 to 307.629 of	1122
the Revised Code, other than the report prepared pursuant to	1123
section 307.626 of the Revised Code;	1124

(t) Records provided to and statements made by the executive	1125
director of a public children services agency or a prosecuting	1126
attorney acting pursuant to section 5153.171 of the Revised Code	1127
other than the information released under that section;	1128

(u) Test materials, examinations, or evaluation tools used in	1129
an examination for licensure as a nursing home administrator that	1130
the board of examiners of nursing home administrators administers	1131
under section 4751.04 of the Revised Code or contracts under that	1132
section with a private or government entity to administer;	1133

(v) Records the release of which is prohibited by state or	1134
federal law;	1135

(w) Proprietary information of or relating to any person that	1136
is submitted to or compiled by the Ohio venture capital authority	1137
created under section 150.01 of the Revised Code;	1138

(x) Information reported and evaluations conducted pursuant	1139
to section 3701.072 of the Revised Code;	1140

(y) Financial statements and data any person submits for any	1141
purpose to the Ohio housing finance agency or the controlling	1142
board in connection with applying for, receiving, or accounting	1143
for financial assistance from the agency, and information that	1144
identifies any individual who benefits directly or indirectly from	1145
financial assistance from the agency.	1146

(2) "Confidential law enforcement investigatory record" means	1147
any record that pertains to a law enforcement matter of a	1148
criminal, quasi-criminal, civil, or administrative nature, but	1149
only to the extent that the release of the record would create a	1150
high probability of disclosure of any of the following:	1151

(a) The identity of a suspect who has not been charged with	1152
the offense to which the record pertains, or of an information	1153
source or witness to whom confidentiality has been reasonably	1154
promised;	1155

(b) Information provided by an information source or witness	1156
to whom confidentiality has been reasonably promised, which	1157
information would reasonably tend to disclose the source's or	1158
witness's identity;	1159

(c) Specific confidential investigatory techniques or	1160
procedures or specific investigatory work product;	1161

(d) Information that would endanger the life or physical	1162
safety of law enforcement personnel, a crime victim, a witness, or	1163
a confidential information source.	1164

(3) "Medical record" means any document or combination of	1165
documents, except births, deaths, and the fact of admission to or	1166
discharge from a hospital, that pertains to the medical history,	1167
diagnosis, prognosis, or medical condition of a patient and that	1168
is generated and maintained in the process of medical treatment.	1169

(4) "Trial preparation record" means any record that contains	1170
information that is specifically compiled in reasonable	1171
anticipation of, or in defense of, a civil or criminal action or	1172
proceeding, including the independent thought processes and	1173
personal trial preparation of an attorney.	1174

(5) "Intellectual property record" means a record, other than	1175
a financial or administrative record, that is produced or	1176
collected by or for faculty or staff of a state institution of	1177
higher learning in the conduct of or as a result of study or	1178
research on an educational, commercial, scientific, artistic,	1179
technical, or scholarly issue, regardless of whether the study or	1180
research was sponsored by the institution alone or in conjunction	1181
with a governmental body or private concern, and that has not been	1182
publicly released, published, or patented.	1183

(6) "Donor profile record" means all records about donors or	1184
potential donors to a public institution of higher education	1185
except the names and reported addresses of the actual donors and	1186
the date, amount, and conditions of the actual donation.	1187

(7) "Peace officer, firefighter, or EMT residential and	1188
familial information" means either of the following:	1189

(a) Any information maintained in a personnel record of a	1190
peace officer, firefighter, or EMT that discloses any of the	1191
following:	1192

(i) The address of the actual personal residence of a peace	1193
officer, firefighter, or EMT, except for the state or political	1194
subdivision in which the peace officer, firefighter, or EMT	1195
resides;	1196

(ii) Information compiled from referral to or participation	1197
in an employee assistance program;	1198

(iii) The social security number, the residential telephone	1199
number, any bank account, debit card, charge card, or credit card	1200
number, or the emergency telephone number of, or any medical	1201
information pertaining to, a peace officer, firefighter, or EMT;	1202

(iv) The name of any beneficiary of employment benefits,	1203
including, but not limited to, life insurance benefits, provided	1204
to a peace officer, firefighter, or EMT by the peace officer's,	1205
firefighter's, or EMT's employer;	1206

(v) The identity and amount of any charitable or employment	1207
benefit deduction made by the peace officer's, firefighter's, or	1208
EMT's employer from the peace officer's, firefighter's, or EMT's	1209
compensation unless the amount of the deduction is required by	1210
state or federal law;	1211

(vi) The name, the residential address, the name of the	1212
employer, the address of the employer, the social security number,	1213
the residential telephone number, any bank account, debit card,	1214
charge card, or credit card number, or the emergency telephone	1215
number of the spouse, a former spouse, or any child of a peace	1216
officer, firefighter, or EMT.	1217

(b) Any record that identifies a person's occupation as a	1218
peace officer, firefighter, or EMT other than statements required	1219
to include the disclosure of that fact under the campaign finance	1220
law.	1221

As used in divisions (A)(7) and (B)(5) of this section,	1222
"peace officer" has the same meaning as in section 109.71 of the	1223
Revised Code and also includes the superintendent and troopers of	1224
the state highway patrol; it does not include the sheriff of a	1225
county or a supervisory employee who, in the absence of the	1226
sheriff, is authorized to stand in for, exercise the authority of,	1227
and perform the duties of the sheriff.	1228

As used in divisions (A)(7) and (B)(5) of this section,	1229
"firefighter" means any regular, paid or volunteer, member of a	1230
lawfully constituted fire department of a municipal corporation,	1231
township, fire district, or village.	1232

As used in divisions (A)(7) and (B)(5) of this section, "EMT"	1233
means EMTs-basic, EMTs-I, and paramedics that provide emergency	1234
medical services for a public emergency medical service	1235
organization. "Emergency medical service organization,"	1236
"EMT-basic," "EMT-I," and "paramedic" have the same meanings as in	1237
section 4765.01 of the Revised Code.	1238

(8) "Information pertaining to the recreational activities of	1239
a person under the age of eighteen" means information that is kept	1240
in the ordinary course of business by a public office, that	1241
pertains to the recreational activities of a person under the age	1242
of eighteen years, and that discloses any of the following:	1243

(a) The address or telephone number of a person under the age	1244
of eighteen or the address or telephone number of that person's	1245
parent, guardian, custodian, or emergency contact person;	1246

(b) The social security number, birth date, or photographic	1247
image of a person under the age of eighteen;	1248

(c) Any medical record, history, or information pertaining to	1249
a person under the age of eighteen;	1250

(d) Any additional information sought or required about a	1251
person under the age of eighteen for the purpose of allowing that	1252
person to participate in any recreational activity conducted or	1253
sponsored by a public office or to use or obtain admission	1254
privileges to any recreational facility owned or operated by a	1255
public office.	1256

(9) "Community control sanction" has the same meaning as in	1257
section 2929.01 of the Revised Code.	1258

(10) "Post-release control sanction" has the same meaning as	1259
in section 2967.01 of the Revised Code.	1260

(B)(1) Subject to division (B)(4) of this section, all public	1261
records shall be promptly prepared and made available for	1262
inspection to any person at all reasonable times during regular	1263
business hours. Subject to division (B)(4) of this section, upon	1264
request, a public office or person responsible for public records	1265
shall make copies available at cost, within a reasonable period of	1266
time. In order to facilitate broader access to public records,	1267
public offices shall maintain public records in a manner that they	1268
can be made available for inspection in accordance with this	1269
division.	1270

(2) If any person chooses to obtain a copy of a public record	1271
in accordance with division (B)(1) of this section, the public	1272
office or person responsible for the public record shall permit	1273
that person to choose to have the public record duplicated upon	1274
paper, upon the same medium upon which the public office or person	1275
responsible for the public record keeps it, or upon any other	1276
medium upon which the public office or person responsible for the	1277
public record determines that it reasonably can be duplicated as	1278
an integral part of the normal operations of the public office or	1279
person responsible for the public record. When the person seeking	1280
the copy makes a choice under this division, the public office or	1281
person responsible for the public record shall provide a copy of	1282
it in accordance with the choice made by the person seeking the	1283
copy.	1284

(3) Upon a request made in accordance with division (B)(1) of	1285
this section, a public office or person responsible for public	1286
records shall transmit a copy of a public record to any person by	1287
United States mail within a reasonable period of time after	1288
receiving the request for the copy. The public office or person	1289
responsible for the public record may require the person making	1290
the request to pay in advance the cost of postage and other	1291
supplies used in the mailing.	1292

Any public office may adopt a policy and procedures that it	1293
will follow in transmitting, within a reasonable period of time	1294
after receiving a request, copies of public records by United	1295
States mail pursuant to this division. A public office that adopts	1296
a policy and procedures under this division shall comply with them	1297
in performing its duties under this division.	1298

In any policy and procedures adopted under this division, a	1299
public office may limit the number of records requested by a	1300
person that the office will transmit by United States mail to ten	1301
per month, unless the person certifies to the office in writing	1302
that the person does not intend to use or forward the requested	1303
records, or the information contained in them, for commercial	1304
purposes. For purposes of this division, "commercial" shall be	1305
narrowly construed and does not include reporting or gathering	1306
news, reporting or gathering information to assist citizen	1307
oversight or understanding of the operation or activities of	1308
government, or nonprofit educational research.	1309

(4) A public office or person responsible for public records	1310
is not required to permit a person who is incarcerated pursuant to	1311
a criminal conviction or a juvenile adjudication to inspect or to	1312
obtain a copy of any public record concerning a criminal	1313
investigation or prosecution or concerning what would be a	1314
criminal investigation or prosecution if the subject of the	1315
investigation or prosecution were an adult, unless the request to	1316
inspect or to obtain a copy of the record is for the purpose of	1317
acquiring information that is subject to release as a public	1318
record under this section and the judge who imposed the sentence	1319
or made the adjudication with respect to the person, or the	1320
judge's successor in office, finds that the information sought in	1321
the public record is necessary to support what appears to be a	1322
justiciable claim of the person.	1323

(5) Upon written request made and signed by a journalist on	1324
or after December 16, 1999, a public office, or person responsible	1325
for public records, having custody of the records of the agency	1326
employing a specified peace officer, firefighter, or EMT shall	1327
disclose to the journalist the address of the actual personal	1328
residence of the peace officer, firefighter or EMT and, if the	1329
peace officer's, firefighter's or EMT's spouse, former spouse, or	1330
child is employed by a public office, the name and address of the	1331
employer of the peace officer's, firefighter's, or EMT's spouse,	1332
former spouse, or child. The request shall include the	1333
journalist's name and title and the name and address of the	1334
journalist's employer and shall state that disclosure of the	1335
information sought would be in the public interest.	1336

As used in division (B)(5) of this section, "journalist"	1337
means a person engaged in, connected with, or employed by any news	1338
medium, including a newspaper, magazine, press association, news	1339
agency, or wire service, a radio or television station, or a	1340
similar medium, for the purpose of gathering, processing,	1341
transmitting, compiling, editing, or disseminating information for	1342
the general public.	1343

(C) If a person allegedly is aggrieved by the failure of a	1344
public office to promptly prepare a public record and to make it	1345
available to the person for inspection in accordance with division	1346
(B) of this section, or if a person who has requested a copy of a	1347
public record allegedly is aggrieved by the failure of a public	1348
office or the person responsible for the public record to make a	1349
copy available to the person allegedly aggrieved in accordance	1350
with division (B) of this section, the person allegedly aggrieved	1351
may commence a mandamus action to obtain a judgment that orders	1352
the public office or the person responsible for the public record	1353
to comply with division (B) of this section and that awards	1354
reasonable attorney's fees to the person that instituted the	1355
mandamus action. The mandamus action may be commenced in the court	1356
of common pleas of the county in which division (B) of this	1357
section allegedly was not complied with, in the supreme court	1358
pursuant to its original jurisdiction under Section 2 of Article	1359
IV, Ohio Constitution, or in the court of appeals for the	1360
appellate district in which division (B) of this section allegedly	1361
was not complied with pursuant to its original jurisdiction under	1362
Section 3 of Article IV, Ohio Constitution.	1363

