As Reported by the House Finance and Appropriations Committee

127th General Assembly Regular Session 2007-2008

Sub. H. B. No. 554

Representative Hottinger 

Cosponsors: Representatives Peterson, Skindell, Bacon, Boyd, Brown, Budish, Evans, Flowers, Gardner, Jones, McGregor, R., Redfern, Schlichter, Sears, Yates 

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A BILL

To amend sections 149.311, 151.01, 166.01, 166.02,

1

166.08, 166.11, 184.02, 1555.03, 3333.38,

2

3345.32, 4511.101, 5725.151, 5733.47, 5747.76,

3

and 5747.98 and to enact sections 151.071, 164.28,

4

166.25, 166.26, 166.30, 184.23 to 184.26, 184.30

5

to 184.37, 3333.71 to 3333.80, and 5537.141 of

6

the Revised Code to establish the Ohio Bioproducts

7

Development Program and Ohio Biomedical

8

Development Program to be administered by the

9

Third Frontier Commission, to establish the Third

10

Frontier Economic Stimulus Advisory Board, to

11

expand the economic development programs

12

administered by the Department of Development to

13

include transportation logistics and distribution

14

infrastructure projects, to provide additional

15

money for capital improvement projects of local

16

subdivisions and for highway capital improvement

17

projects, to modify the authority of the Ohio Coal

18

Development Office to provide for coal research

19

and development projects administered by the Third

20

Frontier Commission, to provide for advanced

21

energy projects administered by the Third Frontier

22

Commission, to establish the Choose Ohio First

23

Co-op/Internship Program, to extend the

24

historical building rehabilitation tax credit,

25

limit credit amounts, require regional

26

distributive balance and economic effects to be

27

considered, and to make an appropriation.

28

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

Section 1. That sections 149.311, 151.01, 166.01, 166.02,	29
166.08, 166.11, 184.02, 1555.03, 3333.38, 3345.32, 4511.101,	30
5725.151, 5733.47, 5747.76, and 5747.98 be amended and that	31
sections 151.071, 164.28, 166.25, 166.26, 166.30, 184.23, 184.24,	32
184.25, 184.26, 184.30, 184.31, 184.32, 184.33, 184.34, 184.35,	33
184.36, 184.37, 3333.71, 3333.72, 3333.73, 3333.74, 3333.75,	34
3333.76, 3333.77, 3333.78, 3333.79, 3333.80, and 5537.141 of the	35
Revised Code be enacted to read as follows:	36

Sec. 149.311.  (A) As used in this section:

37

(1) "Historic building" means a building, including its	38
structural components, that is located in this state and that is	39
either individually listed on the national register of historic	40
places under 16 U.S.C. 470a, located in a registered historic	41
district, and certified by the state historic preservation officer	42
as being of historic significance to the district, or is	43
individually listed as a historic landmark designated by a local	44
government certified under 16 U.S.C. 470a(c).	45

(2) "Qualified rehabilitation expenditures" means	46
expenditures paid or incurred during the rehabilitation period,	47
and before and after that period as determined under 26 U.S.C. 47,	48
by an owner of a historic building to rehabilitate the building.	49
"Qualified rehabilitation expenditures" includes architectural or	50
engineering fees paid or incurred in connection with the	51
rehabilitation, and expenses incurred in the preparation of	52
nomination forms for listing on the national register of historic	53
places. "Qualified rehabilitation expenditures" does not include	54
any of the following:	55

(a) The cost of acquiring, expanding, or enlarging a historic	56
building;	57

(b) Expenditures attributable to work done to facilities	58
related to the building, such as parking lots, sidewalks, and	59
landscaping;	60

(c) New building construction costs.

61

(3) "Owner" of a historic building means a person holding the	62
fee simple interest in the building. "Owner" does not include the	63
state or a state agency, or any political subdivision as defined	64
in section 9.23 of the Revised Code.	65

(4) "Certificate owner" means the owner of a historic	66
building to which a rehabilitation tax credit certificate was	67
issued under this section.	68

(5) "Registered historic district" means a historic district	69
listed in the national register of historic places under 16 U.S.C.	70
470a, a historic district designated by a local government	71
certified under 16 U.S.C. 470a(c), or a local historic district	72
certified under 36 C.F.R. 67.8 and 67.9.	73

(6) "Rehabilitation" means the process of repairing or	74
altering a historic building or buildings, making possible an	75
efficient use while preserving those portions and features of the	76
building and its site and environment that are significant to its	77
historic, architectural, and cultural values.	78

(7) "Rehabilitation period" means one of the following:

79

(a) If the rehabilitation initially was not planned to be	80
completed in stages, a period chosen by the owner not to exceed	81
twenty-four months during which rehabilitation occurs;	82

(b) If the rehabilitation initially was planned to be	83
completed in stages, a period chosen by the owner not to exceed	84
sixty months during which rehabilitation occurs.	85

(8) "State historic preservation officer" or "officer" means	86
the state historic preservation officer appointed by the governor	87
under 16 U.S.C. 470a.	88

(9) "Application period" means eitherany of the following	89
time periods duringfor which an application for a rehabilitation	90
tax credit certificate may be filed under this section:	91

(a) July 1, 2007, through June 30, 2008;

92

(b) July 1, 2008, through June 30, 2009July 1, 2009, through	93
June 30, 2010;	94

(c) July 1, 2010, through June 30, 2011.

95

(B) On or after July 1, 2007, but before July 1, 2009For any	96
application period, the owner of a historic building may apply	97
to the state historic preservation officer for a rehabilitation	98
tax credit certificate for qualified rehabilitation expenditures	99
paid or incurred after April 4, 2007, for rehabilitation of a	100
historic building. The form and manner of filing such	101
applications shall be prescribed by rule of the director of	102
development, and, except as otherwise provided in division (D) of	103
this section, applications expire at the end of each	104
application period. Before July 1, 2007, theEach application	105
shall state the amount of qualified rehabilitation expenditures	106
the applicant estimates will be paid or incurred. The director	107
may require applicants to furnish documentation of such	108
estimates.	109

The director, after consultation with the tax commissioner	110
and in accordance with Chapter 119. of the Revised Code, shall	111
adopt rules that establish all of the following:	112

(1) Forms and procedures by which applicants may apply for	113
rehabilitation tax credit certificates;	114

(2) Criteria for reviewing, evaluating, and approving	115
applications for certificates within the limitation on the number	116
of applications that may be approved in an application period	117
limitations under division (D) of this section, criteria for	118
assuring that the certificates issued encompass a mixture of high	119
and low qualified rehabilitation expenditures, and criteria for	120
issuing certificates under division (C)(3)(b) of this section;	121

(3) Eligibility requirements for obtaining a certificate	122
under this section;	123

(4) The form of rehabilitation tax credit certificates;

124

(5) Reporting requirements and monitoring procedures;

125

(6) Any other rules necessary to implement and administer	126
this section.	127

(C) The state historic preservation officer shall accept	128
applications in the order in which they are filed. Within seven	129
days after an application is filed, the officer shalland forward	130
itthem to the director of development, who shall review the	131
applicationapplications and determine whether all of the	132
following criteria are met:	133

(1) That the building that is the subject of the application	134
is a historic building and the applicant is the owner of the	135
building;	136

(2) That the rehabilitation will satisfy standards prescribed	137
by the United States secretary of the interior under 16 U.S.C.	138
470, et seq., as amended, and 36 C.F.R. 67.7 or a successor to	139
that section;	140

(3) That receiving a rehabilitation tax credit certificate	141
under this section is a major factor in:	142

(a) The applicant's decision to rehabilitate the historic	143
building; or	144

(b) To increase the level of investment in such	145
rehabilitation.	146

An applicant shall demonstrate to the satisfaction of the	147
state historic preservation officer and director of development	148
that the rehabilitation will satisfy the standards described in	149
division (C)(2) of this section before the applicant begins the	150
physical rehabilitation of the historic building.	151

(D) If the(1) The director of development may approve an	152
application and issue a rehabilitation tax credit certificate to	153
an applicant only if the director determines that the criteria in	154
divisions (C)(1), (2), and (3) of this section are met, the	155
director, in conjunction with the tax commissioner, shall conduct	156
a cost and benefit analysis for the historic building that is the	157
subject of an application filed under this section to determine	158
whether rehabilitation of the historic building, including	159
activities during the construction phase of the rehabilitation,	160
will result in a net revenue gain in state and local taxes. The	161
director shall not approve an application and issue a	162
rehabilitation tax credit certificate to an applicant unless the	163
cost and benefit analysis of the historic building determines	164
that there will be a net revenue gain in state and local taxes	165
once the building is used. A. The director shall consider the	166
potential economic impact and the regional distributive balance of	167
the credits throughout the state.	168

(2) A rehabilitation tax credit certificate shall not be	169
issued before rehabilitation of a historic building is	170
completed or for an amount greater than the estimated amount	171
furnished by the applicant on the application for such	172
certificate and approved by the director. The director shall not	173
approve more than one hundred applications ina total of sixty	174
million dollars of rehabilitation tax credits for an application	175
period.	176

(3) Of the sixty million dollars approved for application	177
periods July 1, 2009, through June 30, 2010, and July 1, 2010,	178
through June 30, 2011, thirty million dollars shall be reserved in	179
each application period for the award of rehabilitation tax credit	180
certificates to applicants who filed completed applications before	181
March 21, 2008, who have not withdrawn the application, and who	182
have not yet been approved to receive a certificate, and for whose	183
rehabilitation the director determines meets the criteria in	184
divisions (C)(1), (2), and (3) of this section. If the total	185
amount of credits awarded for such applications is less than	186
thirty million dollars in an application period, the remainder	187
shall be made available for other qualifying applications for that	188
application period.	189

If an applicant whose application is approved for receipt of	190
a rehabilitation tax credit certificate fails to provide to the	191
director of development sufficient evidence of reviewable	192
progress, including a viable financial plan, copies of final	193
construction drawings, and evidence that the applicant has	194
obtained all historic approvals within twelve months after the	195
date the applicant received notification of approval, or if the	196
applicant fails to provide evidence to the director of development	197
that the applicant has secured and closed on financing for the	198
rehabilitation within eighteen months after receiving notification	199
of approval, the director shall notify the applicant that the	200
approval has been rescinded. Credits that would have been	201
available to an applicant whose approval was rescinded shall be	202
available for other qualified applicants. Nothing in this division	203
prohibits an applicant whose approval has been rescinded from	204
submitting a new application for a rehabilitation tax credit	205
certificate.	206

(E) Issuance of a certificate represents a finding by the	207
director of development of the matters described in divisions	208
(C)(1), (2), and (3) of this section only; issuance of a	209
certificate does not represent a verification or certification by	210
the director of the amount of qualified rehabilitation	211
expenditures for which a tax credit may be claimed under section	212
5725.151, 5733.47, or 5747.76 of the Revised Code. The amount of	213
qualified rehabilitation expenditures for which a tax credit may	214
be claimed is subject to inspection and examination by the tax	215
commissioner or employees of the commissioner under section	216
5703.19 of the Revised Code and any other applicable law. Upon the	217
issuance of a certificate, the director shall certify to the tax	218
commissioner, in the form and manner requested by the tax	219
commissioner, the name of the applicant, the amount of qualified	220
rehabilitation expenditures shown on the certificate, and any	221
other information required by the rules adopted under this	222
section.	223

(F)(1) On or before the first day of December in 2007, 2008,	224
and 2009, 2010, and 2011, the director of development and tax	225
commissioner jointly shall submit to the president of the senate	226
and the speaker of the house of representatives a report on the	227
tax credit program established under this section and sections	228
5725.151, 5733.47, and 5747.76 of the Revised Code. The report	229
shall present an overview of the program and shall include	230
information on the number of rehabilitation tax credit	231
certificates issued under this section during an application	232
period, an update on the status of each historic building for	233
which an application was approved under this section, the dollar	234
amount of the tax credits granted under sections 5725.151,	235
5733.47, and 5747.76 of the Revised Code, and any other	236
information the director and commissioner consider relevant to	237
the topics addressed in the report.	238

(2) On or before December 1, 20102012, the director of	239
development and tax commissioner jointly shall submit to the	240
president of the senate and the speaker of the house of	241
representatives a comprehensive report that includes the	242
information required by division (F)(1) of this section and a	243
detailed analysis of the effectiveness of issuing tax credits for	244
rehabilitating historic buildings. The report shall be prepared	245
with the assistance of an economic research organization jointly	246
chosen by the director and commissioner.	247

Sec. 151.01.  (A) As used in sections 151.01 to 151.11 and	248
151.40 of the Revised Code and in the applicable bond proceedings	249
unless otherwise provided:	250

(1) "Bond proceedings" means the resolutions, orders,	251
agreements, and credit enhancement facilities, and amendments and	252
supplements to them, or any one or more or combination of them,	253
authorizing, awarding, or providing for the terms and conditions	254
applicable to or providing for the security or liquidity of, the	255
particular obligations, and the provisions contained in those	256
obligations.	257

(2) "Bond service fund" means the respective bond service	258
fund created by section 151.03, 151.04, 151.05, 151.06, 151.07,	259
151.071, 151.08, 151.09, 151.10, 151.11, or 151.40 of the Revised	260
Code, and any accounts in that fund, including all moneys and	261
investments, and earnings from investments, credited and to be	262
credited to that fund and accounts as and to the extent provided	263
in the applicable bond proceedings.	264

(3) "Capital facilities" means capital facilities or projects	265
as referred to in section 151.03, 151.04, 151.05, 151.06, 151.07,	266
151.071, 151.08, 151.09, 151.10, 151.11, or 151.40 of the Revised	267
Code.	268

(4) "Costs of capital facilities" means the costs of	269
acquiring, constructing, reconstructing, rehabilitating,	270
remodeling, renovating, enlarging, improving, equipping, or	271
furnishing capital facilities, and of the financing of those	272
costs. "Costs of capital facilities" includes, without limitation,	273
and in addition to costs referred to in section 151.03, 151.04,	274
151.05, 151.06, 151.07, 151.071, 151.08, 151.09, 151.10, 151.11,	275
or 151.40 of the Revised Code, the cost of clearance and	276
preparation of the site and of any land to be used in connection	277
with capital facilities, the cost of any indemnity and surety	278
bonds and premiums on insurance, all related direct administrative	279
expenses and allocable portions of direct costs of the issuing	280
authority, costs of engineering and architectural services,	281
designs, plans, specifications, surveys, and estimates of cost,	282
financing costs, interest on obligations from their date to the	283
time when interest is to be paid from sources other than proceeds	284
of obligations, amounts necessary to establish any reserves as	285
required by the bond proceedings, the reimbursement of all moneys	286
advanced or applied by or borrowed from any person or governmental	287
agency or entity for the payment of any item of costs of capital	288
facilities, and all other expenses necessary or incident to	289
planning or determining feasibility or practicability with respect	290
to capital facilities, and such other expenses as may be necessary	291
or incident to the acquisition, construction, reconstruction,	292
rehabilitation, remodeling, renovation, enlargement, improvement,	293
equipment, and furnishing of capital facilities, the financing of	294
those costs, and the placing of the capital facilities in use and	295
operation, including any one, part of, or combination of those	296
classes of costs and expenses. For purposes of sections 122.085 to	297
122.0820 of the Revised Code, "costs of capital facilities"	298
includes "allowable costs" as defined in section 122.085 of the	299
Revised Code.	300

(5) "Credit enhancement facilities," "financing costs," and	301
"interest" or "interest equivalent" have the same meanings as in	302
section 133.01 of the Revised Code.	303

(6) "Debt service" means principal, including any mandatory	304
sinking fund or redemption requirements for retirement of	305
obligations, interest and other accreted amounts, interest	306
equivalent, and any redemption premium, payable on obligations. If	307
not prohibited by the applicable bond proceedings, debt service	308
may include costs relating to credit enhancement facilities that	309
are related to and represent, or are intended to provide a source	310
of payment of or limitation on, other debt service.	311

(7) "Issuing authority" means the Ohio public facilities	312
commission created in section 151.02 of the Revised Code for	313
obligations issued under section 151.03, 151.04, 151.05, 151.07,	314
151.071, 151.08, 151.09, 151.10, or 151.11 of the Revised Code, or	315
the treasurer of state, or the officer who by law performs the	316
functions of that office, for obligations issued under section	317
151.06 or 151.40 of the Revised Code.	318

(8) "Net proceeds" means amounts received from the sale of	319
obligations, excluding amounts used to refund or retire	320
outstanding obligations, amounts required to be deposited into	321
special funds pursuant to the applicable bond proceedings, and	322
amounts to be used to pay financing costs.	323

(9) "Obligations" means bonds, notes, or other evidences of	324
obligation of the state, including any appertaining interest	325
coupons, issued under Section 2k, 2l, 2m, 2n, 2o, 2p, or 15 of	326
Article VIII, Ohio Constitution, and pursuant to sections 151.01	327
to 151.11 or 151.40 of the Revised Code or other general assembly	328
authorization.	329

(10) "Principal amount" means the aggregate of the amount as	330
stated or provided for in the applicable bond proceedings as the	331
amount on which interest or interest equivalent on particular	332
obligations is initially calculated. Principal amount does not	333
include any premium paid to the state by the initial purchaser of	334
the obligations. "Principal amount" of a capital appreciation	335
bond, as defined in division (C) of section 3334.01 of the Revised	336
Code, means its face amount, and "principal amount" of a zero	337
coupon bond, as defined in division (J) of section 3334.01 of the	338
Revised Code, means the discounted offering price at which the	339
bond is initially sold to the public, disregarding any purchase	340
price discount to the original purchaser, if provided for pursuant	341
to the bond proceedings.	342

