As Passed by the Senate

125th General Assembly Regular Session 2003-2004

Am. Sub. H. B. No. 431

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 

Senators Carey, Hottinger, Fingerhut, Prentiss, Miller, Mallory, Harris, DiDonato, Zurz, Roberts 

---

A BILL

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

1

133.08, 133.081, 133.10, 135.80, 135.81, 149.43,

2

169.05, 173.08, 175.08, 175.09, 175.21, 175.22,

3

175.23, 175.24, 175.25, 175.26, 176.05, 176.06,

4

176.07, 319.63, 1349.11, and 4582.54, to amend,

5

for the purpose of adopting new section numbers as

6

indicated in parentheses, sections 175.08

7

(175.09), 175.09 (175.10), 175.21 (174.02), 175.22

8

(174.03), 175.23 (174.04), 175.24 (174.05), 175.25

9

(174.06), and 175.26 (174.07), to enact new

10

sections 175.01 to 175.08 and 175.11 to 175.13 and

11

sections 174.01 and 175.051, and to repeal

12

sections 175.01, 175.02, 175.03, 175.04, 175.041,

13

175.05, 175.06, 175.07, 175.10, 175.11, 175.12,

14

175.13, 175.14, and 175.15 of the Revised Code to

15

remove the Ohio Housing Finance Agency from the

16

Department of Development, making the Ohio Housing

17

Finance Agency an independent agency, and to make

18

other changes to the Ohio Housing Finance Agency

19

Law; to make certain alternate provisions of the

20

bond issuance law applicable to bonds issued under

21

the Uniform Public Securities Law, to amend the

22

definition of interest rate hedge to allow a

23

requirement that an issuer issue bonds at a future

24

date, and to add to certain financing and credit

25

enhancement techniques applicable to bonds,

26

authority for the bond proceedings to provide for

27

the proceeds from the sale of bonds to be held in

28

escrow and invested in United States government

29

securities and used for the purpose of retiring

30

the bonds or other obligations of the bond issuer;

31

and to authorize certain port authorities to

32

establish linked deposit programs and participate

33

in the Housing Linked Deposit Program.

34

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,	35
133.08, 133.081, 133.10, 135.80, 135.81, 149.43, 169.05, 173.08,	36
175.08, 175.09, 175.21, 175.22, 175.23, 175.24, 175.25, 175.26,	37
176.05, 176.06, 176.07, 319.63, 1349.11, and 4582.54 be amended,	38
sections 175.08 (175.09), 175.09 (175.10),175.21 (174.02), 175.22	39
(174.03), 175.23 (174.04), 175.24 (174.05), 175.25 (174.06), and	40
175.26 (174.07) be amended for the purpose of adopting new section	41
numbers as indicated in parentheses, and new sections 175.01,	42
175.02, 175.03, 175.04, 175.05, 175.06, 175.07, 175.08, 175.11,	43
175.12, and 175.13 and sections 174.01 and 175.051 of the Revised	44
Code be enacted to read as follows:	45

Sec. 9.98.  As used in sections 9.98 to 9.983 of the Revised	46
Code:	47

(A) "Absolute obligor" means the person, other than the	48
issuer, ultimately responsible under a loan agreement, lease, or	49
sale or installment sale agreement, or other contract with the	50
issuer to make payments necessary to provide adequate moneys to	51
meet the debt service on the bonds, whether or not such payments	52
are also provided for pursuant to a credit facility.	53

(B) "Administrative agent" means a bank, trust company, or	54
other person which has responsibility for authenticating,	55
delivering, or redeeming commercial paper on behalf of the issuer.	56

(C) "Agent" means, as applicable, one or more of the persons	57
who are administrative agents, indexing agents, remarketing	58
agents, or other persons having responsibility for performing	59
functions with respect to floating rate interest structures or put	60
arrangmentsarrangements.	61

(D) "Bonds" means bonds, notes, or other obligations	62
evidencing the borrowing of money, whether or not interest	63
bearing, or in coupon, registered, or book entry form, and	64
includes, as appropriate, coupons or interest, if any, pertaining	65
thereto.	66

(E) "Bond proceedings" means resolutions, ordinances, orders,	67
trust agreements, indentures, and bonds, loan, sale, or	68
installment sale agreements, agreements with administrative,	69
indexing, or remarketing agents, and agreements pertaining to	70
credit facilities, interest rate hedges, and put arrangements,	71
which authorize or provide for the terms, security, liquidity,	72
issuance, marketing, remarketing, delivery, carrying, redemption,	73
or payment of bonds, or the investment of moneys pertaining to	74
bonds.	75

(F) "Commercial paper" means bonds with one or more	76
maturities of three hundred sixty-five days or less which, under	77
the bond proceedings, are expected to be funded by the issuance of	78
additional bonds with maturities of three hundred sixty-five days	79
or less, whether or not ultimately to be funded with long term	80
bonds.	81

(G) "Credit facility" means letters of credit, lines of	82
credit, stand-by, contingent, or firm bond purchase agreements,	83
insurance or surety arrangements, and guarantees, and other	84
arrangements which provide for direct payment of debt service on	85
bonds, for security or for additional security in the event of	86
nonpayment or default in respect of bonds, or for making payment	87
to bondholders under put arrangements, or for otherwise supporting	88
the credit or liquidity of the bonds, and includes credit,	89
reimbursement, subrogation, and other agreements and arrangements	90
for reimbursement, and security for the reimbursement, of the	91
person providing the credit facility.	92

(H) "Debt service" means the principal, interest, and	93
redemption premium payments, and any deposits pertaining thereto,	94
required with respect to bonds.	95

(I) "Floating rate interest structure" means provisions in	96
the bond proceedings whereby the interest rate or rates payable on	97
the bonds, or upon successive series of commercial paper, vary	98
from time to time pursuant to or in relation to an index provided	99
by an indexing agent or otherwise established, a formula, base,	100
publicly announced rate, yields on other obligations,	101
determinations of an agent, or any one or combination of the	102
foregoing, with or without approval or consent of the absolute	103
obligor or issuer as provided in the bond proceedings.	104

(J) "Indexing agent" means a person with responsibility for	105
establishing, adjusting and maintaining an index of interest rates	106
or yields for purposes of a floating rate interest structure.	107

(K) "Interest rate period" means that period of time during	108
which an interest rate or rates established under a floating rate	109
interest structure will pertain, which periods may be altered or	110
become fixed pursuant to the bond proceedings upon stated	111
occurrences or upon determination of the absolute obligor or	112
issuer.	113

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

114

(1) By which either:

115

(1)(a) The different interest costs or receipts at fixed	116
interest rates and at floating interest rates, or at different	117
maturities, are exchanged on stated amounts of bonds or	118
investments, or on notional amounts; or	119

(2)(b) A party will pay interest costs in excess of an agreed	120
limitation; and	121

(2) Which also may include a requirement for the issuer to	122
issue bonds at a future date. This requirement shall be deemed to	123
be part of the bond proceedings at the time the interest rate	124
hedge is entered into. Issuance of bonds at a future date shall	125
not require further legislative action, but shall be a ministerial	126
act.	127

(M) "Issuer" means the state, political subdivision,	128
authority, commission, agency, officer, or other entity having	129
authority to issue bonds referred to in section 9.981 of the	130
Revised Code, and includes the body and officers authorized to act	131
for the issuer in the matter.	132

(N) "Put arrangement" means provisions in the bond	133
proceedings under which holders of the applicable bonds may	134
exercise an option, or are required, to surrender the bonds or	135
their ownership for an amount of payment previously established in	136
or pursuant to the bond proceedings, at times, which may, but need	137
not be, consistent with the ends of interest rate periods and	138
which may be altered with or without the approval or consent, or	139
upon the direction of, the absolute obligor or the issuer, as	140
provided for in the bond proceedings.	141

(O) "Remarketing agent" means the person having	142
responsibility for marketing or remarketing commercial paper or	143
bonds with put arrangements, which may include responsibility for	144
making recommendations or determinations as to prices or interest	145
rates.	146

Sec. 9.981.  (A) Sections 9.98 to 9.983 of the Revised Code	147
are applicable to bonds:	148

(1) The payment of the debt service on which is to be	149
provided for directly or indirectly by payments contracted to be	150
made in the bond proceedings by the absolute obligors, being	151
persons other than the issuer; and	152

(2) Which are authorized to be issued under sections 122.39	153
to 122.62, Chapter 165., 902., 3377., 3706., division (A)(4) of	154
section 4582.06, division (A)(8) of section 4582.31, section	155
4582.48, or Chapter 6121. or 6123. of the Revised Code,	156
notwithstanding other provisions therein.	157

(B) Sections 9.98 to 9.983 of the Revised Code are applicable	158
to bonds issued under Chapters 133., 140., 152., 154., 175., and	159
349. of the Revised Code, and to any bonds authorized under laws	160
which expressly make those sections applicable.	161

(C) Subject to division (A) of this section, the authority	162
provided in sections 9.98 to 9.983 of the Revised Code is	163
supplemental to and not in derogation of any similar authority	164
provided by, derived from, or implied by, any law, the Ohio	165
Constitution, or any charter, resolution, or ordinance, and no	166
inference shall be drawn to negate the authority thereunder by	167
reason of the express provisions of sections 9.98 to 9.983 of the	168
Revised Code.	169

(D) Sections 9.98 to 9.983 of the Revised Code shall be	170
liberally construed to permit flexibility in the arrangements	171
therein provided to enhance the issuance of such bonds and provide	172
for terms most beneficial and satisfactory to the persons which	173
undertake to provide for their payment, security, and liquidity.	174

Sec. 9.982.  (A) The bond proceedings for bonds referred to	175
in division (A) or (B) of section 9.981 of the Revised Code may	176
provide for one or more of the following:	177

(1) Floating rate interest structures, which may, but need	178
not be, limited to maximum rates, with interest periods which may	179
be fixed or vary from time to time and which may contemporaneously	180
differ for portions of the bonds;	181

(2) Put arrangements, with times for puts fixed or varying	182
from time to time and which may contemporaneously differ for	183
portions of the bonds, which puts, when accompanied by remarketing	184
arrangements, shall not constitute the discharge of the bonds so	185
put, and which remarketing shall be a continuation of the original	186
obligation represented by the put bonds and not a reissuance or	187
new issuance of bonds;	188

(3) Special interest payment dates related to the floating	189
rate interest structure or put arrangements, different from	190
interest payment dates otherwise provided by law;	191

(4) Conversion of terms between floating and fixed interest	192
rates, between different interest rate periods, and between	193
different dates for exercising put arrangements, and for	194
termination of put arrangements, floating rate interest	195
structures, and credit facilities, upon stated conditions	196
occurring or upon the direction of the absolute obligor, or the	197
issuer, or other person providing the credit facility;	198

(5) Issuance of the bonds as commercial paper pursuant to	199
master bond proceedings without necessity for reauthorization of	200
successive series; and for otherwise facilitating such issuance	201
without need for further written authorization or execution of	202
bonds;	203

(6) Sale of the bonds at a discount, and with or without	204
interest to be separately payable on the bonds;	205

(7) Sale of bonds the proceeds of which are held in escrow	206
and invested in direct obligations of the United States or	207
obligations guaranteed as to payment by the United States. Those	208
obligations shall mature or be subject to redemption by and at the	209
option of the holders of the obligations not later than the dates	210
when the amounts held in escrow will be sufficient to pay the	211
principal of, and interest on, the bonds as they become due. The	212
amounts held in escrow may be used, at a specified date, to retire	213
either the bonds issued in accordance with division (A)(7) of this	214
section or other obligations of the issuer. No certificate of the	215
fiscal officer as to the maximum maturity of those bonds is	216
required. The maximum maturity of the bonds shall be forty years	217
after their issuance as set forth in division (B) of section 9.983	218
of the Revised Code. Further, the bonds shall not be subject to	219
the limitations of section 133.04, 133.05, 133.07, or 133.09 of	220
the Revised Code. The bonds are determined by the general assembly	221
to create a special obligation that is not bonded indebtedness	222
subject to Section 11 of Article XII, Ohio Constitution.	223

As used in division (A)(7) of this section, "amounts held in	224
escrow" include bond proceeds together with interest or other	225
investment income accrued on bond proceeds through investments in	226
obligations of the United States or obligations guaranteed as to	227
payment by the United States.	228

(B) The bond proceedings or other documents or agreements	229
pertaining to bonds referred to in division (A) or (B) of section	230
9.981 of the Revised Code may provide for one or more of the	231
following:	232

(1) Credit facilities;

233

(2) Agreements with indexing agents, remarketing agents, and	234
administrative agents, and for substitutions for such agents,	235
including substitution directed by the absolute obligor, or the	236
person providing the credit facility, or the issuer;	237

(3) Interest rate hedges.

238

(C) Financing statements and continuation statements	239
pertaining to the security for the bonds, or to the security for	240
payments under loan agreements, leases, and sale and installment	241
sale agreements pertaining to bonds referred to in division (A) or	242
(B) of section 9.981 of the Revised Code may be filed, amended,	243
and continued under Chapter 1309. of the Revised Code, and shall	244
have the effect provided in Chapter 1309. of the Revised Code, but	245
whether or not so filed, amended, or continued, the security	246
otherwise provided for under the law authorizing such bonds is not	247
impaired or diminished.	248

Sec. 122.63.  The department of development shall:

249

(A) Provide technical assistance to sponsors, homeowners,	250
private developers, contractors, and other appropriate persons on	251
matters relating to housing needs and the development,	252
construction, financing, operation, management, and evaluation of	253
housing developments;	254

(B) Carry out continuing studies and analyses of the housing	255
needs of this state and, after conducting public hearings, prepare	256
annually a plan of housing needs, primarily for the use of the	257
department pursuant to Chapter 128. of the Revised Code. The plan,	258
copies of which shall be filed with the speaker of the house of	259
representatives and the president of the senate for distribution	260
to the members of the general assembly, shall:	261

(1) Establish areawide housing needs, including existing and	262
projected needs for the provision of an adequate supply of decent,	263
safe, and sanitary housing for low- and moderate-income persons,	264
including housing that may require utilization of state or federal	265
assistance;	266

(2) Establish priorities for housing needs, taking into	267
account the availability of and need for conserving land and other	268
natural resources;	269

(3) Be coordinated with other housing and related planning of	270
the state and of regional planning agencies.	271

(C) Carry out the provisions of Chapter 3735. of the Revised	272
Code relating to metropolitan housing authorities;	273

(D) Carry out the provisions of sections 175.21174.01 to	274
175.25174.07 of the Revised Code relating to the low- and	275
moderate-income housing trust fund.	276

Sec. 133.01.  As used in this chapter, in sections 9.95,	277
9.96, and 2151.655 of the Revised Code, in other sections of the	278
Revised Code that make reference to this chapter unless the	279
context does not permit, and in related proceedings, unless	280
otherwise expressly provided:	281

(A) "Acquisition" as applied to real or personal property	282
includes, among other forms of acquisition, acquisition by	283
exercise of a purchase option, and acquisition of interests in	284
property, including, without limitation, easements and	285
rights-of-way, and leasehold and other lease interests initially	286
extending or extendable for a period of at least sixty months.	287

(B) "Anticipatory securities" means securities, including	288
notes, issued in anticipation of the issuance of other securities.	289

(C) "Board of elections" means the county board of elections	290
of the county in which the subdivision is located. If the	291
subdivision is located in more than one county, "board of	292
elections" means the county board of elections of the county that	293
contains the largest portion of the population of the subdivision	294
or that otherwise has jurisdiction in practice over and	295
customarily handles election matters relating to the subdivision.	296

(D) "Bond retirement fund" means the bond retirement fund	297
provided for in section 5705.09 of the Revised Code, and also	298
means a sinking fund or any other special fund, regardless of the	299
name applied to it, established by or pursuant to law or the	300
proceedings for the payment of debt charges. Provision may be made	301
in the applicable proceedings for the establishment in a bond	302
retirement fund of separate accounts relating to debt charges on	303
particular securities, or on securities payable from the same or	304
common sources, and for the application of moneys in those	305
accounts only to specified debt charges on specified securities or	306
categories of securities. Subject to law and any provisions in the	307
applicable proceedings, moneys in a bond retirement fund or	308
separate account in a bond retirement fund may be transferred to	309
other funds and accounts.	310

(E) "Capitalized interest" means all or a portion of the	311
interest payable on securities from their date to a date stated or	312
provided for in the applicable legislation, which interest is to	313
be paid from the proceeds of the securities.	314

(F) "Chapter 133. securities" means securities authorized by	315
or issued pursuant to or in accordance with this chapter.	316

(G) "County auditor" means the county auditor of the county	317
in which the subdivision is located. If the subdivision is located	318
in more than one county, "county auditor" means the county auditor	319
of the county that contains the highest amount of the tax	320
valuation of the subdivision or that otherwise has jurisdiction in	321
practice over and customarily handles property tax matters	322
relating to the subdivision. In the case of a county that has	323
adopted a charter, "county auditor" means the officer who	324
generally has the duties and functions provided in the Revised	325
Code for a county auditor.	326

(H) "Credit enhancement facilities" means letters of credit,	327
lines of credit, stand-by, contingent, or firm securities purchase	328
agreements, insurance, or surety arrangements, guarantees, and	329
other arrangements that provide for direct or contingent payment	330
of debt charges, for security or additional security in the event	331
of nonpayment or default in respect of securities, or for making	332
payment of debt charges to and at the option and on demand of	333
securities holders or at the option of the issuer or upon certain	334
conditions occurring under put or similar arrangements, or for	335
otherwise supporting the credit or liquidity of the securities,	336
and includes credit, reimbursement, marketing, remarketing,	337
indexing, carrying, interest rate hedge, and subrogation	338
agreements, and other agreements and arrangements for payment and	339
reimbursement of the person providing the credit enhancement	340
facility and the security for that payment and reimbursement.	341

(I) "Current operating expenses" or "current expenses" means	342
the lawful expenditures of a subdivision, except those for	343
permanent improvements and for payments of debt charges of the	344
subdivision.	345

(J) "Debt charges" means the principal, including any	346
mandatory sinking fund deposits and mandatory redemption payments,	347
interest, and any redemption premium, payable on securities as	348
those payments come due and are payable. The use of "debt charges"	349
for this purpose does not imply that any particular securities	350
constitute debt within the meaning of the Ohio Constitution or	351
other laws.	352

(K) "Financing costs" means all costs and expenses relating	353
to the authorization, including any required election, issuance,	354
sale, delivery, authentication, deposit, custody, clearing,	355
registration, transfer, exchange, fractionalization, replacement,	356
payment, and servicing of securities, including, without	357
limitation, costs and expenses for or relating to publication and	358
printing, postage, delivery, preliminary and final official	359
statements, offering circulars, and informational statements,	360
travel and transportation, underwriters, placement agents,	361
investment bankers, paying agents, registrars, authenticating	362
agents, remarketing agents, custodians, clearing agencies or	363
corporations, securities depositories, financial advisory	364
services, certifications, audits, federal or state regulatory	365
agencies, accounting and computation services, legal services and	366
obtaining approving legal opinions and other legal opinions,	367
credit ratings, redemption premiums, and credit enhancement	368
facilities. Financing costs may be paid from any moneys available	369
for the purpose, including, unless otherwise provided in the	370
proceedings, from the proceeds of the securities to which they	371
relate and, as to future financing costs, from the same sources	372
from which debt charges on the securities are paid and as though	373
debt charges.	374

(L) "Fiscal officer" means the following, or, in the case of	375
absence or vacancy in the office, a deputy or assistant authorized	376
by law or charter to act in the place of the named officer, or if	377
there is no such authorization then the deputy or assistant	378
authorized by legislation to act in the place of the named officer	379
for purposes of this chapter, in the case of the following	380
subdivisions:	381