(D) Chapter 1347. of the Revised Code does not limit the	1364
provisions of this section.	1365

(E)(1) The bureau of motor vehicles may adopt rules pursuant	1366
to Chapter 119. of the Revised Code to reasonably limit the number	1367
of bulk commercial special extraction requests made by a person	1368
for the same records or for updated records during a calendar	1369
year. The rules may include provisions for charges to be made for	1370
bulk commercial special extraction requests for the actual cost of	1371
the bureau, plus special extraction costs, plus ten per cent. The	1372
bureau may charge for expenses for redacting information, the	1373
release of which is prohibited by law.	1374

(2) As used in divisions (B)(3) and (E)(1) of this section:

1375

(a) "Actual cost" means the cost of depleted supplies,	1376
records storage media costs, actual mailing and alternative	1377
delivery costs, or other transmitting costs, and any direct	1378
equipment operating and maintenance costs, including actual costs	1379
paid to private contractors for copying services.	1380

(b) "Bulk commercial special extraction request" means a	1381
request for copies of a record for information in a format other	1382
than the format already available, or information that cannot be	1383
extracted without examination of all items in a records series,	1384
class of records, or data base by a person who intends to use or	1385
forward the copies for surveys, marketing, solicitation, or resale	1386
for commercial purposes. "Bulk commercial special extraction	1387
request" does not include a request by a person who gives	1388
assurance to the bureau that the person making the request does	1389
not intend to use or forward the requested copies for surveys,	1390
marketing, solicitation, or resale for commercial purposes.	1391

(c) "Commercial" means profit-seeking production, buying, or	1392
selling of any good, service, or other product.	1393

(d) "Special extraction costs" means the cost of the time	1394
spent by the lowest paid employee competent to perform the task,	1395
the actual amount paid to outside private contractors employed by	1396
the bureau, or the actual cost incurred to create computer	1397
programs to make the special extraction. "Special extraction	1398
costs" include any charges paid to a public agency for computer or	1399
records services.	1400

(3) For purposes of divisions (E)(1) and (2) of this section,	1401
"commercial surveys, marketing, solicitation, or resale" shall be	1402
narrowly construed and does not include reporting or gathering	1403
news, reporting or gathering information to assist citizen	1404
oversight or understanding of the operation or activities of	1405
government, or nonprofit educational research.	1406

Sec. 169.05.  (A) Every holder required to file a report	1407
under section 169.03 of the Revised Code shall, at the time of	1408
filing, pay to the director of commerce ten per cent of the	1409
aggregate amount of unclaimed funds as shown on suchthe report,	1410
except for aggregate amounts of fifty dollars or less in which	1411
case one hundred per cent shall be paid. SuchThe funds may be	1412
deposited by the director in the state treasury to the credit of	1413
the unclaimed funds trust fund, which is hereby created, or placed	1414
with a financial organization. Any interest earned on money in the	1415
trust fund shall be credited to the trust fund. The remainder of	1416
suchthe aggregate amount of unclaimed funds as shown on suchthe	1417
report, plus earnings accrued to date of payment to the director,	1418
shall, at the option of the director, be retained by the holder or	1419
paid to the director for deposit as agent for the mortgage funds	1420
with a financial organization as defined in section 169.01 of the	1421
Revised Code, suchwith the funds to be in income-bearing accounts	1422
to the credit of the mortgage funds, or the holder may enter into	1423
an agreement with the director specifying the obligations of the	1424
United States in which funds are to be invested, and agree to pay	1425
the interest on suchthe obligations to the state. Holders	1426
retaining suchany funds not in obligations of the United States	1427
shall enter into an agreement with the director specifying the	1428
classification of income-bearing account in which the funds will	1429
be held and pay the state interest thereonon the funds at a rate	1430
equal to the prevailing market rate for similar funds. Moneys	1431
whichthat the holder is required to pay to the director rather	1432
than to retain may be deposited with the treasurer of state, or	1433
placed with a financial organization.	1434

Securities and other intangible property transferred to the	1435
director shall, within a reasonable time, be converted to cash and	1436
the proceeds deposited as provided for other funds.	1437

One-half of the funds evidenced by such agreements or, in	1438
such income-bearing accounts, or on deposit with the treasurer of	1439
state shall be allocated on the records of the director to the	1440
mortgage insurance fund created by section 122.561 of the Revised	1441
Code. Out of the remaining half, after allocation of sufficient	1442
moneys to the minority business bonding fund to meet the	1443
provisions of division (B) of this section, an equal amountthe	1444
remainder shall be allocated on the records of the director to the	1445
housing guarantee fund created by division (D) of section 175.10	1446
of the Revised Code and the housing development fund created by	1447
division (C)(A) of section 175.10175.11 of the Revised Code.	1448

(B) The director shall serve as agent for the director of	1449
development, and as agent for the Ohio housing finance agency, in	1450
the making of deposits and withdrawals and maintenance of	1451
maintaining records pertaining to the minority business bonding	1452
fund created by section 122.88 of the Revised Code, the mortgage	1453
insurance fund, the housing guarantee fund, and the housing	1454
development fund created by division (C) of section 175.10175.11	1455
of the Revised Code. Funds from the mortgage insurance fund shall	1456
beare available to the director of development when suchthose	1457
funds are to be disbursed to prevent or cure, or upon the	1458
occurrence of, a default of a mortgage insured pursuant to section	1459
122.451 of the Revised Code. Funds from the housing guarantee fund	1460
shall be available to the Ohio housing finance agency when such	1461
funds are to be disbursed under a guarantee authorized by section	1462
175.04 of the Revised Code to satisfy a guaranteed mortgage which	1463
is in default. Funds from the housing development fund shall be	1464
are available upon request to the Ohio housing finance agency, in	1465
an amount not to exceed the funds allocated on the records of the	1466
director, for the purposes of section 175.04175.05 of the Revised	1467
Code when it so requests. Funds from the minority business bonding	1468
fund shall beare available to the director of development upon	1469
request for the purpose of payingto pay obligations on bonds	1470
written by the director writes pursuant to section 122.88 of the	1471
Revised Code; except that, unless the general assembly authorizes	1472
additional amounts are authorized by the general assembly, the	1473
total maximum amount of moneys that may be allocated to the	1474
minority business bonding fund under this division is ten million	1475
dollars.	1476

When such funds are to be so disbursed, the appropriate	1477
agency shall call upon the director to transfer to it the	1478
necessary funds to it. The director shall first withdraw the funds	1479
paid by the holders and deposited with the treasurer of state or	1480
in a financial institution as agent for suchthe funds. Whenever	1481
these funds are inadequate to meet the request, the director shall	1482
provide for a withdrawal of funds, within a reasonable time,and	1483
in suchthe amount as is necessary to meet the request, from	1484
financial institutions in which suchthe funds were retained or	1485
placed by a holder and from other holders who have retained funds,	1486
in an equitable manner as prescribed by the director prescribes.	1487
In the event that the amount to be withdrawn from any one such	1488
holder is less than five hundred dollars, the amount to be	1489
withdrawn shall beis at the director's discretion of the	1490
director. The director shall then transfer to the agency the	1491
amount of funds requested.	1492

Funds which are deposited in the unclaimed funds trust fund	1493
shall beare subject to call by the director when necessary to pay	1494
claims allowed by the director allows under section 169.08 of the	1495
Revised Code, in accordance with the director's rules of the	1496
director, to defray the necessary costs of making publications	1497
required by this chapter,requires and to pay other operating and	1498
administrative expenses incurred by the department of commerce	1499
incurs in the administration and enforcement of this chapter.	1500

The unclaimed funds trust fund shall be assessed a	1501
proportionate share of the administrative costs of the department	1502
of commerce in accordance with procedures prescribed by the	1503
director of commerce prescribes and approved by the director of	1504
budget and management approves. SuchThe assessment shall be paid	1505
from the unclaimed funds trust fund to the division of	1506
administration fund.	1507

(C) Earnings on the accounts in financial organizations to	1508
the credit of the mortgage funds shall, at the option of such a	1509
the financial organization, be credited to suchthe accounts at	1510
such times and at such rates as earnings are paid on other	1511
accounts of the same classification held in the financial	1512
organization or paid to the director. The director shall be	1513
notified annually, and at such other times as the director may	1514
request, of the amount of suchthe earnings credited to the	1515
accounts. Interest on unclaimed funds retained by a holder retains	1516
shall be paid to the director or credited as specified in the	1517
agreement under which the organization retains the funds. Interest	1518
payable to the director under an agreement to invest unclaimed	1519
funds and obligations of the United States shall be paid annually	1520
by suchthe holder to the director. Any earnings or interest	1521
received by the director receives under this division shall be	1522
deposited in and credited to the mortgage funds.	1523

Sec. 173.08. (A) The resident services coordinator program is	1524
established in the department of aging to fund resident services	1525
coordinators. The coordinators shall provide information to	1526
low-income and special-needs tenants, including the elderly, who	1527
live in subsidizedfinancially assisted rental housing complexes,	1528
and assist those tenants in identifying and obtaining community	1529
and program services and other benefits for which they are	1530
eligible.	1531

(B) The resident services coordinator program fund is hereby	1532
created in the state treasury to support the resident services	1533
coordinator program established pursuant to this section. The fund	1534
consists of all moneys the department of development sets aside	1535
pursuant to division (A)(4) of section 175.21174.02 of the	1536
Revised Code and moneys the general assembly appropriates to the	1537
fund.	1538

Sec. 174.01. As used in this chapter:

1539

(A) "Financial assistance" means grants, loans, loan	1540
guarantees, an equity position in a project, or loan subsidies.	1541

(B) "Grant" means funding the department of development or	1542
the Ohio housing finance agency provides for which the department	1543
or the agency does not require repayment.	1544

(C) "Housing" means housing for owner-occupancy and	1545
multifamily rental housing.	1546

(D) "Housing for owner-occupancy" means housing that is	1547
intended for occupancy by an owner as a principal residence.	1548
"Housing for owner-occupancy" may be any type of structure and may	1549
be owned in any type of ownership.	1550

(E) "Housing trust fund" means the low- and moderate-income	1551
housing trust fund created and administered pursuant to Chapter	1552
174. of the Revised Code.	1553

(F) "Lending institution" means any financial institution	1554
qualified to conduct business in this state, a subsidiary	1555
corporation that is wholly owned by a financial institution	1556
qualified to conduct business in this state, and a mortgage lender	1557
whose regular business is originating, servicing, or brokering	1558
real estate loans and who is qualified to do business in this	1559
state.	1560

(G) "Loan" means any extension of credit or other form of	1561
financing or indebtedness directly or indirectly to a borrower	1562
with the expectation that it will be repaid in accordance with the	1563
terms of the underlying loan agreement or other pertinent	1564
document. "Loan" includes financing extended to lending	1565
institutions and indebtedness purchased from lending institutions.	1566

(H) "Loan guarantee" means any agreement in favor of a	1567
lending institution or other lender in which the credit and	1568
resources of the housing trust fund are pledged to secure the	1569
payment or collection of financing extended to a borrower for the	1570
acquisition, construction, improvement, rehabilitation or	1571
preservation of housing, or to refinance any financing previously	1572
extended for those purposes by any lender.	1573

(I) "Loan subsidy" means any deposit of funds into a lending	1574
institution with the authorization or direction that the income or	1575
revenues the deposit earns, or could have earned at competitive	1576
rates, be applied directly or indirectly to the benefit of housing	1577
assistance or financial assistance.	1578