(11) "Special funds" or "funds," unless the context indicates	343
otherwise, means the bond service fund, and any other funds,	344
including any reserve funds, created under the bond proceedings	345
and stated to be special funds in those proceedings, including	346
moneys and investments, and earnings from investments, credited	347
and to be credited to the particular fund. Special funds do not	348
include the school building program assistance fund created by	349
section 3318.25 of the Revised Code, the higher education	350
improvement fund created by division (F) of section 154.21 of the	351
Revised Code, the highway capital improvement bond fund created by	352
section 5528.53 of the Revised Code, the state parks and natural	353
resources fund created by section 1557.02 of the Revised Code, the	354
coal research and development fund created by section 1555.15 of	355
the Revised Code, the clean Ohio conservation fund created by	356
section 164.27 of the Revised Code, the clean Ohio revitalization	357
fund created by section 122.658 of the Revised Code, the job ready	358
site development fund created by section 122.0820 of the Revised	359
Code, the third frontier research and development fund created by	360
section 184.19 of the Revised Code, the third frontier research	361
and development taxable bond fund created by section 184.191 of	362
the Revised Code, or other funds created by the bond proceedings	363
that are not stated by those proceedings to be special funds.	364

(B) Subject to Section 2l, 2m, 2n, 2o, 2p, or 15, and Section	365
17, of Article VIII, Ohio Constitution, the state, by the issuing	366
authority, is authorized to issue and sell, as provided in	367
sections 151.03 to 151.11 or 151.40 of the Revised Code, and in	368
respective aggregate principal amounts as from time to time	369
provided or authorized by the general assembly, general	370
obligations of this state for the purpose of paying costs of	371
capital facilities or projects identified by or pursuant to	372
general assembly action.	373

(C) Each issue of obligations shall be authorized by	374
resolution or order of the issuing authority. The bond proceedings	375
shall provide for or authorize the manner for determining the	376
principal amount or maximum principal amount of obligations of an	377
issue, the principal maturity or maturities, the interest rate or	378
rates, the date of and the dates of payment of interest on the	379
obligations, their denominations, and the place or places of	380
payment of debt service which may be within or outside the state.	381
Unless otherwise provided by law, the latest principal maturity	382
may not be later than the earlier of the thirty-first day of	383
December of the twenty-fifth calendar year after the year of	384
issuance of the particular obligations or of the twenty-fifth	385
calendar year after the year in which the original obligation to	386
pay was issued or entered into. Sections 9.96, 9.98, 9.981, 9.982,	387
and 9.983 of the Revised Code apply to obligations. The purpose of	388
the obligations may be stated in the bond proceedings in general	389
terms, such as, as applicable, "financing or assisting in the	390
financing of projects as provided in Section 2l of Article VIII,	391
Ohio Constitution," "financing or assisting in the financing of	392
highway capital improvement projects as provided in Section 2m of	393
Article VIII, Ohio Constitution," "paying costs of capital	394
facilities for a system of common schools throughout the state as	395
authorized by Section 2n of Article VIII, Ohio Constitution,"	396
"paying costs of capital facilities for state-supported and	397
state-assisted institutions of higher education as authorized by	398
Section 2n of Article VIII, Ohio Constitution," "paying costs of	399
coal research and development as authorized by Section 15 of	400
Article VIII, Ohio Constitution," "financing or assisting in the	401
financing of local subdivision capital improvement projects as	402
authorized by Section 2m of Article VIII, Ohio Constitution,"	403
"paying costs of conservation projects as authorized by Section 2o	404
of Article VIII, Ohio Constitution," "paying costs of	405
revitalization projects as authorized by Section 2o of Article	406
VIII, Ohio Constitution," "paying costs of preparing sites for	407
industry, commerce, distribution, or research and development as	408
authorized by Section 2p of Article VIII, Ohio Constitution," or	409
"paying costs of research and development as authorized by Section	410
2p of Article VIII, Ohio Constitution."	411

(D) The issuing authority may appoint or provide for the	412
appointment of paying agents, bond registrars, securities	413
depositories, clearing corporations, and transfer agents, and may	414
without need for any other approval retain or contract for the	415
services of underwriters, investment bankers, financial advisers,	416
accounting experts, marketing, remarketing, indexing, and	417
administrative agents, other consultants, and independent	418
contractors, including printing services, as are necessary in the	419
judgment of the issuing authority to carry out the issuing	420
authority's functions under this chapter. When the issuing	421
authority is the Ohio public facilities commission, the issuing	422
authority also may without need for any other approval retain or	423
contract for the services of attorneys and other professionals for	424
that purpose. Financing costs are payable, as may be provided in	425
the bond proceedings, from the proceeds of the obligations, from	426
special funds, or from other moneys available for the purpose.	427

(E) The bond proceedings may contain additional provisions	428
customary or appropriate to the financing or to the obligations or	429
to particular obligations including, but not limited to,	430
provisions for:	431

(1) The redemption of obligations prior to maturity at the	432
option of the state or of the holder or upon the occurrence of	433
certain conditions, and at particular price or prices and under	434
particular terms and conditions;	435

(2) The form of and other terms of the obligations;

436

(3) The establishment, deposit, investment, and application	437
of special funds, and the safeguarding of moneys on hand or on	438
deposit, in lieu of the applicability of provisions of Chapter	439
131. or 135. of the Revised Code, but subject to any special	440
provisions of sections 151.01 to 151.11 or 151.40 of the Revised	441
Code with respect to the application of particular funds or	442
moneys. Any financial institution that acts as a depository of any	443
moneys in special funds or other funds under the bond proceedings	444
may furnish indemnifying bonds or pledge securities as required by	445
the issuing authority.	446

(4) Any or every provision of the bond proceedings being	447
binding upon the issuing authority and upon such governmental	448
agency or entity, officer, board, commission, authority, agency,	449
department, institution, district, or other person or body as may	450
from time to time be authorized to take actions as may be	451
necessary to perform all or any part of the duty required by the	452
provision;	453

(5) The maintenance of each pledge or instrument comprising	454
part of the bond proceedings until the state has fully paid or	455
provided for the payment of the debt service on the obligations or	456
met other stated conditions;	457

(6) In the event of default in any payments required to be	458
made by the bond proceedings, or by any other agreement of the	459
issuing authority made as part of a contract under which the	460
obligations were issued or secured, including a credit enhancement	461
facility, the enforcement of those payments by mandamus, a suit in	462
equity, an action at law, or any combination of those remedial	463
actions;	464

(7) The rights and remedies of the holders or owners of	465
obligations or of book-entry interests in them, and of third	466
parties under any credit enhancement facility, and provisions for	467
protecting and enforcing those rights and remedies, including	468
limitations on rights of individual holders or owners;	469

(8) The replacement of mutilated, destroyed, lost, or stolen	470
obligations;	471

(9) The funding, refunding, or advance refunding, or other	472
provision for payment, of obligations that will then no longer be	473
outstanding for purposes of this section or of the applicable bond	474
proceedings;	475

(10) Amendment of the bond proceedings;

476

(11) Any other or additional agreements with the owners of	477
obligations, and such other provisions as the issuing authority	478
determines, including limitations, conditions, or qualifications,	479
relating to any of the foregoing.	480

(F) The great seal of the state or a facsimile of it may be	481
affixed to or printed on the obligations. The obligations	482
requiring execution by or for the issuing authority shall be	483
signed as provided in the bond proceedings. Any obligations may be	484
signed by the individual who on the date of execution is the	485
authorized signer although on the date of these obligations that	486
individual is not an authorized signer. In case the individual	487
whose signature or facsimile signature appears on any obligation	488
ceases to be an authorized signer before delivery of the	489
obligation, that signature or facsimile is nevertheless valid and	490
sufficient for all purposes as if that individual had remained the	491
authorized signer until delivery.	492

(G) Obligations are investment securities under Chapter 1308.	493
of the Revised Code. Obligations may be issued in bearer or in	494
registered form, registrable as to principal alone or as to both	495
principal and interest, or both, or in certificated or	496
uncertificated form, as the issuing authority determines.	497
Provision may be made for the exchange, conversion, or transfer of	498
obligations and for reasonable charges for registration, exchange,	499
conversion, and transfer. Pending preparation of final	500
obligations, the issuing authority may provide for the issuance of	501
interim instruments to be exchanged for the final obligations.	502

(H) Obligations may be sold at public sale or at private	503
sale, in such manner, and at such price at, above or below par,	504
all as determined by and provided by the issuing authority in the	505
bond proceedings.	506

(I) Except to the extent that rights are restricted by the	507
bond proceedings, any owner of obligations or provider of a credit	508
enhancement facility may by any suitable form of legal proceedings	509
protect and enforce any rights relating to obligations or that	510
facility under the laws of this state or granted by the bond	511
proceedings. Those rights include the right to compel the	512
performance of all applicable duties of the issuing authority and	513
the state. Each duty of the issuing authority and that authority's	514
officers, staff, and employees, and of each state entity or	515
agency, or using district or using institution, and its officers,	516
members, staff, or employees, undertaken pursuant to the bond	517
proceedings, is hereby established as a duty of the entity or	518
individual having authority to perform that duty, specifically	519
enjoined by law and resulting from an office, trust, or station	520
within the meaning of section 2731.01 of the Revised Code. The	521
individuals who are from time to time the issuing authority,	522
members or officers of the issuing authority, or those members'	523
designees acting pursuant to section 151.02 of the Revised Code,	524
or the issuing authority's officers, staff, or employees, are not	525
liable in their personal capacities on any obligations or	526
otherwise under the bond proceedings.	527

(J)(1) Subject to Section 2k, 2l, 2m, 2n, 2o, 2p, or 15, and	528
Section 17, of Article VIII, Ohio Constitution and sections 151.01	529
to 151.11 or 151.40 of the Revised Code, the issuing authority	530
may, in addition to the authority referred to in division (B) of	531
this section, authorize and provide for the issuance of:	532

(a) Obligations in the form of bond anticipation notes, and	533
may provide for the renewal of those notes from time to time by	534
the issuance of new notes. The holders of notes or appertaining	535
interest coupons have the right to have debt service on those	536
notes paid solely from the moneys and special funds that are or	537
may be pledged to that payment, including the proceeds of bonds or	538
renewal notes or both, as the issuing authority provides in the	539
bond proceedings authorizing the notes. Notes may be additionally	540
secured by covenants of the issuing authority to the effect that	541
the issuing authority and the state will do all things necessary	542
for the issuance of bonds or renewal notes in such principal	543
amount and upon such terms as may be necessary to provide moneys	544
to pay when due the debt service on the notes, and apply their	545
proceeds to the extent necessary, to make full and timely payment	546
of debt service on the notes as provided in the applicable bond	547
proceedings. In the bond proceedings authorizing the issuance of	548
bond anticipation notes the issuing authority shall set forth for	549
the bonds anticipated an estimated schedule of annual principal	550
payments the latest of which shall be no later than provided in	551
division (C) of this section. While the notes are outstanding	552
there shall be deposited, as shall be provided in the bond	553
proceedings for those notes, from the sources authorized for	554
payment of debt service on the bonds, amounts sufficient to pay	555
the principal of the bonds anticipated as set forth in that	556
estimated schedule during the time the notes are outstanding,	557
which amounts shall be used solely to pay the principal of those	558
notes or of the bonds anticipated.	559

(b) Obligations for the refunding, including funding and	560
retirement, and advance refunding with or without payment or	561
redemption prior to maturity, of any obligations previously	562
issued. Refunding obligations may be issued in amounts sufficient	563
to pay or to provide for repayment of the principal amount,	564
including principal amounts maturing prior to the redemption of	565
the remaining prior obligations, any redemption premium, and	566
interest accrued or to accrue to the maturity or redemption date	567
or dates, payable on the prior obligations, and related financing	568
costs and any expenses incurred or to be incurred in connection	569
with that issuance and refunding. Subject to the applicable bond	570
proceedings, the portion of the proceeds of the sale of refunding	571
obligations issued under division (J)(1)(b) of this section to be	572
applied to debt service on the prior obligations shall be credited	573
to an appropriate separate account in the bond service fund and	574
held in trust for the purpose by the issuing authority or by a	575
corporate trustee. Obligations authorized under this division	576
shall be considered to be issued for those purposes for which the	577
prior obligations were issued.	578

(2) Except as otherwise provided in sections 151.01 to 151.11	579
or 151.40 of the Revised Code, bonds or notes authorized pursuant	580
to division (J) of this section are subject to the provisions of	581
those sections pertaining to obligations generally.	582

(3) The principal amount of refunding or renewal obligations	583
issued pursuant to division (J) of this section shall be in	584
addition to the amount authorized by the general assembly as	585
referred to in division (B) of the following sections: section	586
151.03, 151.04, 151.05, 151.06, 151.07, 151.071, 151.08, 151.09,	587
151.10, 151.11, or 151.40 of the Revised Code.	588

(K) Obligations are lawful investments for banks, savings and	589
loan associations, credit union share guaranty corporations, trust	590
companies, trustees, fiduciaries, insurance companies, including	591
domestic for life and domestic not for life, trustees or other	592
officers having charge of sinking and bond retirement or other	593
special funds of the state and political subdivisions and taxing	594
districts of this state, the sinking fund, the administrator of	595
workers' compensation subject to the approval of the workers'	596
compensation board, the state teachers retirement system, the	597
public employees retirement system, the school employees	598
retirement system, and the Ohio police and fire pension fund,	599
notwithstanding any other provisions of the Revised Code or rules	600
adopted pursuant to those provisions by any state agency with	601
respect to investments by them, and are also acceptable as	602
security for the repayment of the deposit of public moneys. The	603
exemptions from taxation in Ohio as provided for in particular	604
sections of the Ohio Constitution and section 5709.76 of the	605
Revised Code apply to the obligations.	606

(L)(1) Unless otherwise provided or provided for in any	607
applicable bond proceedings, moneys to the credit of or in a	608
special fund shall be disbursed on the order of the issuing	609
authority. No such order is required for the payment, from the	610
bond service fund or other special fund, when due of debt service	611
or required payments under credit enhancement facilities.	612

(2) Payments received by the state under interest rate hedges	613
entered into as credit enhancement facilities under this chapter	614
shall be deposited to the credit of the bond service fund for the	615
obligations to which those credit enhancement facilities relate.	616

(M) The full faith and credit, revenue, and taxing power of	617
the state are and shall be pledged to the timely payment of debt	618
service on outstanding obligations as it comes due, all in	619
accordance with Section 2k, 2l, 2m, 2n, 2o, 2p, or 15 of Article	620
VIII, Ohio Constitution, and section 151.03, 151.04, 151.05,	621
151.06, 151.07, 151.071, 151.08, 151.09, 151.10, or 151.11 of the	622
Revised Code. Moneys referred to in Section 5a of Article XII,	623
Ohio Constitution, may not be pledged or used for the payment of	624
debt service except on obligations referred to in section 151.06	625
of the Revised Code. Net state lottery proceeds, as provided for	626
and referred to in section 3770.06 of the Revised Code, may not be	627
pledged or used for the payment of debt service except on	628
obligations referred to in section 151.03 of the Revised Code. The	629
state covenants, and that covenant shall be controlling	630
notwithstanding any other provision of law, that the state and the	631
applicable officers and agencies of the state, including the	632
general assembly, shall, so long as any obligations are	633
outstanding in accordance with their terms, maintain statutory	634
authority for and cause to be levied, collected and applied	635
sufficient pledged excises, taxes, and revenues of the state so	636
that the revenues shall be sufficient in amounts to pay debt	637
service when due, to establish and maintain any reserves and other	638
requirements, and to pay financing costs, including costs of or	639
relating to credit enhancement facilities, all as provided for in	640
the bond proceedings. Those excises, taxes, and revenues are and	641
shall be deemed to be levied and collected, in addition to the	642
purposes otherwise provided for by law, to provide for the payment	643
of debt service and financing costs in accordance with sections	644
151.01 to 151.11 of the Revised Code and the bond proceedings.	645

(N) The general assembly may from time to time repeal or	646
reduce any excise, tax, or other source of revenue pledged to the	647
payment of the debt service pursuant to Section 2k, 2l, 2m, 2n,	648
2o, 2p, or 15 of Article VIII, Ohio Constitution, and sections	649
151.01 to 151.11 or 151.40 of the Revised Code, and may levy,	650
collect and apply any new or increased excise, tax, or revenue to	651
meet the pledge, to the payment of debt service on outstanding	652
obligations, of the state's full faith and credit, revenue and	653
taxing power, or of designated revenues and receipts, except fees,	654
excises or taxes referred to in Section 5a of Article XII, Ohio	655
Constitution, for other than obligations referred to in section	656
151.06 of the Revised Code and except net state lottery proceeds	657
for other than obligations referred to in section 151.03 of the	658
Revised Code. Nothing in division (N) of this section authorizes	659
any impairment of the obligation of this state to levy and collect	660
sufficient excises, taxes, and revenues to pay debt service on	661
obligations outstanding in accordance with their terms.	662

(O) Each bond service fund is a trust fund and is hereby	663
pledged to the payment of debt service on the applicable	664
obligations. Payment of that debt service shall be made or	665
provided for by the issuing authority in accordance with the bond	666
proceedings without necessity for any act of appropriation. The	667
bond proceedings may provide for the establishment of separate	668
accounts in the bond service fund and for the application of those	669
accounts only to debt service on specific obligations, and for	670
other accounts in the bond service fund within the general	671
purposes of that fund.	672

(P) Subject to the bond proceedings pertaining to any	673
obligations then outstanding in accordance with their terms, the	674
issuing authority may in the bond proceedings pledge all, or such	675
portion as the issuing authority determines, of the moneys in the	676
bond service fund to the payment of debt service on particular	677
obligations, and for the establishment and maintenance of any	678
reserves for payment of particular debt service.	679

(Q) The issuing authority shall by the fifteenth day of July	680
of each fiscal year, certify or cause to be certified to the	681
office of budget and management the total amount of moneys	682
required during the current fiscal year to meet in full all debt	683
service on the respective obligations and any related financing	684
costs payable from the applicable bond service fund and not from	685
the proceeds of refunding or renewal obligations. The issuing	686
authority shall make or cause to be made supplemental	687
certifications to the office of budget and management for each	688
debt service payment date and at such other times during each	689
fiscal year as may be provided in the bond proceedings or	690
requested by that office. Debt service, costs of credit	691
enhancement facilities, and other financing costs shall be set	692
forth separately in each certification. If and so long as the	693
moneys to the credit of the bond service fund, together with any	694
other moneys available for the purpose, are insufficient to meet	695
in full all payments when due of the amount required as stated in	696
the certificate or otherwise, the office of budget and management	697
shall at the times as provided in the bond proceedings, and	698
consistent with any particular provisions in sections 151.03 to	699
151.11 and 151.40 of the Revised Code, transfer a sufficient	700
amount to the bond service fund from the pledged revenues in the	701
case of obligations issued pursuant to section 151.40 of the	702
Revised Code, and in the case of other obligations from the	703
revenues derived from excises, taxes, and other revenues,	704
including net state lottery proceeds in the case of obligations	705
referred to in section 151.03 of the Revised Code.	706