(1) A county, the county auditor;

382

(2) A municipal corporation, the city auditor or village	383
clerk or clerk-treasurer, or the officer who, by virtue of a	384
charter, has the duties and functions provided in the Revised Code	385
for the city auditor or village clerk or clerk-treasurer;	386

(3) A school district, the treasurer of the board of	387
education;	388

(4) A regional water and sewer district, the secretary of the	389
board of trustees;	390

(5) A joint township hospital district, the treasurer of the	391
district;	392

(6) A joint ambulance district, the clerk of the board of	393
trustees;	394

(7) A joint recreation district, the person designated	395
pursuant to section 755.15 of the Revised Code;	396

(8) A detention facility district or a district organized	397
under section 2151.65 of the Revised Code or a combined district	398
organized under sections 2152.41 and 2151.65 of the Revised Code,	399
the county auditor of the county designated by law to act as the	400
auditor of the district;	401

(9) A township, a fire district organized under division (C)	402
of section 505.37 of the Revised Code, or a township police	403
district, the clerk of the township;	404

(10) A joint fire district, the clerk of the board of	405
trustees of that district;	406

(11) A regional or county library district, the person	407
responsible for the financial affairs of that district;	408

(12) A joint solid waste management district, the fiscal	409
officer appointed by the board of directors of the district under	410
section 343.01 of the Revised Code;	411

(13) A joint emergency medical services district, the person	412
appointed as fiscal officer pursuant to division (D) of section	413
307.053 of the Revised Code;	414

(14) A fire and ambulance district, the person appointed as	415
fiscal officer under division (B) of section 505.375 of the	416
Revised Code;	417

(15) A subdivision described in division (MM)(17) of this	418
section, the officer who is designated by law as or performs the	419
functions of its chief fiscal officer.	420

(M) "Fiscal year" has the same meaning as in section 9.34 of	421
the Revised Code.	422

(N) "Fractionalized interests in public obligations" means	423
participations, certificates of participation, shares, or other	424
instruments or agreements, separate from the public obligations	425
themselves, evidencing ownership of interests in public	426
obligations or of rights to receive payments of, or on account of,	427
principal or interest or their equivalents payable by or on behalf	428
of an obligor pursuant to public obligations.	429

(O) "Fully registered securities" means securities in	430
certificated or uncertificated form, registered as to both	431
principal and interest in the name of the owner.	432

(P) "Fund" means to provide for the payment of debt charges	433
and expenses related to that payment at or prior to retirement by	434
purchase, call for redemption, payment at maturity, or otherwise.	435

(Q) "General obligation" means securities to the payment of	436
debt charges on which the full faith and credit and the general	437
property taxing power, including taxes within the tax limitation	438
if available to the subdivision, of the subdivision are pledged.	439

(R) "Interest" or "interest equivalent" means those payments	440
or portions of payments, however denominated, that constitute or	441
represent consideration for forbearing the collection of money, or	442
for deferring the receipt of payment of money to a future time.	443

(S) "Internal Revenue Code" means the "Internal Revenue Code	444
of 1986," 100 Stat. 2085, 26 U.S.C.A. 1 et seq., as amended, and	445
includes any laws of the United States providing for application	446
of that code.	447

(T) "Issuer" means any public issuer and any nonprofit	448
corporation authorized to issue securities for or on behalf of any	449
public issuer.	450

(U) "Legislation" means an ordinance or resolution passed by	451
a majority affirmative vote of the then members of the taxing	452
authority unless a different vote is required by charter	453
provisions governing the passage of the particular legislation by	454
the taxing authority.	455

(V) "Mandatory sinking fund redemption requirements" means	456
amounts required by proceedings to be deposited in a bond	457
retirement fund for the purpose of paying in any year or fiscal	458
year by mandatory redemption prior to stated maturity the	459
principal of securities that is due and payable, except for	460
mandatory prior redemption requirements as provided in those	461
proceedings, in a subsequent year or fiscal year.	462

(W) "Mandatory sinking fund requirements" means amounts	463
required by proceedings to be deposited in a year or fiscal year	464
in a bond retirement fund for the purpose of paying the principal	465
of securities that is due and payable in a subsequent year or	466
fiscal year.	467

(X) "Net indebtedness" has the same meaning as in division	468
(A) of section 133.04 of the Revised Code.	469

(Y) "Obligor," in the case of securities or fractionalized	470
interests in public obligations issued by another person the debt	471
charges or their equivalents on which are payable from payments	472
made by a public issuer, means that public issuer.	473

(Z) "One purpose" relating to permanent improvements means	474
any one permanent improvement or group or category of permanent	475
improvements for the same utility, enterprise, system, or project,	476
development or redevelopment project, or for or devoted to the	477
same general purpose, function, or use or for which	478
self-supporting securities, based on the same or different sources	479
of revenues, may be issued or for which special assessments may be	480
levied by a single ordinance or resolution. "One purpose"	481
includes, but is not limited to, in any case any off-street	482
parking facilities relating to another permanent improvement, and:	483

(1) Any number of roads, highways, streets, bridges,	484
sidewalks, and viaducts;	485

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

486

(3) In the case of a county, any number of permanent	487
improvements for courthouse, jail, county offices, and other	488
county buildings, and related facilities;	489

(4) In the case of a school district, any number of	490
facilities and buildings for school district purposes, and related	491
facilities.	492

(AA) "Outstanding," referring to securities, means securities	493
that have been issued, delivered, and paid for, except any of the	494
following:	495

(1) Securities canceled upon surrender, exchange, or	496
transfer, or upon payment or redemption;	497

(2) Securities in replacement of which or in exchange for	498
which other securities have been issued;	499

(3) Securities for the payment, or redemption or purchase for	500
cancellation prior to maturity, of which sufficient moneys or	501
investments, in accordance with the applicable legislation or	502
other proceedings or any applicable law, by mandatory sinking fund	503
redemption requirements, mandatory sinking fund requirements, or	504
otherwise, have been deposited, and credited for the purpose in a	505
bond retirement fund or with a trustee or paying or escrow agent,	506
whether at or prior to their maturity or redemption, and, in the	507
case of securities to be redeemed prior to their stated maturity,	508
notice of redemption has been given or satisfactory arrangements	509
have been made for giving notice of that redemption, or waiver of	510
that notice by or on behalf of the affected security holders has	511
been filed with the subdivision or its agent for the purpose.	512

(BB) "Paying agent" means the one or more banks, trust	513
companies, or other financial institutions or qualified persons,	514
including an appropriate office or officer of the subdivision,	515
designated as a paying agent or place of payment of debt charges	516
on the particular securities.	517

(CC) "Permanent improvement" or "improvement" means any	518
property, asset, or improvement certified by the fiscal officer,	519
which certification is conclusive, as having an estimated life or	520
period of usefulness of five years or more, and includes, but is	521
not limited to, real estate, buildings, and personal property and	522
interests in real estate, buildings, and personal property,	523
equipment, furnishings, and site improvements, and reconstruction,	524
rehabilitation, renovation, installation, improvement,	525
enlargement, and extension of property, assets, or improvements so	526
certified as having an estimated life or period of usefulness of	527
five years or more. The acquisition of all the stock ownership of	528
a corporation is the acquisition of a permanent improvement to the	529
extent that the value of that stock is represented by permanent	530
improvements. A permanent improvement for parking, highway, road,	531
and street purposes includes resurfacing, but does not include	532
ordinary repair.	533

(DD) "Person" has the same meaning as in section 1.59 of the	534
Revised Code and also includes any federal, state, interstate,	535
regional, or local governmental agency, any subdivision, and any	536
combination of those persons.	537

(EE) "Proceedings" means the legislation, certifications,	538
notices, orders, sale proceedings, trust agreement or indenture,	539
mortgage, lease, lease-purchase agreement, assignment, credit	540
enhancement facility agreements, and other agreements,	541
instruments, and documents, as amended and supplemented, and any	542
election proceedings, authorizing, or providing for the terms and	543
conditions applicable to, or providing for the security or sale or	544
award of, public obligations, and includes the provisions set	545
forth or incorporated in those public obligations and proceedings.	546

(FF) "Public issuer" means any of the following that is	547
authorized by law to issue securities or enter into public	548
obligations:	549

(1) The state, including an agency, commission, officer,	550
institution, board, authority, or other instrumentality of the	551
state;	552

(2) A taxing authority, subdivision, district, or other local	553
public or governmental entity, and any combination or consortium,	554
or public division, district, commission, authority, department,	555
board, officer, or institution, thereof;	556

(3) Any other body corporate and politic, or other public	557
entity.	558

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

559

(1) Securities;

560

(2) Obligations of a public issuer to make payments under	561
installment sale, lease, lease purchase, or similar agreements,	562
which obligations bear interest or interest equivalent.	563

(HH) "Refund" means to fund and retire outstanding	564
securities, including advance refunding with or without payment or	565
redemption prior to maturity.	566

(II) "Register" means the books kept and maintained by the	567
registrar for registration, exchange, and transfer of registered	568
securities.	569

(JJ) "Registrar" means the person responsible for keeping the	570
register for the particular registered securities, designated by	571
or pursuant to the proceedings.	572

(KK) "Securities" means bonds, notes, certificates of	573
indebtedness, commercial paper, and other instruments in writing,	574
including, unless the context does not admit, anticipatory	575
securities, issued by an issuer to evidence its obligation to	576
repay money borrowed, or to pay interest, by, or to pay at any	577
future time other money obligations of, the issuer of the	578
securities, but not including public obligations described in	579
division (GG)(2) of this section.	580

(LL) "Self-supporting securities" means securities or	581
portions of securities issued for the purpose of paying costs of	582
permanent improvements to the extent that receipts of the	583
subdivision, other than the proceeds of taxes levied by that	584
subdivision, derived from or with respect to the improvements or	585
the operation of the improvements being financed, or the	586
enterprise, system, project, or category of improvements of which	587
the improvements being financed are part, are estimated by the	588
fiscal officer to be sufficient to pay the current expenses of	589
that operation or of those improvements or enterprise, system,	590
project, or categories of improvements and the debt charges	591
payable from those receipts on securities issued for the purpose.	592
Until such time as the improvements or increases in rates and	593
charges have been in operation or effect for a period of at least	594
six months, the receipts therefrom, for purposes of this	595
definition, shall be those estimated by the fiscal officer, except	596
that those receipts may include, without limitation, payments made	597
and to be made to the subdivision under leases or agreements in	598
effect at the time the estimate is made. In the case of an	599
operation, improvements, or enterprise, system, project, or	600
category of improvements without at least a six-month history of	601
receipts, the estimate of receipts by the fiscal officer, other	602
than those to be derived under leases and agreements then in	603
effect, shall be confirmed by the taxing authority.	604

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

605

(1) A county, including a county that has adopted a charter	606
under Article X, Ohio Constitution;	607

(2) A municipal corporation, including a municipal	608
corporation that has adopted a charter under Article XVIII, Ohio	609
Constitution;	610

(3) A school district;

611

(4) A regional water and sewer district organized under	612
Chapter 6119. of the Revised Code;	613

(5) A joint township hospital district organized under	614
section 513.07 of the Revised Code;	615

(6) A joint ambulance district organized under section 505.71	616
of the Revised Code;	617

(7) A joint recreation district organized under division (C)	618
of section 755.14 of the Revised Code;	619

(8) A detention facility district organized under section	620
2152.41, a district organized under section 2151.65, or a combined	621
district organized under sections 2152.41 and 2151.65 of the	622
Revised Code;	623

(9) A township police district organized under section 505.48	624
of the Revised Code;	625

(10) A township;

626

(11) A joint fire district organized under section 505.371 of	627
the Revised Code;	628

(12) A county library district created under section 3375.19	629
or a regional library district created under section 3375.28 of	630
the Revised Code;	631

(13) A joint solid waste management district organized under	632
section 343.01 or 343.012 of the Revised Code;	633

(14) A joint emergency medical services district organized	634
under section 307.052 of the Revised Code;	635

(15) A fire and ambulance district organized under section	636
505.375 of the Revised Code;	637

(16) A fire district organized under division (C) of section	638
505.37 of the Revised Code;	639

(17) Any other political subdivision or taxing district or	640
other local public body or agency authorized by this chapter or	641
other laws to issue Chapter 133. securities.	642

(NN) "Taxing authority" means in the case of the following	643
subdivisions:	644

(1) A county, a county library district, or a regional	645
library district, the board or boards of county commissioners, or	646
other legislative authority of a county that has adopted a charter	647
under Article X, Ohio Constitution, but with respect to such a	648
library district acting solely as agent for the board of trustees	649
of that district;	650

(2) A municipal corporation, the legislative authority;

651

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

652

(4) A regional water and sewer district, a joint ambulance	653
district, a joint recreation district, a fire and ambulance	654
district, or a joint fire district, the board of trustees of the	655
district;	656

(5) A joint township hospital district, the joint township	657
hospital board;	658

(6) A detention facility district or a district organized	659
under section 2151.65 of the Revised Code, a combined district	660
organized under sections 2152.41 and 2151.65 of the Revised Code,	661
or a joint emergency medical services district, the joint board of	662
county commissioners;	663

(7) A township, a fire district organized under division (C)	664
of section 505.37 of the Revised Code, or a township police	665
district, the board of township trustees;	666

(8) A joint solid waste management district organized under	667
section 343.01 or 343.012 of the Revised Code, the board of	668
directors of the district;	669

(9) A subdivision described in division (MM)(17) of this	670
section, the legislative or governing body or official.	671

(OO) "Tax limitation" means the "ten-mill limitation" as	672
defined in section 5705.02 of the Revised Code without diminution	673
by reason of section 5705.313 of the Revised Code or otherwise,	674
or, in the case of a municipal corporation or county with a	675
different charter limitation on property taxes levied to pay debt	676
charges on unvoted securities, that charter limitation. Those	677
limitations shall be respectively referred to as the "ten-mill	678
limitation" and the "charter tax limitation."	679

(PP) "Tax valuation" means the aggregate of the valuations of	680
property subject to ad valorem property taxation by the	681
subdivision on the real property, personal property, and public	682
utility property tax lists and duplicates most recently certified	683
for collection, and shall be calculated without deductions of the	684
valuations of otherwise taxable property exempt in whole or in	685
part from taxation by reason of exemptions of certain amounts of	686
taxable value under division (C) of section 5709.01 or section	687
323.152 of the Revised Code, or similar laws now or in the future	688
in effect.	689

(QQ) "Year" means the calendar year.

690

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

691

(1) By which either:

692

(1)(a) The different interest costs or receipts at fixed	693
interest rates and at floating interest rates, or at different	694
maturities, are exchanged on stated amounts of bonds or	695
investments, or on notional amounts; or	696

(2)(b) A party will pay interest costs in excess of an agreed	697
limitation; and	698

(2) Which also may include a requirement for the issuer to	699
issue bonds at a future date. This requirement shall be deemed to	700
be part of the bond proceedings at the time the interest rate	701
hedge is entered into. Issuance of bonds at a future date shall	702
not require further legislative action, but shall be a ministerial	703
act.	704

(SS) "Administrative agent," "agent," "commercial paper,"	705
"floating rate interest structure," "indexing agent," "interest	706
rate period," "put arrangement," and "remarketing agent" have the	707
same meanings as in section 9.98 of the Revised Code.	708

(TT) "Sales tax supported" means obligations to the payment	709
of debt charges on which an additional sales tax or additional	710
sales taxes have been pledged by the taxing authority of a county	711
pursuant to section 133.081 of the Revised Code.	712

Sec. 133.08.  (A) In addition to any power to issue	713
securities under other provisions of the Revised Code for the	714
purposes, a county may issue revenue securities as authorized in	715
this section.	716

(B) A county may issue revenue securities to fund or refund	717
revenue securities previously issued, or for any purposes for	718
which it could issue self-supporting securities and, without	719
limitation, any of the following general purposes:	720

(1) For one or more established sewer districts, any of the	721
purposes provided in divisions (C)(2)(a) and (b) of section 133.07	722
of the Revised Code;	723

(2) Hospital facilities as defined in division (E) of section	724
140.01 of the Revised Code;	725

(3) Facilities described in division (C)(10) of section	726
133.07 of the Revised Code;	727

(4) Off-street parking facilities pursuant to section 307.02	728
of the Revised Code.	729

(C) The county shall establish rates or charges for the use,	730
availability, or rental of the facilities to which the financing	731
relates, being the improvement, enterprise, system, project, or	732
categories of improvements or the operation or function that the	733
facilities serve, which rates or charges shall be designed to	734
provide revenues to the county sufficient to pay the costs of all	735
current expenses of the facilities payable by the county and to	736
pay the debt charges on the securities and to establish and	737
maintain any contractually required special funds relating to the	738
securities or the facilities.	739

(D) Revenue securities issued under this section shall not be	740
general obligations of the county. Revenue securities issued under	741
this section shall be secured only by a pledge of and lien upon	742
the revenues of the county, derived from its ownership or	743
operation of the facilities, including those rates or charges or	744
rents and any interest subsidies or debt charges, grants, or other	745
payments by federal or state agencies available therefor, and the	746
covenants of the county to maintain sufficient rentals, rates, and	747
charges to produce revenues sufficient to pay all current expenses	748
of the facilities payable by the county and to pay the debt	749
charges on the securities and to establish and maintain any	750
contractually required special funds relating to the securities or	751
the facilities, and, if the securities are anticipatory	752
securities, to issue the revenue securities in anticipation of the	753
issuance of which the revenue securities are issued. Revenue	754
securities may also be secured by a pledge of and lien on the	755
proceeds of any securities issued to fund or refund those revenue	756
securities.	757

(E) The county officers authorized by the county taxing	758
authority shall execute the necessary documents, including but not	759
limited to trust agreements and leases, to provide for the pledge,	760
protection, and disposition of the pledged revenues from which	761
debt charges and any special fund deposits are to be paid.	762

(F) As long as any of these revenue securities, in either	763
original or refunded form, remain outstanding, except as otherwise	764
provided in those documents, all parts of the facilities the	765
revenues from which are pledged, shall remain under the control of	766
the county taxing authority, whether any parts of the facilities	767
are leased to or operated by others or are in or thereafter come	768
within the boundaries of any municipal corporation, and the	769
facilities shall remain subject to the power and duty of the	770
taxing authority to fix and collect rates or charges or rents for	771
the use of facilities.	772

(G) The authority to issue securities of the county under	773
this section for permanent improvements described in division	774
(B)(2) of this section or division (C)(2)(d) of section 133.07 of	775
the Revised Code may separately and independently be exercised by	776
a board of county hospital trustees established under section	777
339.02 of the Revised Code for those permanent improvements and	778
related operations under the control of that board.	779

(H) Sections 9.98 to 9.983 of the Revised Code apply to	780
securities issued under this section, notwithstanding any other	781
provision in this chapter.	782

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

783

(1) "Anticipation notes" means notes issued in anticipation	784
of the sales tax supported bonds authorized by this section;	785

(2) "Authorizing proceedings" means the resolution,	786
legislation, trust agreement, certification, and other agreements,	787
instruments, and documents, as amended and supplemented,	788
authorizing, or providing for the security or sale or award of,	789
sales tax supported bonds, and includes the provisions set forth	790
or incorporated in those bonds and proceedings;	791

(3) "County sales tax" means any sales tax levied by the	792
taxing authority of a county pursuant to section 5739.021 or	793
5739.026 of the Revised Code, and any tax levied by that taxing	794
authority upon storage, use, or consumption under section 5741.021	795
or 5741.023 of the Revised Code. However, "county sales tax" does	796
not include a sales tax subject to referendum or a sales tax that	797
was adopted as an emergency measure and is subject to initiative	798
petition under section 5739.022 of the Revised Code.	799

(4) "Sales tax supported bonds" means the sales tax supported	800
bonds authorized by this section, including anticipation notes;	801