(J) "Low and moderate income persons" means individuals and	1579
families who qualify as low- and moderate-income persons pursuant	1580
to guidelines the department of development establishes.	1581

(K) "Multifamily rental housing" means multiple unit housing	1582
intended for rental occupancy.	1583

(L) "Nonprofit organization" means a nonprofit organization	1584
in good standing and qualified to conduct business in this state	1585
including any corporation whose members are members of a	1586
metropolitan housing authority.	1587

Sec. 175.21.        Sec. 174.02.  (A) The low- and moderate-income housing	1588
trust fund is hereby created in the state treasury. The fund shall	1589
consistconsists of all appropriations made to the fund, housing	1590
trust fund fees collected by county recorders pursuant to section	1591
317.36 of the Revised Code and deposited into the fund pursuant to	1592
section 319.63 of the Revised Code, and all grants, gifts, loan	1593
repayments, and contributions of money made from any source to the	1594
department of development for deposit in the fund. All investment	1595
earnings of the fund shall be credited to the fund. The director	1596
of development shall allocate a portion of the money in the fund	1597
to an account of the Ohio housing finance agency. The department	1598
shall administer the fund. The agency shall use money allocated to	1599
it in the fund for implementing and administering its programs and	1600
duties under sections 175.22174.03 and 175.24174.05 of the	1601
Revised Code, and the department shall use the remaining money in	1602
the fund for implementing and administering its programs and	1603
duties under sections 175.22174.03 to 175.25174.06 of the	1604
Revised Code. Use of all money indrawn from the fund is subject	1605
to the following restrictions:	1606

(1) Not more than six per cent of any current year	1607
appropriation authority for the fund shall be used for the	1608
transitional and permanent housing program to make grants to	1609
municipal corporations, counties, townships, and nonprofit	1610
organizations for the acquisition, rehabilitation, renovation,	1611
construction, conversion, operation, and cost of supportive	1612
services for new and existing transitional and permanent housing	1613
for homeless persons.	1614

(2)(a) Not more than five per cent of anythe current year	1615
appropriation authority for the fund shall be used for grants and	1616
loansallocated between grants to community development	1617
corporations for the community development corporation grant	1618
program and grants and loans to the Ohio community development	1619
finance fund, a private nonprofit corporation.	1620

(b) In any year in which the amount in the fund exceeds one	1621
hundred thousand dollars and at least that much is allocated for	1622
the uses described in this section, not less than one hundred	1623
thousand dollars shall be used to provide training, technical	1624
assistance, and capacity building assistance to nonprofit	1625
development organizations in areas of the state the director	1626
designates as underserved.	1627

(c) For monies awarded in any fiscal year, priority shall be	1628
given to proposals submitted by nonprofit development	1629
organizations from areas of the state the director designates as	1630
underserved.	1631

(3) Not more than seven per cent of any current year	1632
appropriation authority for the fund shall be used for the	1633
emergency shelter housing grants program to make grants to	1634
private, nonprofit organizations and municipal corporations,	1635
counties, and townships for emergency shelter housing for the	1636
homeless. The grants shall be distributed pursuant to rules the	1637
director adopts and qualify as matching funds for funds obtained	1638
pursuant to the McKinney Act, 101 Stat. 85 (1987), 42 U.S.C.A.	1639
11371 to 11378.	1640

(4) In any fiscal year in which the amount in the fund	1641
exceeds the amount awarded pursuant to division (A)(2)(b) of this	1642
section by at least two hundred fifty thousand dollars, at least	1643
two hundred fifty thousand dollars from the fund shall be provided	1644
to the department of aging for the resident services coordinator	1645
program as established in section 173.08 of the Revised Code.	1646

(5) Of all current year appropriation authority for the fund,	1647
not more than five per cent shall be used for administration.	1648

(6) Not less than forty-five per cent of the funds awarded	1649
during any one fiscal year shall be for grants and loans to	1650
nonprofit organizations under section 175.22174.03 of the Revised	1651
Code.	1652

(7) Not less than fifty per cent of the funds awarded during	1653
any one fiscal year, excluding the amounts awarded pursuant to	1654
divisions (A)(1), (A)(2), and (A)(3) of this section, shall be for	1655
grants and loans for activities that provide housing and housing	1656
assistance to families and individuals in rural areas and small	1657
cities that are not eligible to participate as a participating	1658
jurisdiction under the "HOME Investment Partnerships Act," 104	1659
Stat. 4094 (1990), 42 U.S.C. 12701 note, 12721.	1660

(8) No money in the fund shall be used to pay for any legal	1661
services other than the usual and customary legal services	1662
associated with the acquisition of housing.	1663

(9) Except as otherwise provided by the director under	1664
division (B) of this section, moneyMoney in the fund may be used	1665
as matching money for federal funds received by the state,	1666
counties, municipal corporations, and townships for the activities	1667
listed in section 175.22174.03 of the Revised Code.	1668

(B) If, after the second quarter of any year, it appears to	1669
the director that the full amount of the money in the fund	1670
designated in that year for activities that provide housing and	1671
housing assistance to families and individuals in rural areas and	1672
small cities under division (A) of this section will not be used	1673
for that purpose, the director may reallocate all or a portion of	1674
that amount for other housing activities. In determining whether	1675
or how to reallocate money under this division, the director may	1676
consult with and shall receive advice from the housing trust fund	1677
advisory committee.	1678

Sec. 175.22.        Sec. 174.03.  (A) The department of development and	1679
the Ohio housing finance agency shall each develop programs under	1680
which, in accordance with rules adopted under this section, they	1681
may make grants, loans, loan guarantees, and loan subsidies to	1682
counties, municipal corporations, townships, local housing	1683
authorities, and nonprofit organizations and may make loans, loan	1684
guarantees, and loan subsidies to private developers and private	1685
lenders to assist in activities that provide housing and housing	1686
assistance for specifically targeted low- and moderate-income	1687
families and individuals. There is no minimum housing project size	1688
for awards under this division for any project that is developed	1689
for a special needs population and that is supported by a social	1690
service agency where the housing project is located. Activities	1691
for which grants, loans, loan guarantees, and loan subsidies may	1692
be made under this section include all of the following:	1693

(1) Acquiring, financing, constructing, leasing,	1694
rehabilitating, remodeling, improving, and equipping publicly or	1695
privately owned housing;	1696

(2) Providing supportive services related to housing and the	1697
homeless, including housing counseling. Not more than twenty per	1698
cent of the current year appropriation authority for the low- and	1699
moderate-income housing trust fund that remains after the award of	1700
funds made pursuant to divisions (A)(1), (A)(2), and (A)(3) of	1701
section 175.21174.02 of the Revised Code, shall be awarded in any	1702
fiscal year for supportive services.	1703

(3) Providing rental assistance payments or other project	1704
operating subsidies that lower tenant rents.	1705

(B) Grants, loans, loan guarantees, and loan subsidies may be	1706
made to counties, municipal corporations, townships, and nonprofit	1707
organizations for the additional purposes of providing technical	1708
assistance, design and finance services and consultation, and	1709
payment of pre-development and administrative costs related to any	1710
of the activities listed above.	1711

(C) In developing programs under this section, the department	1712
and the agency shall invite, accept, and consider public comment,	1713
and recommendations from the housing trust fund advisory committee	1714
created under section 175.25174.06 of the Revised Code, on how	1715
the programs should be designed to most effectively benefit low-	1716
and moderate-income families and individuals. The programs	1717
developed under this section shall respond collectively to housing	1718
and housing assistance needs of low- and moderate-income families	1719
and individuals statewide.	1720

(D) The department and the agency, in accordance with Chapter	1721
119. of the Revised Code, shall each adopt rules to administer	1722
programs developed under this section. The rules shall prescribe	1723
procedures and forms that counties, municipal corporations,	1724
townships, local housing authorities, and nonprofit organizations	1725
shall use in applying for grants, loans, loan guarantees, and loan	1726
subsidies and that private developers and private lenders shall	1727
use in applying for loans, loan guarantees, and loan subsidies;	1728
eligibility criteria for the receipt of funds; procedures for	1729
reviewing and granting or denying applications; procedures for	1730
paying out funds; conditions on the use of funds; procedures for	1731
monitoring the use of funds; and procedures under which a	1732
recipient shall be required to repay funds that are improperly	1733
used. The rules shall do both of the following:	1734

(1) Require each recipient of a grant or loan made from the	1735
low- and moderate-income housing trust fund for activities that	1736
provide, or assist in providing, a rental housing project, to	1737
reasonably ensure that the rental housing project will remain	1738
affordable to those families and individuals targeted for the	1739
rental housing project for the useful life of the rental housing	1740
project or for thirty years, whichever is longer;	1741

(2) Require each recipient of a grant or loan made from the	1742
low- and moderate-income housing trust fund for activities that	1743
provide, or assist in providing, a housing project to prepare and	1744
implement a plan to reasonably assist any families and individuals	1745
displaced by the housing project in obtaining decent affordable	1746
housing.	1747

(E) In prescribing eligibility criteria and conditions for	1748
the use of funds, neither the department nor the agency is limited	1749
to the criteria and conditions specified in this section and each	1750
may prescribe additional eligibility criteria and conditions that	1751
relate to the purposes for which grants, loans, loan guarantees,	1752
and loan subsidies may be made. However, the department and agency	1753
are limited by the following specifically targeted low- and	1754
moderate-income guidelines:	1755

(1) Not less than seventy-five per cent of the money granted	1756
and loaned under this section in any fiscal year shall be for	1757
activities that provide affordable housing and housing assistance	1758
to families and individuals whose incomes are equal to or less	1759
than fifty per cent of the median income for the county in which	1760
they live, as determined by the department under section 175.23	1761
174.04 of the Revised Code.	1762

(2) Any money granted and loaned under this section in any	1763
fiscal year that is not granted or loaned pursuant to division	1764
(E)(1) of this section shall be for activities that provide	1765
affordable housing and housing assistance to families and	1766
individuals whose incomes are equal to or less than eighty per	1767
cent of the median income for the county in which they live, as	1768
determined by the department under section 175.23174.04 of the	1769
Revised Code.	1770

(F) In making grants, loans, loan guarantees, and loan	1771
subsidies under this section, the department and the agency shall	1772
give preference to viable projects and activities that benefit	1773
those families and individuals whose incomes are equal to or less	1774
than thirty-five per cent of the median income for the county in	1775
which they live, as determined by the department under section	1776
175.23174.04 of the Revised Code.	1777

(G) The department and the agency shall monitor the programs	1778
developed under this section to ensure that money granted and	1779
loaned under this section is not used in a manner that violates	1780
division (H) of section 4112.02 of the Revised Code or	1781
discriminates against families with children.	1782

Sec. 175.23.        Sec. 174.04. (A) The department of development shall	1783
make an annual determination of the median income for families and	1784
individualspersons in each county.	1785

(B) The director of development shall determine appropriate	1786
income limits for identifying or classifying low- and	1787
moderate-income persons for the purposes of sections 174.01 to	1788
174.07 of the Revised Code. In making the determination, the	1789
director shall take into consideration the amount of income	1790
available for housing, family size, the cost and condition of	1791
available housing, ability to pay the amounts the private market	1792
charges for decent, safe, and sanitary housing without federal	1793
subsidy or state assistance, and the income eligibility standards	1794
of federal programs. Income limits may vary from area to area	1795
within the state.	1796

Sec. 175.24.        Sec. 174.05.  (A) Annually, the department of	1797
development shall submit a report to the president of the senate	1798
and the speaker of the house of representatives describing the	1799
activities of the department under sections 175.21174.01 to	1800
175.25174.07 of the Revised Code during the previous state fiscal	1801
year.	1802

(B) Annually, the Ohio housing finance agency shall submit a	1803
report to the president of the senate and the speaker of the house	1804
of representatives describing the activities of the agency under	1805
sections 175.21174.02, 175.22174.03, and 175.24174.05 of the	1806
Revised Code during the previous state fiscal year.	1807

Sec. 175.25.        Sec. 174.06. (A) There is hereby created the housing	1808
trust fund advisory committee. The committee shall consist	1809
consists of fourteen members appointed by the governor appoints as	1810
follows, each of whom shallto represent an organization	1811
organizations committed to housing and housing assistance for low-	1812
and moderate-income persons:	1813

(A)(1) One member shallto represent lenders.