(R) Unless otherwise provided in any applicable bond	707
proceedings, moneys to the credit of special funds may be invested	708
by or on behalf of the state only in one or more of the following:	709

(1) Notes, bonds, or other direct obligations of the United	710
States or of any agency or instrumentality of the United States,	711
or in no-front-end-load money market mutual funds consisting	712
exclusively of those obligations, or in repurchase agreements,	713
including those issued by any fiduciary, secured by those	714
obligations, or in collective investment funds consisting	715
exclusively of those obligations;	716

(2) Obligations of this state or any political subdivision of	717
this state;	718

(3) Certificates of deposit of any national bank located in	719
this state and any bank, as defined in section 1101.01 of the	720
Revised Code, subject to inspection by the superintendent of	721
financial institutions;	722

(4) The treasurer of state's pooled investment program under	723
section 135.45 of the Revised Code.	724

The income from investments referred to in division (R) of	725
this section shall, unless otherwise provided in sections 151.01	726
to 151.11 or 151.40 of the Revised Code, be credited to special	727
funds or otherwise as the issuing authority determines in the bond	728
proceedings. Those investments may be sold or exchanged at times	729
as the issuing authority determines, provides for, or authorizes.	730

(S) The treasurer of state shall have responsibility for	731
keeping records, making reports, and making payments, relating to	732
any arbitrage rebate requirements under the applicable bond	733
proceedings.	734

Sec. 151.071. (A) As used in this section:

735

(1) "Coal research and development" means inquiry,	736
experimentation, or demonstration to advance basic scientific or	737
technical knowledge, or the application, adaptation, or use of	738
existing or newly discovered scientific or technical knowledge,	739
regarding the beneficiation of Ohio coal before combustion,	740
conversion of Ohio coal to other fuels, the control of emissions	741
of sulfur compounds resulting from the use of Ohio coal through	742
the removal of sulfur compounds and other pollutants before,	743
during, or after combustion, or other inquiry, experimentation, or	744
commercial-scale demonstration, directed toward the utilization of	745
Ohio coal in an environmentally acceptable manner as a fuel or	746
chemical feedstock.	747

(2) "Coal research and development facilities" means	748
buildings, structures, and other improvements, and equipment and	749
other property, real and personal, or the modification or	750
replacement of property, for coal research and development,	751
including, without limitation, research, pilot, and	752
commercial-scale demonstration facilities and, when necessary or	753
appropriate to demonstrate the commercial acceptability of a	754
specific technology, up to three installations within this state	755
utilizing the specific technology that enhances the market for, or	756
marketability of, Ohio coal, and further including any property or	757
system to be used wholly or partially for that purpose, whether or	758
not another purpose is also served, and any property or system	759
incidental to or which pertains to the purpose of coal research	760
and development. Coal research and development facilities as	761
defined in this division are hereby determined to be those which	762
qualify for grants, loans, and loan guarantees under Section 15 of	763
Article VIII, Ohio Constitution.	764

(3) "Costs of capital facilities" or "costs of projects"	765
includes related direct administrative expenses and allocable	766
portions of direct costs of the third frontier commission, the	767
cost of demolishing or removing any buildings or structures on	768
land acquired, including the cost of acquiring any lands to which	769
such buildings or structures may be moved, the cost of all	770
machinery, furnishings, and equipment, surveys, estimates of cost	771
and revenues, working capital, other expenses necessary to	772
determining the feasibility or practicability of acquiring or	773
constructing such project, and such other expense as may be	774
necessary to the acquisition or construction of the project, the	775
financing of such acquisition or construction, and the financing	776
of the placing of such project in operation. Any obligation, cost,	777
or expense incurred by any person or educational or scientific	778
institution for surveys, borings, preparation of plans and	779
specifications, and other engineering services, or any other cost	780
described above, in connection with the acquisition or	781
construction of a project may be regarded as a part of the cost of	782
that project.	783

(4) "Obligations" means obligations as defined in section	784
151.01 of the Revised Code issued to pay costs of projects.	785

(5) "Project" means any coal research and development, or any	786
coal research and development facility, both as defined in this	787
section, including undivided or other interests, acquired or to be	788
acquired, constructed or to be constructed, or operating or to be	789
operated by a person doing business in this state or by an	790
educational or scientific institution located in this state with	791
all or a part of the cost of the project being paid from a loan or	792
grant from the third frontier commission or a loan guaranteed by	793
the commission under section 184.35 of the Revised Code, including	794
all buildings and facilities that the commission determines	795
necessary for the operation of the project, together with all	796
property, rights, easements, and interests that may be required	797
for the operation of the project.	798

(B) The issuing authority shall issue obligations to pay	799
costs of projects pursuant to Section 15 of Article VIII, Ohio	800
Constitution, section 151.01 of the Revised Code, and this section	801
upon certification by the director of development, after	802
consultation with the third frontier commission of the amount of	803
moneys or additional moneys needed in the third frontier coal	804
research and development fund for the purpose of making grants or	805
loans for allowable costs of projects, or needed for capitalized	806
interest, for funding reserves, or providing moneys for loan	807
guarantees under section 184.35 of the Revised Code.	808

(C) Net proceeds of obligations shall be deposited into the	809
third frontier coal research and development fund created by	810
section 184.36 of the Revised Code.	811

(D) There is hereby created in the state treasury the third	812
frontier coal research and development bond service fund. All	813
moneys received by the state and required by the bond proceedings,	814
consistent with sections 151.01 and 151.071 of the Revised Code,	815
to be deposited, transferred, or credited to the bond service	816
fund, and all other moneys transferred or allocated to or received	817
for the purposes of that fund, shall be deposited and credited to	818
the bond service fund, subject to any applicable provisions of the	819
bond proceedings but without necessity for any act of	820
appropriation. During the period beginning with the date of the	821
first issuance of obligations and continuing during the time that	822
any obligations are outstanding in accordance with their terms, so	823
long as moneys in the bond service fund are insufficient to pay	824
debt service when due on those obligations payable from that fund	825
(except the principal amounts of bond anticipation notes payable	826
from the proceeds of renewal notes or bonds anticipated) and due	827
in the particular fiscal year, a sufficient amount of revenues of	828
the state is committed and, without necessity for further act of	829
appropriation, shall be paid to the bond service fund for the	830
purpose of paying that debt service when due.	831

Sec. 164.28. The local infrastructure development fund is	832
hereby created in the state treasury. The fund shall consist of	833
cash transferred from the jobs fund created in the state treasury	834
by Section 4 of Sub. H.B. 544 of the 127th general assembly.	835
Money in the fund shall be used to provide grants for local	836
infrastructure development and for capital improvement projects.	837
All investment earnings of the fund shall be credited to the fund.	838

Sec. 166.01.  As used in this chapter:

839

(A) "Allowable costs" means all or part of the costs of	840
project facilities, eligible projects, eligible innovation	841
projects, or eligible research and development projects, eligible	842
advanced energy projects, or eligible logistics and distribution	843
projects, including costs of acquiring, constructing,	844
reconstructing, rehabilitating, renovating, enlarging, improving,	845
equipping, or furnishing project facilities, eligible projects,	846
eligible innovation projects, or eligible research and development	847
projects, eligible advanced energy projects, or eligible logistics	848
and distribution projects, site clearance and preparation,	849
supplementing and relocating public capital improvements or	850
utility facilities, designs, plans, specifications, surveys,	851
studies, and estimates of costs, expenses necessary or incident	852
to determining the feasibility or practicability of assisting an	853
eligible project, an eligible innovation project, or an eligible	854
research and development project, an eligible advanced energy	855
project, or an eligible logistics and distribution project, or	856
providing project facilities or facilities related to an eligible	857
project, an eligible innovation project or, an eligible research	858
and development project, an eligible advanced energy project, or	859
an eligible logistics and distribution project, architectural,	860
engineering, and legal services fees and expenses, the costs of	861
conducting any other activities as part of a voluntary action, and	862
such other expenses as may be necessary or incidental to the	863
establishment or development of an eligible project, an eligible	864
innovation project, or an eligible research and development	865
project, an eligible advanced energy project, or an eligible	866
logistics and distribution project, and reimbursement of moneys	867
advanced or applied by any governmental agency or other person	868
for allowable costs.	869

(B) "Allowable innovation costs" includes allowable costs of	870
eligible innovation projects and, in addition, includes the costs	871
of research and development of eligible innovation projects;	872
obtaining or creating any requisite software or computer hardware	873
related to an eligible innovation project or the products or	874
services associated therewith; testing (including, without	875
limitation, quality control activities necessary for initial	876
production), perfecting, and marketing of such products and	877
services; creating and protecting intellectual property related to	878
an eligible innovation project or any products or services related	879
thereto, including costs of securing appropriate patent,	880
trademark, trade secret, trade dress, copyright, or other form of	881
intellectual property protection for an eligible innovation	882
project or related products and services; all to the extent that	883
such expenditures could be capitalized under then-applicable	884
generally accepted accounting principles; and the reimbursement of	885
moneys advanced or applied by any governmental agency or other	886
person for allowable innovation costs.	887

(C) "Eligible innovation project" includes an eligible	888
project, including any project facilities associated with an	889
eligible innovation project and, in addition, includes all	890
tangible and intangible property related to a new product or	891
process based on new technology or the creative application of	892
existing technology, including research and development, product	893
or process testing, quality control, market research, and related	894
activities, that is to be acquired, established, expanded,	895
remodeled, rehabilitated, or modernized for industry, commerce,	896
distribution, or research, or any combination thereof, the	897
operation of which, alone or in conjunction with other eligible	898
projects, eligible innovation projects, or innovation property,	899
will create new jobs or preserve existing jobs and employment	900
opportunities and improve the economic welfare of the people of	901
the state.	902

(D) "Eligible project" means project facilities to be	903
acquired, established, expanded, remodeled, rehabilitated, or	904
modernized for industry, commerce, distribution, or research, or	905
any combination thereof, the operation of which, alone or in	906
conjunction with other facilities, will create new jobs or	907
preserve existing jobs and employment opportunities and improve	908
the economic welfare of the people of the state. "Eligible	909
project" includes, without limitation, a voluntary action. For	910
purposes of this division, "new jobs" does not include existing	911
jobs transferred from another facility within the state, and	912
"existing jobs" includes only those existing jobs with work places	913
within the municipal corporation or unincorporated area of the	914
county in which the eligible project is located.	915

"Eligible project" does not include project facilities to be	916
acquired, established, expanded, remodeled, rehabilitated, or	917
modernized for industry, commerce, distribution, or research, or	918
any combination of industry, commerce, distribution, or research,	919
if the project facilities consist solely of	920
point-of-final-purchase retail facilities. If the project	921
facilities consist of both point-of-final-purchase retail	922
facilities and nonretail facilities, only the portion of the	923
project facilities consisting of nonretail facilities is an	924
eligible project. If a warehouse facility is part of a	925
point-of-final-purchase retail facility and supplies only that	926
facility, the warehouse facility is not an eligible project.	927
Catalog distribution facilities are not considered	928
point-of-final-purchase retail facilities for purposes of this	929
paragraph, and are eligible projects.	930

(E) "Eligible research and development project" means an	931
eligible project, including project facilities, comprising,	932
within, or related to, a facility or portion of a facility at	933
which research is undertaken for the purpose of discovering	934
information that is technological in nature and the application of	935
which is intended to be useful in the development of a new or	936
improved product, process, technique, formula, or invention, a new	937
product or process based on new technology, or the creative	938
application of existing technology.	939

(F) "Financial assistance" means inducements under division	940
(B) of section 166.02 of the Revised Code, loan guarantees under	941
section 166.06 of the Revised Code, and direct loans under section	942
166.07 of the Revised Code.	943

(G) "Governmental action" means any action by a governmental	944
agency relating to the establishment, development, or operation of	945
an eligible project, eligible innovation project, or eligible	946
research and development project, eligible advanced energy	947
project, or eligible logistics and distribution project, and	948
project facilities that the governmental agency acting has	949
authority to take or provide for the purpose under law,	950
including, but not limited to, actions relating to contracts and	951
agreements, zoning, building, permits, acquisition and disposition	952
of property, public capital improvements, utility and	953
transportation service, taxation, employee recruitment and	954
training, and liaison and coordination with and among governmental	955
agencies.	956

(H) "Governmental agency" means the state and any state	957
department, division, commission, institution or authority; a	958
municipal corporation, county, or township, and any agency	959
thereof, and any other political subdivision or public corporation	960
or the United States or any agency thereof; any agency,	961
commission, or authority established pursuant to an interstate	962
compact or agreement; and any combination of the above.	963

(I) "Innovation financial assistance" means inducements under	964
division (B) of section 166.12 of the Revised Code, innovation	965
Ohio loan guarantees under section 166.15 of the Revised Code, and	966
innovation Ohio loans under section 166.16 of the Revised Code.	967

(J) "Innovation Ohio loan guarantee reserve requirement"	968
means, at any time, with respect to innovation loan guarantees	969
made under section 166.15 of the Revised Code, a balance in the	970
innovation Ohio loan guarantee fund equal to the greater of twenty	971
per cent of the then-outstanding principal amount of all	972
outstanding innovation loan guarantees made pursuant to section	973
166.15 of the Revised Code or fifty per cent of the principal	974
amount of the largest outstanding guarantee made pursuant to	975
section 166.15 of the Revised Code.	976

(K) "Innovation property" includes property and also includes	977
software, inventory, licenses, contract rights, goodwill,	978
intellectual property, including without limitation, patents,	979
patent applications, trademarks and service marks, and trade	980
secrets, and other tangible and intangible property, and any	981
rights and interests in or connected to the foregoing.	982

(L) "Loan guarantee reserve requirement" means, at any time,	983
with respect to loan guarantees made under section 166.06 of the	984
Revised Code, a balance in the loan guarantee fund equal to the	985
greater of twenty per cent of the then-outstanding principal	986
amount of all outstanding guarantees made pursuant to section	987
166.06 of the Revised Code or fifty per cent of the principal	988
amount of the largest outstanding guarantee made pursuant to	989
section 166.06 of the Revised Code.	990

(M) "Person" means any individual, firm, partnership,	991
association, corporation, or governmental agency, and any	992
combination thereof.	993

(N) "Project facilities" means buildings, structures, and	994
other improvements, and equipment and other property, excluding	995
small tools, supplies, and inventory, and any one, part of, or	996
combination of the above, comprising all or part of, or serving or	997
being incidental to, an eligible project, an eligible innovation	998
project, or an eligible research and development project, an	999
eligible advanced energy project, or an eligible logistics and	1000
distribution project, including, but not limited to, public	1001
capital improvements.	1002

(O) "Property" means real and personal property and interests	1003
therein.	1004

(P) "Public capital improvements" means capital improvements	1005
or facilities that any governmental agency has authority to	1006
acquire, pay the costs of, own, maintain, or operate, or to	1007
contract with other persons to have the same done, including, but	1008
not limited to, highways, roads, streets, water and sewer	1009
facilities, railroad and other transportation facilities, and air	1010
and water pollution control and solid waste disposal facilities.	1011
For purposes of this division, "air pollution control facilities"	1012
includes, without limitation, solar, geothermal, biofuel, biomass,	1013
wind, hydro, wave, and other advanced energy projects as defined	1014
in section 184.30 of the Revised Code.	1015

(Q) "Research and development financial assistance" means	1016
inducements under section 166.17 of the Revised Code, research and	1017
development loans under section 166.21 of the Revised Code, and	1018
research and development tax credits under sections 5733.352 and	1019
5747.331 of the Revised Code.	1020

(R) "Targeted innovation industry sectors" means industry	1021
sectors involving the production or use of advanced materials,	1022
instruments, controls and electronics, power and propulsion,	1023
biosciences, and information technology, or such other sectors as	1024
may be designated by the director of development.	1025

(S) "Voluntary action" means a voluntary action, as defined	1026
in section 3746.01 of the Revised Code, that is conducted under	1027
the voluntary action program established in Chapter 3746. of the	1028
Revised Code.	1029

(T) "Project financing obligations" means obligations issued	1030
pursuant to section 166.08 of the Revised Code other than	1031
obligations for which the bond proceedings provide that bond	1032
service charges shall be paid from receipts of the state	1033
representing gross profit on the sale of spirituous liquor as	1034
referred to in division (B)(4) of section 4310.10 of the Revised	1035
Code.	1036

(U) "Regional economic development entity" means an entity	1037
that is under contract with the director of development to	1038
administer a loan program under this chapter in a particular area	1039
of this state.	1040

(V) "Advanced energy research and development fund" means the	1041
advanced energy research and development fund created in section	1042
184.32 of the Revised Code.	1043

(W) "Advanced energy research and development taxable fund"	1044
means the advanced energy research and development taxable fund	1045
created in section 184.32 of the Revised Code.	1046

(X) "Eligible advanced energy project" means an eligible	1047
project that is an "advanced energy project" as defined in section	1048
184.30 of the Revised Code.	1049

(Y) "Eligible logistics and distribution project" means an	1050
eligible project, including project facilities, to be acquired,	1051
established, expanded, remodeled, rehabilitated, or modernized for	1052
transportation logistics and distribution infrastructure purposes.	1053
As used in this division, "transportation logistics and	1054
distribution infrastructure purposes" means promoting, providing	1055
for, and enabling improvements to the ground, air, and water	1056
transportation infrastructure comprising the transportation system	1057
in this state, including, without limitation, highways, streets,	1058
roads, bridges, railroads carrying freight, and air and water	1059
ports and port facilities, and all related supporting facilities.	1060