(5) "Refunding bonds" means sales tax supported bonds issued	802
to provide for the refunding of the sales tax supported bonds	803
referred to in this section as refunded obligations.	804

(B) The taxing authority of a county which has levied a	805
county sales tax for the purpose of providing additional general	806
revenues of the county pursuant to Chapter 5739. of the Revised	807
Code may anticipate the receipts of such tax and issue sales tax	808
supported bonds of the county in the principal amount necessary to	809
pay the costs of financing any permanent improvement as defined in	810
division (CC) of section 133.01 of the Revised Code, or to refund	811
any refunded obligations, provided that the taxing authority	812
certifies that the annual debt charges on the sales tax supported	813
bonds, or on the sales tax supported bonds being anticipated by	814
anticipation notes, do not exceed the estimated annual county	815
sales tax. The maximum aggregate amount of sales tax supported	816
bonds that may be outstanding at any time in accordance with their	817
terms shall not exceed an amount which requires or is estimated to	818
require payments from sales tax receipts of debt charges on the	819
sales tax supported bonds, or, in the case of anticipation notes,	820
projected debt charges on the sales tax supported bonds	821
anticipated, in any calendar year in an amount exceeding the	822
county sales tax in anticipation of which the bonds or	823
anticipation notes are issued as estimated by the fiscal officer	824
based on general sales tax receipts averaged for the prior two	825
calendar years prior to the year in which the sales tax supported	826
bonds are issued, and annualized for any increase in the county	827
sales tax which may have been levied in part during such period or	828
levied after such period. A taxing authority may at any time issue	829
renewal anticipation notes, issue sales tax supported bonds to pay	830
renewal anticipation notes, and, if it considers refunding	831
expedient, issue refunding sales tax supported bonds whether the	832
refunded obligations have or have not matured. The refunding sales	833
tax supported bonds shall be sold and the proceeds needed for such	834
purpose applied in the manner provided in the authorizing	835
proceedings of the taxing authority. The maximum maturity of sales	836
tax supported bonds shall be calculated by the fiscal officer in	837
accordance with section 133.20 of the Revised Code, and such	838
calculation shall be filed with the taxing authority of the county	839
prior to passage of a bond authorizing resolution. If the county	840
sales tax pledged to the payment of the sales tax supported bonds	841
has a stated expiration date, the final principal maturity date of	842
the sales tax supported bonds shall not extend beyond the final	843
year of collection of the county sales tax pledged to the payment	844
of the sales tax supported bonds.	845

(C) Every issue of sales tax supported bonds outstanding in	846
accordance with their terms shall be payable out of the sales tax	847
receipts received by the county or proceeds of sales tax supported	848
bonds, renewal anticipation notes, or refunding sales tax	849
supported bonds which may be pledged for such payment in the	850
authorizing proceedings. The pledge shall be valid and binding	851
from the time the pledge is made, and the county sales tax	852
receipts and proceeds so pledged and thereafter received by the	853
county shall immediately be subject to the lien of that pledge	854
without any physical delivery of the county sales tax receipts or	855
proceeds or further act. The lien of any pledge is valid and	856
binding as against all parties having claims of any kind in tort,	857
contract, or otherwise against the county, whether or not such	858
parties have notice of the lien. Neither the resolution nor any	859
trust agreement by which a pledge is created or further evidenced	860
need be filed or recorded except in the records of the taxing	861
authority.	862

(D) Sales tax supported bonds issued under this section do	863
not constitute a debt, or a pledge of the faith and credit, of the	864
state, the county, or any other political subdivision of the	865
state, and the holders or owners of the notes have no right to	866
have taxes levied by the general assembly or by the taxing	867
authority of any political subdivision of the state, including the	868
taxing authority of the county, for the payment of debt charges.	869
Unless paid from other sources, sales tax supported bonds are	870
payable from the sales tax receipts pledged for their payment as	871
authorized by this section. All sales tax supported bonds shall	872
contain on their face a statement to the effect that the sales tax	873
supported bonds, as to debt charges, are not debts or obligations	874
of the state and are not debts of any political subdivision of the	875
state, but, unless paid from other sources, are payable from the	876
sales tax receipts pledged for their payment. The utilization and	877
pledge of the sales tax receipts and proceeds of sales tax	878
supported bonds, renewal anticipation notes, or refunding sales	879
tax supported bonds for the payment of debt charges is determined	880
by the general assembly to create a special obligation which is	881
not a bonded indebtedness subject to Section 11 of Article XII,	882
Ohio Constitution.	883

(E) The sales tax supported bonds shall bear such date or	884
dates, shall be executed in the manner, and shall mature at such	885
time or times, in the case of any anticipation notes not exceeding	886
ten years from the date of issue of the original anticipation	887
notes and in the case of any sales tax supported bonds or of any	888
refunding sales tax supported bonds, not exceeding the maximum	889
maturity certified to the taxing authority pursuant to division	890
(B) of this section, all as the authorizing proceedings may	891
provide. The sales tax supported bonds shall bear interest at such	892
rates, or at variable rate or rates changing from time to time, in	893
accordance with provisions in the authorizing proceedings, be in	894
such denominations and form, either coupon or registered, carry	895
such registration privileges, be payable in such medium of payment	896
and at such place or places, and be subject to such terms of	897
redemption, as the taxing authority may authorize or provide. The	898
sales tax supported bonds may be sold at public or private sale,	899
and at, or at not less than, the price or prices as the taxing	900
authority determines. If any officer whose signature or a	901
facsimile of whose signature appears on any sales tax supported	902
bonds or coupons ceases to be such officer before delivery of the	903
sales tax supported bonds or anticipation notes, the signature or	904
facsimile shall nevertheless be sufficient for all purposes as if	905
that officer had remained in office until delivery of the sales	906
tax supported bonds. Whether or not the sales tax supported bonds	907
are of such form and character as to be negotiable instruments	908
under Title XIII of the Revised Code, the sales tax supported	909
bonds shall have all the qualities and incidents of negotiable	910
instruments, subject only to any provisions for registration.	911
Neither the members of the board of the taxing authority nor any	912
person executing the sales tax supported bonds shall be liable	913
personally on the sales tax supported bonds or be subject to any	914
personal liability or accountability by reason of their issuance.	915

(F) Notwithstanding any other provision of this section,	916
sections 9.98 to 9.983, 133.02, 133.70, and 5709.76, and division	917
(A) of section 133.03 of the Revised Code apply to the sales tax	918
supported bonds. Sales tax supported bonds issued under this	919
section need not comply with any other law applicable to notes or	920
bonds but the authorizing proceedings may provide that divisions	921
(B) to (E) of section 133.25 of the Revised Code apply to the	922
sales tax supported bonds or anticipation notes.	923

(G) Any authorized proceedings may contain provisions,	924
subject to any agreements with holders as may then exist, which	925
shall be a part of the contract with the holders, as to the	926
pledging of any or all of the county's anticipated sales tax	927
receipts to secure the payment of the sales tax supported bonds;	928
the use and disposition of the sales tax receipts of the county;	929
the crediting of the proceeds of the sale of sales tax supported	930
bonds to and among the funds referred to or provided for in the	931
authorizing proceedings; limitations on the purpose to which the	932
proceeds of the sales tax supported bonds may be applied and the	933
pledging of portions of such proceeds to secure the payment of the	934
sales tax supported bonds or of anticipation notes; the agreement	935
of the county to do all things necessary for the authorization,	936
issuance, and sale of those notes anticipated in such amounts as	937
may be necessary for the timely payment of debt charges on any	938
anticipation notes; limitations on the issuance of additional	939
sales tax supported bonds; the terms upon which additional sales	940
tax supported bonds may be issued and secured; the refunding of	941
refunded obligations; the procedure by which the terms of any	942
contract with holders may be amended, and the manner in which any	943
required consent to amend may be given; securing any sales tax	944
supported bonds by a trust agreement or other agreement; and any	945
other matters, of like or different character, that in any way	946
affect the security or protection of the sales tax supported bonds	947
or anticipation notes.	948

(H) The taxing authority of a county may not repeal, rescind,	949
or reduce any portion of a county sales tax pledged to the payment	950
of debt charges on sales tax supported bonds issued by the county	951
while such sales tax supported bonds remain outstanding, and no	952
portion of a county sales tax pledged to the payment of debt	953
charges on sales tax supported bonds shall be subject to repeal or	954
reduction by the electorate of the county or by the taxing	955
authority of the county while such sales tax supported bonds are	956
outstanding.	957

Sec. 133.10.  (A) In anticipation of the collection of	958
current property tax revenues in and for any fiscal year, the	959
taxing authority of any subdivision may issue securities, but the	960
aggregate principal amount of such securities shall not exceed	961
one-half of the amount that the budget commission estimates the	962
subdivision will receive from property taxes in that fiscal year	963
and prior to the last day of the sixth month following the month	964
in which the securities are issued, other than taxes to be	965
received for the payment of debt charges or allocated to debt	966
charges on securities issued pursuant to division (C) of this	967
section, and less all advances. When a partial, semiannual, or	968
final property tax settlement is delayed, securities may also be	969
issued in anticipation of the receipt of property taxes levied or	970
collected for debt charges to the extent necessary to meet such	971
debt charges but not in excess of such estimated receipts, less	972
all advances. The securities issued pursuant to this division (A)	973
shall mature not later than the last day of the sixth month	974
following the month in which the securities are issued and in any	975
case not later than the last day of the fiscal year in which they	976
are issued.	977

(B) In anticipation of the collection of current revenues in	978
and for any fiscal year from any source or combination of sources,	979
including distributions of any federal or state moneys, other than	980
the proceeds of property taxes levied by the subdivision, the	981
taxing authority of any subdivision may issue securities, but the	982
aggregate principal amount of such securities shall not exceed	983
one-half of the amount estimated by the fiscal officer to be	984
received by the subdivision from such sources during the remainder	985
of such fiscal year, less advances and prior collections.	986

(C) In anticipation of the collection of current property tax	987
revenues in and for any fiscal year, the taxing authority of a	988
county, municipal corporation, township, or school district may	989
issue securities, but the aggregate principal amount of those	990
securities and of any securities issued pursuant to division (A)	991
of this section outstanding at the time of issuance shall not	992
exceed one-half of the amount that the budget commission estimates	993
the subdivision will receive from all property taxes that are to	994
be distributed to the subdivision from all settlements of taxes	995
that are to be made in the remainder of that fiscal year, other	996
than taxes to be received for the payment of debt charges, and	997
less all advances.	998

(D) When the tax settlement scheduled under division (B) of	999
section 321.24 of the Revised Code is delayed pursuant to division	1000
(E) of that section, the taxing authority of a school district may	1001
issue property tax anticipation securities against the taxes to be	1002
included in that settlement, but the aggregate principal amount of	1003
all securities outstanding against those taxes shall not exceed	1004
ninety per cent of the amount estimated to be received from that	1005
settlement by the budget commission, other than taxes to be	1006
received for the payment of debt charges, and less all advances.	1007
The securities issued pursuant to this division (D) shall mature	1008
on or before the next ensuing thirty-first day of August.	1009

(E) This division applies to all securities authorized by	1010
this section.	1011

(1) The amounts from the sources anticipated needed to pay	1012
debt charges and financing costs shall be considered appropriated	1013
for that purpose, and other appropriations from those sources by	1014
the taxing authority shall be limited to the balance available	1015
after deducting the amount to pay those debt charges and financing	1016
costs. The portions of those amounts as received and to be applied	1017
to those debt charges shall be deposited and set aside in an	1018
account for the purpose in the bond retirement fund in the amounts	1019
and at the times required to pay those debt charges as provided	1020
for by the authorizing legislation or otherwise provided by law.	1021

(2) Except as otherwise provided in division (H) of this	1022
section, the securities shall not be issued prior to the first day	1023
and, except as otherwise provided in divisions (A) and (D) of this	1024
section, shall mature not later than the last day of the fiscal	1025
year for which the revenues are anticipated.	1026

(3) The proceeds of the principal amount of the securities	1027
shall be used only for the purposes for which the amounts	1028
anticipated were levied, collected, distributed, and appropriated,	1029
and for financing costs related to those securities.	1030

(4) Property taxes include distributions from the state in	1031
payment of credits against or partial exemptions from, or	1032
reduction of, property taxes.	1033

(5) If for any reason debt charges on securities authorized	1034
by this section are not paid by the subdivision in the fiscal year	1035
when due, the taxing authority of the subdivision shall include in	1036
its next annual appropriation measure an amount sufficient to pay	1037
those debt charges, and the county auditor and county treasurer	1038
shall withhold, in a custodial account, amounts due the	1039
subdivision from the sources anticipated until such amount is	1040
accumulated by those officers and they directly pay or provide,	1041
through the paying agent or otherwise, for the payment of those	1042
debt charges.	1043

(F) The authority to issue securities under divisions (A) and	1044
(B) of this section may be exercised by any board of library	1045
trustees of a public library, or board of park commissioners of a	1046
township, to which the budget commission has allotted a share of	1047
the local government fund under section 5747.51 of the Revised	1048
Code or of the library and local government support fund under	1049
section 5707.051 of the Revised Code.	1050

(G) The taxing authority of a school district issuing	1051
securities under division (A), (C), or (D) of this section shall	1052
in the legislation authorizing the securities affirm the levy of,	1053
or covenant to levy, the anticipated property taxes to be	1054
collected in the following year.	1055

(H) The taxing authority of a school district may issue	1056
securities authorized by this section on or after the tenth day	1057
preceding the first day of the fiscal year for which the revenues	1058
are anticipated; provided, that if the taxing authority of a	1059
school district issues securities authorized by this section prior	1060
to the first day of the fiscal year for which the revenues are	1061
anticipated:	1062

(1) None of the proceeds received by the school district from	1063
the sale of the securities shall be considered available for	1064
appropriation prior to the first day of the fiscal year for which	1065
the revenues are anticipated; and	1066

(2) None of the proceeds received by the school district from	1067
the sale of the securities shall be expended prior to the first	1068
day of the fiscal year for which the revenues are anticipated.	1069

(I) Sections 9.98 to 9.983 of the Revised Code are applicable	1070
to securities issued under this section by the taxing authority of	1071
a school district.	1072

Sec. 135.80.  (A) The legislative authority of a municipal	1073
corporation, by ordinance,; the board of directors of a port	1074
authority, by resolution; or the board of county commissioners, by	1075
resolution, may establish a linked deposit program authorizing the	1076
treasurer or governing board of the municipal corporation, the	1077
board of directors of the port authority, or the investing	1078
authority of the county, as created or designated by the ordinance	1079
or resolution, to place certificates of deposit at up to three per	1080
cent below market rates with an eligible lending institution	1081
applying for interim moneys as provided in section 135.08 of the	1082
Revised Code, selected to invest port authority moneys in linked	1083
deposit programs pursuant to section 4582.54 of the Revised Code,	1084
or applying for inactive moneys as provided in section 135.32 of	1085
the Revised Code, provided the institution agrees either to lend	1086
the value of such deposit to eligible borrowers at up to three per	1087
cent below the present borrowing rate applicable to each borrower,	1088
or to enter into an agreement with an eligible government, as	1089
defined in section 135.81 of the Revised Code, to provide that	1090
eligible government with a certificate of deposit, investment	1091
agreement, or other investment in the value of the linked deposit	1092
at an interest rate at up to three per cent above current market	1093
rates, as determined by the eligible government. The ordinance or	1094
resolution shall include such requirements and provisions asthat	1095
are necessary to establish the program, including, but not limited	1096
to:	1097

(1) Eligibility requirements for borrowers who may receive	1098
reduced rate loans under the program;	1099

(2) Application procedures for borrowers and institutions	1100
wishing to participate in the program;	1101

(3) Review procedures for applications and criteria for	1102
acceptance or rejection of applications for reduced rate loans;	1103

(4) Necessary agreements between the eligible lending	1104
institution and the treasurer or governing board of the municipal	1105
corporation, the board of directors of the port authority, or the	1106
investing authority of the county to carry out the purposes of the	1107
linked deposit program;	1108

(5) Annual reports regarding the operation of the program to	1109
be made by the treasurer or governing board to the legislative	1110
authority, the eligible lending institution to the board of	1111
directors of the port authority, or the investing authority to the	1112
board of county commissioners.	1113

(B) The municipal corporation and the treasurer or governing	1114
board, the port authority and the board of directors, and the	1115
county and the investing authority or the board of county	1116
commissioners, are not liable to any eligible lending institution	1117
in any manner for the payment of the principal or interest on any	1118
reduced rate loan made under the program, and any delay in payment	1119
or default on the part of any borrower does not in any manner	1120
affect the deposit agreement between the eligible lending	1121
institution and the treasurer or governing board, the board of	1122
directors, or the investing authority or board of county	1123
commissioners.	1124

(C) For purposes of this section, both of the following	1125
apply:	1126

(1) "Investing authority" has the same meaning as in section	1127
135.31 of the Revised Code.	1128

(2) "Port authority" means a port authority created in	1129
accordance with section 4582.22 of the Revised Code.	1130

Sec. 135.81. As used in sections 135.81 to 135.87 of the	1131
Revised Code:	1132

(A) "Eligible governmental subdivision" means a municipal	1133
corporation, port authority created in accordance with section	1134
4582.22 of the Revised Code, or county in this state.	1135

(B) "Eligible governmental subdivision housing linked deposit	1136
program" means any program established pursuant to section 135.80	1137
of the Revised Code by the legislative authority of a municipal	1138
corporation, the board of directors of a port authority created in	1139
accordance with section 4582.22 of the Revised Code, or the board	1140
of county commissioners of a county, in which the program goals	1141
address specific housing issues relative to the geographic	1142
boundaries of that municipal corporation, port authority, or	1143
county. These program goals include, but are not limited to, home	1144
improvement, home restoration, energy efficiency, retention of	1145
historic significance, controlling urban sprawl, neighborhood	1146
revitalization, affordable housing, home ownership for persons	1147
unable to secure conventional financing, urban development, or	1148
economic revitalization of a residential area as a result of a	1149
natural disaster or other catastrophic occurrence.	1150

(C) "Eligible housing linked deposit participant" means any	1151
person or small business that meets the requirements set forth in	1152
an eligible governmental subdivision housing linked deposit	1153
program or set forth by the treasurer of state pursuant to	1154
division (B)(2) of section 135.82 of the Revised Code and that is	1155
a resident of this state.	1156

(D) "Eligible lending institution" means a financial	1157
institution meeting all of the following:	1158

(1) It is eligible to make commercial loans or residential	1159
loans.	1160

(2) It is a public depository of state funds under section	1161
135.03 of the Revised Code.	1162

(3) It agrees to participate in a program to provide housing	1163
linked deposits.	1164

(E) "Housing linked deposit" means a certificate of deposit	1165
or other financial institution instrument, described in section	1166
135.85 of the Revised Code, placed by the treasurer of state with	1167
an eligible lending institution, in accordance with division (B)	1168
of section 135.84 of the Revised Code, provided that the	1169
institution agrees, at the time of the deposit of state funds and	1170
for the period of the deposit, to lend the value of the deposit	1171
according to the deposit agreement described in section 135.85 of	1172
the Revised Code to eligible housing linked deposit participants	1173
at a fixed interest rate of three hundred basis points below the	1174
present borrowing rate applicable to each participant in the	1175
absence of approval to participate in the programs described in	1176
division (B) of section 135.82 of the Revised Code.	1177

(F) "Other financial institution instrument" means a fully	1178
collateralized product that otherwise would pay market rates of	1179
interest approved by the treasurer of state, for the purpose of	1180
providing eligible housing linked deposit participants with the	1181
benefits of a housing linked deposit.	1182