1814

(B)(2) One member shallto represent for-profit builders and	1815
developers.	1816

(C)(3) One member shallto represent the families and	1817
individuals included in the income groups targeted for housing and	1818
housing assistance under divisions (E) and (F) of section 175.22	1819
174.03 of the Revised Code.	1820

(D)(4) One member shallto represent religious, civic, or	1821
social service organizations.	1822

(E)(5) One member shallto represent counties.

1823

(F)(6) One member shallto represent municipal corporations.

1824

(G)(7) One member shallto represent townships.

1825

(H)(8) One member shallto represent local housing	1826
authorities.	1827

(I)(9) One member shallto represent fair housing	1828
organizations.	1829

(J)(10) Three members shallto represent nonprofit	1830
organizations.	1831

(K)(11) One member shallto represent real estate brokers	1832
licensed under Chapter 4735. of the Revised Code.	1833

(L)(12) One member shallto represent the for-profit rental	1834
housing industry.	1835

(B)(1) Terms of office shall beare for four years, with each	1836
term ending on the same day of the same month as did the term that	1837
it succeeds. Each member shall hold office from the date of his	1838
appointment until the end of the term for which hethe member was	1839
appointed. Vacancies shall be filled in the manner prescribed for	1840
the original appointment. A member appointed to fill a vacancy	1841
occurring prior to the expiration of thea term for which his	1842
predecessor was appointed shall hold office for the remainder of	1843
that term. A member shall continue in office subsequent to the	1844
expiration of hisa term until hisa successor takes office or	1845
until a period of sixty days has elapsed, whichever occurs first.	1846

(2) The governor may remove a member appointed by him, for	1847
misfeasance, malfeasance, or willful neglect of duty.	1848

(C)(1) The committee shall select a chairmanchairperson from	1849
among its members. The committee shall meet at least once each	1850
calendar year and upon the call of the chair. Members of the	1851
committee shall serve without compensation, but shall be	1852
reimbursed for reasonable and necessary expenses incurred in the	1853
discharge of their duties.	1854

(2) The department of development shall provide the committee	1855
with a meeting place, supplies, and staff assistance as requested	1856
by the committee requests.	1857

(D) The committee shall assist the department and the Ohio	1858
housing finance agency in defining housing needs and priorities,	1859
shall make recommendationsrecommend to the department and agency	1860
at least annually on how the programs developed under section	1861
175.21174.02 of the Revised Code should be designed to most	1862
effectively benefit low- and moderate-income families and	1863
individualspersons, consider an allocation of funds for projects	1864
of fifteen units or less, and advise the director of development	1865
on whether and how to reallocate money in the low- and	1866
moderate-income housing trust fund under division (B) of section	1867
175.21174.02 of the Revised Code.	1868

Sec. 175.26.        Sec. 174.07. Neither theThe department of	1869
development nor, on its own and on the behalf of the Ohio housing	1870
finance agency and the Ohio department of aging, shall make a	1871
obtain controlling board approval prior to making any grant, loan,	1872
loan guarantee, or loan subsidy greater than fifty thousand	1873
dollars from or allocated from the low- and moderate-income	1874
housing trust fund without first obtaining the approval of the	1875
controlling board.	1876

Sec. 175.01. As used in this chapter:

1877

(A) "Bonds" means bonds, notes, debentures, refunding bonds,	1878
refunding notes, and other obligations.	1879

(B) "Financial assistance" means grants, loans, loan	1880
guarantees, an equity position in a project, and loan subsidies.	1881

(C) "Grant" means funding for which repayment is not	1882
required.	1883

(D) "Homeownership program" means any program for which the	1884
Ohio housing finance agency provides financing, directly or	1885
indirectly, for the purchase of housing for owner-occupancy.	1886

(E) "Housing" means housing for owner-occupancy and	1887
multifamily rental housing.	1888

(F) "Housing development fund" means the housing development	1889
fund created and administered pursuant to section 175.11 of the	1890
Revised Code.	1891

(G) "Housing for owner-occupancy" means housing that is	1892
intended for occupancy by an owner as a principal residence.	1893
"Housing for owner-occupancy" may be any type of structure and may	1894
be owned in any form of ownership.	1895

(H) "Housing trust fund" means the low- and moderate-income	1896
housing trust fund created and administered pursuant to Chapter	1897
174. of the Revised Code.	1898

(I) "Improvement" means any alteration, remodeling, addition,	1899
or repair that substantially protects or improves the basic	1900
habitability or energy efficiency of housing.	1901

(J) "Lending institution" means any financial institution	1902
qualified to conduct business in this state, a subsidiary	1903
corporation that is wholly owned by a financial institution	1904
qualified to conduct business in this state, and a mortgage lender	1905
whose regular business is originating, servicing, or brokering	1906
real estate loans and who is qualified to do business in this	1907
state.	1908

(K) "Loan" means any extension of credit or other form of	1909
financing or indebtedness extended directly or indirectly to a	1910
borrower with the expectation that it will be repaid in accordance	1911
with the terms of the underlying loan agreement or other pertinent	1912
document. "Loan" includes financing the Ohio housing finance	1913
agency extends to lending institutions and indebtedness the agency	1914
purchases from lending institutions.	1915

(L) "Loan guarantee" means any agreement in favor of a	1916
lending institution, bondholder, or other lender in which the	1917
credit and resources of the housing finance agency or the housing	1918
trust fund are pledged to secure the payment or collection of	1919
financing extended to a borrower for the acquisition,	1920
construction, improvement, rehabilitation, or preservation of	1921
housing or to refinance any financing previously extended for	1922
those purposes.	1923

(M) "Loan subsidy" means any deposit of funds the Ohio	1924
housing finance agency holds or administers into a lending	1925
institution with the authorization or direction that the income or	1926
revenues the deposit earns, or could have earned at competitive	1927
rates, be applied directly or indirectly to the benefit of housing	1928
assistance or financial assistance.	1929

(N) "Low- and moderate-income persons" means individuals and	1930
families who qualify as low- and moderate-income persons pursuant	1931
to guidelines the agency establishes.	1932

(O) "Multifamily rental housing" means multiple unit housing	1933
intended for rental occupancy.	1934

(P) "Nonprofit organization" means a nonprofit organization	1935
in good standing and qualified to conduct business in this state	1936
including any corporation whose members are members of a	1937
metropolitan housing authority.	1938

(Q) "Owner" means any person who, jointly or severally, has	1939
legal or equitable title to housing together with the right to	1940
control or possess that housing. "Owner" includes a purchaser of	1941
housing pursuant to a land installment contract if that contract	1942
vests possession and maintenance responsibilities in the	1943
purchaser, and a person who has care or control of housing as	1944
executor, administrator, assignee, trustee, or guardian of the	1945
estate of the owner of that housing.	1946

(R) "Security interest" means any lien, encumbrance, pledge,	1947
assignment, mortgage, or other form of collateral the Ohio housing	1948
finance agency holds as security for financial assistance the	1949
agency extends or a loan the agency acquires.	1950

Sec. 175.02. (A) There is hereby created the Ohio housing	1951
finance agency, a body corporate and politic, performing essential	1952
governmental functions of the state. The mission of the agency	1953
includes but is not limited to assisting with the financing,	1954
refinancing, production, development, and preservation of housing	1955
for occupancy by low- and moderate-income persons, provision of	1956
rental assistance and housing services for low- and moderate	1957
income persons, and promoting community development, economic	1958
stability, and growth within Ohio. To accomplish this mission, the	1959
agency shall work with persons eligible for its programs,	1960
nonprofit organizations and for-profit housing development	1961
entities, public entities, and lending institutions. The agency	1962
may review conformity with its programs and monitor a recipient's	1963
use of funds it provides to assure compliance.	1964

(B) It is hereby declared to be the public purpose of this	1965
state to improve and promote the public health, safety,	1966
convenience, welfare, and prosperity of the people of the state by	1967
the production and preservation of housing.	1968

Sec. 175.03. (A)(1) The Ohio housing finance agency consists	1969
of eleven members. The governor, with the advice and consent of	1970
the senate, shall appoint nine of the members. The other two	1971
members are the director of commerce and the director of	1972
development or their respective designees.	1973

(2) The governor shall appoint one member with experience in	1974
residential housing construction; one with experience in	1975
residential housing mortgage lending, loan servicing, or brokering	1976
at an institution insured by the federal deposit insurance	1977
corporation; one with experience in the licensed residential	1978
housing brokerage business; one with experience with the housing	1979
needs of senior citizens; one with a background in labor	1980
representation in the construction industry; one to represent the	1981
interests of nonprofit multifamily housing development	1982
organizations; one to represent the interests of for-profit	1983
multifamily housing development organizations; and two who are	1984
public members.	1985

(3) The governor shall receive recommendations from the Ohio	1986
housing council for appointees to represent the interests of	1987
nonprofit multifamily housing development organizations and	1988
for-profit multifamily housing development organizations.	1989

(4) Not more than six of the appointed members of the agency	1990
may be of the same political party.	1991

(B)(1) Of the initial appointments the governor makes, one	1992
member representing the public has an initial term ending January	1993
31, 2010, the other member representing the public has an initial	1994
term ending January 31, 2008, the member with a background in	1995
labor representation in the construction industry has an initial	1996
term ending January 31, 2005, the member with experience in	1997
residential housing mortgage lending, loan servicing, or brokering	1998
has an initial term ending January 31, 2008, the member with	1999
experience with the housing needs of senior citizens has an	2000
initial term ending January 31, 2006, the member representing the	2001
interests of nonprofit multifamily housing development	2002
organizations has an initial term ending January 31, 2007, the	2003
member representing the interests of for-profit multifamily	2004
housing development organizations has an initial term ending	2005
January 31, 2006, and the member with experience in residential	2006
housing construction and the member with experience in licensed	2007
residential housing brokerage each has an initial term ending	2008
January 31, 2009. Thereafter, each appointed member shall serve	2009
for a term of six years with each term ending on the thirty-first	2010
day of January, six years following the termination date of the	2011
term it succeeds. There is no limit on the number of terms a	2012
member may serve.	2013

(2) Each member shall hold office from the date of	2014
appointment until the end of the term for which the member is	2015
appointed. Any member appointed to fill a vacancy occurring prior	2016
to the expiration of a term continues in office for the remainder	2017
of that term. Any appointed member shall continue in office	2018
subsequent to the expiration date of the member's term until the	2019
member's successor takes office or until sixty days have elapsed,	2020
whichever occurs first.	2021

(3) The governor may remove an appointed member from office	2022
for misfeasance, nonfeasance, or malfeasance in office.	2023

(C)(1) Except as otherwise provided in this section, members	2024
and agency employees shall comply with Chapter 102. and sections	2025
2921.42 and 2921.43 of the Revised Code.	2026

(2) An agency member who is a director, officer, employee, or	2027
owner of a lending institution is not in violation of Chapter 102.	2028
and is not subject to section 2921.42 of the Revised Code with	2029
respect to a loan to an applicant from the lending institution or	2030
a contract between the agency and the lending institution for the	2031
purchase, administration, or servicing of loans if the member	2032
abstains from participation in any matter that affects the	2033
interests of the member's lending institution.	2034

(3) An agency member who represents multifamily housing	2035
interests is not in violation of division (D) or (E) of section	2036
102.03 or division (A) of section 2921.42 of the Revised Code in	2037
regard to a contract the agency enters into if both of the	2038
following apply:	2039