Sec. 166.02.  (A) The general assembly finds that many local	1061
areas throughout the state are experiencing economic stagnation or	1062
decline, and that the economic development programprograms	1063
provided for in sections 166.01 to 166.11 of the Revised Code	1064
this chapter will constitute a deserved, necessary reinvestment	1065
by the state in those areas, materially contribute to their	1066
economic revitalization, and result in improving the economic	1067
welfare of all the people of the state. Accordingly, it is	1068
declared to be the public policy of the state, through the	1069
operations under sections 166.01 to 166.11 of the Revised Code	1070
this chapter and other applicable laws adopted pursuant to Section	1071
2p or 13 of Article VIII, Ohio Constitution, and other authority	1072
vested in the general assembly, to assist in and facilitate the	1073
establishment or development of eligible projects or assist and	1074
cooperate with any governmental agency in achieving such purpose.	1075

(B) In furtherance of such public policy and to implement	1076
such purpose, the director of development may:	1077

(1) After consultation with appropriate governmental	1078
agencies, enter into agreements with persons engaged in industry,	1079
commerce, distribution, or research and with governmental agencies	1080
to induce such persons to acquire, construct, reconstruct,	1081
rehabilitate, renovate, enlarge, improve, equip, or furnish, or	1082
otherwise develop, eligible projects and make provision therein	1083
for project facilities and governmental actions, as authorized by	1084
this chapter and other applicable laws, subject to any required	1085
actions by the general assembly or the controlling board and	1086
subject to applicable local government laws and regulations;	1087

(2) Provide for the guarantees and loans as provided for in	1088
sections 166.06 and 166.07 of the Revised Code;	1089

(3) Subject to release of such moneys by the controlling	1090
board, contract for labor and materials needed for, or contract	1091
with others, including governmental agencies, to provide, project	1092
facilities the allowable costs of which are to be paid for or	1093
reimbursed from moneys in the facilities establishment fund, and	1094
contract for the operation of such project facilities;	1095

(4) Subject to release thereof by the controlling board, from	1096
moneys in the facilities establishment fund acquire or contract to	1097
acquire by gift, exchange, or purchase, including the obtaining	1098
and exercise of purchase options, property, and convey or	1099
otherwise dispose of, or provide for the conveyance or disposition	1100
of, property so acquired or contracted to be acquired by sale,	1101
exchange, lease, lease purchase, conditional or installment sale,	1102
transfer, or other disposition, including the grant of an option	1103
to purchase, to any governmental agency or to any other person	1104
without necessity for competitive bidding and upon such terms and	1105
conditions and manner of consideration pursuant to and as the	1106
director determines to be appropriate to satisfy the objectives of	1107
sections 166.01 to 166.11 of the Revised Code;	1108

(5) Retain the services of or employ financial consultants,	1109
appraisers, consulting engineers, superintendents, managers,	1110
construction and accounting experts, attorneys, and employees,	1111
agents, and independent contractors as are necessary in the	1112
director's judgment and fix the compensation for their services;	1113

(6) Receive and accept from any person grants, gifts, and	1114
contributions of money, property, labor, and other things of	1115
value, to be held, used and applied only for the purpose for which	1116
such grants, gifts, and contributions are made;	1117

(7) Enter into appropriate arrangements and agreements with	1118
any governmental agency for the taking or provision by that	1119
governmental agency of any governmental action;	1120

(8) Do all other acts and enter into contracts and execute	1121
all instruments necessary or appropriate to carry out the	1122
provisions of Chapter 166. of the Revised Codethis chapter;	1123

(9) Adopt rules to implement any of the provisions of Chapter	1124
166. of the Revised Codethis chapter applicable to the director.	1125

(C) The determinations by the director that facilities	1126
constitute eligible projects, that facilities are project	1127
facilities, that costs of such facilities are allowable costs, and	1128
all other determinations relevant thereto or to an action taken or	1129
agreement entered into shall be conclusive for purposes of the	1130
validity and enforceability of rights of parties arising from	1131
actions taken and agreements entered into under this chapter.	1132

(D) Except as otherwise prescribed in Chapter 166. of the	1133
Revised Codethis chapter, all expenses and obligations incurred	1134
by the director in carrying out the director's powers and in	1135
exercising the director's duties under Chapter 166. of the Revised	1136
Codethis chapter, shall be payable solely from, as appropriate,	1137
moneys in the facilities establishment fund, the loan guarantee	1138
fund, the innovation Ohio loan guarantee fund, the innovation Ohio	1139
loan fund, the research and development loan fund, the logistics	1140
and distribution infrastructure fund, or moneys appropriated for	1141
such purpose by the general assembly. Chapter 166. of the Revised	1142
CodeThis chapter does not authorize the director or the issuing	1143
authority under section 166.08 of the Revised Code to incur bonded	1144
indebtedness of the state or any political subdivision thereof, or	1145
to obligate or pledge moneys raised by taxation for the payment of	1146
any bonds or notes issued or guarantees made pursuant to Chapter	1147
166. of the Revised Codethis chapter.	1148

(E) No financial assistance for project facilities shall be	1149
provided under this chapter unless the provisions of the agreement	1150
providing for such assistance specify that all wages paid to	1151
laborers and mechanics employed on such project facilities for	1152
which the assistance is granted shall be paid at the prevailing	1153
rates of wages of laborers and mechanics for the class of work	1154
called for by such project facilities, which wages shall be	1155
determined in accordance with the requirements of Chapter 4115. of	1156
the Revised Code for determination of prevailing wage rates,	1157
provided that the requirements of this division do not apply where	1158
the federal government or any of its agencies provides financing	1159
assistance as to all or any part of the funds used in connection	1160
with such project facilities and prescribes predetermined minimum	1161
wages to be paid to such laborers and mechanics; and provided	1162
further that should a nonpublic user beneficiary of the eligible	1163
project undertake, as part of the eligible project, construction	1164
to be performed by its regular bargaining unit employees who are	1165
covered under a collective bargaining agreement which was in	1166
existence prior to the date of the document authorizing such	1167
assistance then, in that event, the rate of pay provided under the	1168
collective bargaining agreement may be paid to such employees.	1169

(F) Any governmental agency may enter into an agreement with	1170
the director, any other governmental agency, or a person to be	1171
assisted under this chapter, to take or provide for the purposes	1172
of this chapter any governmental action it is authorized to take	1173
or provide, and to undertake on behalf and at the request of the	1174
director any action which the director is authorized to undertake	1175
pursuant to divisions (B)(3), (4), and (5) of this section or	1176
divisions (B)(3), (4), and (5) of section 166.12 of the Revised	1177
Code. Governmental agencies of the state shall cooperate with and	1178
provide assistance to the director of development and the	1179
controlling board in the exercise of their respective functions	1180
under this chapter.	1181

Sec. 166.08.  (A) As used in this chapter:

1182

(1) "Bond proceedings" means the resolution, order, trust	1183
agreement, indenture, lease, and other agreements, amendments and	1184
supplements to the foregoing, or any one or more or combination	1185
thereof, authorizing or providing for the terms and conditions	1186
applicable to, or providing for the security or liquidity of,	1187
obligations issued pursuant to this section, and the provisions	1188
contained in such obligations.	1189

(2) "Bond service charges" means principal, including	1190
mandatory sinking fund requirements for retirement of obligations,	1191
and interest, and redemption premium, if any, required to be paid	1192
by the state on obligations.	1193

(3) "Bond service fund" means the applicable fund and	1194
accounts therein created for and pledged to the payment of bond	1195
service charges, which may be, or may be part of, the economic	1196
development bond service fund created by division (S) of this	1197
section including all moneys and investments, and earnings from	1198
investments, credited and to be credited thereto.	1199

(4) "Issuing authority" means the treasurer of state, or the	1200
officer who by law performs the functions of such officer.	1201

(5) "Obligations" means bonds, notes, or other evidence of	1202
obligation including interest coupons pertaining thereto, issued	1203
pursuant to this section.	1204

(6) "Pledged receipts" means all receipts of the state	1205
representing the gross profit on the sale of spirituous liquor, as	1206
referred to in division (B)(4) of section 4301.10 of the Revised	1207
Code, after paying all costs and expenses of the division of	1208
liquor control and providing an adequate working capital reserve	1209
for the division of liquor control as provided in that division,	1210
but excluding the sum required by the second paragraph of section	1211
4301.12 of the Revised Code, as in effect on May 2, 1980, to be	1212
paid into the state treasury; moneys accruing to the state from	1213
the lease, sale, or other disposition, or use, of project	1214
facilities, and from the repayment, including interest, of loans	1215
made from proceeds received from the sale of obligations; accrued	1216
interest received from the sale of obligations; income from the	1217
investment of the special funds; and any gifts, grants, donations,	1218
and pledges, and receipts therefrom, available for the payment of	1219
bond service charges.	1220

(7) "Special funds" or "funds" means, except where the	1221
context does not permit, the bond service fund, and any other	1222
funds, including reserve funds, created under the bond	1223
proceedings, and the economic development bond service fund	1224
created by division (S) of this section to the extent provided in	1225
the bond proceedings, including all moneys and investments, and	1226
earnings from investment, credited and to be credited thereto.	1227

(B) Subject to the limitations provided in section 166.11 of	1228
the Revised Code, the issuing authority, upon the certification by	1229
the director of development or, with respect to eligible advanced	1230
energy projects, the third frontier commission to the issuing	1231
authority of the amount of moneys or additional moneys needed in	1232
the facilities establishment fund, the loan guarantee fund, the	1233
innovation Ohio loan fund, the innovation Ohio loan guarantee	1234
fund, or the research and development loan fund, the logistics	1235
and distribution infrastructure fund, the advanced energy	1236
research and development fund, or the advanced energy research	1237
and development taxable fund, as applicable, for the purpose of	1238
paying, or making loans for, allowable costs from the facilities	1239
establishment fund, allowable innovation costs from the innovation	1240
Ohio loan fund, or allowable costs from the research and	1241
development loan fund, allowable costs from the logistics and	1242
distribution infrastructure fund, allowable costs from the	1243
advanced energy research and development fund, or allowable costs	1244
from the advanced energy research and development taxable fund,	1245
as applicable, or needed for capitalized interest, for funding	1246
reserves, and for paying costs and expenses incurred in	1247
connection with the issuance, carrying, securing, paying,	1248
redeeming, or retirement of the obligations or any obligations	1249
refunded thereby, including payment of costs and expenses relating	1250
to letters of credit, lines of credit, insurance, put agreements,	1251
standby purchase agreements, indexing, marketing, remarketing and	1252
administrative arrangements, interest swap or hedging agreements,	1253
and any other credit enhancement, liquidity, remarketing, renewal,	1254
or refunding arrangements, all of which are authorized by this	1255
section, or providing moneys for the loan guarantee fund or the	1256
innovation Ohio loan guarantee fund, as provided in this chapter	1257
or needed for the purposes of funds established in accordance with	1258
or pursuant to sections 122.35, 122.42, 122.54, 122.55, 122.56,	1259
122.561, 122.57, and 122.80 of the Revised Code which are within	1260
the authorization of Section 13 of Article VIII, Ohio	1261
Constitution, or, with respect to certain eligible advanced energy	1262
projects, Section 2p of Article VIII, Ohio Constitution, shall	1263
issue obligations of the state under this section in the required	1264
amount; provided that such obligations may be issued to satisfy	1265
the covenants in contracts of guarantee made under section 166.06	1266
or 166.15 of the Revised Code, notwithstanding limitations	1267
otherwise applicable to the issuance of obligations under this	1268
section. The proceeds of such obligations, except for the portion	1269
to be deposited in special funds, including reserve funds, as may	1270
be provided in the bond proceedings, shall as provided in the bond	1271
proceedings be deposited by the director of development to the	1272
facilities establishment fund, the loan guarantee fund, the	1273
innovation Ohio loan guarantee fund, the innovation Ohio loan	1274
fund, or the research and development loan fund, or the logistics	1275
and distribution infrastructure fund, or be deposited by the third	1276
frontier commission to the advanced energy research and	1277
development fund or the advanced energy research and development	1278
taxable fund. Bond proceedings for project financing	1279
obligations may provide that the proceeds derived from the	1280
issuance of such obligations shall be deposited into such fund or	1281
funds provided for in the bond proceedings and, to the extent	1282
provided for in the bond proceedings, such proceeds shall be	1283
deemed to have been deposited into the facilities establishment	1284
fund and transferred to such fund or funds. The issuing authority	1285
may appoint trustees, paying agents, and transfer agents and may	1286
retain the services of financial advisors, accounting experts, and	1287
attorneys, and retain or contract for the services of marketing,	1288
remarketing, indexing, and administrative agents, other	1289
consultants, and independent contractors, including printing	1290
services, as are necessary in the issuing authority's judgment to	1291
carry out this section. The costs of such services are allowable	1292
costs payable from the facilities establishment fund or the	1293
research and development loan fund or, allowable innovation costs	1294
payable from the innovation Ohio loan fund, or allowable costs	1295
payable from the logistics and distribution infrastructure fund,	1296
the advanced energy research and development fund, or the advanced	1297
energy research and development taxable fund, as applicable.	1298

(C) The holders or owners of such obligations shall have no	1299
right to have moneys raised by taxation obligated or pledged, and	1300
moneys raised by taxation shall not be obligated or pledged, for	1301
the payment of bond service charges. Such holders or owners shall	1302
have no rights to payment of bond service charges from any moneys	1303
accruing to the state from the lease, sale, or other disposition,	1304
or use, of project facilities, or from payment of the principal of	1305
or interest on loans made, or fees charged for guarantees made, or	1306
from any money or property received by the director, treasurer of	1307
state, or the state under Chapter 122. of the Revised Code, or	1308
from any other use of the proceeds of the sale of the obligations,	1309
and no such moneys may be used for the payment of bond service	1310
charges, except for accrued interest, capitalized interest, and	1311
reserves funded from proceeds received upon the sale of the	1312
obligations and except as otherwise expressly provided in the	1313
applicable bond proceedings pursuant to written directions by the	1314
director. The right of such holders and owners to payment of bond	1315
service charges is limited to all or that portion of the pledged	1316
receipts and those special funds pledged thereto pursuant to the	1317
bond proceedings in accordance with this section, and each such	1318
obligation shall bear on its face a statement to that effect.	1319

(D) Obligations shall be authorized by resolution or order of	1320
the issuing authority and the bond proceedings shall provide for	1321
the purpose thereof and the principal amount or amounts, and shall	1322
provide for or authorize the manner or agency for determining the	1323
principal maturity or maturities, not exceeding twenty-five years	1324
from the date of issuance, the interest rate or rates or the	1325
maximum interest rate, the date of the obligations and the dates	1326
of payment of interest thereon, their denomination, and the	1327
establishment within or without the state of a place or places of	1328
payment of bond service charges. Sections 9.98 to 9.983 of the	1329
Revised Code are applicable to obligations issued under this	1330
section, subject to any applicable limitation under section 166.11	1331
of the Revised Code. The purpose of such obligations may be stated	1332
in the bond proceedings in terms describing the general purpose or	1333
purposes to be served. The bond proceedings also shall provide,	1334
subject to the provisions of any other applicable bond	1335
proceedings, for the pledge of all, or such part as the issuing	1336
authority may determine, of the pledged receipts and the	1337
applicable special fund or funds to the payment of bond service	1338
charges, which pledges may be made either prior or subordinate to	1339
other expenses, claims, or payments, and may be made to secure the	1340
obligations on a parity with obligations theretofore or thereafter	1341
issued, if and to the extent provided in the bond proceedings. The	1342
pledged receipts and special funds so pledged and thereafter	1343
received by the state are immediately subject to the lien of such	1344
pledge without any physical delivery thereof or further act, and	1345
the lien of any such pledges is valid and binding against all	1346
parties having claims of any kind against the state or any	1347
governmental agency of the state, irrespective of whether such	1348
parties have notice thereof, and shall create a perfected security	1349
interest for all purposes of Chapter 1309. of the Revised Code,	1350
without the necessity for separation or delivery of funds or for	1351
the filing or recording of the bond proceedings by which such	1352
pledge is created or any certificate, statement or other document	1353
with respect thereto; and the pledge of such pledged receipts and	1354
special funds is effective and the money therefrom and thereof may	1355
be applied to the purposes for which pledged without necessity for	1356
any act of appropriation. Every pledge, and every covenant and	1357
agreement made with respect thereto, made in the bond proceedings	1358
may therein be extended to the benefit of the owners and holders	1359
of obligations authorized by this section, and to any trustee	1360
therefor, for the further security of the payment of the bond	1361
service charges.	1362

(E) The bond proceedings may contain additional provisions as	1363
to:	1364

(1) The redemption of obligations prior to maturity at the	1365
option of the issuing authority at such price or prices and under	1366
such terms and conditions as are provided in the bond proceedings;	1367

(2) Other terms of the obligations;

1368

(3) Limitations on the issuance of additional obligations;

1369

(4) The terms of any trust agreement or indenture securing	1370
the obligations or under which the same may be issued;	1371

(5) The deposit, investment and application of special funds,	1372
and the safeguarding of moneys on hand or on deposit, without	1373
regard to Chapter 131. or 135. of the Revised Code, but subject to	1374
any special provisions of this chapter, with respect to particular	1375
funds or moneys, provided that any bank or trust company which	1376
acts as depository of any moneys in the special funds may furnish	1377
such indemnifying bonds or may pledge such securities as required	1378
by the issuing authority;	1379

(6) Any or every provision of the bond proceedings being	1380
binding upon such officer, board, commission, authority, agency,	1381
department, or other person or body as may from time to time have	1382
the authority under law to take such actions as may be necessary	1383
to perform all or any part of the duty required by such provision;	1384

(7) Any provision that may be made in a trust agreement or	1385
indenture;	1386

(8) Any other or additional agreements with the holders of	1387
the obligations, or the trustee therefor, relating to the	1388
obligations or the security therefor, including the assignment of	1389
mortgages or other security obtained or to be obtained for loans	1390
under section 122.43, 166.07, or 166.16 of the Revised Code.	1391