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

1183

(1) "Public record" means records kept by any public office,	1184
including, but not limited to, state, county, city, village,	1185
township, and school district units, and records pertaining to the	1186
delivery of educational services by an alternative school in Ohio	1187
kept by a nonprofit or for profit entity operating such	1188
alternative school pursuant to section 3313.533 of the Revised	1189
Code. "Public record" does not mean any of the following:	1190

(a) Medical records;

1191

(b) Records pertaining to probation and parole proceedings or	1192
to proceedings related to the imposition of community control	1193
sanctions and post-release control sanctions;	1194

(c) Records pertaining to actions under section 2151.85 and	1195
division (C) of section 2919.121 of the Revised Code and to	1196
appeals of actions arising under those sections;	1197

(d) Records pertaining to adoption proceedings, including the	1198
contents of an adoption file maintained by the department of	1199
health under section 3705.12 of the Revised Code;	1200

(e) Information in a record contained in the putative father	1201
registry established by section 3107.062 of the Revised Code,	1202
regardless of whether the information is held by the department of	1203
job and family services or, pursuant to section 3111.69 of the	1204
Revised Code, the office of child support in the department or a	1205
child support enforcement agency;	1206

(f) Records listed in division (A) of section 3107.42 of the	1207
Revised Code or specified in division (A) of section 3107.52 of	1208
the Revised Code;	1209

(g) Trial preparation records;

1210

(h) Confidential law enforcement investigatory records;

1211

(i) Records containing information that is confidential under	1212
section 2317.023 or 4112.05 of the Revised Code;	1213

(j) DNA records stored in the DNA database pursuant to	1214
section 109.573 of the Revised Code;	1215

(k) Inmate records released by the department of	1216
rehabilitation and correction to the department of youth services	1217
or a court of record pursuant to division (E) of section 5120.21	1218
of the Revised Code;	1219

(l) Records maintained by the department of youth services	1220
pertaining to children in its custody released by the department	1221
of youth services to the department of rehabilitation and	1222
correction pursuant to section 5139.05 of the Revised Code;	1223

(m) Intellectual property records;

1224

(n) Donor profile records;

1225

(o) Records maintained by the department of job and family	1226
services pursuant to section 3121.894 of the Revised Code;	1227

(p) Peace officer, firefighter, or EMT residential and	1228
familial information;	1229

(q) In the case of a county hospital operated pursuant to	1230
Chapter 339. of the Revised Code, information that constitutes a	1231
trade secret, as defined in section 1333.61 of the Revised Code;	1232

(r) Information pertaining to the recreational activities of	1233
a person under the age of eighteen;	1234

(s) Records provided to, statements made by review board	1235
members during meetings of, and all work products of a child	1236
fatality review board acting under sections 307.621 to 307.629 of	1237
the Revised Code, other than the report prepared pursuant to	1238
section 307.626 of the Revised Code;	1239

(t) Records provided to and statements made by the executive	1240
director of a public children services agency or a prosecuting	1241
attorney acting pursuant to section 5153.171 of the Revised Code	1242
other than the information released under that section;	1243

(u) Test materials, examinations, or evaluation tools used in	1244
an examination for licensure as a nursing home administrator that	1245
the board of examiners of nursing home administrators administers	1246
under section 4751.04 of the Revised Code or contracts under that	1247
section with a private or government entity to administer;	1248

(v) Records the release of which is prohibited by state or	1249
federal law;	1250

(w) Proprietary information of or relating to any person that	1251
is submitted to or compiled by the Ohio venture capital authority	1252
created under section 150.01 of the Revised Code;	1253

(x) Information reported and evaluations conducted pursuant	1254
to section 3701.072 of the Revised Code;	1255

(y) Financial statements and data any person submits for any	1256
purpose to the Ohio housing finance agency or the controlling	1257
board in connection with applying for, receiving, or accounting	1258
for financial assistance from the agency, and information that	1259
identifies any individual who benefits directly or indirectly from	1260
financial assistance from the agency.	1261

(2) "Confidential law enforcement investigatory record" means	1262
any record that pertains to a law enforcement matter of a	1263
criminal, quasi-criminal, civil, or administrative nature, but	1264
only to the extent that the release of the record would create a	1265
high probability of disclosure of any of the following:	1266

(a) The identity of a suspect who has not been charged with	1267
the offense to which the record pertains, or of an information	1268
source or witness to whom confidentiality has been reasonably	1269
promised;	1270

(b) Information provided by an information source or witness	1271
to whom confidentiality has been reasonably promised, which	1272
information would reasonably tend to disclose the source's or	1273
witness's identity;	1274

(c) Specific confidential investigatory techniques or	1275
procedures or specific investigatory work product;	1276

(d) Information that would endanger the life or physical	1277
safety of law enforcement personnel, a crime victim, a witness, or	1278
a confidential information source.	1279

(3) "Medical record" means any document or combination of	1280
documents, except births, deaths, and the fact of admission to or	1281
discharge from a hospital, that pertains to the medical history,	1282
diagnosis, prognosis, or medical condition of a patient and that	1283
is generated and maintained in the process of medical treatment.	1284

(4) "Trial preparation record" means any record that contains	1285
information that is specifically compiled in reasonable	1286
anticipation of, or in defense of, a civil or criminal action or	1287
proceeding, including the independent thought processes and	1288
personal trial preparation of an attorney.	1289

(5) "Intellectual property record" means a record, other than	1290
a financial or administrative record, that is produced or	1291
collected by or for faculty or staff of a state institution of	1292
higher learning in the conduct of or as a result of study or	1293
research on an educational, commercial, scientific, artistic,	1294
technical, or scholarly issue, regardless of whether the study or	1295
research was sponsored by the institution alone or in conjunction	1296
with a governmental body or private concern, and that has not been	1297
publicly released, published, or patented.	1298

(6) "Donor profile record" means all records about donors or	1299
potential donors to a public institution of higher education	1300
except the names and reported addresses of the actual donors and	1301
the date, amount, and conditions of the actual donation.	1302

(7) "Peace officer, firefighter, or EMT residential and	1303
familial information" means either of the following:	1304

(a) Any information maintained in a personnel record of a	1305
peace officer, firefighter, or EMT that discloses any of the	1306
following:	1307

(i) The address of the actual personal residence of a peace	1308
officer, firefighter, or EMT, except for the state or political	1309
subdivision in which the peace officer, firefighter, or EMT	1310
resides;	1311

(ii) Information compiled from referral to or participation	1312
in an employee assistance program;	1313

(iii) The social security number, the residential telephone	1314
number, any bank account, debit card, charge card, or credit card	1315
number, or the emergency telephone number of, or any medical	1316
information pertaining to, a peace officer, firefighter, or EMT;	1317

(iv) The name of any beneficiary of employment benefits,	1318
including, but not limited to, life insurance benefits, provided	1319
to a peace officer, firefighter, or EMT by the peace officer's,	1320
firefighter's, or EMT's employer;	1321

(v) The identity and amount of any charitable or employment	1322
benefit deduction made by the peace officer's, firefighter's, or	1323
EMT's employer from the peace officer's, firefighter's, or EMT's	1324
compensation unless the amount of the deduction is required by	1325
state or federal law;	1326

(vi) The name, the residential address, the name of the	1327
employer, the address of the employer, the social security number,	1328
the residential telephone number, any bank account, debit card,	1329
charge card, or credit card number, or the emergency telephone	1330
number of the spouse, a former spouse, or any child of a peace	1331
officer, firefighter, or EMT.	1332

(b) Any record that identifies a person's occupation as a	1333
peace officer, firefighter, or EMT other than statements required	1334
to include the disclosure of that fact under the campaign finance	1335
law.	1336

As used in divisions (A)(7) and (B)(5) of this section,	1337
"peace officer" has the same meaning as in section 109.71 of the	1338
Revised Code and also includes the superintendent and troopers of	1339
the state highway patrol; it does not include the sheriff of a	1340
county or a supervisory employee who, in the absence of the	1341
sheriff, is authorized to stand in for, exercise the authority of,	1342
and perform the duties of the sheriff.	1343

As used in divisions (A)(7) and (B)(5) of this section,	1344
"firefighter" means any regular, paid or volunteer, member of a	1345
lawfully constituted fire department of a municipal corporation,	1346
township, fire district, or village.	1347

As used in divisions (A)(7) and (B)(5) of this section, "EMT"	1348
means EMTs-basic, EMTs-I, and paramedics that provide emergency	1349
medical services for a public emergency medical service	1350
organization. "Emergency medical service organization,"	1351
"EMT-basic," "EMT-I," and "paramedic" have the same meanings as in	1352
section 4765.01 of the Revised Code.	1353

(8) "Information pertaining to the recreational activities of	1354
a person under the age of eighteen" means information that is kept	1355
in the ordinary course of business by a public office, that	1356
pertains to the recreational activities of a person under the age	1357
of eighteen years, and that discloses any of the following:	1358

(a) The address or telephone number of a person under the age	1359
of eighteen or the address or telephone number of that person's	1360
parent, guardian, custodian, or emergency contact person;	1361

(b) The social security number, birth date, or photographic	1362
image of a person under the age of eighteen;	1363

(c) Any medical record, history, or information pertaining to	1364
a person under the age of eighteen;	1365

(d) Any additional information sought or required about a	1366
person under the age of eighteen for the purpose of allowing that	1367
person to participate in any recreational activity conducted or	1368
sponsored by a public office or to use or obtain admission	1369
privileges to any recreational facility owned or operated by a	1370
public office.	1371

(9) "Community control sanction" has the same meaning as in	1372
section 2929.01 of the Revised Code.	1373

(10) "Post-release control sanction" has the same meaning as	1374
in section 2967.01 of the Revised Code.	1375

(B)(1) Subject to division (B)(4) of this section, all public	1376
records shall be promptly prepared and made available for	1377
inspection to any person at all reasonable times during regular	1378
business hours. Subject to division (B)(4) of this section, upon	1379
request, a public office or person responsible for public records	1380
shall make copies available at cost, within a reasonable period of	1381
time. In order to facilitate broader access to public records,	1382
public offices shall maintain public records in a manner that they	1383
can be made available for inspection in accordance with this	1384
division.	1385

(2) If any person chooses to obtain a copy of a public record	1386
in accordance with division (B)(1) of this section, the public	1387
office or person responsible for the public record shall permit	1388
that person to choose to have the public record duplicated upon	1389
paper, upon the same medium upon which the public office or person	1390
responsible for the public record keeps it, or upon any other	1391
medium upon which the public office or person responsible for the	1392
public record determines that it reasonably can be duplicated as	1393
an integral part of the normal operations of the public office or	1394
person responsible for the public record. When the person seeking	1395
the copy makes a choice under this division, the public office or	1396
person responsible for the public record shall provide a copy of	1397
it in accordance with the choice made by the person seeking the	1398
copy.	1399

(3) Upon a request made in accordance with division (B)(1) of	1400
this section, a public office or person responsible for public	1401
records shall transmit a copy of a public record to any person by	1402
United States mail within a reasonable period of time after	1403
receiving the request for the copy. The public office or person	1404
responsible for the public record may require the person making	1405
the request to pay in advance the cost of postage and other	1406
supplies used in the mailing.	1407

Any public office may adopt a policy and procedures that it	1408
will follow in transmitting, within a reasonable period of time	1409
after receiving a request, copies of public records by United	1410
States mail pursuant to this division. A public office that adopts	1411
a policy and procedures under this division shall comply with them	1412
in performing its duties under this division.	1413

In any policy and procedures adopted under this division, a	1414
public office may limit the number of records requested by a	1415
person that the office will transmit by United States mail to ten	1416
per month, unless the person certifies to the office in writing	1417
that the person does not intend to use or forward the requested	1418
records, or the information contained in them, for commercial	1419
purposes. For purposes of this division, "commercial" shall be	1420
narrowly construed and does not include reporting or gathering	1421
news, reporting or gathering information to assist citizen	1422
oversight or understanding of the operation or activities of	1423
government, or nonprofit educational research.	1424

(4) A public office or person responsible for public records	1425
is not required to permit a person who is incarcerated pursuant to	1426
a criminal conviction or a juvenile adjudication to inspect or to	1427
obtain a copy of any public record concerning a criminal	1428
investigation or prosecution or concerning what would be a	1429
criminal investigation or prosecution if the subject of the	1430
investigation or prosecution were an adult, unless the request to	1431
inspect or to obtain a copy of the record is for the purpose of	1432
acquiring information that is subject to release as a public	1433
record under this section and the judge who imposed the sentence	1434
or made the adjudication with respect to the person, or the	1435
judge's successor in office, finds that the information sought in	1436
the public record is necessary to support what appears to be a	1437
justiciable claim of the person.	1438

(5) Upon written request made and signed by a journalist on	1439
or after December 16, 1999, a public office, or person responsible	1440
for public records, having custody of the records of the agency	1441
employing a specified peace officer, firefighter, or EMT shall	1442
disclose to the journalist the address of the actual personal	1443
residence of the peace officer, firefighter or EMT and, if the	1444
peace officer's, firefighter's or EMT's spouse, former spouse, or	1445
child is employed by a public office, the name and address of the	1446
employer of the peace officer's, firefighter's, or EMT's spouse,	1447
former spouse, or child. The request shall include the	1448
journalist's name and title and the name and address of the	1449
journalist's employer and shall state that disclosure of the	1450
information sought would be in the public interest.	1451

As used in division (B)(5) of this section, "journalist"	1452
means a person engaged in, connected with, or employed by any news	1453
medium, including a newspaper, magazine, press association, news	1454
agency, or wire service, a radio or television station, or a	1455
similar medium, for the purpose of gathering, processing,	1456
transmitting, compiling, editing, or disseminating information for	1457
the general public.	1458

(C) If a person allegedly is aggrieved by the failure of a	1459
public office to promptly prepare a public record and to make it	1460
available to the person for inspection in accordance with division	1461
(B) of this section, or if a person who has requested a copy of a	1462
public record allegedly is aggrieved by the failure of a public	1463
office or the person responsible for the public record to make a	1464
copy available to the person allegedly aggrieved in accordance	1465
with division (B) of this section, the person allegedly aggrieved	1466
may commence a mandamus action to obtain a judgment that orders	1467
the public office or the person responsible for the public record	1468
to comply with division (B) of this section and that awards	1469
reasonable attorney's fees to the person that instituted the	1470
mandamus action. The mandamus action may be commenced in the court	1471
of common pleas of the county in which division (B) of this	1472
section allegedly was not complied with, in the supreme court	1473
pursuant to its original jurisdiction under Section 2 of Article	1474
IV, Ohio Constitution, or in the court of appeals for the	1475
appellate district in which division (B) of this section allegedly	1476
was not complied with pursuant to its original jurisdiction under	1477
Section 3 of Article IV, Ohio Constitution.	1478

(D) Chapter 1347. of the Revised Code does not limit the	1479
provisions of this section.	1480

(E)(1) The bureau of motor vehicles may adopt rules pursuant	1481
to Chapter 119. of the Revised Code to reasonably limit the number	1482
of bulk commercial special extraction requests made by a person	1483
for the same records or for updated records during a calendar	1484
year. The rules may include provisions for charges to be made for	1485
bulk commercial special extraction requests for the actual cost of	1486
the bureau, plus special extraction costs, plus ten per cent. The	1487
bureau may charge for expenses for redacting information, the	1488
release of which is prohibited by law.	1489

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

1490

(a) "Actual cost" means the cost of depleted supplies,	1491
records storage media costs, actual mailing and alternative	1492
delivery costs, or other transmitting costs, and any direct	1493
equipment operating and maintenance costs, including actual costs	1494
paid to private contractors for copying services.	1495

(b) "Bulk commercial special extraction request" means a	1496
request for copies of a record for information in a format other	1497
than the format already available, or information that cannot be	1498
extracted without examination of all items in a records series,	1499
class of records, or data base by a person who intends to use or	1500
forward the copies for surveys, marketing, solicitation, or resale	1501
for commercial purposes. "Bulk commercial special extraction	1502
request" does not include a request by a person who gives	1503
assurance to the bureau that the person making the request does	1504
not intend to use or forward the requested copies for surveys,	1505
marketing, solicitation, or resale for commercial purposes.	1506

(c) "Commercial" means profit-seeking production, buying, or	1507
selling of any good, service, or other product.	1508

(d) "Special extraction costs" means the cost of the time	1509
spent by the lowest paid employee competent to perform the task,	1510
the actual amount paid to outside private contractors employed by	1511
the bureau, or the actual cost incurred to create computer	1512
programs to make the special extraction. "Special extraction	1513
costs" include any charges paid to a public agency for computer or	1514
records services.	1515

(3) For purposes of divisions (E)(1) and (2) of this section,	1516
"commercial surveys, marketing, solicitation, or resale" shall be	1517
narrowly construed and does not include reporting or gathering	1518
news, reporting or gathering information to assist citizen	1519
oversight or understanding of the operation or activities of	1520
government, or nonprofit educational research.	1521

Sec. 169.05.  (A) Every holder required to file a report	1522
under section 169.03 of the Revised Code shall, at the time of	1523
filing, pay to the director of commerce ten per cent of the	1524
aggregate amount of unclaimed funds as shown on suchthe report,	1525
except for aggregate amounts of fifty dollars or less in which	1526
case one hundred per cent shall be paid. SuchThe funds may be	1527
deposited by the director in the state treasury to the credit of	1528
the unclaimed funds trust fund, which is hereby created, or placed	1529
with a financial organization. Any interest earned on money in the	1530
trust fund shall be credited to the trust fund. The remainder of	1531
suchthe aggregate amount of unclaimed funds as shown on suchthe	1532
report, plus earnings accrued to date of payment to the director,	1533
shall, at the option of the director, be retained by the holder or	1534
paid to the director for deposit as agent for the mortgage funds	1535
with a financial organization as defined in section 169.01 of the	1536
Revised Code, suchwith the funds to be in income-bearing accounts	1537
to the credit of the mortgage funds, or the holder may enter into	1538
an agreement with the director specifying the obligations of the	1539
United States in which funds are to be invested, and agree to pay	1540
the interest on suchthe obligations to the state. Holders	1541
retaining suchany funds not in obligations of the United States	1542
shall enter into an agreement with the director specifying the	1543
classification of income-bearing account in which the funds will	1544
be held and pay the state interest thereonon the funds at a rate	1545
equal to the prevailing market rate for similar funds. Moneys	1546
whichthat the holder is required to pay to the director rather	1547
than to retain may be deposited with the treasurer of state, or	1548
placed with a financial organization.	1549

Securities and other intangible property transferred to the	1550
director shall, within a reasonable time, be converted to cash and	1551
the proceeds deposited as provided for other funds.	1552

One-half of the funds evidenced by such agreements or, in	1553
such income-bearing accounts, or on deposit with the treasurer of	1554
state shall be allocated on the records of the director to the	1555
mortgage insurance fund created by section 122.561 of the Revised	1556
Code. Out of the remaining half, after allocation of sufficient	1557
moneys to the minority business bonding fund to meet the	1558
provisions of division (B) of this section, an equal amountthe	1559
remainder shall be allocated on the records of the director to the	1560
housing guarantee fund created by division (D) of section 175.10	1561
of the Revised Code and the housing development fund created by	1562
division (C)(A) of section 175.10175.11 of the Revised Code.	1563