(a) The contract is entered into for a loan, grant, or	2040
participation in a program the agency administers or funds and the	2041
contract is awarded pursuant to rules or guidelines the agency	2042
adopts.	2043

(b) The member does not participate in the discussion or vote	2044
on the contract if the contract secures a grant or loan that	2045
directly benefits the member, a family member, or a business	2046
associate of the member.	2047

(4)(a) Each appointed agency member shall receive	2048
compensation at the rate of two hundred fifty dollars per agency	2049
meeting attended in person, not to exceed a maximum of four	2050
thousand dollars per year.	2051

(b) The compensation rate for appointed members applies until	2052
six years after the effective date of this section, at which time	2053
the members may increase the compensation for members who are	2054
appointed or reappointed after that time. All members are entitled	2055
to reimbursement in accordance with section 126.31 of the Revised	2056
Code for expenses incurred in the discharge of official duties.	2057

Sec. 175.04. (A) The governor shall appoint a chairperson	2058
from among the members. The agency members shall elect a member as	2059
vice-chairperson. The agency members may appoint other officers,	2060
who need not be members of the agency, as the agency deems	2061
necessary.	2062

(B) Six members of the agency constitute a quorum and the	2063
affirmative vote of six members is necessary for any action the	2064
agency takes. No vacancy in agency membership impairs the right of	2065
a quorum to exercise all of the agency's rights and perform all	2066
the agency's duties. Agency meetings may be held at any place	2067
within the state. Meetings shall comply with section 121.22 of the	2068
Revised Code.	2069

(C) The agency shall maintain accounting records in	2070
accordance with generally accepted accounting principals and other	2071
required accounting standards.	2072

(D) The agency shall develop policies and guidelines for the	2073
administration of its programs and annually shall conduct at least	2074
one public hearing to obtain input from any interested party	2075
regarding the administration of its programs. The hearing shall be	2076
held at a time and place as the agency determines and when a	2077
quorum of the agency is present.	2078

(E) The agency shall appoint committees and subcommittees	2079
comprised of members of the agency to handle matters it deems	2080
appropriate.	2081

(1) The agency shall adopt an annual plan to address this	2082
state's housing needs. The agency shall appoint an annual plan	2083
committee to develop the plan and present it to the agency for	2084
consideration.	2085

(2) The annual plan committee shall select an advisory board	2086
from a list of interested individuals the executive director	2087
provides or on its own recommendation. The advisory board shall	2088
provide input on the plan at committee meetings prior to the	2089
annual public hearing. At the public hearing, the committee shall	2090
discuss advisory board comments. The advisory board may include,	2091
but is not limited to, persons who represent state agencies, local	2092
governments, public corporations, nonprofit organizations,	2093
community development corporations, housing advocacy organizations	2094
for low- and moderate-income persons, realtors, syndicators,	2095
investors, lending institutions as recommended by a statewide	2096
banking organization, and other entities participating in the	2097
agency's programs.	2098

Each agency program that allows for loans to be made to	2099
finance housing for owner occupancy that benefits other than low-	2100
and moderate-income households, or for loans to be made to	2101
individuals under bonds issued pursuant to division (B) of section	2102
175.08 of the Revised Code, shall be presented to the advisory	2103
board and included in the annual plan as approved by the agency	2104
before the program's implementation.	2105

(F) The agency shall prepare an annual financial report	2106
describing its activities during the reporting year and submit	2107
that report to the governor, the speaker of the house of	2108
representatives, and the president of the senate within three	2109
months after the end of the reporting year. The report shall	2110
include the agency's audited financial statements, prepared in	2111
accordance with generally accepted accounting principles and	2112
appropriate accounting standards.	2113

(G) The agency shall prepare an annual report of its programs	2114
describing how the programs have met this state's housing needs.	2115
The agency shall submit the report to the governor, the speaker of	2116
the house of representatives, and the president of the senate	2117
within three months after the end of the reporting year.	2118

Sec. 175.05. (A) The Ohio housing finance agency shall do all	2119
of the following related to the agency's operation:	2120

(1) Adopt bylaws for the conduct of its business;

2121

(2) Employ and fix the compensation of an executive director	2122
who serves at the pleasure of the agency to administer the	2123
agency's programs and activities. The executive director may	2124
employ and fix the compensation of employees in the unclassified	2125
civil service as necessary to carry out this chapter and may	2126
employ other personnel who are governed by collective bargaining	2127
law and classified under that law. The executive director shall	2128
file financial disclosure statements as described in section	2129
102.02 of the Revised Code.	2130

(3) Establish an operating budget for the agency;

2131

(4) Notwithstanding any other provision of the Revised Code,	2132
hold all moneys, funds, properties, and assets the agency acquires	2133
or that are directly or indirectly within the agency's control,	2134
including proceeds from the sale of bonds, revenues, and	2135
otherwise, in trust for the purpose of exercising its powers and	2136
carrying out its duties pursuant to this chapter. Notwithstanding	2137
any other provision of the Revised Code, at no time shall the	2138
agency's moneys, funds, properties, or assets be considered public	2139
moneys, public funds, public properties, or public assets or	2140
subject to Chapters 131. and 135. of the Revised Code.	2141

(5) Maintain a principal office and other offices within the	2142
state.	2143

(B) The Ohio housing finance agency may do any of the	2144
following related to the agency's operation:	2145

(1) Except as otherwise provided in section 174.04 of the	2146
Revised Code, determine income limits for low- and moderate-income	2147
persons and establish periodic reviews of income limits. In	2148
determining income limits, the agency shall take into	2149
consideration the amount of income available for housing, family	2150
size, the cost and condition of available housing, ability to pay	2151
the amounts the private market charges for decent, safe, and	2152
sanitary housing without federal subsidy or state assistance, and	2153
the income eligibility standards of federal programs. Income	2154
limits may vary from area to area within the state.	2155

(2) Provide technical information, advice, and assistance	2156
related to obtaining federal and state aid to assist in the	2157
planning, construction, rehabilitation, refinancing, and operation	2158
of housing;	2159

(3) Provide information, assistance, or instruction	2160
concerning agency programs, eligibility requirements, application	2161
procedures, and other related matters;	2162

(4) Procure or require the procurement of insurance and pay	2163
the premium against loss in connection with the agency's	2164
operations, to include the repayment of a loan, in amounts and	2165
from insurers, including the federal government, as the agency	2166
determines;	2167

(5) Contract with, retain, or designate financial	2168
consultants, accountants, and other consultants and independent	2169
contractors, other than attorneys, whom the agency determines are	2170
necessary or appropriate;	2171

(6) Charge, alter, and collect interest and other charges for	2172
program services including, but not limited to, the allocation of	2173
loan funds, the purchase of mortgage loans, and the provision of	2174
services that include processing, inspecting, and monitoring of	2175
housing units financed and the financial records for those units;	2176

(7) Conduct or authorize studies and analyses of housing	2177
needs and conditions to the extent that those activities are not	2178
carried out by other agencies in a manner that is satisfactory for	2179
the agency's needs;	2180

(8)(a) Acquire by gift, purchase, foreclosure, investment, or	2181
other means, and hold, assign, pledge, lease, transfer, or	2182
otherwise dispose of real and personal property or any interest in	2183
that property in the exercise of its powers and the performance of	2184
its duties;	2185

(b) Any instrument by which real property is acquired	2186
pursuant to this section shall identify the state agency that has	2187
the use and benefit of the real property as specified in section	2188
5301.012 of the Revised Code.	2189

(9)(a) Borrow money, receive gifts, grants, loans, or other	2190
assistance from any federal, state, local, or other government	2191
source, including the housing development fund and the housing	2192
trust fund, and enter into contracts in connection with those	2193
sources of assistance;	2194

(b) Receive assistance or contributions from any	2195
nongovernment source to include money, property, labor, or things	2196
of value, to be held, used, and applied only for the purposes for	2197
which the grants and contributions are made and within the	2198
purposes of this chapter.	2199

(10) Sue and be sued in its own name with respect to its	2200
contracts, obligations, and covenants, or the enforcement of this	2201
chapter. Any actions against the agency shall be brought in a	2202
court of competent jurisdiction located in Franklin county, Ohio.	2203

(11) Enter into any contract, commitment, or agreement and	2204
execute any instrument necessary or incidental to the performance	2205
of duties and the execution of powers;	2206

(12) Adopt an official seal;

2207

(13)(a) Contract with any private or government entity to	2208
administer programs for which the agency receives sufficient	2209
revenues for its services or the agency supports with uncommitted	2210
agency resources that pay the agency's operating costs;	2211

(b) Administer state and federal programs for which the	2212
governor designates the agency to act as administrator. The agency	2213
may charge administrative fees to the state, the federal	2214
government, or a program recipient.	2215

(14) Notwithstanding any other provision of the Revised Code,	2216
establish, maintain, administer, and close funds and accounts as	2217
convenient or appropriate to the agency's operations;	2218

(15) Establish a policy to permit the investment of agency	2219
funds in securities and obligations;	2220

(16) Establish rules and procedures that the agency	2221
determines are appropriate to appeal the agency's actions and	2222
decisions;	2223

(17) Serve housing needs in instances that the agency	2224
determines necessary as a public purpose;	2225

(18) Provide coverage for its employees under Chapters 145.,	2226
4123., and 4141. of the Revised Code;	2227

(19) Adopt rules pursuant to Chapter 119. of the Revised	2228
Code;	2229

(20) Do anything necessary or appropriate to exercise the	2230
powers of this chapter and carry out the purposes of this chapter	2231
and Section 14, Article VIII and Section 16, Article VIII, Ohio	2232
Constitution.	2233

(C) The attorney general shall serve as the legal	2234
representative for the Ohio housing finance agency and may appoint	2235
special counsel for that purpose in accordance with section 109.07	2236
of the Revised Code.	2237

Sec. 175.06. (A) The Ohio housing finance agency shall do all	2238
of the following related to carrying out its programs:	2239

(1) Upon the governor's designation, serve as the housing	2240
credit agency for the state and perform all responsibilities of a	2241
housing credit agency pursuant to Section 42 of the Internal	2242
Revenue Code and similar applicable laws;	2243

(2) Require that housing that benefits from the agency's	2244
assistance be available without discrimination in accordance with	2245
Chapter 4112. of the Revised Code and applicable provisions of	2246
federal law.	2247

(B) The Ohio housing finance agency may do any of the	2248
following related to carrying out its programs:	2249

(1) Issue bonds, provide security for assets, make deposits,	2250
purchase or make loans, provide economic incentives for the	2251
development of housing, and provide financial assistance for	2252
emergency housing;	2253

(2) Serve as a public housing agency and contract with the	2254
United States department of housing and urban development to	2255
administer the department's rent subsidy program, housing subsidy	2256
program, and monitoring programs for low- and moderate-income	2257
persons. The agency shall ensure that any contract into which it	2258
enters provides for sufficient compensation to the agency for its	2259
services.	2260

(3) Develop and administer programs under which the agency	2261
uses moneys from the housing trust fund as allocated by the	2262
department of development to extend financial assistance pursuant	2263
to sections 174.01 to 174.07 of the Revised Code;	2264

(4) Make financial assistance available;

2265

(5) Guarantee and commit to guarantee the repayment of	2266
financing that a lending institution extends for housing,	2267
guaranteeing that debt with any of the agency's reserve funds not	2268
raised by taxation and not otherwise obligated for debt service,	2269
including the housing development fund established pursuant to	2270
section 175.11 of the Revised Code and any fund created under	2271
division (B)(14) of section 175.05 of the Revised Code;	2272

(6) Make, commit to make, and participate in making financial	2273
assistance, including federally insured mortgage loans, available	2274
to finance the construction and rehabilitation of housing or to	2275
refinance existing housing;	2276

(7) Invest in, purchase, and take from lenders the assignment	2277
of notes or other evidence of debt including federally insured	2278
mortgage loans, or participate with lenders in notes and loans for	2279
homeownership, development, or refinancing of housing;	2280