(F) The obligations may have the great seal of the state or a	1392
facsimile thereof affixed thereto or printed thereon. The	1393
obligations and any coupons pertaining to obligations shall be	1394
signed or bear the facsimile signature of the issuing authority.	1395
Any obligations or coupons may be executed by the person who, on	1396
the date of execution, is the proper issuing authority although on	1397
the date of such bonds or coupons such person was not the issuing	1398
authority. If the issuing authority whose signature or a facsimile	1399
of whose signature appears on any such obligation or coupon ceases	1400
to be the issuing authority before delivery thereof, such	1401
signature or facsimile is nevertheless valid and sufficient for	1402
all purposes as if the former issuing authority had remained the	1403
issuing authority until such delivery; and if the seal to be	1404
affixed to obligations has been changed after a facsimile of the	1405
seal has been imprinted on such obligations, such facsimile seal	1406
shall continue to be sufficient as to such obligations and	1407
obligations issued in substitution or exchange therefor.	1408

(G) All obligations are negotiable instruments and securities	1409
under Chapter 1308. of the Revised Code, subject to the provisions	1410
of the bond proceedings as to registration. The obligations may be	1411
issued in coupon or in registered form, or both, as the issuing	1412
authority determines. Provision may be made for the registration	1413
of any obligations with coupons attached thereto as to principal	1414
alone or as to both principal and interest, their exchange for	1415
obligations so registered, and for the conversion or reconversion	1416
into obligations with coupons attached thereto of any obligations	1417
registered as to both principal and interest, and for reasonable	1418
charges for such registration, exchange, conversion, and	1419
reconversion.	1420

(H) Obligations may be sold at public sale or at private	1421
sale, as determined in the bond proceedings.	1422

Obligations issued to provide moneys for the loan guarantee	1423
fund or the innovation Ohio loan guarantee fund may, as determined	1424
by the issuing authority, be sold at private sale, and without	1425
publication of a notice of sale.	1426

(I) Pending preparation of definitive obligations, the	1427
issuing authority may issue interim receipts or certificates which	1428
shall be exchanged for such definitive obligations.	1429

(J) In the discretion of the issuing authority, obligations	1430
may be secured additionally by a trust agreement or indenture	1431
between the issuing authority and a corporate trustee which may be	1432
any trust company or bank having a place of business within the	1433
state. Any such agreement or indenture may contain the resolution	1434
or order authorizing the issuance of the obligations, any	1435
provisions that may be contained in any bond proceedings, and	1436
other provisions which are customary or appropriate in an	1437
agreement or indenture of such type, including, but not limited	1438
to:	1439

(1) Maintenance of each pledge, trust agreement, indenture,	1440
or other instrument comprising part of the bond proceedings until	1441
the state has fully paid the bond service charges on the	1442
obligations secured thereby, or provision therefor has been made;	1443

(2) In the event of default in any payments required to be	1444
made by the bond proceedings, or any other agreement of the	1445
issuing authority made as a part of the contract under which the	1446
obligations were issued, enforcement of such payments or agreement	1447
by mandamus, the appointment of a receiver, suit in equity, action	1448
at law, or any combination of the foregoing;	1449

(3) The rights and remedies of the holders of obligations and	1450
of the trustee, and provisions for protecting and enforcing them,	1451
including limitations on rights of individual holders of	1452
obligations;	1453

(4) The replacement of any obligations that become mutilated	1454
or are destroyed, lost, or stolen;	1455

(5) Such other provisions as the trustee and the issuing	1456
authority agree upon, including limitations, conditions, or	1457
qualifications relating to any of the foregoing.	1458

(K) Any holders of obligations or trustees under the bond	1459
proceedings, except to the extent that their rights are restricted	1460
by the bond proceedings, may by any suitable form of legal	1461
proceedings, protect and enforce any rights under the laws of this	1462
state or granted by such bond proceedings. Such rights include the	1463
right to compel the performance of all duties of the issuing	1464
authority, the director of development, the third frontier	1465
commission, or the division of liquor control required by this	1466
chapter or the bond proceedings; to enjoin unlawful activities;	1467
and in the event of default with respect to the payment of any	1468
bond service charges on any obligations or in the performance of	1469
any covenant or agreement on the part of the issuing authority,	1470
the director of development, the third frontier commission, or the	1471
division of liquor control in the bond proceedings, to apply to a	1472
court having jurisdiction of the cause to appoint a receiver to	1473
receive and administer the pledged receipts and special funds,	1474
other than those in the custody of the treasurer of state, which	1475
are pledged to the payment of the bond service charges on such	1476
obligations or which are the subject of the covenant or	1477
agreement, with full power to pay, and to provide for payment of	1478
bond service charges on, such obligations, and with such powers,	1479
subject to the direction of the court, as are accorded receivers	1480
in general equity cases, excluding any power to pledge additional	1481
revenues or receipts or other income or moneys of the issuing	1482
authority or the state or governmental agencies of the state to	1483
the payment of such principal and interest and excluding the power	1484
to take possession of, mortgage, or cause the sale or otherwise	1485
dispose of any project facilities.	1486

Each duty of the issuing authority and the issuing	1487
authority's officers and employees, and of each governmental	1488
agency and its officers, members, or employees, undertaken	1489
pursuant to the bond proceedings or any agreement or lease,	1490
lease-purchase agreement, or loan made under authority of this	1491
chapter, and in every agreement by or with the issuing authority,	1492
is hereby established as a duty of the issuing authority, and of	1493
each such officer, member, or employee having authority to perform	1494
such duty, specifically enjoined by the law resulting from an	1495
office, trust, or station within the meaning of section 2731.01 of	1496
the Revised Code.	1497

The person who is at the time the issuing authority, or the	1498
issuing authority's officers or employees, are not liable in their	1499
personal capacities on any obligations issued by the issuing	1500
authority or any agreements of or with the issuing authority.	1501

(L) The issuing authority may authorize and issue obligations	1502
for the refunding, including funding and retirement, and advance	1503
refunding with or without payment or redemption prior to maturity,	1504
of any obligations previously issued by the issuing authority.	1505
Such obligations may be issued in amounts sufficient for payment	1506
of the principal amount of the prior obligations, any redemption	1507
premiums thereon, principal maturities of any such obligations	1508
maturing prior to the redemption of the remaining obligations on a	1509
parity therewith, interest accrued or to accrue to the maturity	1510
dates or dates of redemption of such obligations, and any	1511
allowable costs including expenses incurred or to be incurred in	1512
connection with such issuance and such refunding, funding, and	1513
retirement. Subject to the bond proceedings therefor, the portion	1514
of proceeds of the sale of obligations issued under this division	1515
to be applied to bond service charges on the prior obligations	1516
shall be credited to an appropriate account held by the trustee	1517
for such prior or new obligations or to the appropriate account in	1518
the bond service fund for such obligations. Obligations authorized	1519
under this division shall be deemed to be issued for those	1520
purposes for which such prior obligations were issued and are	1521
subject to the provisions of this section pertaining to other	1522
obligations, except as otherwise provided in this section;	1523
provided that, unless otherwise authorized by the general	1524
assembly, any limitations imposed by the general assembly pursuant	1525
to this section with respect to bond service charges applicable to	1526
the prior obligations shall be applicable to the obligations	1527
issued under this division to refund, fund, advance refund or	1528
retire such prior obligations.	1529

(M) The authority to issue obligations under this section	1530
includes authority to issue obligations in the form of bond	1531
anticipation notes and to renew the same from time to time by the	1532
issuance of new notes. The holders of such notes or interest	1533
coupons pertaining thereto shall have a right to be paid solely	1534
from the pledged receipts and special funds that may be pledged to	1535
the payment of the bonds anticipated, or from the proceeds of such	1536
bonds or renewal notes, or both, as the issuing authority provides	1537
in the resolution or order authorizing such notes. Such notes may	1538
be additionally secured by covenants of the issuing authority to	1539
the effect that the issuing authority and the state will do such	1540
or all things necessary for the issuance of such bonds or renewal	1541
notes in appropriate amount, and apply the proceeds thereof to the	1542
extent necessary, to make full payment of the principal of and	1543
interest on such notes at the time or times contemplated, as	1544
provided in such resolution or order. For such purpose, the	1545
issuing authority may issue bonds or renewal notes in such	1546
principal amount and upon such terms as may be necessary to	1547
provide funds to pay when required the principal of and interest	1548
on such notes, notwithstanding any limitations prescribed by or	1549
for purposes of this section. Subject to this division, all	1550
provisions for and references to obligations in this section are	1551
applicable to notes authorized under this division.	1552

The issuing authority in the bond proceedings authorizing the	1553
issuance of bond anticipation notes shall set forth for such bonds	1554
an estimated interest rate and a schedule of principal payments	1555
for such bonds and the annual maturity dates thereof, and for	1556
purposes of any limitation on bond service charges prescribed	1557
under division (A) of section 166.11 of the Revised Code, the	1558
amount of bond service charges on such bond anticipation notes is	1559
deemed to be the bond service charges for the bonds anticipated	1560
thereby as set forth in the bond proceedings applicable to such	1561
notes, but this provision does not modify any authority in this	1562
section to pledge receipts and special funds to, and covenant to	1563
issue bonds to fund, the payment of principal of and interest and	1564
any premium on such notes.	1565

(N) Obligations issued under this section are lawful	1566
investments for banks, societies for savings, savings and loan	1567
associations, deposit guarantee associations, trust companies,	1568
trustees, fiduciaries, insurance companies, including domestic for	1569
life and domestic not for life, trustees or other officers having	1570
charge of sinking and bond retirement or other special funds of	1571
political subdivisions and taxing districts of this state, the	1572
commissioners of the sinking fund of the state, the administrator	1573
of workers' compensation, the state teachers retirement system,	1574
the public employees retirement system, the school employees	1575
retirement system, and the Ohio police and fire pension fund,	1576
notwithstanding any other provisions of the Revised Code or rules	1577
adopted pursuant thereto by any governmental agency of the state	1578
with respect to investments by them, and are also acceptable as	1579
security for the deposit of public moneys.	1580

(O) Unless otherwise provided in any applicable bond	1581
proceedings, moneys to the credit of or in the special funds	1582
established by or pursuant to this section may be invested by or	1583
on behalf of the issuing authority only in notes, bonds, or other	1584
obligations of the United States, or of any agency or	1585
instrumentality of the United States, obligations guaranteed as to	1586
principal and interest by the United States, obligations of this	1587
state or any political subdivision of this state, and certificates	1588
of deposit of any national bank located in this state and any	1589
bank, as defined in section 1101.01 of the Revised Code, subject	1590
to inspection by the superintendent of banks. If the law or the	1591
instrument creating a trust pursuant to division (J) of this	1592
section expressly permits investment in direct obligations of the	1593
United States or an agency of the United States, unless expressly	1594
prohibited by the instrument, such moneys also may be invested in	1595
no-front-end-load money market mutual funds consisting exclusively	1596
of obligations of the United States or an agency of the United	1597
States and in repurchase agreements, including those issued by the	1598
fiduciary itself, secured by obligations of the United States or	1599
an agency of the United States; and in common trust funds	1600
established in accordance with section 1111.20 of the Revised Code	1601
and consisting exclusively of any such securities, notwithstanding	1602
division (A)(4) of that section. The income from such investments	1603
shall be credited to such funds as the issuing authority	1604
determines, and such investments may be sold at such times as the	1605
issuing authority determines or authorizes.	1606

(P) Provision may be made in the applicable bond proceedings	1607
for the establishment of separate accounts in the bond service	1608
fund and for the application of such accounts only to the	1609
specified bond service charges on obligations pertinent to such	1610
accounts and bond service fund and for other accounts therein	1611
within the general purposes of such fund. Unless otherwise	1612
provided in any applicable bond proceedings, moneys to the credit	1613
of or in the several special funds established pursuant to this	1614
section shall be disbursed on the order of the treasurer of state,	1615
provided that no such order is required for the payment from the	1616
bond service fund when due of bond service charges on obligations.	1617

(Q) The issuing authority may pledge all, or such portion as	1618
the issuing authority determines, of the pledged receipts to the	1619
payment of bond service charges on obligations issued under this	1620
section, and for the establishment and maintenance of any	1621
reserves, as provided in the bond proceedings, and make other	1622
provisions therein with respect to pledged receipts as authorized	1623
by this chapter, which provisions are controlling notwithstanding	1624
any other provisions of law pertaining thereto.	1625

(R) The issuing authority may covenant in the bond	1626
proceedings, and any such covenants are controlling	1627
notwithstanding any other provision of law, that the state and	1628
applicable officers and governmental agencies of the state,	1629
including the general assembly, so long as any obligations are	1630
outstanding, shall:	1631

(1) Maintain statutory authority for and cause to be charged	1632
and collected wholesale and retail prices for spirituous liquor	1633
sold by the state or its agents so that the pledged receipts are	1634
sufficient in amount to meet bond service charges, and the	1635
establishment and maintenance of any reserves and other	1636
requirements provided for in the bond proceedings, and, as	1637
necessary, to meet covenants contained in contracts of guarantee	1638
made under section 166.06 of the Revised Code;	1639

(2) Take or permit no action, by statute or otherwise, that	1640
would impair the exemption from federal income taxation of the	1641
interest on the obligations.	1642

(S) There is hereby created the economic development bond	1643
service fund, which shall be in the custody of the treasurer of	1644
state but shall be separate and apart from and not a part of the	1645
state treasury. All moneys received by or on account of the	1646
issuing authority or state agencies and required by the applicable	1647
bond proceedings, consistent with this section, to be deposited,	1648
transferred, or credited to a bond service fund or the economic	1649
development bond service fund, and all other moneys transferred or	1650
allocated to or received for the purposes of the fund, shall be	1651
deposited and credited to such fund and to any separate accounts	1652
therein, subject to applicable provisions of the bond proceedings,	1653
but without necessity for any act of appropriation. During the	1654
period beginning with the date of the first issuance of	1655
obligations and continuing during such time as any such	1656
obligations are outstanding, and so long as moneys in the	1657
pertinent bond service funds are insufficient to pay all bond	1658
services charges on such obligations becoming due in each year, a	1659
sufficient amount of the gross profit on the sale of spirituous	1660
liquor included in pledged receipts are committed and shall be	1661
paid to the bond service fund or economic development bond service	1662
fund in each year for the purpose of paying the bond service	1663
charges becoming due in that year without necessity for further	1664
act of appropriation for such purpose and notwithstanding anything	1665
to the contrary in Chapter 4301. of the Revised Code. The	1666
economic development bond service fund is a trust fund and is	1667
hereby pledged to the payment of bond service charges to the	1668
extent provided in the applicable bond proceedings, and payment	1669
thereof from such fund shall be made or provided for by the	1670
treasurer of state in accordance with such bond proceedings	1671
without necessity for any act of appropriation.	1672

(T) The obligations, the transfer thereof, and the income	1673
therefrom, including any profit made on the sale thereof, shall at	1674
all times be free from taxation within the state.	1675

Sec. 166.11.  (A) The aggregate principal amount of project	1676
financing obligations that may be issued under section 166.08 of	1677
the Revised Code is three hundred million dollars, plus the	1678
principal amount of such project financing obligations retired by	1679
payments. The aggregate principal amount of obligations, exclusive	1680
of project financing obligations, that may be issued under section	1681
166.08 of the Revised Code is fivesix hundred thirty million	1682
dollars, plus the principal amount of any such obligations	1683
retired by payment, the amounts held or obligations pledged for	1684
the payment of the principal amount of any such obligations	1685
outstanding, amounts in special funds held as reserves to meet	1686
bond service charges, and amounts of obligations issued to	1687
provide moneys required to meet payments from the loan guarantee	1688
fund created in section 166.06 of the Revised Code and the	1689
innovation Ohio loan guarantee fund created in section 166.15 of	1690
the Revised Code. Of that six hundred thirty million dollars, not	1691
more than eighty-four million principal amount of obligations may	1692
be issued for eligible advanced energy projects and not more than	1693
one hundred million principal amount of obligations may be issued	1694
for eligible logistics and distribution projects. The terms of the	1695
obligations issued under section 166.08 of the Revised Code, other	1696
than obligations issued to meet guarantees that cannot be	1697
satisfied from amounts then held in the loan guarantee fund or	1698
the innovation Ohio loan guarantee fund, shall be such that the	1699
aggregate amount of moneys used from profit from the sale of	1700
spirituous liquor, and not from other sources, in any fiscal	1701
year shall not exceed forty-fivesixty-three million dollars.	1702
For purposes of the preceding sentence, "other sources" include	1703
the annual investment income on special funds to the extent it	1704
will be available for payment of any bond service charges in lieu	1705
of use of profit from the sale of spirituous liquor, and shall be	1706
estimated on the basis of the expected funding of those special	1707
funds and assumed investment earnings thereon at a rate equal to	1708
the weighted average yield on investments of those special funds	1709
determined as of any date within sixty days immediately preceding	1710
the date of issuance of the bonds in respect of which the	1711
determination is being made. The determinations required by this	1712
division shall be made by the treasurer of state at the time of	1713
issuance of an issue of obligations and shall be conclusive for	1714
purposes of such issue of obligations from and after their	1715
issuance and delivery.	1716

(B) The aggregate amount of the guaranteed portion of the	1717
unpaid principal of loans guaranteed under sections 166.06 and	1718
166.15 of the Revised Code and the unpaid principal of loans made	1719
under sections 166.07 , 166.16, and 166.21 of the Revised Code may	1720
not at any time exceed eight hundred million dollars. Of that	1721
eight hundred million dollars, the aggregate amount of the	1722
guaranteed portion of the unpaid principal of loans guaranteed	1723
under sections 166.06 and 166.15 of the Revised Code shall not at	1724
any time exceed two hundred million dollars. However, the	1725
limitations established under this division do not apply to loans	1726
made with proceeds from the issuance and sale of project financing	1727
obligations.	1728

Sec. 166.25. (A) The director of development, with the	1729
approval of the controlling board and subject to the other	1730
applicable provisions of this chapter, may lend money in the	1731
logistics and distribution infrastructure fund to persons for the	1732
purpose of paying allowable costs of eligible logistics and	1733
distribution projects.	1734