(B) The director shall serve as agent for the director of	1564
development, and as agent for the Ohio housing finance agency, in	1565
the making of deposits and withdrawals and maintenance of	1566
maintaining records pertaining to the minority business bonding	1567
fund created by section 122.88 of the Revised Code, the mortgage	1568
insurance fund, the housing guarantee fund, and the housing	1569
development fund created by division (C) of section 175.10175.11	1570
of the Revised Code. Funds from the mortgage insurance fund shall	1571
beare available to the director of development when suchthose	1572
funds are to be disbursed to prevent or cure, or upon the	1573
occurrence of, a default of a mortgage insured pursuant to section	1574
122.451 of the Revised Code. Funds from the housing guarantee fund	1575
shall be available to the Ohio housing finance agency when such	1576
funds are to be disbursed under a guarantee authorized by section	1577
175.04 of the Revised Code to satisfy a guaranteed mortgage which	1578
is in default. Funds from the housing development fund shall be	1579
are available upon request to the Ohio housing finance agency, in	1580
an amount not to exceed the funds allocated on the records of the	1581
director, for the purposes of section 175.04175.05 of the Revised	1582
Code when it so requests. Funds from the minority business bonding	1583
fund shall beare available to the director of development upon	1584
request for the purpose of payingto pay obligations on bonds	1585
written by the director writes pursuant to section 122.88 of the	1586
Revised Code; except that, unless the general assembly authorizes	1587
additional amounts are authorized by the general assembly, the	1588
total maximum amount of moneys that may be allocated to the	1589
minority business bonding fund under this division is ten million	1590
dollars.	1591

When such funds are to be so disbursed, the appropriate	1592
agency shall call upon the director to transfer to it the	1593
necessary funds to it. The director shall first withdraw the funds	1594
paid by the holders and deposited with the treasurer of state or	1595
in a financial institution as agent for suchthe funds. Whenever	1596
these funds are inadequate to meet the request, the director shall	1597
provide for a withdrawal of funds, within a reasonable time,and	1598
in suchthe amount as is necessary to meet the request, from	1599
financial institutions in which suchthe funds were retained or	1600
placed by a holder and from other holders who have retained funds,	1601
in an equitable manner as prescribed by the director prescribes.	1602
In the event that the amount to be withdrawn from any one such	1603
holder is less than five hundred dollars, the amount to be	1604
withdrawn shall beis at the director's discretion of the	1605
director. The director shall then transfer to the agency the	1606
amount of funds requested.	1607

Funds which are deposited in the unclaimed funds trust fund	1608
shall beare subject to call by the director when necessary to pay	1609
claims allowed by the director allows under section 169.08 of the	1610
Revised Code, in accordance with the director's rules of the	1611
director, to defray the necessary costs of making publications	1612
required by this chapter,requires and to pay other operating and	1613
administrative expenses incurred by the department of commerce	1614
incurs in the administration and enforcement of this chapter.	1615

The unclaimed funds trust fund shall be assessed a	1616
proportionate share of the administrative costs of the department	1617
of commerce in accordance with procedures prescribed by the	1618
director of commerce prescribes and approved by the director of	1619
budget and management approves. SuchThe assessment shall be paid	1620
from the unclaimed funds trust fund to the division of	1621
administration fund.	1622

(C) Earnings on the accounts in financial organizations to	1623
the credit of the mortgage funds shall, at the option of such a	1624
the financial organization, be credited to suchthe accounts at	1625
such times and at such rates as earnings are paid on other	1626
accounts of the same classification held in the financial	1627
organization or paid to the director. The director shall be	1628
notified annually, and at such other times as the director may	1629
request, of the amount of suchthe earnings credited to the	1630
accounts. Interest on unclaimed funds retained by a holder retains	1631
shall be paid to the director or credited as specified in the	1632
agreement under which the organization retains the funds. Interest	1633
payable to the director under an agreement to invest unclaimed	1634
funds and obligations of the United States shall be paid annually	1635
by suchthe holder to the director. Any earnings or interest	1636
received by the director receives under this division shall be	1637
deposited in and credited to the mortgage funds.	1638

Sec. 173.08. (A) The resident services coordinator program is	1639
established in the department of aging to fund resident services	1640
coordinators. The coordinators shall provide information to	1641
low-income and special-needs tenants, including the elderly, who	1642
live in subsidizedfinancially assisted rental housing complexes,	1643
and assist those tenants in identifying and obtaining community	1644
and program services and other benefits for which they are	1645
eligible.	1646

(B) The resident services coordinator program fund is hereby	1647
created in the state treasury to support the resident services	1648
coordinator program established pursuant to this section. The fund	1649
consists of all moneys the department of development sets aside	1650
pursuant to division (A)(4) of section 175.21174.02 of the	1651
Revised Code and moneys the general assembly appropriates to the	1652
fund.	1653

Sec. 174.01. As used in this chapter:

1654

(A) "Financial assistance" means grants, loans, loan	1655
guarantees, an equity position in a project, or loan subsidies.	1656

(B) "Grant" means funding the department of development or	1657
the Ohio housing finance agency provides for which the department	1658
or the agency does not require repayment.	1659

(C) "Housing" means housing for owner-occupancy and	1660
multifamily rental housing.	1661

(D) "Housing for owner-occupancy" means housing that is	1662
intended for occupancy by an owner as a principal residence.	1663
"Housing for owner-occupancy" may be any type of structure and may	1664
be owned in any type of ownership.	1665

(E) "Housing trust fund" means the low- and moderate-income	1666
housing trust fund created and administered pursuant to Chapter	1667
174. of the Revised Code.	1668

(F) "Lending institution" means any financial institution	1669
qualified to conduct business in this state, a subsidiary	1670
corporation that is wholly owned by a financial institution	1671
qualified to conduct business in this state, and a mortgage lender	1672
whose regular business is originating, servicing, or brokering	1673
real estate loans and who is qualified to do business in this	1674
state.	1675

(G) "Loan" means any extension of credit or other form of	1676
financing or indebtedness directly or indirectly to a borrower	1677
with the expectation that it will be repaid in accordance with the	1678
terms of the underlying loan agreement or other pertinent	1679
document. "Loan" includes financing extended to lending	1680
institutions and indebtedness purchased from lending institutions.	1681

(H) "Loan guarantee" means any agreement in favor of a	1682
lending institution or other lender in which the credit and	1683
resources of the housing trust fund are pledged to secure the	1684
payment or collection of financing extended to a borrower for the	1685
acquisition, construction, improvement, rehabilitation or	1686
preservation of housing, or to refinance any financing previously	1687
extended for those purposes by any lender.	1688

(I) "Loan subsidy" means any deposit of funds into a lending	1689
institution with the authorization or direction that the income or	1690
revenues the deposit earns, or could have earned at competitive	1691
rates, be applied directly or indirectly to the benefit of housing	1692
assistance or financial assistance.	1693

(J) "Low and moderate income persons" means individuals and	1694
families who qualify as low- and moderate-income persons pursuant	1695
to guidelines the department of development establishes.	1696

(K) "Multifamily rental housing" means multiple unit housing	1697
intended for rental occupancy.	1698

(L) "Nonprofit organization" means a nonprofit organization	1699
in good standing and qualified to conduct business in this state	1700
including any corporation whose members are members of a	1701
metropolitan housing authority.	1702

Sec. 175.21.        Sec. 174.02.  (A) The low- and moderate-income housing	1703
trust fund is hereby created in the state treasury. The fund shall	1704
consistconsists of all appropriations made to the fund, housing	1705
trust fund fees collected by county recorders pursuant to section	1706
317.36 of the Revised Code and deposited into the fund pursuant to	1707
section 319.63 of the Revised Code, and all grants, gifts, loan	1708
repayments, and contributions of money made from any source to the	1709
department of development for deposit in the fund. All investment	1710
earnings of the fund shall be credited to the fund. The director	1711
of development shall allocate a portion of the money in the fund	1712
to an account of the Ohio housing finance agency. The department	1713
shall administer the fund. The agency shall use money allocated to	1714
it in the fund for implementing and administering its programs and	1715
duties under sections 175.22174.03 and 175.24174.05 of the	1716
Revised Code, and the department shall use the remaining money in	1717
the fund for implementing and administering its programs and	1718
duties under sections 175.22174.03 to 175.25174.06 of the	1719
Revised Code. Use of all money indrawn from the fund is subject	1720
to the following restrictions:	1721

(1) Not more than six per cent of any current year	1722
appropriation authority for the fund shall be used for the	1723
transitional and permanent housing program to make grants to	1724
municipal corporations, counties, townships, and nonprofit	1725
organizations for the acquisition, rehabilitation, renovation,	1726
construction, conversion, operation, and cost of supportive	1727
services for new and existing transitional and permanent housing	1728
for homeless persons.	1729

(2)(a) Not more than five per cent of anythe current year	1730
appropriation authority for the fund shall be used for grants and	1731
loansallocated between grants to community development	1732
corporations for the community development corporation grant	1733
program and grants and loans to the Ohio community development	1734
finance fund, a private nonprofit corporation.	1735

(b) In any year in which the amount in the fund exceeds one	1736
hundred thousand dollars and at least that much is allocated for	1737
the uses described in this section, not less than one hundred	1738
thousand dollars shall be used to provide training, technical	1739
assistance, and capacity building assistance to nonprofit	1740
development organizations in areas of the state the director	1741
designates as underserved.	1742

(c) For monies awarded in any fiscal year, priority shall be	1743
given to proposals submitted by nonprofit development	1744
organizations from areas of the state the director designates as	1745
underserved.	1746

(3) Not more than seven per cent of any current year	1747
appropriation authority for the fund shall be used for the	1748
emergency shelter housing grants program to make grants to	1749
private, nonprofit organizations and municipal corporations,	1750
counties, and townships for emergency shelter housing for the	1751
homeless. The grants shall be distributed pursuant to rules the	1752
director adopts and qualify as matching funds for funds obtained	1753
pursuant to the McKinney Act, 101 Stat. 85 (1987), 42 U.S.C.A.	1754
11371 to 11378.	1755

(4) In any fiscal year in which the amount in the fund	1756
exceeds the amount awarded pursuant to division (A)(2)(b) of this	1757
section by at least two hundred fifty thousand dollars, at least	1758
two hundred fifty thousand dollars from the fund shall be provided	1759
to the department of aging for the resident services coordinator	1760
program as established in section 173.08 of the Revised Code.	1761

(5) Of all current year appropriation authority for the fund,	1762
not more than five per cent shall be used for administration.	1763

(6) Not less than forty-five per cent of the funds awarded	1764
during any one fiscal year shall be for grants and loans to	1765
nonprofit organizations under section 175.22174.03 of the Revised	1766
Code.	1767

(7) Not less than fifty per cent of the funds awarded during	1768
any one fiscal year, excluding the amounts awarded pursuant to	1769
divisions (A)(1), (A)(2), and (A)(3) of this section, shall be for	1770
grants and loans for activities that provide housing and housing	1771
assistance to families and individuals in rural areas and small	1772
cities that are not eligible to participate as a participating	1773
jurisdiction under the "HOME Investment Partnerships Act," 104	1774
Stat. 4094 (1990), 42 U.S.C. 12701 note, 12721.	1775

(8) No money in the fund shall be used to pay for any legal	1776
services other than the usual and customary legal services	1777
associated with the acquisition of housing.	1778

(9) Except as otherwise provided by the director under	1779
division (B) of this section, moneyMoney in the fund may be used	1780
as matching money for federal funds received by the state,	1781
counties, municipal corporations, and townships for the activities	1782
listed in section 175.22174.03 of the Revised Code.	1783

(B) If, after the second quarter of any year, it appears to	1784
the director that the full amount of the money in the fund	1785
designated in that year for activities that provide housing and	1786
housing assistance to families and individuals in rural areas and	1787
small cities under division (A) of this section will not be used	1788
for that purpose, the director may reallocate all or a portion of	1789
that amount for other housing activities. In determining whether	1790
or how to reallocate money under this division, the director may	1791
consult with and shall receive advice from the housing trust fund	1792
advisory committee.	1793

Sec. 175.22.        Sec. 174.03.  (A) The department of development and	1794
the Ohio housing finance agency shall each develop programs under	1795
which, in accordance with rules adopted under this section, they	1796
may make grants, loans, loan guarantees, and loan subsidies to	1797
counties, municipal corporations, townships, local housing	1798
authorities, and nonprofit organizations and may make loans, loan	1799
guarantees, and loan subsidies to private developers and private	1800
lenders to assist in activities that provide housing and housing	1801
assistance for specifically targeted low- and moderate-income	1802
families and individuals. There is no minimum housing project size	1803
for awards under this division for any project that is developed	1804
for a special needs population and that is supported by a social	1805
service agency where the housing project is located. Activities	1806
for which grants, loans, loan guarantees, and loan subsidies may	1807
be made under this section include all of the following:	1808

(1) Acquiring, financing, constructing, leasing,	1809
rehabilitating, remodeling, improving, and equipping publicly or	1810
privately owned housing;	1811

(2) Providing supportive services related to housing and the	1812
homeless, including housing counseling. Not more than twenty per	1813
cent of the current year appropriation authority for the low- and	1814
moderate-income housing trust fund that remains after the award of	1815
funds made pursuant to divisions (A)(1), (A)(2), and (A)(3) of	1816
section 175.21174.02 of the Revised Code, shall be awarded in any	1817
fiscal year for supportive services.	1818

(3) Providing rental assistance payments or other project	1819
operating subsidies that lower tenant rents.	1820

(B) Grants, loans, loan guarantees, and loan subsidies may be	1821
made to counties, municipal corporations, townships, and nonprofit	1822
organizations for the additional purposes of providing technical	1823
assistance, design and finance services and consultation, and	1824
payment of pre-development and administrative costs related to any	1825
of the activities listed above.	1826

(C) In developing programs under this section, the department	1827
and the agency shall invite, accept, and consider public comment,	1828
and recommendations from the housing trust fund advisory committee	1829
created under section 175.25174.06 of the Revised Code, on how	1830
the programs should be designed to most effectively benefit low-	1831
and moderate-income families and individuals. The programs	1832
developed under this section shall respond collectively to housing	1833
and housing assistance needs of low- and moderate-income families	1834
and individuals statewide.	1835

(D) The department and the agency, in accordance with Chapter	1836
119. of the Revised Code, shall each adopt rules to administer	1837
programs developed under this section. The rules shall prescribe	1838
procedures and forms that counties, municipal corporations,	1839
townships, local housing authorities, and nonprofit organizations	1840
shall use in applying for grants, loans, loan guarantees, and loan	1841
subsidies and that private developers and private lenders shall	1842
use in applying for loans, loan guarantees, and loan subsidies;	1843
eligibility criteria for the receipt of funds; procedures for	1844
reviewing and granting or denying applications; procedures for	1845
paying out funds; conditions on the use of funds; procedures for	1846
monitoring the use of funds; and procedures under which a	1847
recipient shall be required to repay funds that are improperly	1848
used. The rules shall do both of the following:	1849

(1) Require each recipient of a grant or loan made from the	1850
low- and moderate-income housing trust fund for activities that	1851
provide, or assist in providing, a rental housing project, to	1852
reasonably ensure that the rental housing project will remain	1853
affordable to those families and individuals targeted for the	1854
rental housing project for the useful life of the rental housing	1855
project or for thirty years, whichever is longer;	1856

(2) Require each recipient of a grant or loan made from the	1857
low- and moderate-income housing trust fund for activities that	1858
provide, or assist in providing, a housing project to prepare and	1859
implement a plan to reasonably assist any families and individuals	1860
displaced by the housing project in obtaining decent affordable	1861
housing.	1862

(E) In prescribing eligibility criteria and conditions for	1863
the use of funds, neither the department nor the agency is limited	1864
to the criteria and conditions specified in this section and each	1865
may prescribe additional eligibility criteria and conditions that	1866
relate to the purposes for which grants, loans, loan guarantees,	1867
and loan subsidies may be made. However, the department and agency	1868
are limited by the following specifically targeted low- and	1869
moderate-income guidelines:	1870

(1) Not less than seventy-five per cent of the money granted	1871
and loaned under this section in any fiscal year shall be for	1872
activities that provide affordable housing and housing assistance	1873
to families and individuals whose incomes are equal to or less	1874
than fifty per cent of the median income for the county in which	1875
they live, as determined by the department under section 175.23	1876
174.04 of the Revised Code.	1877

(2) Any money granted and loaned under this section in any	1878
fiscal year that is not granted or loaned pursuant to division	1879
(E)(1) of this section shall be for activities that provide	1880
affordable housing and housing assistance to families and	1881
individuals whose incomes are equal to or less than eighty per	1882
cent of the median income for the county in which they live, as	1883
determined by the department under section 175.23174.04 of the	1884
Revised Code.	1885

(F) In making grants, loans, loan guarantees, and loan	1886
subsidies under this section, the department and the agency shall	1887
give preference to viable projects and activities that benefit	1888
those families and individuals whose incomes are equal to or less	1889
than thirty-five per cent of the median income for the county in	1890
which they live, as determined by the department under section	1891
175.23174.04 of the Revised Code.	1892

(G) The department and the agency shall monitor the programs	1893
developed under this section to ensure that money granted and	1894
loaned under this section is not used in a manner that violates	1895
division (H) of section 4112.02 of the Revised Code or	1896
discriminates against families with children.	1897

Sec. 175.23.        Sec. 174.04. (A) The department of development shall	1898
make an annual determination of the median income for families and	1899
individualspersons in each county.	1900

(B) The director of development shall determine appropriate	1901
income limits for identifying or classifying low- and	1902
moderate-income persons for the purposes of sections 174.01 to	1903
174.07 of the Revised Code. In making the determination, the	1904
director shall take into consideration the amount of income	1905
available for housing, family size, the cost and condition of	1906
available housing, ability to pay the amounts the private market	1907
charges for decent, safe, and sanitary housing without federal	1908
subsidy or state assistance, and the income eligibility standards	1909
of federal programs. Income limits may vary from area to area	1910
within the state.	1911

Sec. 175.24.        Sec. 174.05.  (A) Annually, the department of	1912
development shall submit a report to the president of the senate	1913
and the speaker of the house of representatives describing the	1914
activities of the department under sections 175.21174.01 to	1915
175.25174.07 of the Revised Code during the previous state fiscal	1916
year.	1917

(B) Annually, the Ohio housing finance agency shall submit a	1918
report to the president of the senate and the speaker of the house	1919
of representatives describing the activities of the agency under	1920
sections 175.21174.02, 175.22174.03, and 175.24174.05 of the	1921
Revised Code during the previous state fiscal year.	1922

Sec. 175.25.        Sec. 174.06. (A) There is hereby created the housing	1923
trust fund advisory committee. The committee shall consist	1924
consists of fourteen members appointed by the governor appoints as	1925
follows, each of whom shallto represent an organization	1926
organizations committed to housing and housing assistance for low-	1927
and moderate-income persons:	1928

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

1929

(B)(2) One member shallto represent for-profit builders and	1930
developers.	1931

(C)(3) One member shallto represent the families and	1932
individuals included in the income groups targeted for housing and	1933
housing assistance under divisions (E) and (F) of section 175.22	1934
174.03 of the Revised Code.	1935

(D)(4) One member shallto represent religious, civic, or	1936
social service organizations.	1937

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

1938

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

1939

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

1940

(H)(8) One member shallto represent local housing	1941
authorities.	1942

(I)(9) One member shallto represent fair housing	1943
organizations.	1944

(J)(10) Three members shallto represent nonprofit	1945
organizations.	1946

(K)(11) One member shallto represent real estate brokers	1947
licensed under Chapter 4735. of the Revised Code.	1948

(L)(12) One member shallto represent the for-profit rental	1949
housing industry.	1950

(B)(1) Terms of office shall beare for four years, with each	1951
term ending on the same day of the same month as did the term that	1952
it succeeds. Each member shall hold office from the date of his	1953
appointment until the end of the term for which hethe member was	1954
appointed. Vacancies shall be filled in the manner prescribed for	1955
the original appointment. A member appointed to fill a vacancy	1956
occurring prior to the expiration of thea term for which his	1957
predecessor was appointed shall hold office for the remainder of	1958
that term. A member shall continue in office subsequent to the	1959
expiration of hisa term until hisa successor takes office or	1960
until a period of sixty days has elapsed, whichever occurs first.	1961