(8) Sell at public or private sale any mortgage or mortgage	2281
backed securities the agency holds;	2282

(9) Issue bonds to carry out the agency's purposes as set	2283
forth in this chapter;	2284

(10) Extend or otherwise make available housing assistance on	2285
terms the agency determines.	2286

(C) The Ohio housing finance agency may issue bonds and	2287
extend financial assistance from any fund the agency administers	2288
for the prompt, replacement, repair, or refinancing of damaged	2289
housing if both of the following apply:	2290

(1) The governor declares that a state of emergency exists	2291
with respect to a county, region, or political subdivision of this	2292
state, or declares that a county, region, or political subdivision	2293
has experienced a disaster as defined in section 5502.21 of the	2294
Revised Code.	2295

(2) The agency determines that the emergency or disaster has	2296
substantially damaged or destroyed housing in the area of the	2297
emergency or disaster.	2298

(D) The agency shall establish guidelines for extending	2299
financial assistance for emergency housing. The guidelines shall	2300
include eligibility criteria for assistance and the terms and	2301
conditions under which the agency may extend financial assistance.	2302

Sec. 175.07. (A)(1) The Ohio housing finance agency shall not	2303
approve funding for any multifamily rental housing to be	2304
constructed with agency assistance or pursuant to any program the	2305
agency operates or administers unless the applicant provides	2306
notice of the proposed project as this section requires.	2307

(2) Any notice shall be in writing and delivered by certified	2308
mail. The notice shall include the proposed project's address, the	2309
number of units in the project, a description of the project, a	2310
statement of whether the project is new construction,	2311
rehabilitation, or other, a summary of the programs that the	2312
project will utilize, and the address of the agency and the person	2313
to whom to direct comments. The notice shall inform recipients of	2314
their right to submit, within thirty days of the mailing date of	2315
the notice, comments to the agency regarding the proposed	2316
project's impact on the community and that objection to the	2317
project must be submitted in writing and signed by a majority of	2318
the voting members of the legislative body.	2319

(3) An applicant requesting funds for a project of more than	2320
ten units shall provide the notice to all of the following:	2321

(a) The chief executive officer and the clerk of the	2322
legislative body of any municipal corporation in which the project	2323
is proposed to be constructed or that is within one-half mile of	2324
the project's boundaries;	2325

(b) The clerk of any township in which the project is	2326
proposed to be constructed or that is within one-half mile of the	2327
project's boundaries;	2328

(c) The clerk of the board of county commissioners of any	2329
county in which the project is proposed to be constructed or that	2330
is within one-half mile of the project's boundaries.	2331

(4) An applicant requesting funds for a project with ten or	2332
fewer units shall provide the notice to the chief elected official	2333
of the jurisdiction in which the project is proposed to be	2334
constructed, except that if more than one individual serves as the	2335
chief elected official, the applicant shall deliver the notice to	2336
the clerk of the legislative body of that jurisdiction.	2337

(5) To object to a proposed project, a recipient of a notice	2338
shall do both of the following:	2339

(a) Submit a written objection that is signed by a majority	2340
of the voting members of the legislative body in which the project	2341
is proposed to be constructed or that is within one-half mile of	2342
the project's boundaries;	2343

(b) Send a copy of the written objection to the executive	2344
director of the agency by certified mail, return receipt	2345
requested, so that the agency receives the objection within	2346
forty-five days after the applicant mailed the notice to the	2347
recipient.	2348

(6) The agency shall provide a written response to any	2349
objections that it receives pursuant to division (A)(5) of this	2350
section.	2351

(7) The agency shall hold a public hearing to receive	2352
comments of residents of any political subdivision in which the	2353
multifamily rental housing is proposed to be constructed with the	2354
assistance of the agency's multifamily bond program. The applicant	2355
shall provide notice of the hearing to all persons listed in	2356
divisions (A)(3) and (4) of this section and ten days in advance	2357
of the hearing shall publish a notice of the hearing in a	2358
newspaper of general circulation in the county in which the	2359
project is proposed to be constructed. The agency shall hold the	2360
public hearing in the county in which the project is proposed to	2361
be constructed.	2362

(B) For purposes of this section, "constructed" means the	2363
creation of multifamily rental housing units through new	2364
construction or the conversion of an existing nonresidential	2365
building into multifamily rental housing units.	2366

Sec. 175.08. (A) The Ohio housing finance agency may use the	2367
proceeds of bonds to carry out the agency's lawful purposes.	2368

(B) The agency is the sole entity in the state that may issue	2369
bonds pursuant to Section 143(a) of the Internal Revenue Code or	2370
any similar provision of law. When the agency issues bonds to fund	2371
its homeownership program, it shall take all diligent measures to	2372
maximize the distribution of mortgage loans statewide, especially	2373
in underserved areas of the state, including but not limited to	2374
attempting to involve qualified lending institutions throughout	2375
the state.	2376

(C) Bonds issued pursuant to this chapter need not comply	2377
with any provision of the Revised Code not in this chapter that	2378
applies to the issuance of bonds or notes. Notwithstanding any	2379
other provision of the Revised Code, the deposit, application,	2380
safeguarding, and investment of agency funds received or held	2381
under the agency's bond proceedings are not subject to Chapters	2382
131. and 135. of the Revised Code and at no time are those funds	2383
public moneys or public funds.	2384

(D)(1) Bonds issued pursuant to this chapter do not	2385
constitute a debt or the pledge of the faith and credit of this	2386
state or any political subdivision of this state. The holders or	2387
owners of the agency's bonds have no right to require the general	2388
assembly or the taxing authority of any political subdivision to	2389
levy taxes for the payment of the principal or interest on the	2390
agency's bonds. Money raised by taxation shall not be obligated or	2391
pledged for the payment of the principal or interest on bonds the	2392
agency issues pursuant to this chapter.	2393

(2) Bonds issued pursuant to this chapter are payable solely	2394
from the revenues and security interests pledged for their payment	2395
as authorized by this chapter, except for bonds the agency issues	2396
in anticipation of the issuance of bonds and bonds that are	2397
refunded by refunding bonds. Refunding bonds are payable solely	2398
from revenues and security interests pledged for their payment as	2399
authorized by this chapter.	2400

(E)(1) Any pledge on bonds is valid and binding from the time	2401
the pledge is made, and the revenues and security interests	2402
pledged and received are immediately subject to the lien of the	2403
pledge without any physical delivery or further act. The lien of	2404
the pledge is valid and binding as against all parties having	2405
claims of any kind in tort, contract, or otherwise against the	2406
agency, irrespective of whether the parties have notice of the	2407
lien of the pledge.	2408

(2) Any resolution or trust agreement by which a pledge is	2409
created need not be filed or recorded except in the records of the	2410
agency. Any bond shall contain on its face a statement to the	2411
effect that the bond, as to both principal and interest, is not a	2412
debt of this state or any political subdivision of this state, but	2413
is payable solely from the revenues and security interests pledged	2414
for its payment.	2415

(F) The agency may issue bonds for any term, at any interest	2416
rate, use any method of calculating interest including a variable	2417
interest rate, and include any provision or condition authorized	2418
pursuant to resolutions the agency adopts. The agency may	2419
authorize bonds of any denomination, form, registration privilege,	2420
medium of payment, place of payment, and term of redemption.	2421

(G) The agency may sell bonds at public or private sale, for	2422
an amount not less than the price that the agency establishes. The	2423
agency chairperson or vice chairperson and any other officer that	2424
the agency designates shall execute the bonds manually or by	2425
facsimile signature. The agency may affix or print the agency's	2426
official seal or a facsimile on the bonds. Any coupons attached to	2427
the bonds shall bear the signature or facsimile signature of the	2428
chairperson or vice chairperson and any other officer the agency	2429
designates. If an officer whose signature appears on bonds or	2430
coupons ceases to be an officer before the delivery of the bonds,	2431
that signature or facsimile is sufficient for all purposes as if	2432
the officer had remained in office. If the agency changes its seal	2433
after a facsimile is imprinted on the bonds, the imprinted	2434
facsimile seal is sufficient for all purposes. The agency may	2435
execute bonds in book entry form in any manner appropriate to that	2436
form.	2437

(H)(1) Any resolution that authorizes bonds or an issue of	2438
bonds may do any of the following:	2439

(a) Pledge any of the agency's revenues and security	2440
interests to secure the payment of bonds or any issue of bonds;	2441

(b) Specify the use, investment, and disposition of the	2442
agency's revenues;	2443

(c) Agree to establish, alter, and collect fees and other	2444
charges in an amount that pledged revenues are sufficient to pay	2445
the costs of operation and pay the principal and interest on bonds	2446
secured by the pledge of the revenues;	2447

(d) Provide reserves that the resolution or trust agreement	2448
requires;	2449

(e) Set aside reserve funds or sinking funds and regulate and	2450
dispose of those funds;	2451

(f) Credit the proceeds of the sale of bonds to and among the	2452
funds referred to or provided for in the trust agreement or the	2453
resolution that authorized the issuance of bonds;	2454

(g) Establish limits on the purposes to which the proceeds of	2455
the sale of bonds may be applied and pledge those proceeds to	2456
secure the payment of the bonds or any issue of bonds;	2457

(h) Agree to do all things necessary for the authorization,	2458
issuance, and sale of bonds in amounts necessary for the timely	2459
retirement of notes issued in anticipation of the issuance of	2460
bonds;	2461

(i) Establish limits on the issuance of additional bonds;

2462

(j) Establish the terms upon which additional bonds may be	2463
issued and secured;	2464

(k) Provide for the refunding of outstanding bonds;

2465

(l) Establish procedures for amending or abrogating the terms	2466
of any contract with bondholders;	2467

(m) Establish limits on the amount of moneys the agency may	2468
expend for operating, administrative, or other expenses;	2469

(n) Secure bonds by a trust agreement in accordance with	2470
section 175.06 of the Revised Code;	2471

(o) Establish rules and procedures to address matters that	2472
affect the security or protection of the bonds.	2473

(2) Any resolution authorizing bonds or an issue of bonds is	2474
subject to any agreement with bondholders that exists at the time	2475
of the resolution. The provisions of any resolution authorizing	2476
bonds becomes part of the contract with the bondholders.	2477

(I) No agency member nor any person executing agency bonds is	2478
liable personally on the bonds or is subject to any personal	2479
liability by reason of the issuance of the bonds.	2480

(J) Bonds issued pursuant to this chapter are deemed to be	2481
negotiable instruments, subject only to the provisions of the	2482
bonds for registration, and possessing the qualities and incidents	2483
of negotiable instruments, notwithstanding whether those bonds are	2484
of the form or character otherwise to be negotiable instruments.	2485

Sec. 175.08.        Sec. 175.09.  (A) In(1) At the discretion of the Ohio	2486
housing finance agency, any bonds issued underpursuant to this	2487
chapter may be secured by a trust agreement between the agency and	2488
a corporate trustee, which may be any trust company or financial	2489
institution havingthat has the powers of a trust company within	2490
or without the state but authorizedand is qualified to exercise	2491
those trust powers within thethis state. Any suchA trust	2492
agreement may pledge or assign the agency's revenues and security	2493
interests of the agency held or to be receivedholds or is to	2494
receive. Any such trust agreement or any resolution providingthat	2495
provides for the issuance of such bonds may contain such	2496
reasonable and proper provisions for protecting and enforcingthat	2497
protect and enforce the rights and remedies of the bondholders as	2498
are reasonable and proper and not in violation ofdo not violate	2499
any law, including covenants settingor covenant that sets forth	2500
the agency's duties of the agency in relation to the fees,	2501
interest rates, or other charges to be imposed for the loans made	2502
or purchased orthe agency makes or purchases, services rendered	2503
by the agency renders, and the custody, safekeeping, and	2504
application of all moneys. Any	2505