(B) In determining the eligible logistics and distribution	1735
projects to be assisted and the nature, amount, and terms of	1736
assistance to be provided for an eligible logistics and	1737
distribution project, the director shall consult with appropriate	1738
governmental agencies, including the department of transportation	1739
and the Ohio rail development commission.	1740

(C)(1) The director shall submit to the development financing	1741
advisory council the terms of the proposed assistance to be	1742
provided for an eligible logistics and distribution project and	1743
such other relevant information as the council may request.	1744

(2) The council, on the basis of such information, shall make	1745
recommendations as to the appropriateness of the assistance to be	1746
provided. The recommendations may be revised to reflect any	1747
changes in the proposed assistance the director may submit to the	1748
council.	1749

(3) The director shall submit the terms of the proposed	1750
assistance to be provided, along with the recommendations, as	1751
amended, of the council as to the appropriateness of the proposed	1752
assistance, to the controlling board.	1753

(D) Any loan made pursuant to this section shall be evidenced	1754
by a loan agreement, which shall contain such terms as the	1755
director determines necessary or appropriate, including	1756
performance measures and reporting requirements. The director may	1757
take actions necessary or appropriate to collect or otherwise deal	1758
with any loan made under this section, including requiring a loan	1759
recipient to repay the amount of the loan plus interest at a rate	1760
of three per cent above the federal short term interest rate or	1761
any other rate determined by the director.	1762

Sec. 166.26. (A) There is hereby created in the state	1763
treasury the logistics and distribution infrastructure fund. The	1764
fund shall consist of grants, gifts, and contributions of money or	1765
rights to money lawfully designated for or deposited into the	1766
fund, all money and rights to money lawfully appropriated and	1767
transferred to the fund, including money received from the	1768
issuance of obligations under section 166.08 of the Revised Code	1769
and subject to section 166.11 of the Revised Code for purposes of	1770
allowable costs of eligible logistics and distribution projects,	1771
and money credited to the fund pursuant to division (B) of this	1772
section. All investment earnings on the cash balance in the fund	1773
shall be credited to the fund. The fund shall not be comprised,	1774
in any part, of money raised by taxation.	1775

(B) There shall be credited to the logistics and distribution	1776
infrastructure fund the money received by the state from the	1777
repayment of loans and recovery on loan guarantees, including	1778
interest thereon, made from the fund.	1779

Sec. 166.30. (A) The third frontier commission, with the	1780
approval of the controlling board and subject to sections 184.30	1781
to 184.34 of the Revised Code, may provide grants from money in	1782
the advanced energy research and development fund and may lend	1783
money in the advanced energy research and development taxable	1784
fund to persons for the purposes of paying allowable costs of	1785
eligible advanced energy projects.	1786

(B) In determining the eligible advanced energy projects to	1787
be assisted and the nature, amount, and terms of assistance to be	1788
provided for an eligible advanced energy project, the commission	1789
shall consult with appropriate governmental agencies.	1790

(C)(1) The commission shall submit to the development	1791
financing advisory council the terms of the proposed assistance to	1792
be provided for an eligible advanced energy project and such other	1793
relevant information as the council may request.	1794

(2) The council, on the basis of such information, shall make	1795
recommendations as to the appropriateness of the assistance to be	1796
provided. The recommendations may be revised to reflect any	1797
changes in the proposed assistance the commission may submit to	1798
the council.	1799

(3) The commission shall submit the terms of the proposed	1800
assistance to be provided, along with the recommendations, as	1801
amended, of the council as to the appropriateness of the proposed	1802
assistance, to the controlling board.	1803

(D) Any grant or loan made pursuant to this section shall be	1804
evidenced by an agreement, which shall contain such terms as the	1805
authority determines necessary or appropriate, including	1806
performance measures and reporting requirements. The authority may	1807
take actions necessary or appropriate to collect or otherwise deal	1808
with any assistance provided under this section, including	1809
requiring a loan or grant recipient to repay the amount of the	1810
loan or grant plus interest at a rate of three per cent above the	1811
federal short term interest rate or any other rate determined by	1812
the authority.	1813

Sec. 184.02.  (A) In addition to the powers and duties under	1814
sections 184.10 to 184.20, 184.25 and 184.26, and 184.30 to 184.37	1815
of the Revised Code, the third frontier commission may perform	1816
any act to ensure the performance of any function necessary or	1817
appropriate to carry out the purposes of, and exercise the powers	1818
granted under, sections 184.01 and 184.02 of the Revised Code. In	1819
addition, the commission may do any of the following:	1820

(1) Adopt, amend, and rescind rules under section 111.15 of	1821
the Revised Code for the administration of any aspect of its	1822
operations;	1823

(2) Adopt bylaws governing its operations, including bylaws	1824
that establish procedures and set policies as may be necessary to	1825
assist with the furtherance of its purposes;	1826

(3) Appoint and set the compensation of employees needed to	1827
carry out its duties;	1828

(4) Contract with, retain the services of, or designate, and	1829
fix the compensation of, such financial consultants, accountants,	1830
other consultants and advisors, and other independent contractors	1831
as may be necessary or desirable to carry out its duties;	1832

(5) Solicit input and comments from the third frontier	1833
advisory board, and specialized industry, professional, and other	1834
relevant interest groups concerning its purposes;	1835

(6) Facilitate alignment of the state's science and	1836
technology programs and activities;	1837

(7) Make grants and loans to individuals, public agencies,	1838
private companies or organizations, or joint ventures for any of	1839
the broad range of activities related to its purposes.	1840

(B) In addition to the powers and duties under sections	1841
184.10 to 184.20, 184.25 and 184.26, and 184.30 to 184.37 of the	1842
Revised Code, the commission shall do all of the following:	1843

(1) Establish a competitive process for the award of grants	1844
and loans that is designed to fund the most meritorious proposals	1845
and, when appropriate, provide for peer review of proposals;	1846

(2) Within ninety days after the end of each fiscal year,	1847
submit to the governor and the general assembly a report of the	1848
activities of the commission during the preceding fiscal year;	1849

(3) With specific application to the biomedical research and	1850
technology transfer trust fund, periodically make strategic	1851
assessments of the types of state investments in biomedical	1852
research and biotechnology in the state that would likely create	1853
jobs and business opportunities in the state and produce the most	1854
beneficial long-term improvements to the public health of Ohioans,	1855
including, but not limited to, biomedical research and	1856
biotechnology initiatives that address tobacco-related illnesses	1857
as may be outlined in any master agreement. The commission shall	1858
award grants and loans from the fund pursuant to a process	1859
established under division (B)(1) of this section.	1860

Sec. 184.23. (A) There is hereby created the third frontier	1861
economic stimulus advisory board. The advisory board shall	1862
provide general advice to the commission regarding bioproduct	1863
and biomedical issues.	1864

(B) The board shall consist of ten members selected for	1865
their advanced energy, bioproducts, and biomedical knowledge and	1866
experience. The governor shall appoint three members. The speaker	1867
of the house of representatives shall appoint three members, one	1868
of whom may be recommended by the minority leader of the house of	1869
representatives. The president of the senate shall appoint three	1870
members, one of whom may be recommended by the minority leader of	1871
the senate. The director of development shall appoint one member.	1872
Membership on the advisory board created under section 184.03 of	1873
the Revised Code does not prohibit membership on the advisory	1874
board created under this section. All members of the board shall	1875
serve at the pleasure of their appointing authorities.	1876

(C) The board shall select from among its members a	1877
chairperson. A majority of board members constitutes a quorum, and	1878
no action shall be taken without the affirmative vote of a	1879
majority of the members.	1880

(D) A vacancy shall be filled in the same manner as the	1881
original appointment. The governor may remove any member of the	1882
board for malfeasance, misfeasance, or nonfeasance after a	1883
hearing in accordance with Chapter 119. of the Revised Code.	1884

(E) Members of the board shall not act as representatives of	1885
any specific disciplinary, regional, or organizational interest.	1886
Members shall represent a wide variety of experience valuable in	1887
technology research and development, product process innovation	1888
and commercialization, and creating and managing high-growth	1889
technology-based companies.	1890

(F) Members of the board shall file financial disclosure	1891
statements described in division (B) of section 102.02 of the	1892
Revised Code.	1893

(G) Members of the board shall serve without compensation,	1894
but shall receive their reasonable and necessary expenses	1895
incurred in the conduct of board business.	1896

(H) The department of development shall provide office space	1897
and facilities for the board.	1898

Sec. 184.24. Money in the jobs fund created in the state	1899
treasury by Section 4 of Sub. H.B. 544 of the 127th general	1900
assembly shall be used in accordance with sections 184.25 and	1901
184.26 of the Revised Code and may be used to provide cash	1902
transfers to the local infrastructure development fund created in	1903
section 164.28 of the Revised Code.	1904

Sec. 184.25. There is hereby created the Ohio bioproducts	1905
development program to be administered by the third frontier	1906
commission. The commission shall provide loans, loan guarantees,	1907
or grants to for-profit or not-for-profit entities to promote,	1908
provide for and enable innovation, development and	1909
commercialization of bioproducts, including biopolymers,	1910
chemicals, and advanced materials that use biomaterials and	1911
renewable agriculture resources, through efforts including, but	1912
not limited to, agribusiness and the agricultural industry in	1913
Ohio, state and local government entities and agencies,	1914
educational institutions, or research organizations and	1915
institutions.	1916

Any assistance made pursuant to this section shall be	1917
evidenced by an agreement, which shall contain such terms as the	1918
commission determines necessary or appropriate, including	1919
performance measures and reporting requirements. The commission	1920
may take actions necessary or appropriate to collect or otherwise	1921
deal with any assistance made under this section, including	1922
requiring a recipient of assistance to repay the amount of the	1923
assistance plus interest at a rate of three per cent above the	1924
federal short term interest rate or any other rate determined by	1925
the commission.	1926

Sec. 184.26. There is hereby created the Ohio biomedical	1927
development program to be administered by the third frontier	1928
commission. The commission shall provide loans, loan guarantees,	1929
or grants to for-profit or not-for-profit entities to promote,	1930
provide for and enable innovation, development and	1931
commercialization of biomedical and biotechnological products,	1932
processes and applications, including medical devices,	1933
diagnostics, informatics, therapies, and drugs, through efforts by	1934
and collaboration among and including business and industry in	1935
Ohio, state and local governmental entities and agencies,	1936
educational institutions, or research organizations and	1937
institutions.	1938

Any assistance made pursuant to this section shall be	1939
evidenced by an agreement, which shall contain such terms as the	1940
commission determines necessary or appropriate, including	1941
performance measures and reporting requirements. The commission	1942
may take actions necessary or appropriate to collect or otherwise	1943
deal with any assistance made under this section, including	1944
requiring a recipient of assistance to repay the amount of the	1945
assistance plus interest at a rate of three per cent above the	1946
federal short term interest rate or any other rate determined by	1947
the commission.	1948

Sec. 184.30. As used in sections 184.30 to 184.34 of the	1949
Revised Code:	1950

(A) "Advanced energy project" means any technologies,	1951
products, activities, or management practices or strategies that	1952
facilitate the generation or use of electricity and that reduce or	1953
support the reduction of energy consumption or support the	1954
production of clean, renewable energy for industrial,	1955
distribution, commercial, institutional, governmental, research,	1956
not-for-profit, or residential energy users including, but not	1957
limited to, advanced energy resources and renewable energy	1958
resources. "Advanced energy project" includes any project	1959
described in division (A), (B), or (C) of section 4928.621 of the	1960
Revised Code.	1961

(B) "Advanced energy resource" means any of the following:

1962

(1) Any method or any modification or replacement of any	1963
property, process, device, structure, or equipment that increases	1964
the generation output of an electric generating facility to the	1965
extent such efficiency is achieved without additional carbon	1966
dioxide emissions by that facility;	1967

(2) Any distributed generation system consisting of customer	1968
cogeneration of electricity and thermal output simultaneously,	1969
primarily to meet the energy needs of the customer's facilities;	1970

(3) Advanced nuclear energy technology consisting of	1971
generation III technology as defined by the nuclear regulatory	1972
commission; other, later technology; or significant improvements	1973
to existing facilities;	1974

(4) Any fuel cell used in the generation of electricity,	1975
including, but not limited to, a proton exchange membrane fuel	1976
cell, phosphoric acid fuel cell, molten carbonate fuel cell, or	1977
solid oxide fuel cell;	1978

(5) Advanced solid waste or construction and demolition	1979
debris conversion technology, including, but not limited to,	1980
advanced stoker technology, and advanced fluidized bed	1981
gasification technology, that results in measurable greenhouse	1982
gas emissions reductions as calculated pursuant to the United	1983
States environmental protection agency's waste reduction model	1984
(WARM).	1985

(C) "Renewable energy resource" means solar photovoltaic or	1986
solar thermal energy, wind energy, power produced by a	1987
hydroelectric facility, geothermal energy, fuel derived from	1988
solid wastes, as defined in section 3734.01 of the Revised Code,	1989
through fractionation, biological decomposition, or other	1990
process that does not principally involve combustion, biomass	1991
energy, biologically derived methane gas, or energy derived	1992
from nontreated by-products of the pulping process or wood	1993
manufacturing process, including bark, wood chips, sawdust, and	1994
lignin in spent pulping liquors. "Renewable energy resource"	1995
includes, but is not limited to, any fuel cell used in the	1996
generation of electricity, including, but not limited to, a	1997
proton exchange membrane fuel cell, phosphoric acid fuel cell,	1998
molten carbonate fuel cell, or solid oxide fuel cell; wind turbine	1999
located in the state's territorial waters of Lake Erie; storage	2000
facility that will promote the better utilization of a renewable	2001
energy resource that primarily generates off peak; or distributed	2002
generation system used by a customer to generate electricity	2003
from any such energy. As used in this division, "hydroelectric	2004
facility" means a hydroelectric generating facility that is	2005
located at a dam on a river, or on any water discharged to a	2006
river, that is within or bordering this state or within or	2007
bordering an adjoining state and meets all of the following	2008
standards:	2009

(1) The facility provides for river flows that are not	2010
detrimental for fish, wildlife, and water quality, including	2011
seasonal flow fluctuations as defined by the applicable licensing	2012
agency for the facility.	2013

(2) The facility demonstrates that it complies with the	2014
water quality standards of this state, which compliance may	2015
consist of certification under Section 401 of the "Clean Water	2016
Act of 1977," 91 Stat. 1598, 1599, 33 U.S.C. 1341, and	2017
demonstrates that it has not contributed to a finding by this	2018
state that the river has impaired water quality under Section	2019
303(d) of the "Clean Water Act of 1977," 114 Stat. 870, 33	2020
U.S.C. 1313.	2021

(3) The facility complies with mandatory prescriptions	2022
regarding fish passage as required by the federal energy	2023
regulatory commission license issued for the project, regarding	2024
fish protection for riverine, anadromous, and catadromus fish.	2025

(4) The facility complies with the recommendations of the	2026
Ohio environmental protection agency and with the terms of its	2027
federal energy regulatory commission license regarding watershed	2028
protection, mitigation, or enhancement, to the extent of each	2029
agency's respective jurisdiction over the facility.	2030

(5) The facility complies with provisions of the "Endangered	2031
Species Act of 1973," 87 Stat. 884, 16 U.S.C. 1531 to 1544, as	2032
amended.	2033

(6) The facility does not harm cultural resources of the	2034
area. This can be shown through compliance with the terms of its	2035
federal energy regulatory commission license or, if the facility	2036
is not regulated by that commission, through development of a plan	2037
approved by the Ohio historic preservation office, to the extent	2038
it has jurisdiction over the facility.	2039

(7) The facility complies with the terms of its federal	2040
energy regulatory commission license or exemption that are related	2041
to recreational access, accommodation, and facilities or, if the	2042
facility is not regulated by that commission, the facility	2043
complies with similar requirements as are recommended by resource	2044
agencies, to the extent they have jurisdiction over the facility;	2045
and the facility provides access to water to the public without	2046
fee or charge.	2047

(8) The facility is not recommended for removal by any	2048
federal agency or agency of any state, to the extent the	2049
particular agency has jurisdiction over the facility.	2050

Sec. 184.31.  (A) The third frontier commission may request	2051
the issuance of bonds under section 166.08 of the Revised Code	2052
for the purpose of providing loans and grants for acquiring,	2053
manufacturing, constructing, reconstructing, expanding, improving,	2054
or equipping facilities or facility components by business and	2055
industry in this state, entities and agencies of state and local	2056
government, educational institutions, research organizations and	2057
institutions, or any combination thereof, for energy production,	2058
delivery, storage, conservation, and efficiency through advanced	2059
energy projects. The commission may make such loans and provide	2060
such grants in the manner provided for in section 166.30 of the	2061
Revised Code.	2062

(B) The issuance of bonds for the purpose described in this	2063
section is subject to the limitation established in division (A)	2064
of section 166.11 of the Revised Code.	2065

Sec. 184.32. (A) There is hereby created in the state	2066
treasury the advanced energy research and development fund to	2067
provide grants for advanced energy projects. There is hereby	2068
created in the state treasury the advanced energy research and	2069
development taxable fund to provide loans for advanced energy	2070
projects.	2071

(B)(1) The advanced energy research and development fund and	2072
the advanced energy research and development taxable fund shall	2073
consist of the proceeds of obligations issued under section 166.08	2074
of the Revised Code. Money shall be credited to the respective	2075
funds in the proportion that the commission determines	2076
appropriate.	2077

(2) Any investment earnings from the money in the advanced	2078
energy research and development fund and in the advanced energy	2079
research and development taxable fund shall be credited to those	2080
funds, respectively. Any repayment of loans made from money in the	2081
advanced energy research and development taxable fund shall be	2082
credited to the facilities establishment fund created in section	2083
166.03 of the Revised Code.	2084

(C) The director of budget and management shall establish and	2085
maintain records or accounts for or within these funds in such a	2086
manner as to show the amount credited to the funds pursuant to	2087
section 166.08 of the Revised Code and that the amounts so	2088
credited have been expended for the purposes set forth in Section	2089
2p or 13 of Article VIII, Ohio Constitution, and sections 166.08,	2090
166.30, and 184.31 of the Revised Code.	2091