(2) The governor may remove a member appointed by him, for	1962
misfeasance, malfeasance, or willful neglect of duty.	1963

(C)(1) The committee shall select a chairmanchairperson from	1964
among its members. The committee shall meet at least once each	1965
calendar year and upon the call of the chair. Members of the	1966
committee shall serve without compensation, but shall be	1967
reimbursed for reasonable and necessary expenses incurred in the	1968
discharge of their duties.	1969

(2) The department of development shall provide the committee	1970
with a meeting place, supplies, and staff assistance as requested	1971
by the committee requests.	1972

(D) The committee shall assist the department and the Ohio	1973
housing finance agency in defining housing needs and priorities,	1974
shall make recommendationsrecommend to the department and agency	1975
at least annually on how the programs developed under section	1976
175.21174.02 of the Revised Code should be designed to most	1977
effectively benefit low- and moderate-income families and	1978
individualspersons, consider an allocation of funds for projects	1979
of fifteen units or less, and advise the director of development	1980
on whether and how to reallocate money in the low- and	1981
moderate-income housing trust fund under division (B) of section	1982
175.21174.02 of the Revised Code.	1983

Sec. 175.26.        Sec. 174.07. Neither theThe department of	1984
development nor, on its own and on the behalf of the Ohio housing	1985
finance agency and the Ohio department of aging, shall make a	1986
obtain controlling board approval prior to making any grant, loan,	1987
loan guarantee, or loan subsidy greater than fifty thousand	1988
dollars from or allocated from the low- and moderate-income	1989
housing trust fund without first obtaining the approval of the	1990
controlling board.	1991

Sec. 175.01. As used in this chapter:

1992

(A) "Bonds" means bonds, notes, debentures, refunding bonds,	1993
refunding notes, and other obligations.	1994

(B) "Financial assistance" means grants, loans, loan	1995
guarantees, an equity position in a project, and loan subsidies.	1996

(C) "Grant" means funding for which repayment is not	1997
required.	1998

(D) "Homeownership program" means any program for which the	1999
Ohio housing finance agency provides financing, directly or	2000
indirectly, for the purchase of housing for owner-occupancy.	2001

(E) "Housing" means housing for owner-occupancy and	2002
multifamily rental housing.	2003

(F) "Housing development fund" means the housing development	2004
fund created and administered pursuant to section 175.11 of the	2005
Revised Code.	2006

(G) "Housing finance agency personal services fund" means the	2007
housing finance agency personal services fund created and	2008
administered pursuant to section 175.051 of the Revised Code.	2009

(H) "Housing for owner-occupancy" means housing that is	2010
intended for occupancy by an owner as a principal residence.	2011
"Housing for owner-occupancy" may be any type of structure and may	2012
be owned in any form of ownership.	2013

(I) "Housing trust fund" means the low- and moderate-income	2014
housing trust fund created and administered pursuant to Chapter	2015
174. of the Revised Code.	2016

(J) "Improvement" means any alteration, remodeling, addition,	2017
or repair that substantially protects or improves the basic	2018
habitability or energy efficiency of housing.	2019

(K) "Lending institution" means any financial institution	2020
qualified to conduct business in this state, a subsidiary	2021
corporation that is wholly owned by a financial institution	2022
qualified to conduct business in this state, and a mortgage lender	2023
whose regular business is originating, servicing, or brokering	2024
real estate loans and who is qualified to do business in this	2025
state.	2026

(L) "Loan" means any extension of credit or other form of	2027
financing or indebtedness extended directly or indirectly to a	2028
borrower with the expectation that it will be repaid in accordance	2029
with the terms of the underlying loan agreement or other pertinent	2030
document. "Loan" includes financing the Ohio housing finance	2031
agency extends to lending institutions and indebtedness the agency	2032
purchases from lending institutions.	2033

(M) "Loan guarantee" means any agreement in favor of a	2034
lending institution, bondholder, or other lender in which the	2035
credit and resources of the housing finance agency or the housing	2036
trust fund are pledged to secure the payment or collection of	2037
financing extended to a borrower for the acquisition,	2038
construction, improvement, rehabilitation, or preservation of	2039
housing or to refinance any financing previously extended for	2040
those purposes.	2041

(N) "Loan subsidy" means any deposit of funds the Ohio	2042
housing finance agency holds or administers into a lending	2043
institution with the authorization or direction that the income or	2044
revenues the deposit earns, or could have earned at competitive	2045
rates, be applied directly or indirectly to the benefit of housing	2046
assistance or financial assistance.	2047

(O) "Low- and moderate-income persons" means individuals and	2048
families who qualify as low- and moderate-income persons pursuant	2049
to guidelines the agency establishes.	2050

(P) "Multifamily rental housing" means multiple unit housing	2051
intended for rental occupancy.	2052

(Q) "Nonprofit organization" means a nonprofit organization	2053
in good standing and qualified to conduct business in this state	2054
including any corporation whose members are members of a	2055
metropolitan housing authority.	2056

(R) "Owner" means any person who, jointly or severally, has	2057
legal or equitable title to housing together with the right to	2058
control or possess that housing. "Owner" includes a purchaser of	2059
housing pursuant to a land installment contract if that contract	2060
vests possession and maintenance responsibilities in the	2061
purchaser, and a person who has care or control of housing as	2062
executor, administrator, assignee, trustee, or guardian of the	2063
estate of the owner of that housing.	2064

(S) "Security interest" means any lien, encumbrance, pledge,	2065
assignment, mortgage, or other form of collateral the Ohio housing	2066
finance agency holds as security for financial assistance the	2067
agency extends or a loan the agency acquires.	2068

Sec. 175.02. (A) There is hereby created the Ohio housing	2069
finance agency, a body corporate and politic, performing essential	2070
governmental functions of the state. The mission of the agency	2071
includes but is not limited to assisting with the financing,	2072
refinancing, production, development, and preservation of safe,	2073
decent, and affordable housing for occupancy by low- and	2074
moderate-income persons; provision of rental assistance and	2075
housing services for low- and moderate income persons; allocating	2076
all state and federal funds in accordance with applicable state	2077
and federal laws, including Section 42 of the Internal Revenue	2078
Code; and promoting community development, economic stability, and	2079
growth within Ohio. To accomplish this mission, the agency shall	2080
work with persons eligible for its programs, nonprofit	2081
organizations and for-profit housing development entities, public	2082
entities, and lending institutions. The agency may review	2083
conformity with its programs and monitor a recipient's use of	2084
funds it provides to assure compliance.	2085

(B) It is hereby declared to be the public purpose of this	2086
state to improve and promote the public health, safety,	2087
convenience, welfare, and prosperity of the people of the state by	2088
the production and preservation of housing in accordance with	2089
applicable state and federal laws.	2090

Sec. 175.03. (A)(1) The Ohio housing finance agency consists	2091
of eleven members. The governor, with the advice and consent of	2092
the senate, shall appoint nine of the members. The other two	2093
members are the director of commerce and the director of	2094
development or their respective designees.	2095

(2) The governor shall appoint one member with experience in	2096
residential housing construction; one with experience in	2097
residential housing mortgage lending, loan servicing, or brokering	2098
at an institution insured by the federal deposit insurance	2099
corporation; one with experience in the licensed residential	2100
housing brokerage business; one with experience with the housing	2101
needs of senior citizens; one with a background in labor	2102
representation in the construction industry; one to represent the	2103
interests of nonprofit multifamily housing development	2104
organizations; one to represent the interests of for-profit	2105
multifamily housing development organizations; and two who are	2106
public members.	2107

(3) The governor shall receive recommendations from the Ohio	2108
housing council for appointees to represent the interests of	2109
nonprofit multifamily housing development organizations and	2110
for-profit multifamily housing development organizations.	2111

(4) Not more than six of the appointed members of the agency	2112
may be of the same political party.	2113

(B)(1) Of the initial appointments the governor makes, one	2114
member representing the public has an initial term ending January	2115
31, 2010, the other member representing the public has an initial	2116
term ending January 31, 2008, the member with a background in	2117
labor representation in the construction industry has an initial	2118
term ending January 31, 2011, the member with experience in	2119
residential housing mortgage lending, loan servicing, or brokering	2120
has an initial term ending January 31, 2008, the member with	2121
experience with the housing needs of senior citizens has an	2122
initial term ending January 31, 2006, the member representing the	2123
interests of nonprofit multifamily housing development	2124
organizations has an initial term ending January 31, 2007, the	2125
member representing the interests of for-profit multifamily	2126
housing development organizations has an initial term ending	2127
January 31, 2006, and the member with experience in residential	2128
housing construction and the member with experience in licensed	2129
residential housing brokerage each has an initial term ending	2130
January 31, 2009. Thereafter, each appointed member shall serve	2131
for a term of six years with each term ending on the thirty-first	2132
day of January, six years following the termination date of the	2133
term it succeeds. There is no limit on the number of terms a	2134
member may serve.	2135

(2) Each member shall hold office from the date of	2136
appointment until the end of the term for which the member is	2137
appointed. Any member appointed to fill a vacancy occurring prior	2138
to the expiration of a term continues in office for the remainder	2139
of that term. Any appointed member shall continue in office	2140
subsequent to the expiration date of the member's term until the	2141
member's successor takes office or until sixty days have elapsed,	2142
whichever occurs first.	2143

(3) The governor may remove an appointed member from office	2144
for misfeasance, nonfeasance, or malfeasance in office.	2145

(C)(1) Except as otherwise provided in this section, members	2146
and agency employees shall comply with Chapter 102. and sections	2147
2921.42 and 2921.43 of the Revised Code.	2148

(2) An agency member who is a director, officer, employee, or	2149
owner of a lending institution is not in violation of Chapter 102.	2150
and is not subject to section 2921.42 of the Revised Code with	2151
respect to a loan to an applicant from the lending institution or	2152
a contract between the agency and the lending institution for the	2153
purchase, administration, or servicing of loans if the member	2154
abstains from participation in any matter that affects the	2155
interests of the member's lending institution.	2156

(3) An agency member who represents multifamily housing	2157
interests is not in violation of division (D) or (E) of section	2158
102.03 or division (A) of section 2921.42 of the Revised Code in	2159
regard to a contract the agency enters into if both of the	2160
following apply:	2161

(a) The contract is entered into for a loan, grant, or	2162
participation in a program the agency administers or funds and the	2163
contract is awarded pursuant to rules or guidelines the agency	2164
adopts.	2165

(b) The member does not participate in the discussion or vote	2166
on the contract if the contract secures a grant or loan that	2167
directly benefits the member, a family member, or a business	2168
associate of the member.	2169

(4)(a) Each appointed agency member shall receive	2170
compensation at the rate of two hundred fifty dollars per agency	2171
meeting attended in person, not to exceed a maximum of four	2172
thousand dollars per year.	2173

(b) The compensation rate for appointed members applies until	2174
six years after the effective date of this section, at which time	2175
the members may increase the compensation for members who are	2176
appointed or reappointed after that time. All members are entitled	2177
to reimbursement in accordance with section 126.31 of the Revised	2178
Code for expenses incurred in the discharge of official duties.	2179

Sec. 175.04. (A) The governor shall appoint a chairperson	2180
from among the members. The agency members shall elect a member as	2181
vice-chairperson. The agency members may appoint other officers,	2182
who need not be members of the agency, as the agency deems	2183
necessary.	2184

(B) Six members of the agency constitute a quorum and the	2185
affirmative vote of six members is necessary for any action the	2186
agency takes. No vacancy in agency membership impairs the right of	2187
a quorum to exercise all of the agency's rights and perform all	2188
the agency's duties. Agency meetings may be held at any place	2189
within the state. Meetings shall comply with section 121.22 of the	2190
Revised Code.	2191

(C) The agency shall maintain accounting records in	2192
accordance with generally accepted accounting principals and other	2193
required accounting standards.	2194

(D) The agency shall develop policies and guidelines for the	2195
administration of its programs and annually shall conduct at least	2196
one public hearing to obtain input from any interested party	2197
regarding the administration of its programs. The hearing shall be	2198
held at a time and place as the agency determines and when a	2199
quorum of the agency is present.	2200

(E) The agency shall appoint committees and subcommittees	2201
comprised of members of the agency to handle matters it deems	2202
appropriate.	2203

(1) The agency shall adopt an annual plan to address this	2204
state's housing needs. The agency shall appoint an annual plan	2205
committee to develop the plan and present it to the agency for	2206
consideration.	2207

(2) The annual plan committee shall select an advisory board	2208
from a list of interested individuals the executive director	2209
provides or on its own recommendation. The advisory board shall	2210
provide input on the plan at committee meetings prior to the	2211
annual public hearing. At the public hearing, the committee shall	2212
discuss advisory board comments. The advisory board may include,	2213
but is not limited to, persons who represent state agencies, local	2214
governments, public corporations, nonprofit organizations,	2215
community development corporations, housing advocacy organizations	2216
for low- and moderate-income persons, realtors, syndicators,	2217
investors, lending institutions as recommended by a statewide	2218
banking organization, and other entities participating in the	2219
agency's programs.	2220

Each agency program that allows for loans to be made to	2221
finance housing for owner occupancy that benefits other than low-	2222
and moderate-income households, or for loans to be made to	2223
individuals under bonds issued pursuant to division (B) of section	2224
175.08 of the Revised Code, shall be presented to the advisory	2225
board and included in the annual plan as approved by the agency	2226
before the program's implementation.	2227

(F) The agency shall prepare an annual financial report	2228
describing its activities during the reporting year and submit	2229
that report to the governor, the speaker of the house of	2230
representatives, and the president of the senate within three	2231
months after the end of the reporting year. The report shall	2232
include the agency's audited financial statements, prepared in	2233
accordance with generally accepted accounting principles and	2234
appropriate accounting standards.	2235

(G) The agency shall prepare an annual report of its programs	2236
describing how the programs have met this state's housing needs.	2237
The agency shall submit the report to the governor, the speaker of	2238
the house of representatives, and the president of the senate	2239
within three months after the end of the reporting year.	2240

Sec. 175.05. (A) The Ohio housing finance agency shall do all	2241
of the following related to the agency's operation:	2242

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

2243

(2) Employ and fix the compensation of an executive director	2244
who serves at the pleasure of the agency to administer the	2245
agency's programs and activities. The executive director may	2246
employ and fix the compensation of employees in the unclassified	2247
civil service as necessary to carry out this chapter and may	2248
employ other personnel who are governed by collective bargaining	2249
law and classified under that law. The executive director shall	2250
file financial disclosure statements as described in section	2251
102.02 of the Revised Code.	2252

(3) Establish an operating budget for the agency and	2253
administer funds appropriated for the agency's use;	2254

(4) Notwithstanding any other provision of the Revised Code,	2255
hold all moneys, funds, properties, and assets the agency acquires	2256
or that are directly or indirectly within the agency's control,	2257
including proceeds from the sale of bonds, revenues, and	2258
otherwise, in trust for the purpose of exercising its powers and	2259
carrying out its duties pursuant to this chapter. Notwithstanding	2260
any other provision of the Revised Code other than section 175.051	2261
of the Revised Code, at no time shall the agency's moneys, funds,	2262
properties, or assets be considered public moneys, public funds,	2263
public properties, or public assets or subject to Chapters 131.	2264
and 135. of the Revised Code.	2265

(5) Maintain a principal office and other offices within the	2266
state.	2267

(B) The Ohio housing finance agency may do any of the	2268
following related to the agency's operation:	2269

(1) Except as otherwise provided in section 174.04 of the	2270
Revised Code, determine income limits for low- and moderate-income	2271
persons and establish periodic reviews of income limits. In	2272
determining income limits, the agency shall take into	2273
consideration the amount of income available for housing, family	2274
size, the cost and condition of available housing, ability to pay	2275
the amounts the private market charges for decent, safe, and	2276
sanitary housing without federal subsidy or state assistance, and	2277
the income eligibility standards of federal programs. Income	2278
limits may vary from area to area within the state.	2279

(2) Provide technical information, advice, and assistance	2280
related to obtaining federal and state aid to assist in the	2281
planning, construction, rehabilitation, refinancing, and operation	2282
of housing;	2283

(3) Provide information, assistance, or instruction	2284
concerning agency programs, eligibility requirements, application	2285
procedures, and other related matters;	2286

(4) Procure or require the procurement of insurance and pay	2287
the premium against loss in connection with the agency's	2288
operations, to include the repayment of a loan, in amounts and	2289
from insurers, including the federal government, as the agency	2290
determines;	2291

(5) Contract with, retain, or designate financial	2292
consultants, accountants, and other consultants and independent	2293
contractors, other than attorneys, whom the agency determines are	2294
necessary or appropriate;	2295

(6) Charge, alter, and collect interest and other charges for	2296
program services including, but not limited to, the allocation of	2297
loan funds, the purchase of mortgage loans, and the provision of	2298
services that include processing, inspecting, and monitoring of	2299
housing units financed and the financial records for those units;	2300

(7) Conduct or authorize studies and analyses of housing	2301
needs and conditions to the extent that those activities are not	2302
carried out by other agencies in a manner that is satisfactory for	2303
the agency's needs;	2304

(8)(a) Acquire by gift, purchase, foreclosure, investment, or	2305
other means, and hold, assign, pledge, lease, transfer, or	2306
otherwise dispose of real and personal property or any interest in	2307
that property in the exercise of its powers and the performance of	2308
its duties;	2309

(b) Any instrument by which real property is acquired	2310
pursuant to this section shall identify the state agency that has	2311
the use and benefit of the real property as specified in section	2312
5301.012 of the Revised Code.	2313

(9)(a) Borrow money, receive gifts, grants, loans, or other	2314
assistance from any federal, state, local, or other government	2315
source, including the housing development fund and the housing	2316
trust fund, and enter into contracts in connection with those	2317
sources of assistance;	2318

(b) Receive assistance or contributions from any	2319
nongovernment source to include money, property, labor, or things	2320
of value, to be held, used, and applied only for the purposes for	2321
which the grants and contributions are made and within the	2322
purposes of this chapter.	2323

(10) Sue and be sued in its own name with respect to its	2324
contracts, obligations, and covenants, or the enforcement of this	2325
chapter. Any actions against the agency shall be brought in a	2326
court of competent jurisdiction located in Franklin county, Ohio.	2327

(11) Enter into any contract, commitment, or agreement and	2328
execute any instrument necessary or incidental to the performance	2329
of duties and the execution of powers;	2330

(12) Adopt an official seal;

2331

(13)(a) Contract with any private or government entity to	2332
administer programs for which the agency receives sufficient	2333
revenues for its services or the agency supports with uncommitted	2334
agency resources that pay the agency's operating costs;	2335

(b) Administer state and federal programs for which the	2336
governor designates the agency to act as administrator. The agency	2337
may charge administrative fees to the state, the federal	2338
government, or a program recipient.	2339

(14) Notwithstanding any other provision of the Revised Code,	2340
establish, maintain, administer, and close funds and accounts as	2341
convenient or appropriate to the agency's operations;	2342

(15) Establish a policy to permit the investment of agency	2343
funds in securities and obligations;	2344

(16) Establish rules and procedures that the agency	2345
determines are appropriate to appeal the agency's actions and	2346
decisions;	2347

(17) Serve housing needs in instances that the agency	2348
determines necessary as a public purpose;	2349

(18) Provide coverage for its employees under Chapters 145.,	2350
4123., and 4141. of the Revised Code;	2351

(19) Adopt rules pursuant to Chapter 119. of the Revised	2352
Code;	2353

(20) Do anything necessary or appropriate to exercise the	2354
powers of this chapter and carry out the purposes of this chapter	2355
and Section 14, Article VIII and Section 16, Article VIII, Ohio	2356
Constitution.	2357