(2) Any financial institution or trust company which may act	2506
that acts as a depository of the proceeds of bonds or of,	2507
revenues, or reserve funds may furnish such indemnifying bonds or	2508
may pledge such securities as are required bythat the agency	2509
requires. Any suchThe trust agreement may set forth the rights	2510
and remedies of the bondholders and of the trustee, and may	2511
restrict the individual right of action by bondholders as is	2512
customary in trust agreements or trust indentures securing similar	2513
bonds. Such	2514

(3) A trust agreement may contain such other provisions as	2515
the agency considers reasonable and proper for the security of the	2516
bondholders, including any provision that may be contained in	2517
resolutionsa resolution under this section, with that provision	2518
having the same effect as if containedit were in sucha	2519
resolution.	2520

(B) Any holder of the bonds or any of the coupons	2521
appertaining thereto and the trustee under any trust agreement	2522
executed pursuant to division (A) of this section, except to the	2523
extent theto which the resolution or trust agreement restricts	2524
rights given are restricted by the applicable resolution or trust	2525
agreement, may by suit, action, mandamus, or other proceedings,	2526
protect and enforce any rights under the laws of thethis state or	2527
granted under the trust agreement, or included in the resolution	2528
authorizingthat authorizes the issuance of suchthe bonds, and	2529
may enforce and compel the performance of all duties required by	2530
this chapter, the trust agreement, orand the resolution to be	2531
performed by the agency or any agency officer thereof, including	2532
the fixingestablishing, charging, and collecting of fees,	2533
interest rates, or other charges.	2534

(C) Moneys in the funds of the agencyagency's trust estates	2535
may be invested as provided in any resolution authorizingthat	2536
authorizes the issuance of its bonds or in any trust agreement	2537
securing the samethat secures those bonds. Income from all such	2538
investments of moneys in any fund shall be credited to such funds	2539
as the agency determines, subject to the provisions of any such	2540
resolution or trust agreement, and such investments may be sold at	2541
such times asthat the agency determines.	2542

Sec. 175.09.        Sec. 175.10.  (A) All bonds issued under this chapter	2543
are lawful investments of banks, societies for savings, savings	2544
and loan associations, deposit guarantee associations, trust	2545
companies, trustees, fiduciaries, insurance companies, including	2546
domestic for life and domestic not for life, trustees or other	2547
officers having charge of sinking and bond retirement or other	2548
special funds of political subdivisions and taxing districts of	2549
this state, the treasurer of state, the administrator of workers'	2550
compensation, the state teachers retirement system, the public	2551
employees retirement system, the school employees retirement	2552
system, and the Ohio police and fire pension fund, notwithstanding	2553
any other provision of the Revised Code or rules adopted pursuant	2554
thereto by any governmental agency of thethis state with respect	2555
to investments by them, and are acceptable as security for the	2556
deposit of public moneys.	2557

(B) The exercise of the powers granted by this chapter will	2558
begrants is in all respects for the benefit of the people of the	2559
state, for the improvement of their health, safety, convenience,	2560
and economic welfare, and for the enhancement of the opportunities	2561
for safe and sanitary housing and is a public purpose. The	2562

(C) The programs undertaken by the Ohio housing finance	2563
agency constitute the performance of essential public functions,	2564
and the bonds issued under this chapter, their transfer, and the	2565
income therefromfrom those bonds, including any profit made on	2566
thetheir sale thereof, is at all times free from taxation within	2567
thethis state.	2568

Sec. 175.11. (A) The housing development fund is hereby	2569
created. The fund consists of all appropriations made to the fund,	2570
all grants, gifts, loan repayments, and contributions of money	2571
made from any source to the Ohio housing finance agency for	2572
deposit in the fund in addition to amounts loaned to the Ohio	2573
housing finance agency pursuant to section 169.05 of the Revised	2574
Code. The amounts may be deposited in the state treasury to the	2575
credit of the housing development fund or placed with financial	2576
organizations. The agency shall administer the fund. The agency	2577
may request funds as needed pursuant to section 169.05 of the	2578
Revised Code to fund loans, loan guarantees, and loan subsidies.	2579
The agency may request funds for a loan guarantee only to satisfy	2580
a mortgage guarantee that is in default.	2581

(B) The agency shall use moneys in the housing development	2582
fund solely for the purposes this chapter authorizes and at no	2583
time shall the fund be considered a part of the public moneys or	2584
subject to Chapters 131. and 135. of the Revised Code.	2585

Sec. 175.12. (A) This chapter, being necessary for the	2586
welfare of the state and its inhabitants, shall be liberally	2587
construed to effect its purposes and the purposes of Section 14,	2588
of Article VIII and Section 16, Article VIII, Ohio Constitution.	2589

(B) The following are not public records subject to section	2590
149.43 of the Revised Code:	2591

(1) Financial statements and data submitted for any purpose	2592
to the Ohio housing finance agency or the controlling board by any	2593
person in connection with applying for, receiving, or accounting	2594
for financial assistance the agency provides;	2595

(2) Information that identifies any individual who benefits	2596
directly or indirectly from financial assistance the agency	2597
provides.	2598

(C)(1) The agencies of this state shall cooperate fully with	2599
the Ohio housing finance agency and shall provide information the	2600
Ohio housing finance agency determines is necessary or helpful for	2601
its operation.	2602

(2) The Ohio housing finance agency may arrange with and	2603
enter into contracts with other entities to perform functions this	2604
chapter authorizes the agency to perform and compensate those	2605
entities for performing those functions.	2606

(3) The agency may enter into contracts with state entities	2607
as described in this chapter.	2608

(D) Any state agency may enter into an agreement with the	2609
Ohio housing finance agency to furnish supplies, equipment, or	2610
services pursuant to terms both agencies agree upon for	2611
compensation to the state agency.	2612

(E) The Ohio housing finance agency is exempt from the	2613
requirements of Chapters 123., 125., and 153. and sections 127.16	2614
and 5147.07 of the Revised Code.	2615

Sec. 175.13. (A) Any agreement the Ohio housing finance	2616
agency enters into with bondholders is a contract that the agency	2617
shall enforce and no action of the general assembly or any state	2618
agency may limit or alter the terms of that agreement or the	2619
authority of the agency or its successors to fulfill the terms of	2620
that agreement. No state agency may impair any right or remedy of	2621
the holders of bonds until the agency has fully met and discharged	2622
its bond obligations, together with interest, interest on any	2623
unpaid installments of interest, and costs and expenses related to	2624
any bondholder action or proceeding. The agency may include in any	2625
bond agreement a statement that sets forth the agency's authority	2626
to enforce agreements pursuant to this section.	2627

(B) Bonds the agency issues are at all times bonds of the	2628
state, subject to this chapter. The agency and officers of the	2629
state may do all things necessary so that the interest on bonds	2630
the agency intends to be exempt from federal taxation remains	2631
exempt from federal income taxation. Any error or failure in	2632
efforts to assure tax exemption does not affect the validity of	2633
the bonds.	2634

Sec. 176.05.  (A)(1) Notwithstanding any provision of law to	2635
the contrary, the rate of wages payable for the various	2636
occupations covered by sections 4115.03 to 4115.16 of the Revised	2637
Code to persons employed on a project who are not any of the	2638
following shall be determined according to this section:	2639

(a) Qualified volunteers;

2640

(b) Persons required to participate in a work activity,	2641
developmental activity, or alternative work activity under	2642
sections 5107.40 to 5107.69 of the Revised Code except those	2643
engaged in paid employment or subsidized employment pursuant to	2644
the activity;	2645

(c) Food stamp benefit recipients required to participate in	2646
employment and training activities established by rules adopted	2647
under section 5101.54 of the Revised Code.	2648

An association representing the general contractors or	2649
subcontractors that engage in the business of residential	2650
construction in a certain locality shall negotiate with the	2651
applicable building and construction trades council in that	2652
locality an agreement or understanding that sets forth the	2653
residential prevailing rate of wages, payable on projects in that	2654
locality, for each of the occupations employed on those projects.	2655

(2) Notwithstanding any residential prevailing rate of wages	2656
established prior to July 1, 1995, if, by October 1, 1995, the	2657
parties are unable to agree under division (A)(1) of this section	2658
as to the rate of wages payable for each occupation covered by	2659
sections 4115.03 to 4115.16 of the Revised Code, the director of	2660
commerce shall establish the rate of wages payable for each	2661
occupation.	2662

(3) The residential prevailing rate of wages established	2663
under division (A)(1) or (2) of this section shall not be equal to	2664
or greater than the prevailing rate of wages determined by the	2665
director pursuant to sections 4115.03 to 4115.16 of the Revised	2666
Code for any of the occupations covered by those sections.	2667

(B) Except for the prevailing rate of wages determined by the	2668
director pursuant to sections 4115.03 to 4115.16 of the Revised	2669
Code, those sections and section 4115.99 of the Revised Code apply	2670
to projects.	2671

(C) The residential prevailing rate of wages established	2672
under division (A) of this section is not payable to any	2673
individual or member of that individual's family who provides	2674
labor in exchange for acquisition of the property for	2675
homeownership or who provides labor in place of or as a supplement	2676
to any rental payments for the property.	2677

(D) For the purposes of this section:

2678

(1) "Project" means any construction, rehabilitation,	2679
remodeling, or improvement of residential housing, whether on a	2680
single or multiple site for which a person, as defined in section	2681
1.59 of the Revised Code, or municipal corporation, county, or	2682
township receives financing, that is financed in whole or in part	2683
from state moneys or pursuant to this chapter, section 133.51 or	2684
307.698 of the Revised Code, Chapter 174., or Chapter 175. of the	2685
Revised Code, except for any of the following:	2686

(a) The single-family mortgage revenue bonds homeownership	2687
program under Chapter 175. of the Revised Code, including	2688
owner-occupied dwellings of one to four units;	2689

(b) Projects consisting of fewer than six units developed by	2690
any entity that is not a nonprofit organization exempt from	2691
federal income tax under section 501(c)(3) of the Internal Revenue	2692
Code;	2693

(c) Projects of fewer than twenty-five units developed by any	2694
nonprofit organization that is exempt from federal income tax	2695
under section 501(c)(3) of the Internal Revenue Code;	2696

(d) Programs undertaken by any municipal corporation, county,	2697
or township, including lease-purchase programs, using mortgage	2698
revenue bond financing;	2699

(e) Any individual project, that is sponsored or developed by	2700
a nonprofit organization that is exempt from federal income tax	2701
under section 501(c)(3) of the Internal Revenue Code, for which	2702
the federal government or any of its agencies furnishes by loan,	2703
grant, low-income housing tax credit, or insurance more than	2704
twelve per cent of the costs of the project. For purposes of	2705
division (D)(2)(e) of this section, the value of the low-income	2706
housing tax credits shall be calculated as the proceeds from the	2707
sale of the tax credits, less the costs of the sale.	2708

As used in division (D)(1)(e) of this section, "sponsored"	2709
means that the general partner of a limited partnership owning the	2710
project is either a nonprofit organization that is exempt from	2711
federal income tax under section 501(c)(3) of the Internal Revenue	2712
Code or a person, as defined in section 1.59 of the Revised Code,	2713
in which such a nonprofit organization maintains controlling	2714
interest.	2715

Nothing in division (D)(1)(e) of this section shall be	2716
construed as permitting unrelated projects to be combined for the	2717
sole purpose of determining the total percentage of project costs	2718
furnished by the federal government or any of its agencies.	2719

(2) A "project" is a "public improvement" and the state or a	2720
political subdivision that undertakes or participates in the	2721
financing of a project is a "public authority," as both of the	2722
last two terms are defined in section 4115.03 of the Revised Code.	2723

(3) "Qualified volunteers" are volunteers who are working	2724
without compensation for a nonprofit organization that is exempt	2725
from federal income tax under section 501(c)(3) of the Internal	2726
Revenue Code, and that is providing housing or housing assistance	2727
only to families and individuals in a county whose incomes are not	2728
greater than one hundred forty per cent of the median income of	2729
that county as determined under section 175.23174.04 of the	2730
Revised Code.	2731