Sec. 184.33. (A) Determinations made by the commission that a	2092
particular project is an advanced energy project and is	2093
consistent with Chapter 166. of the Revised Code and Section 2p	2094
or 13 of Article VIII, Ohio Constitution, shall be conclusive as	2095
to the validity and enforceability of the obligations issued to	2096
finance such a project and of the authorizations, trust agreements	2097
or indentures, loan agreements, or grant agreements, and other	2098
agreements made in connection therewith, all in accordance with	2099
their terms.	2100

(B) Advanced energy facilities for industry, commerce,	2101
distribution, or research are hereby deemed to qualify as	2102
facilities for the control of air pollution and thermal pollution	2103
related to air under Section 2p or 13 of Article VIII, Ohio	2104
Constitution.	2105

Sec. 184.34.  The commission shall, in accordance with	2106
Chapter 119. of the Revised Code, adopt any rules necessary to	2107
implement section 166.30 and sections 184.30 to 184.33 of the	2108
Revised Code.	2109

Sec. 184.35. (A) The third frontier commission, with the	2110
approval of the controlling board, may lend money, guarantee	2111
loans, or provide grants from the third frontier coal research	2112
and development fund to persons for the purpose of paying costs	2113
of projects or capital facilities for coal research and	2114
development, as defined in section 151.071 of the Revised Code.	2115

(B) In determining the projects to be assisted and the	2116
nature, amount, and terms of assistance to be provided for a	2117
project, the commission shall consult with appropriate	2118
governmental agencies.	2119

(C)(1) The commission shall submit to the development	2120
financing advisory council the terms of the proposed assistance	2121
to be provided for a project and such other relevant information	2122
as the council may request.	2123

(2) The council, on the basis of such information, shall make	2124
recommendations as to the appropriateness of the assistance to be	2125
provided. The recommendations may be revised to reflect any	2126
changes in the proposed assistance the commission may submit to	2127
the council.	2128

(3) The commission shall submit the terms of the proposed	2129
assistance to be provided, along with the recommendations, as	2130
amended, of the council as to the appropriateness of the proposed	2131
assistance, to the controlling board.	2132

Sec. 184.36. (A) There is hereby created in the state	2133
treasury the third frontier coal research and development fund.	2134
The fund shall consist of grants, gifts, and contributions of	2135
money or rights to money lawfully designated for or deposited	2136
into the fund, all money and rights to money lawfully	2137
appropriated and transferred to the fund, including money	2138
received from the issuance of obligations under section 151.071	2139
of the Revised Code for purposes of paying costs of projects or	2140
capital facilities for coal research and development, as defined	2141
in that section, and money credited to the fund pursuant to	2142
division (B) of this section. All investment earnings on the	2143
cash balance in the fund shall be credited to the fund.	2144

(B) There shall be credited to the third frontier coal	2145
research and development fund the money received by the state from	2146
the repayment of loans and recovery on loan guarantees, including	2147
interest thereon, made from the fund.	2148

Sec. 184.37. The third frontier commission, in consultation	2149
with the third frontier economic stimulus advisory board, shall	2150
establish competitive processes for the purpose of awarding all of	2151
the following:	2152

(A) Loans, loan guarantees, and grants under the Ohio	2153
bioproducts development program pursuant to section 184.25 of the	2154
Revised Code;	2155

(B) Loans, loan guarantees, and grants under the Ohio	2156
biomedical development program pursuant to section 184.26;	2157

(C) Loans and grants for advanced energy projects pursuant to	2158
sections 166.30 and 184.30 to 184.34 of the Revised Code;	2159

(D) Loans, loan guarantees, and grants for projects or	2160
capital facilities for coal research and development pursuant to	2161
section 184.35 of the Revised Code.	2162

Sec. 1555.03.  For the purposes of this chapter, the director	2163
of the Ohio coal development office may:	2164

(A) With the advice of the technical advisory committee	2165
created in section 1551.35 of the Revised Code and the affirmative	2166
vote of a majority of the members of the Ohio air quality	2167
development authority, make loans, guarantee loans, and make	2168
grants to persons doing business in this state or to educational	2169
or scientific institutions located in this state for coal research	2170
and development projects by any such person or educational or	2171
scientific institution and adopt rules under Chapter 119. of the	2172
Revised Code for making such loans, guarantees, and grants.	2173

(B) In making loans, loan guarantees, and grants under	2174
division (A) of this section and section 1555.04 of the Revised	2175
Code, the director of the office shall ensure that an adequate	2176
portion of the total amount of those loans, loan guarantees, and	2177
grants, as determined by the director with the advice of the	2178
technical advisory committee, is used for conducting research on	2179
fundamental scientific problems related to the utilization of Ohio	2180
coal and shall ensure, to the maximum feasible extent, joint	2181
financial participation by the federal government or other	2182
investors or interested parties in conjunction with any such loan,	2183
loan guarantee, or grant. The director, in each grant agreement or	2184
contract under division (A) of this section, loan contract or	2185
agreement under this division or section 1555.04 of the Revised	2186
Code, and contract of guarantee under section 1555.05 of the	2187
Revised Code, shall require that the facility or project be	2188
maintained and kept in good condition and repair by the person or	2189
educational or scientific institution to whom the grant or loan	2190
was made or for whom the guarantee was made.	2191

(C) From time to time, with the advice of the technical	2192
advisory committee and the affirmative vote of a majority of the	2193
members of the Ohio air quality development authority, request the	2194
issuance of coal research and development general obligations	2195
under section 151.07 of the Revised Code, for any of the purposes	2196
set forth in Section 15 of Article VIII, Ohio Constitution, and	2197
subject to the limitations therein upon the aggregate total amount	2198
of obligations that may be outstanding at any time.	2199

(D) Include as a condition of any loan, loan guarantee, or	2200
grant contract or agreement with any such person or educational or	2201
scientific institution that the director of the office receive, in	2202
addition to payments of principal and interest on any such loan or	2203
service charges for any such guarantee, as appropriate, as	2204
authorized by Section 15, Article VIII, Ohio Constitution, a	2205
reasonable royalty or portion of the income or profits arising out	2206
of the developments, discoveries, or inventions, including patents	2207
or copyrights, that result in whole or in part from coal research	2208
and development projects conducted under any such contract or	2209
agreement, in such amounts and for such period of years as may be	2210
negotiated and provided by the contract or agreement in advance of	2211
the making of the grant, loan, or loan guarantee. Moneys so	2212
received by the director of the office shallunder this section	2213
may be credited to the coal research and development bond service	2214
fund or used to make additional loans, loan guarantees, grants,	2215
or agreements under this section.	2216

(E) Employ managers, superintendents, and other employees and	2217
retain or contract with consulting engineers, financial	2218
consultants, accounting experts, architects, and such other	2219
consultants and independent contractors as are necessary in the	2220
judgment of the director of the office to carry out this chapter,	2221
and fix the compensation thereof.	2222

(F) Receive and accept from any federal agency, subject to	2223
the approval of the governor, grants for or in aid of the	2224
construction or operation of any coal research and development	2225
project or for coal research and development, and receive and	2226
accept aid or contributions from any source of money, property,	2227
labor, or other things of value, to be held, used, and applied	2228
only for the purposes for which such grants and contributions are	2229
made.	2230

(G) Purchase fire and extended coverage and liability	2231
insurance for any coal research and development project, insurance	2232
protecting the office and its officers and employees against	2233
liability for damage to property or injury to or death of persons	2234
arising from its operations, and any other insurance the director	2235
of the office determines necessary or proper under this chapter.	2236
Any moneys received by the director from the proceeds of any such	2237
insurance with respect to a coal research and development project	2238
and any moneys received by the director from the proceeds of any	2239
settlement, judgment, foreclosure, or other insurance with respect	2240
to a coal research and development project or facility shall be	2241
credited to the coal research and development bond service fund.	2242

(H) In the exercise of the powers of the director of the	2243
office under this chapter, call to the director's assistance,	2244
temporarily, from time to time, any engineers, technical experts,	2245
financial experts, and other employees in any state department,	2246
agency, or commission, or in the Ohio state university, or other	2247
educational institutions financed wholly or partially by this	2248
state for purposes of assisting the director of the office with	2249
reviewing and evaluating applications for financial assistance	2250
under this chapter, monitoring performance of coal research and	2251
development projects receiving financial assistance under this	2252
chapter, and reviewing and evaluating the progress and findings of	2253
those projects. Such engineers, experts, and employees shall not	2254
receive any additional compensation over that which they receive	2255
from the department, agency, commission, or educational	2256
institution by which they are employed, but they shall be	2257
reimbursed for their actual and necessary expenses incurred while	2258
working under the direction of the director.	2259

(I) Do all acts necessary or proper to carry out the powers	2260
expressly granted in this chapter.	2261

Sec. 3333.38.  (A) As used in this section:

2262

(1) "Institution of higher education" includes all of the	2263
following:	2264

(a) A state institution of higher education, as defined in	2265
section 3345.011 of the Revised Code;	2266

(b) A nonprofit institution issued a certificate of	2267
authorization under Chapter 1713. of the Revised Code;	2268

(c) A private institution exempt from regulation under	2269
Chapter 3332. of the Revised Code, as prescribed in section	2270
3333.046 of the Revised Code;	2271

(d) An institution of higher education with a certificate of	2272
registration from the state board of career colleges and schools	2273
under Chapter 3332. of the Revised Code.	2274

(2) "Student financial assistance supported by state funds"	2275
includes assistance granted under sections 3315.33, 3333.12,	2276
3333.122, 3333.21, 3333.26, 3333.27, 3333.28, 3333.372, 5910.03,	2277
5910.032, and 5919.34 of the Revised Code or, financed by an	2278
award under the choose Ohio first scholarship program	2279
established under section 3333.61 of the Revised Code, or	2280
financed by an award under the choose Ohio first co-op/internship	2281
program established under section 3333.72 of the Revised Code,	2282
and any other post-secondary student financial assistance	2283
supported by state funds.	2284

(B) An individual who is convicted of, pleads guilty to, or	2285
is adjudicated a delinquent child for one of the following	2286
violations shall be ineligible to receive any student financial	2287
assistance supported by state funds at an institution of higher	2288
education for two calendar years from the time the individual	2289
applies for assistance of that nature:	2290

(1) A violation of section 2917.02 or 2917.03 of the Revised	2291
Code;	2292

(2) A violation of section 2917.04 of the Revised Code that	2293
is a misdemeanor of the fourth degree;	2294

(3) A violation of section 2917.13 of the Revised Code that	2295
is a misdemeanor of the fourth or first degree and occurs within	2296
the proximate area where four or more others are acting in a	2297
course of conduct in violation of section 2917.11 of the Revised	2298
Code.	2299

(C) If an individual is convicted of, pleads guilty to, or is	2300
adjudicated a delinquent child for committing a violation of	2301
section 2917.02 or 2917.03 of the Revised Code, and if the	2302
individual is enrolled in a state-supported institution of higher	2303
education, the institution in which the individual is enrolled	2304
shall immediately dismiss the individual. No state-supported	2305
institution of higher education shall admit an individual of that	2306
nature for one academic year after the individual applies for	2307
admission to a state-supported institution of higher education.	2308
This division does not limit or affect the ability of a	2309
state-supported institution of higher education to suspend or	2310
otherwise discipline its students.	2311

Sec. 3333.71.  As used in sections 3333.71 to 3333.80 of the	2312
Revised Code:	2313

(A) "Cooperative education program" means a partnership	2314
between students, institutions of higher education, and employers	2315
that formally integrates students' academic study with work	2316
experience in cooperating employer organizations and that meets	2317
all of the following conditions:	2318

(1) Alternates or combines periods of academic study and work	2319
experience in appropriate fields as an integral part of student	2320
education;	2321

(2) Provides students with compensation from the cooperative	2322
employer in the form of wages or salaries for work performed;	2323

(3) Evaluates each participating student's performance in the	2324
cooperative position, both from the perspective of the student's	2325
institution of higher education and the student's cooperative	2326
employer;	2327

(4) Provides participating students with academic credit from	2328
the institution of higher education upon successful completion of	2329
their cooperative education;	2330

(5) Is part of an overall degree program for which a	2331
percentage of the total program acceptable to the chancellor of	2332
the Ohio board of regents involves cooperative education.	2333

(B) "Internship program" means a partnership between	2334
students, institutions of higher education, and employers that	2335
formally integrates students' academic study with work or	2336
community service experience and that does both of the following:	2337

(1) Offers internships of specified and definite duration;

2338

(2) Evaluates each participating student's performance in the	2339
internship position, both from the perspective of the student's	2340
institution of higher education and the student's internship	2341
employer.	2342

An internship program may provide participating students with	2343
academic credit upon successful completion of the internship, and	2344
may provide students with compensation in the form of wages or	2345
salaries, stipends, or scholarships.	2346

(C) "Nonpublic university or college" means a nonprofit	2347
institution holding a certificate of authorization issued under	2348
Chapter 1713. of the Revised Code.	2349

(D) "State institution of higher education" has the same	2350
meaning as in section 3345.011 of the Revised Code.	2351

Sec. 3333.72.  The chancellor of the Ohio board of regents	2352
shall establish and administer the choose Ohio first	2353
co-op/internship program to promote and encourage cooperative	2354
education programs or internship programs at Ohio institutions of	2355
higher education for the purpose of recruiting Ohio students to	2356
stay in the state, and recruiting Ohio residents who left Ohio to	2357
attend out-of-state institutions of higher education back to Ohio	2358
institutions of higher education, to participate in high quality	2359
academic programs that use cooperative education programs or	2360
significant internship programs, in order to support the growth	2361
of Ohio's businesses by providing businesses with Ohio's most	2362
talented students and providing Ohio graduates with job	2363
opportunities with Ohio's growing companies.	2364

The chancellor, subject to approval by the controlling board,	2365
shall make awards to state institutions of higher education for	2366
new or existing programs and initiatives meeting the goals of the	2367
choose Ohio first co-op/internship program. Awards may be	2368
granted for programs and initiatives to be implemented by a	2369
state institution of higher education alone or in collaboration	2370
with other state institutions of higher education or nonpublic	2371
Ohio universities and colleges. If the chancellor makes an award	2372
to a program or initiative that is intended to be implemented by	2373
a state institution of higher education in collaboration with	2374
other state institutions of higher education or nonpublic Ohio	2375
universities or colleges, the chancellor may provide that some	2376
portion of the award be received directly by the collaborating	2377
universities or colleges consistent with all terms of the choose	2378
Ohio first co-op/internship program.	2379

The choose Ohio first co-op/internship program shall support	2380
the creation and maintenance of high quality academic programs	2381
that utilize an intensive cooperative education or internship	2382
program for students at state institutions of higher education,	2383
or assign a number of scholarships to institutions to recruit	2384
Ohio residents as students in a high quality academic program,	2385
or both. If scholarships are included in an award to an	2386
institution of higher education, the scholarships shall be	2387
awarded to each participating eligible student as a grant to the	2388
state institution of higher education the student is attending	2389
and shall be reflected on the student's tuition bill.	2390

Notwithstanding any other provision of this section or	2391
sections 3333.73 to 3333.80 of the Revised Code, an Ohio four-year	2392
nonpublic university or college may submit a proposal as lead	2393
applicant or co-lead applicant for an award under the choose Ohio	2394
first co-op/internship program if the proposal is to be	2395
implemented in collaboration with a state institution of higher	2396
education. If the chancellor grants a nonpublic university or	2397
college an award, the nonpublic university or college shall	2398
comply with all requirements of this section, sections 3333.73 to	2399
3333.80 of the Revised Code, and the rules adopted under this	2400
section that apply to state institutions of higher education that	2401
receive awards under the program.	2402

The chancellor shall adopt rules in accordance with Chapter	2403
119. of the Revised Code to administer the choose Ohio first	2404
co-op/internship program.	2405

Sec. 3333.73.  The chancellor of the Ohio board of regents	2406
shall establish a competitive process for making awards under the	2407
choose Ohio first co-op/internship program. The chancellor, on	2408
completion of that process, shall make a recommendation to the	2409
controlling board asking for approval of each award selected by	2410
the chancellor.	2411

The state institution of higher education shall submit a	2412
proposal and other documentation required by the chancellor, in	2413
the form and manner prescribed by the chancellor, for each award	2414
it seeks. A proposal may propose an initiative to be implemented	2415
solely by the state institution of higher education or in	2416
collaboration with other state institutions of higher education or	2417
nonpublic Ohio universities or colleges.	2418

The chancellor shall determine which proposals will receive	2419
awards each fiscal year, and the amount of each award, on the	2420
basis of the merit of each proposal, which the chancellor, subject	2421
to approval by the controlling board, shall determine based on one	2422
or more of the following criteria:	2423

(A) The extent to which the proposal will keep Ohio students	2424
in Ohio institutions of higher education;	2425

(B) The extent to which the proposal will attract Ohio	2426
residents who left Ohio to attend out-of-state institutions of	2427
higher education to return to Ohio institutions of higher	2428
education;	2429

(C) The extent to which the proposal will increase the number	2430
of Ohio graduates who remain in Ohio and enter Ohio's workforce;	2431

(D) The quality of the program that is the subject of the	2432
proposal and the extent to which additional resources will enhance	2433
its quality;	2434

(E) The extent to which the proposal is integrated with the	2435
strengths of the regional economy;	2436

(F) The extent to which the proposal is aligned with the	2437
report submitted by the chancellor pursuant to Section 4 of Sub.	2438
H.B. 2 of the 127th general assembly, as amended;	2439

(G) The extent to which the proposal facilitates the	2440
development of high quality academic programs with a cooperative	2441
education program or a significant internship program at state	2442
institutions of higher education;	2443

(H) The extent to which the proposal is integrated with	2444
supporting private companies to fill potential job growth;	2445

(I) The amount of other institutional, public, or private	2446
resources, whether monetary or nonmonetary, the proposal pledges	2447
to leverage that are in addition to the monetary cost-sharing	2448
requirement prescribed in section 3333.74 of the Revised Code;	2449

(J) The extent to which the proposal is collaborative with	2450
other Ohio institutions of higher education;	2451