(C) The attorney general shall serve as the legal	2358
representative for the Ohio housing finance agency and may appoint	2359
special counsel for that purpose in accordance with section 109.07	2360
of the Revised Code.	2361

Sec. 175.051. There is hereby created in the state treasury	2362
the housing finance agency personal services fund. The fund shall	2363
consist of moneys within the control of the Ohio housing finance	2364
agency that the agency, or the treasurer of state on behalf of the	2365
agency, periodically deposits into the state treasury to the	2366
credit of the fund in order to pay the compensation of the	2367
employees of the agency. Amounts credited to the fund shall be	2368
used by the agency to pay the compensation of the employees of the	2369
agency.	2370

Sec. 175.06. (A) The Ohio housing finance agency shall do all	2371
of the following related to carrying out its programs:	2372

(1) Upon the governor's designation, serve as the housing	2373
credit agency for the state and perform all responsibilities of a	2374
housing credit agency pursuant to Section 42 of the Internal	2375
Revenue Code and similar applicable laws;	2376

(2) Require that housing that benefits from the agency's	2377
assistance be available without discrimination in accordance with	2378
Chapter 4112. of the Revised Code and applicable provisions of	2379
federal law.	2380

(B) The Ohio housing finance agency may do any of the	2381
following related to carrying out its programs:	2382

(1) Issue bonds, provide security for assets, make deposits,	2383
purchase or make loans, provide economic incentives for the	2384
development of housing, and provide financial assistance for	2385
emergency housing;	2386

(2) Serve as a public housing agency and contract with the	2387
United States department of housing and urban development to	2388
administer the department's rent subsidy program, housing subsidy	2389
program, and monitoring programs for low- and moderate-income	2390
persons. The agency shall ensure that any contract into which it	2391
enters provides for sufficient compensation to the agency for its	2392
services.	2393

(3) Develop and administer programs under which the agency	2394
uses moneys from the housing trust fund as allocated by the	2395
department of development to extend financial assistance pursuant	2396
to sections 174.01 to 174.07 of the Revised Code;	2397

(4) Make financial assistance available;

2398

(5) Guarantee and commit to guarantee the repayment of	2399
financing that a lending institution extends for housing,	2400
guaranteeing that debt with any of the agency's reserve funds not	2401
raised by taxation and not otherwise obligated for debt service,	2402
including the housing development fund established pursuant to	2403
section 175.11 of the Revised Code and any fund created under	2404
division (B)(14) of section 175.05 of the Revised Code;	2405

(6) Make, commit to make, and participate in making financial	2406
assistance, including federally insured mortgage loans, available	2407
to finance the construction and rehabilitation of housing or to	2408
refinance existing housing;	2409

(7) Invest in, purchase, and take from lenders the assignment	2410
of notes or other evidence of debt including federally insured	2411
mortgage loans, or participate with lenders in notes and loans for	2412
homeownership, development, or refinancing of housing;	2413

(8) Sell at public or private sale any mortgage or mortgage	2414
backed securities the agency holds;	2415

(9) Issue bonds to carry out the agency's purposes as set	2416
forth in this chapter;	2417

(10) Extend or otherwise make available housing assistance on	2418
terms the agency determines.	2419

(C) The Ohio housing finance agency may issue bonds and	2420
extend financial assistance from any fund the agency administers	2421
for the prompt replacement, repair, or refinancing of damaged	2422
housing if both of the following apply:	2423

(1) The governor declares that a state of emergency exists	2424
with respect to a county, region, or political subdivision of this	2425
state, or declares that a county, region, or political subdivision	2426
has experienced a disaster as defined in section 5502.21 of the	2427
Revised Code.	2428

(2) The agency determines that the emergency or disaster has	2429
substantially damaged or destroyed housing in the area of the	2430
emergency or disaster.	2431

(D) The agency shall establish guidelines for extending	2432
financial assistance for emergency housing. The guidelines shall	2433
include eligibility criteria for assistance and the terms and	2434
conditions under which the agency may extend financial assistance.	2435

Sec. 175.07. (A)(1) The Ohio housing finance agency shall not	2436
approve funding for any multifamily rental housing to be	2437
constructed with agency assistance or pursuant to any program the	2438
agency operates or administers unless the applicant provides	2439
notice of the proposed project as this section requires.	2440

(2) Any notice shall be in writing and delivered by certified	2441
mail. The notice shall include the proposed project's address, the	2442
number of units in the project, a description of the project, a	2443
statement of whether the project is new construction,	2444
rehabilitation, or other, a summary of the programs that the	2445
project will utilize, and the address of the agency and the person	2446
to whom to direct comments. The notice shall inform recipients of	2447
their right to submit, within thirty days of the mailing date of	2448
the notice, comments to the agency regarding the proposed	2449
project's impact on the community and that objection to the	2450
project must be submitted in writing and signed by a majority of	2451
the voting members of the legislative body.	2452

(3) An applicant requesting funds for a project of more than	2453
ten units shall provide the notice to all of the following:	2454

(a) The chief executive officer and the clerk of the	2455
legislative body of any municipal corporation in which the project	2456
is proposed to be constructed or that is within one-half mile of	2457
the project's boundaries;	2458

(b) The clerk of any township in which the project is	2459
proposed to be constructed or that is within one-half mile of the	2460
project's boundaries;	2461

(c) The clerk of the board of county commissioners of any	2462
county in which the project is proposed to be constructed or that	2463
is within one-half mile of the project's boundaries.	2464

(4) An applicant requesting funds for a project with ten or	2465
fewer units shall provide the notice to the chief elected official	2466
of the jurisdiction in which the project is proposed to be	2467
constructed, except that if more than one individual serves as the	2468
chief elected official, the applicant shall deliver the notice to	2469
the clerk of the legislative body of that jurisdiction.	2470

(5) To object to a proposed project, a recipient of a notice	2471
shall do both of the following:	2472

(a) Submit a written objection that is signed by a majority	2473
of the voting members of the legislative body in which the project	2474
is proposed to be constructed or that is within one-half mile of	2475
the project's boundaries;	2476

(b) Send a copy of the written objection to the executive	2477
director of the agency by certified mail, return receipt	2478
requested, so that the agency receives the objection within	2479
forty-five days after the applicant mailed the notice to the	2480
recipient.	2481

(6) The agency shall provide a written response to any	2482
objections that it receives pursuant to division (A)(5) of this	2483
section.	2484

(7) The agency shall hold a public hearing to receive	2485
comments of residents of any political subdivision in which the	2486
multifamily rental housing is proposed to be constructed with the	2487
assistance of the agency's multifamily bond program. The applicant	2488
shall provide notice of the hearing to all persons listed in	2489
divisions (A)(3) and (4) of this section and ten days in advance	2490
of the hearing shall publish a notice of the hearing in a	2491
newspaper of general circulation in the county in which the	2492
project is proposed to be constructed. The agency shall hold the	2493
public hearing in the county in which the project is proposed to	2494
be constructed.	2495

(B) For purposes of this section, "constructed" means the	2496
creation of multifamily rental housing units through new	2497
construction or the conversion of an existing nonresidential	2498
building into multifamily rental housing units.	2499

Sec. 175.08. (A) The Ohio housing finance agency may use the	2500
proceeds of bonds to carry out the agency's lawful purposes.	2501

(B) The agency is the sole entity in the state that may issue	2502
bonds pursuant to Section 143(a) of the Internal Revenue Code or	2503
any similar provision of law. When the agency issues bonds to fund	2504
its homeownership program, it shall take all diligent measures to	2505
maximize the distribution of mortgage loans statewide, especially	2506
in underserved areas of the state, including but not limited to	2507
attempting to involve qualified lending institutions throughout	2508
the state.	2509

(C) Bonds issued pursuant to this chapter need not comply	2510
with any provision of the Revised Code not in this chapter that	2511
applies to the issuance of bonds or notes. Notwithstanding any	2512
other provision of the Revised Code, the deposit, application,	2513
safeguarding, and investment of agency funds received or held	2514
under the agency's bond proceedings are not subject to Chapters	2515
131. and 135. of the Revised Code and at no time are those funds	2516
public moneys or public funds.	2517

(D)(1) Bonds issued pursuant to this chapter do not	2518
constitute a debt or the pledge of the faith and credit of this	2519
state or any political subdivision of this state. The holders or	2520
owners of the agency's bonds have no right to require the general	2521
assembly or the taxing authority of any political subdivision to	2522
levy taxes for the payment of the principal or interest on the	2523
agency's bonds. Money raised by taxation shall not be obligated or	2524
pledged for the payment of the principal or interest on bonds the	2525
agency issues pursuant to this chapter.	2526

(2) Bonds issued pursuant to this chapter are payable solely	2527
from the revenues and security interests pledged for their payment	2528
as authorized by this chapter, except for bonds the agency issues	2529
in anticipation of the issuance of bonds and bonds that are	2530
refunded by refunding bonds. Refunding bonds are payable solely	2531
from revenues and security interests pledged for their payment as	2532
authorized by this chapter.	2533

(E)(1) Any pledge on bonds is valid and binding from the time	2534
the pledge is made, and the revenues and security interests	2535
pledged and received are immediately subject to the lien of the	2536
pledge without any physical delivery or further act. The lien of	2537
the pledge is valid and binding as against all parties having	2538
claims of any kind in tort, contract, or otherwise against the	2539
agency, irrespective of whether the parties have notice of the	2540
lien of the pledge.	2541

(2) Any resolution or trust agreement by which a pledge is	2542
created need not be filed or recorded except in the records of the	2543
agency. Any bond shall contain on its face a statement to the	2544
effect that the bond, as to both principal and interest, is not a	2545
debt of this state or any political subdivision of this state, but	2546
is payable solely from the revenues and security interests pledged	2547
for its payment.	2548

(F) The agency may issue bonds for any term, at any interest	2549
rate, use any method of calculating interest including a variable	2550
interest rate, and include any provision or condition authorized	2551
pursuant to resolutions the agency adopts. The agency may	2552
authorize bonds of any denomination, form, registration privilege,	2553
medium of payment, place of payment, and term of redemption.	2554

(G) The agency may sell bonds at public or private sale, for	2555
an amount not less than the price that the agency establishes. The	2556
agency chairperson or vice chairperson and any other officer that	2557
the agency designates shall execute the bonds manually or by	2558
facsimile signature. The agency may affix or print the agency's	2559
official seal or a facsimile on the bonds. Any coupons attached to	2560
the bonds shall bear the signature or facsimile signature of the	2561
chairperson or vice chairperson and any other officer the agency	2562
designates. If an officer whose signature appears on bonds or	2563
coupons ceases to be an officer before the delivery of the bonds,	2564
that signature or facsimile is sufficient for all purposes as if	2565
the officer had remained in office. If the agency changes its seal	2566
after a facsimile is imprinted on the bonds, the imprinted	2567
facsimile seal is sufficient for all purposes. The agency may	2568
execute bonds in book entry form in any manner appropriate to that	2569
form.	2570

(H)(1) Any resolution that authorizes bonds or an issue of	2571
bonds may do any of the following:	2572

(a) Pledge any of the agency's revenues and security	2573
interests to secure the payment of bonds or any issue of bonds;	2574

(b) Specify the use, investment, and disposition of the	2575
agency's revenues;	2576

(c) Agree to establish, alter, and collect fees and other	2577
charges in an amount that pledged revenues are sufficient to pay	2578
the costs of operation and pay the principal and interest on bonds	2579
secured by the pledge of the revenues;	2580

(d) Provide reserves that the resolution or trust agreement	2581
requires;	2582

(e) Set aside reserve funds or sinking funds and regulate and	2583
dispose of those funds;	2584

(f) Credit the proceeds of the sale of bonds to and among the	2585
funds referred to or provided for in the trust agreement or the	2586
resolution that authorized the issuance of bonds;	2587

(g) Establish limits on the purposes to which the proceeds of	2588
the sale of bonds may be applied and pledge those proceeds to	2589
secure the payment of the bonds or any issue of bonds;	2590

(h) Agree to do all things necessary for the authorization,	2591
issuance, and sale of bonds in amounts necessary for the timely	2592
retirement of notes issued in anticipation of the issuance of	2593
bonds;	2594

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

2595

(j) Establish the terms upon which additional bonds may be	2596
issued and secured;	2597

(k) Provide for the refunding of outstanding bonds;

2598

(l) Establish procedures for amending or abrogating the terms	2599
of any contract with bondholders;	2600

(m) Establish limits on the amount of moneys the agency may	2601
expend for operating, administrative, or other expenses;	2602

(n) Secure bonds by a trust agreement in accordance with	2603
section 175.06 of the Revised Code;	2604

(o) Establish rules and procedures to address matters that	2605
affect the security or protection of the bonds.	2606

(2) Any resolution authorizing bonds or an issue of bonds is	2607
subject to any agreement with bondholders that exists at the time	2608
of the resolution. The provisions of any resolution authorizing	2609
bonds becomes part of the contract with the bondholders.	2610

(I) No agency member nor any person executing agency bonds is	2611
liable personally on the bonds or is subject to any personal	2612
liability by reason of the issuance of the bonds.	2613

(J) Bonds issued pursuant to this chapter are deemed to be	2614
negotiable instruments, subject only to the provisions of the	2615
bonds for registration, and possessing the qualities and incidents	2616
of negotiable instruments, notwithstanding whether those bonds are	2617
of the form or character otherwise to be negotiable instruments.	2618

Sec. 175.08.        Sec. 175.09.  (A) In(1) At the discretion of the Ohio	2619
housing finance agency, any bonds issued underpursuant to this	2620
chapter may be secured by a trust agreement between the agency and	2621
a corporate trustee, which may be any trust company or financial	2622
institution havingthat has the powers of a trust company within	2623
or without the state but authorizedand is qualified to exercise	2624
those trust powers within thethis state. Any suchA trust	2625
agreement may pledge or assign the agency's revenues and security	2626
interests of the agency held or to be receivedholds or is to	2627
receive. Any such trust agreement or any resolution providingthat	2628
provides for the issuance of such bonds may contain such	2629
reasonable and proper provisions for protecting and enforcingthat	2630
protect and enforce the rights and remedies of the bondholders as	2631
are reasonable and proper and not in violation ofdo not violate	2632
any law, including covenants settingor covenant that sets forth	2633
the agency's duties of the agency in relation to the fees,	2634
interest rates, or other charges to be imposed for the loans made	2635
or purchased orthe agency makes or purchases, services rendered	2636
by the agency renders, and the custody, safekeeping, and	2637
application of all moneys. Any	2638

(2) Any financial institution or trust company which may act	2639
that acts as a depository of the proceeds of bonds or of,	2640
revenues, or reserve funds may furnish such indemnifying bonds or	2641
may pledge such securities as are required bythat the agency	2642
requires. Any suchThe trust agreement may set forth the rights	2643
and remedies of the bondholders and of the trustee, and may	2644
restrict the individual right of action by bondholders as is	2645
customary in trust agreements or trust indentures securing similar	2646
bonds. Such	2647

(3) A trust agreement may contain such other provisions as	2648
the agency considers reasonable and proper for the security of the	2649
bondholders, including any provision that may be contained in	2650
resolutionsa resolution under this section, with that provision	2651
having the same effect as if containedit were in sucha	2652
resolution.	2653

(B) Any holder of the bonds or any of the coupons	2654
appertaining thereto and the trustee under any trust agreement	2655
executed pursuant to division (A) of this section, except to the	2656
extent theto which the resolution or trust agreement restricts	2657
rights given are restricted by the applicable resolution or trust	2658
agreement, may by suit, action, mandamus, or other proceedings,	2659
protect and enforce any rights under the laws of thethis state or	2660
granted under the trust agreement, or included in the resolution	2661
authorizingthat authorizes the issuance of suchthe bonds, and	2662
may enforce and compel the performance of all duties required by	2663
this chapter, the trust agreement, orand the resolution to be	2664
performed by the agency or any agency officer thereof, including	2665
the fixingestablishing, charging, and collecting of fees,	2666
interest rates, or other charges.	2667

(C) Moneys in the funds of the agencyagency's trust estates	2668
may be invested as provided in any resolution authorizingthat	2669
authorizes the issuance of its bonds or in any trust agreement	2670
securing the samethat secures those bonds. Income from all such	2671
investments of moneys in any fund shall be credited to such funds	2672
as the agency determines, subject to the provisions of any such	2673
resolution or trust agreement, and such investments may be sold at	2674
such times asthat the agency determines.	2675

Sec. 175.09.        Sec. 175.10.  (A) All bonds issued under this chapter	2676
are lawful investments of banks, societies for savings, savings	2677
and loan associations, deposit guarantee associations, trust	2678
companies, trustees, fiduciaries, insurance companies, including	2679
domestic for life and domestic not for life, trustees or other	2680
officers having charge of sinking and bond retirement or other	2681
special funds of political subdivisions and taxing districts of	2682
this state, the treasurer of state, the administrator of workers'	2683
compensation, the state teachers retirement system, the public	2684
employees retirement system, the school employees retirement	2685
system, and the Ohio police and fire pension fund, notwithstanding	2686
any other provision of the Revised Code or rules adopted pursuant	2687
thereto by any governmental agency of thethis state with respect	2688
to investments by them, and are acceptable as security for the	2689
deposit of public moneys.	2690

(B) The exercise of the powers granted by this chapter will	2691
begrants is in all respects for the benefit of the people of the	2692
state, for the improvement of their health, safety, convenience,	2693
and economic welfare, and for the enhancement of the opportunities	2694
for safe and sanitary housing and is a public purpose. The	2695

(C) The programs undertaken by the Ohio housing finance	2696
agency constitute the performance of essential public functions,	2697
and the bonds issued under this chapter, their transfer, and the	2698
income therefromfrom those bonds, including any profit made on	2699
thetheir sale thereof, is at all times free from taxation within	2700
thethis state.	2701

Sec. 175.11. (A) There is hereby created the housing	2702
development fund, which shall be in the custody of the treasurer	2703
of state but shall not be part of the state treasury. The fund	2704
shall consist of all grants, gifts, loan repayments, and	2705
contributions of money made from any source to the Ohio housing	2706
finance agency for deposit into the fund in addition to amounts	2707
loaned to the agency pursuant to section 169.05 of the Revised	2708
Code. The agency shall administer the fund. The agency may request	2709
funds as needed pursuant to section 169.05 of the Revised Code to	2710
fund loans, loan guarantees, and loan subsidies. The agency may	2711
request funds for a loan guarantee only to satisfy a mortgage	2712
guarantee that is in default.	2713

(B) The agency shall use moneys in the housing development	2714
fund solely for the purposes this chapter authorizes and at no	2715
time shall the fund be considered a part of the public moneys or	2716
subject to Chapters 131. and 135. of the Revised Code.	2717

Sec. 175.12. (A) This chapter, being necessary for the	2718
welfare of the state and its inhabitants, shall be liberally	2719
construed to effect its purposes and the purposes of Section 14,	2720
of Article VIII and Section 16, Article VIII, Ohio Constitution.	2721

(B) The following are not public records subject to section	2722
149.43 of the Revised Code:	2723

(1) Financial statements and data submitted for any purpose	2724
to the Ohio housing finance agency or the controlling board by any	2725
person in connection with applying for, receiving, or accounting	2726
for financial assistance the agency provides;	2727

(2) Information that identifies any individual who benefits	2728
directly or indirectly from financial assistance the agency	2729
provides.	2730

(C)(1) The agencies of this state shall cooperate fully with	2731
the Ohio housing finance agency and shall provide information the	2732
Ohio housing finance agency determines is necessary or helpful for	2733
its operation.	2734

(2) The Ohio housing finance agency may arrange with and	2735
enter into contracts with other entities to perform functions this	2736
chapter authorizes the agency to perform and compensate those	2737
entities for performing those functions.	2738

(3) The agency may enter into contracts with state entities	2739
as described in this chapter.	2740