Sec. 176.06. (A) Each municipal corporation, county, and	2732
township shall compile and make available, in accordance with this	2733
section, to the public for inspection and copying for a period of	2734
five years, the number and total dollar amount of mortgage loans	2735
that were originated, for which completed applications were	2736
received and applicants were rejected, and that were purchased by	2737
that municipal corporation, county, or township during each fiscal	2738
year. Information regarding each of the mortgage loan categories	2739
listed abovecategory described in this section shall be itemized	2740
to clearly and conspicuously disclose the following:	2741

(A)(1) The number and dollar amount of mortgage loans insured	2742
under Title II of the "National Housing Act," 48 Stat. 1246	2743
(1934), 12 U.S.C.A. 1707 et seq., or under Title V of the "Housing	2744
Act of 1949," 63 Stat. 413, 432, 42 U.S.C.A. 1471 et seq., or	2745
guaranteed under the "Veterans' Loan Act," 58 Stat. 284 (1944), 38	2746
U.S.C.A. 1801 et seq.;	2747

(B)(2) The number and dollar amount of mortgage loans made to	2748
mortgagors who did not, at the time of execution of the mortgage,	2749
intend to reside in the property securing the mortgage loan;	2750

(C)(3) The number and dollar amount of home improvement	2751
loans;	2752

(D)(4) The number and dollar amount of mortgage loans	2753
involving mortgagors or mortgage applicants grouped according to	2754
census tract, income level, race, color, religion, sex, ancestry,	2755
disability as defined in section 4112.01 of the Revised Code, and	2756
national origin.	2757

(B) The information described in this section shall be made	2758
available to the public in raw data form and updated quarterly.	2759
Within four months after the end of each fiscal year, each	2760
municipal corporation, county, and township shall submit to the	2761
president of the senate and the speaker of the house of	2762
representatives a report containing the information described in	2763
this section for the immediately preceding fiscal year.	2764

(C) As used in this section, "mortgage loan" has the same	2765
meaning as in section 175.01 of the Revised Codemeans a loan	2766
secured by a mortgage, deed of trust, or other security interest	2767
to finance the acquisition, construction, improvement, or	2768
rehabilitation of single-family residential housing.	2769

Sec. 176.07.  The director of development, in consultation	2770
with the public and the housing trust fund advisory committee	2771
created under section 175.25174.06 of the Revised Code, shall	2772
develop regulations applicable to all existing and future state	2773
housing loan, loan guarantee, loan subsidy, and grant programs.	2774
The regulations shall require recipients of financing from state	2775
housing programs, that provide or assist in providing multi-family	2776
rental housing, to do both of the following:	2777

(A) Reasonably ensure that the multi-family rental housing	2778
will be affordable to those families and individuals targeted for	2779
the multi-family rental housing for the useful life of the	2780
multi-family rental housing or thirty years, whichever is longer;	2781

(B) Prepare and implement a plan to reasonably assist any	2782
families and individuals displaced by the multi-family housing in	2783
obtaining decent affordable housing.	2784

The department of development shall distribute a copy of	2785
these regulations to each local housing advisory board to serve as	2786
a guideline for carrying out the requirements of divisions (D)(2)	2787
and (3) of section 176.04 of the Revised Code.	2788

Sec. 319.63. (A) During the first thirty days of each	2789
calendar quarter, the county auditor shall pay to the treasurer of	2790
state all amounts that the county recorder collected as housing	2791
trust fund fees pursuant to section 317.36 of the Revised Code	2792
during the previous calendar quarter. If payment is made to the	2793
treasurer of state within the first thirty days of the quarter,	2794
the county auditor may retain an administrative fee of one per	2795
cent of the amount of the trust fund fees collected during the	2796
previous calendar quarter.	2797

(B) The treasurer of state shall deposit the first fifty	2798
million dollars of housing trust fund fees received each year	2799
pursuant to this section into the low- and moderate-income housing	2800
trust fund, created under section 175.21174.02 of the Revised	2801
Code, and shall deposit any amounts received each year in excess	2802
of fifty million dollars into the state general revenue fund.	2803

(C) The county auditor shall deposit the administrative fee	2804
that the auditor is permitted to retain pursuant to division (A)	2805
of this section into the county general fund for the county	2806
recorder to use in administering the trust fund fee.	2807

Sec. 1349.11.  (A) No lending institution, as defined in	2808
division (E) of section 175.01 of the Revised Code, that is	2809
affiliated with or authorized to be affiliated with a real estate	2810
broker and that provides real estate brokerage services to third	2811
parties shall fix or vary the terms and conditions on a mortgage	2812
loan, or the granting of any sucha mortgage loan, on the	2813
condition or requirement that the customer of the lending	2814
institution use or employ the services of the affiliated real	2815
estate broker.	2816

(B) A lending institution, service corporation, or any person	2817
engaged in providing real estate brokerage services to third	2818
parties at all times shall be identified as separate and distinct	2819
from any lending institution with which it is affiliated or	2820
associated and shall hold itself out as suchseparate and distinct	2821
by doing both of the following:	2822

(1) Providing full and complete disclosure in writing of its	2823
relationship with the lending institution to persons who employ it	2824
to provide real estate brokerage services;	2825

(2) Separately identifying any office space it uses in any	2826
building also used by the lending institution.	2827

(C) No such service corporation, real estate broker, or	2828
person associated with a lending institution shall represent to	2829
the public or to any person employing the corporation, real estate	2830
broker, or person to provide real estate brokerage services that	2831
the lending institution offers or will offer different terms and	2832
conditions on mortgage loans to those who employ the corporation,	2833
real estate broker, or person for real estate brokerage services	2834
than to persons who do not so employ the corporation, real estate	2835
broker, or person.	2836

(D) This section does not apply to real estate owned by	2837
lending institutions.	2838

(E) Subject to division (F) of this section, the director of	2839
commerce and appropriate division superintendents within the	2840
department of commerce shall enforce this section.	2841

(F)(1)(a) The superintendent of real estate shall enforce and	2842
administer this section insofar as it relates to persons licensed	2843
as real estate brokers pursuant to Chapter 4735. of the Revised	2844
Code. In that enforcement and administration, the superintendent	2845
possesses and may use the authority conferred upon him by that	2846
chapter.	2847

(b) The director of commerce, and the superintendent of the	2848
any division within the department of commerce that has	2849
jurisdiction over a particular lending institution, shall enforce	2850
and administer this section insofar as it relates to that lending	2851
institution. Correspondingly, theThe superintendent of real	2852
estate shall not enforce and administer this section insofar as it	2853
relates to any lending institution.	2854

(2) If aAny licensed real estate broker who is subject to	2855
the requirements of division (B) of this section or the	2856
prohibition of division (C) of this section who fails to comply	2857
with those requirements or that prohibition, the failure	2858
constituteseither division is guilty of misconduct for purposes	2859
of division (A)(6) of section 4735.18 of the Revised Code.	2860

Section 2. That existing sections 9.98, 9.981, 9.982, 122.63,	2861
133.01, 133.08, 133.081, 133.10, 149.43, 169.05, 173.08, 175.08,	2862
175.09, 175.21, 175.22, 175.23, 175.24, 175.25, 175.26, 176.05,	2863
176.06, 176.07, 319.63, and 1349.11 and sections        Sec. 175.01. ,        Sec. 175.02. ,	2864
Sec. 175.03. ,        Sec. 175.04. ,        Sec. 175.041. ,        Sec. 175.05. ,        Sec. 175.06. ,        Sec. 175.07. ,        Sec. 175.10. ,        Sec. 175.11. ,	2865
Sec. 175.12. ,        Sec. 175.13. ,        Sec. 175.14. , and        Sec. 175.15.  of the Revised Code are hereby	2866
repealed.	2867

Section 3. On the effective date of this act, the Ohio	2868
Housing Finance Agency of the Ohio Department of Development is	2869
hereby transferred to the Ohio Housing Finance Agency. All of the	2870
Department of Development's functions, powers, duties, and	2871
obligations that pertain to the Ohio Housing Finance Agency are	2872
hereby transferred and assigned to the Ohio Housing Finance Agency	2873
as constituted by this act. All of the Department of Development's	2874
records, files, equipment, and contractual obligations that	2875
pertain to its functions, powers, duties, and obligations related	2876
to the Ohio Housing Finance Agency are transferred to the Ohio	2877
Housing Finance Agency on the effective date of this act.	2878

The Ohio Housing Finance Agency shall conduct and complete	2879
any business or matter of the Department of Development that	2880
pertains to the functions, powers, duties, and obligations this	2881
act transfers to the Agency or that is assigned and pending on the	2882
effective date of this act. The Agency shall conduct any business	2883
or matter transferred to it in the same manner, under the same	2884
terms and conditions, and with the same effect as if conducted by	2885
the Department of Development.	2886

All of the Department of Development's criteria, acts,	2887
determinations, certifications, and decisions pertaining to	2888
functions this act transfers and assigns to the Ohio Housing	2889
Finance Agency shall continue in force as the agency's criteria,	2890
acts, determinations, certifications, and decisions until the	2891
agency modifies or terminates them.	2892

Any reference in a law, contract, or other document to a	2893
function, power, duty, or obligation of the Department of	2894
Development that this act transfers to the Ohio Housing Finance	2895
Agency is deemed to be a reference to a function, power, duty, or	2896
obligation of the Ohio Housing Finance Agency.	2897

This act does not affect any existing right or remedy of any	2898
character except that the Ohio Housing Finance Agency shall	2899
administer those rights and remedies instead of the Department of	2900
Development.	2901

Beginning the first pay period after the effective date of	2902
this act in which personal services expenses are charged against	2903
appropriations, all employees of the Ohio Housing Finance Agency	2904
of the Department of Development are transferred to the Ohio	2905
Housing Finance Agency. All employees retain their respective	2906
civil service classifications and status, together with all	2907
rights, benefits, and privileges provided by collective bargaining	2908
agreements negotiated pursuant to Chapter 4117. of the Revised	2909
Code. Notwithstanding section 124.13 of the Revised Code, all	2910
vacation time and other benefits earned by those employees are	2911
deemed to have been earned by them as employees of the Ohio	2912
Housing Finance Agency. Any employee who, at the time of transfer,	2913
has a temporary or provisional appointment is transferred subject	2914
to the same right of removal, examination, or termination as	2915
though the transfer had not been made.	2916

Employees not governed by collective bargaining agreements	2917
negotiated pursuant to Chapter 4117. of the Revised Code retain	2918
their respective status, and are governed by Chapter 124. of the	2919
Revised Code.	2920

No action or proceeding brought by the Department of	2921
Development that is pending on the effective date of this act and	2922
that pertains to a function, power, duty, or obligation that this	2923
act transfers to the Ohio Housing Finance Agency is affected by	2924
this act but may be prosecuted or defended in the name of the Ohio	2925
Housing Finance Agency. In any action or proceeding, the Ohio	2926
Housing Finance Agency shall be substituted as a party upon	2927
application to the court.	2928

Not later than one hundred twenty days after the effective	2929
date of this act, the Auditor of State shall provide to the	2930
Executive Director of the Ohio Housing Finance Agency a	2931
comprehensive audit of all funds, assets, and liabilities of the	2932
Department of Development that are related to Ohio Housing Finance	2933
Agency programs. Upon receipt of the audit, the Executive Director	2934
shall submit a copy of the audit to the Office of Budget and	2935
Management which shall request the Controlling Board to transfer	2936
to the Ohio Housing Finance Agency any funds, assets, and	2937
liabilities that this act does not otherwise transfer to the	2938
agency.	2939

Section 4. Sections 1, 2, and 3 of this act take effect	2940
January 1, 2005.	2941