(D) Any state agency that provides supplies, equipment, or	2741
services directly related to the mission of the Ohio housing	2742
finance agency as described in section 175.02 of the Revised Code	2743
may enter into an agreement with the Ohio housing finance agency	2744
to furnish those supplies, equipment, or services pursuant to	2745
terms both agencies agree upon for remuneration to the state	2746
agency.	2747

(E) The Ohio housing finance agency is exempt from the	2748
requirements of Chapters 123. and 125. and sections 127.16 and	2749
5147.07 of the Revised Code.	2750

Sec. 175.13. (A) Any agreement the Ohio housing finance	2751
agency enters into with bondholders is a contract that the agency	2752
shall enforce and no action of the general assembly or any state	2753
agency may limit or alter the terms of that agreement or the	2754
authority of the agency or its successors to fulfill the terms of	2755
that agreement. No state agency may impair any right or remedy of	2756
the holders of bonds until the agency has fully met and discharged	2757
its bond obligations, together with interest, interest on any	2758
unpaid installments of interest, and costs and expenses related to	2759
any bondholder action or proceeding. The agency may include in any	2760
bond agreement a statement that sets forth the agency's authority	2761
to enforce agreements pursuant to this section.	2762

(B) Bonds the agency issues are at all times bonds of the	2763
state, subject to this chapter. The agency and officers of the	2764
state may do all things necessary so that the interest on bonds	2765
the agency intends to be exempt from federal taxation remains	2766
exempt from federal income taxation. Any error or failure in	2767
efforts to assure tax exemption does not affect the validity of	2768
the bonds.	2769

Sec. 176.05.  (A)(1) Notwithstanding any provision of law to	2770
the contrary, the rate of wages payable for the various	2771
occupations covered by sections 4115.03 to 4115.16 of the Revised	2772
Code to persons employed on a project who are not any of the	2773
following shall be determined according to this section:	2774

(a) Qualified volunteers;

2775

(b) Persons required to participate in a work activity,	2776
developmental activity, or alternative work activity under	2777
sections 5107.40 to 5107.69 of the Revised Code except those	2778
engaged in paid employment or subsidized employment pursuant to	2779
the activity;	2780

(c) Food stamp benefit recipients required to participate in	2781
employment and training activities established by rules adopted	2782
under section 5101.54 of the Revised Code.	2783

An association representing the general contractors or	2784
subcontractors that engage in the business of residential	2785
construction in a certain locality shall negotiate with the	2786
applicable building and construction trades council in that	2787
locality an agreement or understanding that sets forth the	2788
residential prevailing rate of wages, payable on projects in that	2789
locality, for each of the occupations employed on those projects.	2790

(2) Notwithstanding any residential prevailing rate of wages	2791
established prior to July 1, 1995, if, by October 1, 1995, the	2792
parties are unable to agree under division (A)(1) of this section	2793
as to the rate of wages payable for each occupation covered by	2794
sections 4115.03 to 4115.16 of the Revised Code, the director of	2795
commerce shall establish the rate of wages payable for each	2796
occupation.	2797

(3) The residential prevailing rate of wages established	2798
under division (A)(1) or (2) of this section shall not be equal to	2799
or greater than the prevailing rate of wages determined by the	2800
director pursuant to sections 4115.03 to 4115.16 of the Revised	2801
Code for any of the occupations covered by those sections.	2802

(B) Except for the prevailing rate of wages determined by the	2803
director pursuant to sections 4115.03 to 4115.16 of the Revised	2804
Code, those sections and section 4115.99 of the Revised Code apply	2805
to projects.	2806

(C) The residential prevailing rate of wages established	2807
under division (A) of this section is not payable to any	2808
individual or member of that individual's family who provides	2809
labor in exchange for acquisition of the property for	2810
homeownership or who provides labor in place of or as a supplement	2811
to any rental payments for the property.	2812

(D) For the purposes of this section:

2813

(1) "Project" means any construction, rehabilitation,	2814
remodeling, or improvement of residential housing, whether on a	2815
single or multiple site for which a person, as defined in section	2816
1.59 of the Revised Code, or municipal corporation, county, or	2817
township receives financing, that is financed in whole or in part	2818
from state moneys or pursuant to this chapter, section 133.51 or	2819
307.698 of the Revised Code, or Chapter 174. or 175. of the	2820
Revised Code, except for any of the following:	2821

(a) The single-family mortgage revenue bonds homeownership	2822
program under Chapter 175. of the Revised Code, including	2823
owner-occupied dwellings of one to four units;	2824

(b) Projects consisting of fewer than six units developed by	2825
any entity that is not a nonprofit organization exempt from	2826
federal income tax under section 501(c)(3) of the Internal Revenue	2827
Code;	2828

(c) Projects of fewer than twenty-five units developed by any	2829
nonprofit organization that is exempt from federal income tax	2830
under section 501(c)(3) of the Internal Revenue Code;	2831

(d) Programs undertaken by any municipal corporation, county,	2832
or township, including lease-purchase programs, using mortgage	2833
revenue bond financing;	2834

(e) Any individual project, that is sponsored or developed by	2835
a nonprofit organization that is exempt from federal income tax	2836
under section 501(c)(3) of the Internal Revenue Code, for which	2837
the federal government or any of its agencies furnishes by loan,	2838
grant, low-income housing tax credit, or insurance more than	2839
twelve per cent of the costs of the project. For purposes of	2840
division (D)(2)(e) of this section, the value of the low-income	2841
housing tax credits shall be calculated as the proceeds from the	2842
sale of the tax credits, less the costs of the sale.	2843

As used in division (D)(1)(e) of this section, "sponsored"	2844
means that the general partner of a limited partnership owning the	2845
project is either a nonprofit organization that is exempt from	2846
federal income tax under section 501(c)(3) of the Internal Revenue	2847
Code or a person, as defined in section 1.59 of the Revised Code,	2848
in which such a nonprofit organization maintains controlling	2849
interest.	2850

Nothing in division (D)(1)(e) of this section shall be	2851
construed as permitting unrelated projects to be combined for the	2852
sole purpose of determining the total percentage of project costs	2853
furnished by the federal government or any of its agencies.	2854

(2) A "project" is a "public improvement" and the state or a	2855
political subdivision that undertakes or participates in the	2856
financing of a project is a "public authority," as both of the	2857
last two terms are defined in section 4115.03 of the Revised Code.	2858

(3) "Qualified volunteers" are volunteers who are working	2859
without compensation for a nonprofit organization that is exempt	2860
from federal income tax under section 501(c)(3) of the Internal	2861
Revenue Code, and that is providing housing or housing assistance	2862
only to families and individuals in a county whose incomes are not	2863
greater than one hundred forty per cent of the median income of	2864
that county as determined under section 175.23174.04 of the	2865
Revised Code.	2866

Sec. 176.06. (A) Each municipal corporation, county, and	2867
township shall compile and make available, in accordance with this	2868
section, to the public for inspection and copying for a period of	2869
five years, the number and total dollar amount of mortgage loans	2870
that were originated, for which completed applications were	2871
received and applicants were rejected, and that were purchased by	2872
that municipal corporation, county, or township during each fiscal	2873
year. Information regarding each of the mortgage loan categories	2874
listed abovecategory described in this section shall be itemized	2875
to clearly and conspicuously disclose the following:	2876

(A)(1) The number and dollar amount of mortgage loans insured	2877
under Title II of the "National Housing Act," 48 Stat. 1246	2878
(1934), 12 U.S.C.A. 1707 et seq., or under Title V of the "Housing	2879
Act of 1949," 63 Stat. 413, 432, 42 U.S.C.A. 1471 et seq., or	2880
guaranteed under the "Veterans' Loan Act," 58 Stat. 284 (1944), 38	2881
U.S.C.A. 1801 et seq.;	2882

(B)(2) The number and dollar amount of mortgage loans made to	2883
mortgagors who did not, at the time of execution of the mortgage,	2884
intend to reside in the property securing the mortgage loan;	2885

(C)(3) The number and dollar amount of home improvement	2886
loans;	2887

(D)(4) The number and dollar amount of mortgage loans	2888
involving mortgagors or mortgage applicants grouped according to	2889
census tract, income level, race, color, religion, sex, ancestry,	2890
disability as defined in section 4112.01 of the Revised Code, and	2891
national origin.	2892

(B) The information described in this section shall be made	2893
available to the public in raw data form and updated quarterly.	2894
Within four months after the end of each fiscal year, each	2895
municipal corporation, county, and township shall submit to the	2896
president of the senate and the speaker of the house of	2897
representatives a report containing the information described in	2898
this section for the immediately preceding fiscal year.	2899

(C) As used in this section, "mortgage loan" has the same	2900
meaning as in section 175.01 of the Revised Codemeans a loan	2901
secured by a mortgage, deed of trust, or other security interest	2902
to finance the acquisition, construction, improvement, or	2903
rehabilitation of single-family residential housing.	2904

Sec. 176.07.  The director of development, in consultation	2905
with the public and the housing trust fund advisory committee	2906
created under section 175.25174.06 of the Revised Code, shall	2907
develop regulations applicable to all existing and future state	2908
housing loan, loan guarantee, loan subsidy, and grant programs.	2909
The regulations shall require recipients of financing from state	2910
housing programs, that provide or assist in providing multi-family	2911
rental housing, to do both of the following:	2912

(A) Reasonably ensure that the multi-family rental housing	2913
will be affordable to those families and individuals targeted for	2914
the multi-family rental housing for the useful life of the	2915
multi-family rental housing or thirty years, whichever is longer;	2916

(B) Prepare and implement a plan to reasonably assist any	2917
families and individuals displaced by the multi-family housing in	2918
obtaining decent affordable housing.	2919

The department of development shall distribute a copy of	2920
these regulations to each local housing advisory board to serve as	2921
a guideline for carrying out the requirements of divisions (D)(2)	2922
and (3) of section 176.04 of the Revised Code.	2923

Sec. 319.63. (A) During the first thirty days of each	2924
calendar quarter, the county auditor shall pay to the treasurer of	2925
state all amounts that the county recorder collected as housing	2926
trust fund fees pursuant to section 317.36 of the Revised Code	2927
during the previous calendar quarter. If payment is made to the	2928
treasurer of state within the first thirty days of the quarter,	2929
the county auditor may retain an administrative fee of one per	2930
cent of the amount of the trust fund fees collected during the	2931
previous calendar quarter.	2932

(B) The treasurer of state shall deposit the first fifty	2933
million dollars of housing trust fund fees received each year	2934
pursuant to this section into the low- and moderate-income housing	2935
trust fund, created under section 175.21174.02 of the Revised	2936
Code, and shall deposit any amounts received each year in excess	2937
of fifty million dollars into the state general revenue fund.	2938

(C) The county auditor shall deposit the administrative fee	2939
that the auditor is permitted to retain pursuant to division (A)	2940
of this section into the county general fund for the county	2941
recorder to use in administering the trust fund fee.	2942

Sec. 1349.11.  (A) No lending institution, as defined in	2943
division (E) of section 175.01 of the Revised Code, that is	2944
affiliated with or authorized to be affiliated with a real estate	2945
broker and that provides real estate brokerage services to third	2946
parties shall fix or vary the terms and conditions on a mortgage	2947
loan, or the granting of any sucha mortgage loan, on the	2948
condition or requirement that the customer of the lending	2949
institution use or employ the services of the affiliated real	2950
estate broker.	2951

(B) A lending institution, service corporation, or any person	2952
engaged in providing real estate brokerage services to third	2953
parties at all times shall be identified as separate and distinct	2954
from any lending institution with which it is affiliated or	2955
associated and shall hold itself out as suchseparate and distinct	2956
by doing both of the following:	2957

(1) Providing full and complete disclosure in writing of its	2958
relationship with the lending institution to persons who employ it	2959
to provide real estate brokerage services;	2960

(2) Separately identifying any office space it uses in any	2961
building also used by the lending institution.	2962

(C) No such service corporation, real estate broker, or	2963
person associated with a lending institution shall represent to	2964
the public or to any person employing the corporation, real estate	2965
broker, or person to provide real estate brokerage services that	2966
the lending institution offers or will offer different terms and	2967
conditions on mortgage loans to those who employ the corporation,	2968
real estate broker, or person for real estate brokerage services	2969
than to persons who do not so employ the corporation, real estate	2970
broker, or person.	2971

(D) This section does not apply to real estate owned by	2972
lending institutions.	2973

(E) Subject to division (F) of this section, the director of	2974
commerce and appropriate division superintendents within the	2975
department of commerce shall enforce this section.	2976

(F)(1)(a) The superintendent of real estate shall enforce and	2977
administer this section insofar as it relates to persons licensed	2978
as real estate brokers pursuant to Chapter 4735. of the Revised	2979
Code. In that enforcement and administration, the superintendent	2980
possesses and may use the authority conferred upon him by that	2981
chapter.	2982

(b) The director of commerce, and the superintendent of the	2983
any division within the department of commerce that has	2984
jurisdiction over a particular lending institution, shall enforce	2985
and administer this section insofar as it relates to that lending	2986
institution. Correspondingly, theThe superintendent of real	2987
estate shall not enforce and administer this section insofar as it	2988
relates to any lending institution.	2989

(2) If aAny licensed real estate broker who is subject to	2990
the requirements of division (B) of this section or the	2991
prohibition of division (C) of this section who fails to comply	2992
with those requirements or that prohibition, the failure	2993
constituteseither division is guilty of misconduct for purposes	2994
of division (A)(6) of section 4735.18 of the Revised Code.	2995

Sec. 4582.54.  Moneys in the funds of the port authority,	2996
except as otherwise provided in any resolution authorizing the	2997
issuance of its port authority revenue bonds or in any trust	2998
agreement securing the same, in excess of current needs, may be	2999
invested as permitted by sections 135.01 to 135.21 of the Revised	3000
Code or invested in linked deposit programs established by	3001
resolution of the board of directors in accordance with section	3002
135.80 of the Revised Code. Income from all such investments of	3003
moneys in any fund shall be credited to such funds as the port	3004
authority determines, subject to the provisions of any such	3005
resolution or trust agreement, and suchthe investments may be	3006
sold at any time the port authority determines.	3007

Section 2. That existing sections 9.98, 9.981, 9.982, 122.63,	3008
133.01, 133.08, 133.081, 133.10, 135.80, 135.81, 149.43, 169.05,	3009
173.08, 175.08, 175.09, 175.21, 175.22, 175.23, 175.24, 175.25,	3010
175.26, 176.05, 176.06, 176.07, 319.63, 1349.11, and 4582.54, and	3011
sections        Sec. 175.01. ,        Sec. 175.02. ,        Sec. 175.03. ,        Sec. 175.04. ,        Sec. 175.041. ,        Sec. 175.05. ,        Sec. 175.06. ,	3012
Sec. 175.07. ,        Sec. 175.10. ,        Sec. 175.11. ,        Sec. 175.12. ,        Sec. 175.13. ,        Sec. 175.14. , and        Sec. 175.15.  of the	3013
Revised Code are hereby repealed.	3014

Section 3. On the effective date of this section, the Ohio	3015
Housing Finance Agency of the Ohio Department of Development is	3016
hereby transferred to the Ohio Housing Finance Agency. All of the	3017
Department of Development's functions, powers, duties, and	3018
obligations that pertain to the Ohio Housing Finance Agency are	3019
hereby transferred and assigned to the Ohio Housing Finance Agency	3020
as constituted by this act. All of the Department of Development's	3021
records, files, equipment, and contractual obligations that	3022
pertain to its functions, powers, duties, and obligations related	3023
to the Ohio Housing Finance Agency are transferred to the Ohio	3024
Housing Finance Agency on the effective date of this section.	3025

The Ohio Housing Finance Agency shall conduct and complete	3026
any business or matter of the Department of Development that	3027
pertains to the functions, powers, duties, and obligations this	3028
act transfers to the Agency or that is assigned and pending on the	3029
effective date of this section. The Agency shall conduct any	3030
business or matter transferred to it in the same manner, under the	3031
same terms and conditions, and with the same effect as if	3032
conducted by the Department of Development.	3033

All of the Department of Development's criteria, acts,	3034
determinations, certifications, and decisions pertaining to	3035
functions this act transfers and assigns to the Ohio Housing	3036
Finance Agency shall continue in force as the agency's criteria,	3037
acts, determinations, certifications, and decisions until the	3038
agency modifies or terminates them.	3039

Any reference in a law, contract, or other document to a	3040
function, power, duty, or obligation of the Department of	3041
Development that this act transfers to the Ohio Housing Finance	3042
Agency is deemed to be a reference to a function, power, duty, or	3043
obligation of the Ohio Housing Finance Agency.	3044

This act does not affect any existing right or remedy of any	3045
character except that the Ohio Housing Finance Agency shall	3046
administer those rights and remedies instead of the Department of	3047
Development.	3048

Beginning the first pay period after the effective date of	3049
this section in which personal services expenses are charged	3050
against appropriations, all employees of the Ohio Housing Finance	3051
Agency of the Department of Development are transferred to the	3052
Ohio Housing Finance Agency. All employees retain their respective	3053
civil service classifications and status, together with all	3054
rights, benefits, and privileges provided by collective bargaining	3055
agreements negotiated pursuant to Chapter 4117. of the Revised	3056
Code. Notwithstanding section 124.13 of the Revised Code, all	3057
vacation time and other benefits earned by those employees are	3058
deemed to have been earned by them as employees of the Ohio	3059
Housing Finance Agency. Any employee who, at the time of transfer,	3060
has a temporary or provisional appointment is transferred subject	3061
to the same right of removal, examination, or termination as	3062
though the transfer had not been made.	3063

Employees not governed by collective bargaining agreements	3064
negotiated pursuant to Chapter 4117. of the Revised Code retain	3065
their respective status, and are governed by Chapter 124. of the	3066
Revised Code.	3067

No action or proceeding brought by the Department of	3068
Development that is pending on the effective date of this section	3069
and that pertains to a function, power, duty, or obligation that	3070
this act transfers to the Ohio Housing Finance Agency is affected	3071
by this act but may be prosecuted or defended in the name of the	3072
Ohio Housing Finance Agency. In any action or proceeding, the Ohio	3073
Housing Finance Agency shall be substituted as a party upon	3074
application to the court.	3075

Not later than one hundred twenty days after the effective	3076
date of this section, the Auditor of State shall provide to the	3077
Executive Director of the Ohio Housing Finance Agency a	3078
comprehensive audit of all funds, assets, and liabilities of the	3079
Department of Development that are related to Ohio Housing Finance	3080
Agency programs. Upon receipt of the audit, the Executive Director	3081
shall submit a copy of the audit to the Office of Budget and	3082
Management and shall request the Controlling Board to transfer to	3083
the Ohio Housing Finance Agency any funds, assets, and liabilities	3084
that this act does not otherwise transfer to the agency.	3085

Section 4. On July 1, 2005, or as soon thereafter as	3086
possible, the Director of Budget and Management shall certify the	3087
cash balance of the Housing Development Operating Fund (Fund 380)	3088
and the Housing Finance Operating Fund (Fund 445) within the	3089
budget of the Department of Development and shall transfer those	3090
certified balances to the Housing Finance Agency Personal Services	3091
Fund (Fund 5AZ) within the budget of the Ohio Housing Finance	3092
Agency. The Director shall cancel any existing encumbrances	3093
against Fund 380 and Fund 445 and, notwithstanding section 175.051	3094
of the Revised Code, shall reestablish those encumbrances against	3095
Fund 5AZ. The amounts of the reestablished encumbrances are hereby	3096
appropriated to appropriation item 997-601, Housing Finance Agency	3097
Personal Services within Fund 5AZ.	3098

Section 5. Sections 1, 2, 3, and 4 of this act take effect	3099
July 1, 2005.	3100