(K) The extent to which the proposal is integrated with the	2452
institution's mission;	2453

(L) The extent to which the proposal meets a statewide	2454
educational need at the undergraduate or graduate level;	2455

(M) The demonstrated productivity or future capacity of the	2456
students to be recruited;	2457

(N) The extent to which the proposal will create additional	2458
capacity in a high quality academic program with a cooperative	2459
education program or significant internship program;	2460

(O) The extent to which the proposal will encourage students	2461
who received degrees from two-year institutions to pursue	2462
baccalaureate degrees;	2463

(P) The extent to which the proposal facilitates the	2464
completion of a baccalaureate degree in a cost-effective manner;	2465

(Q) The extent to which other institutional, public, or	2466
private resources that are pledged to the proposal, in addition to	2467
the monetary cost-sharing requirement prescribed in section	2468
3333.74 of the Revised Code, will be deployed to assist in	2469
sustaining the academic program of excellence;	2470

(R) The extent to which the proposal increases the likelihood	2471
that students will successfully complete their degree programs;	2472

(S) The extent to which the proposal ensures that a student	2473
participating in the high quality academic program funded by the	2474
choose Ohio first co-op/internship program is appropriately	2475
qualified and prepared to successfully transition into	2476
professions in Ohio's growing companies and industries.	2477

Sec. 3333.74. (A) Except as provided in division (B) of this	2478
section, each award under the choose Ohio first co-op/internship	2479
program shall require a pledge of private funds equal to the	2480
following:	2481

(1) In the case of a program, initiative, or scholarships	2482
for undergraduate students, at least one hundred per cent of the	2483
money awarded;	2484

(2) In the case of a program, initiative, or scholarships for	2485
graduate students, at least one hundred fifty per cent of the	2486
money awarded.	2487

(B) The chancellor of the Ohio board of regents may waive	2488
the requirement of division (A) of this section if the chancellor	2489
finds that exceptional circumstances exist to do so, provided	2490
that the chancellor reviews the proposal with the advisory	2491
committee established under section 3333.80 of the Revised Code	2492
and provides an explanation for the waiver to the controlling	2493
board.	2494

(C) The chancellor shall endeavor to distribute awards in	2495
such a way that a wide range of disciplines is supported and that	2496
all regions of the state benefit from the economic development	2497
impact of the program.	2498

Sec. 3333.75.  The chancellor of the Ohio board of regents	2499
shall require each state institution of higher education that the	2500
controlling board approves to receive an award under the choose	2501
Ohio first co-op/internship program to enter into an agreement	2502
governing the use of the award. The agreement shall contain	2503
terms the chancellor determines to be necessary, which shall	2504
include performance measures, reporting requirements, and an	2505
obligation to fulfill pledges of other institutional, public, or	2506
nonpublic resources for the proposal.	2507

The chancellor may require a state institution of higher	2508
education that violates the terms of its agreement to repay the	2509
award plus interest at the rate required by section 5703.47 of the	2510
Revised Code to the chancellor.	2511

If the chancellor makes an award to a program or initiative	2512
that is intended to be implemented by a state institution of	2513
higher education in collaboration with other state institutions of	2514
higher education or nonpublic Ohio universities or colleges, the	2515
chancellor may enter into an agreement with the collaborating	2516
universities or colleges that permits awards to be received	2517
directly by the collaborating universities or colleges consistent	2518
with the terms of the program or initiative. In that case, the	2519
chancellor shall incorporate into the agreement terms consistent	2520
with the requirements of this section.	2521

Sec. 3333.76.  The chancellor of the Ohio board of regents	2522
shall encourage state institutions of higher education, alone or	2523
in collaboration with other state institutions of higher education	2524
or nonpublic Ohio universities and colleges, to submit proposals	2525
under the choose Ohio first co-op/internship program for	2526
initiatives that recruit Ohio residents enrolled in colleges and	2527
universities in other states or other countries to return to Ohio	2528
and enroll in state institutions of higher education or nonpublic	2529
Ohio universities and colleges as graduate students in a high	2530
quality academic program that uses a cooperative education	2531
program, a significant internship program in a private industry	2532
or institutional laboratory, or a similar model involving a	2533
variation of cooperative education or internship programs common	2534
to graduate education, and is in an educational area, industry,	2535
or industry sector of need.	2536

The chancellor may encourage state institutions of higher	2537
education, alone or in collaboration with other state institutions	2538
of higher education or nonpublic Ohio universities and colleges,	2539
to submit proposals for initiatives that recruit Ohio residents	2540
who have received baccalaureate degrees to remain in Ohio and	2541
enroll in state institutions of higher education or nonpublic Ohio	2542
universities and colleges as graduate students in a high quality	2543
academic program of the type described in the preceding paragraph.	2544

Sec. 3333.77.  When making an award under the choose Ohio	2545
first co-op/internship program, the chancellor of the Ohio board	2546
of regents, subject to approval by the controlling board, may	2547
commit to giving a state institution of higher education's	2548
proposal preference for future awards after the current fiscal	2549
year or fiscal biennium. A proposal's eligibility for future	2550
awards remains conditional on all of the following:	2551

(A) Future appropriations of the general assembly;

2552

(B) The institution's adherence to the agreement entered into	2553
under section 3333.75 of the Revised Code, including its	2554
fulfillment of pledges of other institutional, public, or	2555
nonpublic resources;	2556

(C) A demonstration that the students participating in the	2557
programs and initiatives or receiving scholarships financed by the	2558
awards are satisfied with the institutions selected by the	2559
chancellor to offer the programs, initiatives, or scholarships	2560
financed by the awards.	2561

The chancellor and the controlling board shall not commit to	2562
awarding any proposal after June 30, 2014.	2563

Sec. 3333.78.  The chancellor of the Ohio board of regents	2564
shall monitor each initiative for which an award is granted under	2565
the choose Ohio first co-op/internship program to ensure the	2566
following:	2567

(A) Fiscal accountability, so that the award is used in	2568
accordance with the agreement entered into under section 3333.75	2569
of the Revised Code;	2570

(B) Operating progress, so that the initiative is managed to	2571
achieve the goals stated in the proposal and in the agreement, and	2572
so that problems may be promptly identified and remedied;	2573

(C) Desired outcomes, so that the initiative contributes to	2574
the program's goal of retaining Ohio's students after graduation.	2575

Sec. 3333.79.  Not later than December 31, 2010, and the	2576
thirty-first day of December of each year thereafter, the	2577
chancellor of the Ohio board of regents shall submit to the	2578
general assembly in accordance with section 101.68 of the Revised	2579
Code a report on the academic and economic impact of the choose	2580
Ohio first co-op/internship program. At a minimum, the report	2581
shall include the following:	2582

(A) Progress and performance metrics for each initiative that	2583
received an award in the previous fiscal year;	2584

(B) Economic indicators of the impact of each initiative, and	2585
all initiatives as a whole, on the regional economies and the	2586
statewide economy;	2587

(C) The chancellor's strategy in allocating awards among	2588
state institutions of higher education and how the actual awards	2589
fit that strategy.	2590

Sec. 3333.80.  (A) The co-op/internship program advisory	2591
committee is hereby created. The committee shall consist of the	2592
following members:	2593

(1) Five members appointed by the governor, two of whom shall	2594
represent academia, two of whom shall be representatives of	2595
private industry, and one of whom shall be a member of the public;	2596

(2) The director of development, or the director's designee;

2597

(3) Five members appointed by the president of the senate,	2598
three of whom shall be members of the senate, one of whom shall	2599
represent academia, and one of whom shall be a member of the	2600
public;	2601

(4) Five members appointed by the speaker of the house of	2602
representatives, three of whom shall be members of the house of	2603
representatives, one of whom shall represent private industry, and	2604
one of whom shall be a member of the public.	2605

(B) Members of the committee who are members of the general	2606
assembly shall serve for terms of four years or until their	2607
legislative terms end, whichever is sooner. The director of	2608
development or the director's designee shall serve as an	2609
ex-officio, voting member. Otherwise, initial members shall serve	2610
the following terms:	2611

(1) Of the initial members appointed by the governor, the	2612
member representing the public and one member representing	2613
academia shall serve for terms of one year; one member	2614
representing private industry shall serve for a term of twoyears;	2615
and one member representing private industry and one member	2616
representing academia shall serve for terms of three years.	2617

(2) The member representing academia and the representative	2618
of the public initially appointed by the president of the senate	2619
shall serve for terms of two years.	2620

(3) The member representing private industry initially	2621
appointed by the speaker of the house of representatives shall	2622
serve for a term of one year.	2623

(4) The representative of the public initially appointed by	2624
the speaker of the house of representatives shall serve for a term	2625
of three years.	2626

Thereafter, terms shall be for three years, with each term	2627
ending on the same day of the same month as did the term that it	2628
succeeds. Each member shall serve from the date of appointment	2629
until the end of the term for which the member was appointed.	2630
Members may be reappointed. Vacancies shall be filled in the same	2631
manner as provided for original appointments. Any member appointed	2632
to fill a vacancy occurring prior to the expiration date of the	2633
term for which the member was appointed shall hold office for the	2634
remainder of that term. A member shall continue to serve after the	2635
expiration date of the member's term until the member's successor	2636
is appointed or until a period of sixty days has elapsed,	2637
whichever occurs first. The appointing authority may remove a	2638
member from the committee for failure to attend two consecutive	2639
meetings without showing good cause for the absences.	2640

(C) The committee annually shall select a chairperson and a	2641
vice-chairperson. Only the members who represent academia and	2642
private industry may serve as chairperson and vice-chairperson.	2643
For this purpose, any committee member appointed as a member of	2644
the public who is a trustee, officer, employee, or student of an	2645
institution of higher education shall be included among the	2646
representatives of academia who may serve as chairperson or	2647
vice-chairperson, and any committee member appointed as a member	2648
of the public who is a director, officer, or employee of a private	2649
business shall be included among the representatives of private	2650
industry who may serve as chairperson or vice-chairperson. The	2651
committee annually shall rotate the selection of the chairperson	2652
between these two groups and shall select a member of the other	2653
group to serve as vice-chairperson.	2654

The committee annually shall select one of its members to	2655
serve as secretary to keep a record of the committee's	2656
proceedings.	2657

(D) A majority vote of the members of the full committee is	2658
necessary to take action on any matter. The committee may adopt	2659
bylaws governing its operation, including bylaws that establish	2660
the frequency of meetings.	2661

(E) Members of the committee shall serve without	2662
compensation.	2663

(F) A member of the committee shall not participate in	2664
discussions or votes concerning a proposed initiative or an actual	2665
award under the choose Ohio first co-op/internship program that	2666
involves an institution of higher education of which the member	2667
is a trustee, officer, employee, or student; an organization of	2668
which the member is a trustee, director, officer, or employee; or	2669
a business of which the member is a director, officer, or	2670
employee or a shareholder of more than five per cent of the	2671
business' stock.	2672

(G) The committee shall advise the chancellor of the Ohio	2673
board of regents on growing industries well-suited for awards	2674
under the choose Ohio first co-op/internship program. The	2675
chancellor shall consult with the committee and request the	2676
committee's advice at each of the following times:	2677

(1) Prior to issuing each request for applications under the	2678
program;	2679

(2) While the chancellor is reviewing applications and before	2680
deciding on awards to submit for the controlling board's approval;	2681

(3) After deciding on awards to submit for the controlling	2682
board's approval and prior to submitting them.	2683

The committee shall advise the chancellor on other matters	2684
the chancellor considers appropriate.	2685

(H) The chancellor shall provide meeting space for the	2686
committee. The committee shall be assisted in its duties by the	2687
chancellor's staff.	2688

(I) Sections 101.82 to 101.87 of the Revised Code do not	2689
apply to the committee.	2690

Sec. 3345.32.  (A) As used in this section:

2691

(1) "State university or college" means the institutions	2692
described in section 3345.27 of the Revised Code and the	2693
northeastern Ohio universities college of medicine.	2694

(2) "Resident" has the meaning specified by rule of the	2695
chancellor of the Ohio board of regents.	2696

(3) "Statement of selective service status" means a statement	2697
certifying one of the following:	2698

(a) That the individual filing the statement has registered	2699
with the selective service system in accordance with the "Military	2700
Selective Service Act," 62 Stat. 604, 50 U.S.C. App. 453, as	2701
amended;	2702

(b) That the individual filing the statement is not required	2703
to register with the selective service for one of the following	2704
reasons:	2705

(i) The individual is under eighteen or over twenty-six years	2706
of age.	2707

(ii) The individual is on active duty with the armed forces	2708
of the United States other than for training in a reserve or	2709
national guard unit.	2710

(iii) The individual is a nonimmigrant alien lawfully in the	2711
United States in accordance with section 101 (a)(15) of the	2712
"Immigration and Nationality Act," 8 U.S.C. 1101, as amended.	2713

(iv) The individual is not a citizen of the United States and	2714
is a permanent resident of the Trust Territory of the Pacific	2715
Islands or the Northern Mariana Islands.	2716

(4) "Institution of higher education" means any eligible	2717
institution approved by the United States department of education	2718
pursuant to the "Higher Education Act of 1965," 79 Stat. 1219, as	2719
amended, or any institution whose students are eligible for	2720
financial assistance under any of the programs described by	2721
division (E) of this section.	2722

(B) The chancellor shall, by rule, specify the form of	2723
statements of selective service status to be filed in compliance	2724
with divisions (C) to (F) of this section. Each statement of	2725
selective service status shall contain a section wherein a male	2726
student born after December 31, 1959, certifies that the student	2727
has registered with the selective service system in accordance	2728
with the "Military Selective Service Act," 62 Stat. 604, 50 U.S.C.	2729
App. 453, as amended. For those students not required to register	2730
with the selective service, as specified in divisions	2731
(A)(2)(b)(i) to (iv) of this section, a section shall be provided	2732
on the statement of selective service status for the	2733
certification of nonregistration and for an explanation of the	2734
reason for the exemption. The chancellor may require that such	2735
statements be accompanied by documentation specified by rule of	2736
the chancellor.	2737

(C) A state university or college that enrolls in any course,	2738
class, or program a male student born after December 31, 1959, who	2739
has not filed a statement of selective service status with the	2740
university or college shall, regardless of the student's	2741
residency, charge the student any tuition surcharge charged	2742
students who are not residents of this state.	2743

(D) No male born after December 31, 1959, shall be eligible	2744
to receive any loan, grant, scholarship, or other financial	2745
assistance for educational expenses granted under section 3315.33,	2746
3333.12, 3333.122, 3333.21, 3333.22, 3333.26, 3333.27, 5910.03,	2747
5910.032, or 5919.34 of the Revised Code, or financed by an award	2748
under the choose Ohio first scholarship program established under	2749
section 3333.61 of the Revised Code, or financed by an award	2750
under the choose Ohio first co-op/internship program established	2751
under section 3333.72 of the Revised Code, unless that person has	2752
filed a statement of selective service status with that person's	2753
institution of higher education.	2754

(E) If an institution of higher education receives a	2755
statement from an individual certifying that the individual has	2756
registered with the selective service system in accordance with	2757
the "Military Selective Service Act," 62 Stat. 604, 50 U.S.C. App.	2758
453, as amended or that the individual is exempt from registration	2759
for a reason other than that the individual is under eighteen	2760
years of age, the institution shall not require the individual to	2761
file any further statements. If it receives a statement certifying	2762
that the individual is not required to register because the	2763
individual is under eighteen years of age, the institution shall	2764
require the individual to file a new statement of selective	2765
service status each time the individual seeks to enroll for a new	2766
academic term or makes application for a new loan or loan	2767
guarantee or for any form of financial assistance for educational	2768
expenses, until it receives a statement certifying that the	2769
individual has registered with the selective service system or is	2770
exempt from registration for a reason other than that the	2771
individual is under eighteen years of age.	2772

Sec. 4511.101.  (A)(1) There is hereby created in the state	2773
treasury the motorist service sign fund, which shall consist of	2774
proceeds from the business logo sign program established under	2775
this section. Subject to division (A)(2) of this section, the	2776
director of transportation shall use money credited to the fund	2777
for transportation purposes, including transportation	2778
infrastructure.	2779

(2) Beginning as soon as possible, but not later than July 1,	2780
2009, and every three months thereafter, the director of budget	2781
and management shall transfer the cash balance in the motorist	2782
service sign fund to the highway operating fund created in	2783
section 5735.291 of the Revised Code to be used for	2784
transportation purposes within the districts defined in section	2785
164.03 of the Revised Code and shall be allocated each year on a	2786
per capita basis to those districts in accordance with the most	2787
recent decennial census statistics. The obligation to make such	2788
transfers shall cease upon termination of the agreement described	2789
in section 5537.141 of the Revised Code.	2790

(B) The director of transportation, in accordance with 23	2791
U.S.C.A. 109(d), 131(f), and 315, as amended, shall establish a	2792
program for the placement of business logos for identification	2793
purposes on state directional signs within the rights-of-way of	2794
divided, multi-lane, limited access highways in both rural and	2795
urban areas.	2796

(B)(C) The director shall establish, and may revise at any	2797
time, a fee for participation in the business logo sign program.	2798
All direct and indirect costs of the business logo sign program	2799
established pursuant to this section shall be fully paid by the	2800
businesses applying for participation in the program. At any	2801
interchange where a business logo sign is erected, such costs	2802
shall be divided equally among the participating businesses. The	2803
direct and indirect costs of the program shall include, but not	2804
be limited to, the cost of capital, directional signs, blanks,	2805
posts, logos, installation, repair, engineering, design,	2806
insurance, removal, replacement, and administration. Money	2807
collected from participating businesses in excess of the direct	2808
and indirect costs and any reasonable profit earned by a person	2809
awarded a contract under division (D) of this section shall be	2810
retained by, or remitted to, the department and deposited to the	2811
credit of the motorist service sign fund. Nothing in this chapter	2812
shall be construed to prohibit the director from establishing such	2813
a program.	2814

(C)(D) The director, in accordance with rules adopted	2815
pursuant to Chapter 119. of the Revised Code, may contract with	2816
any private person to operate, maintain, andor market the	2817
business logo sign program. The rules shall describe the terms of	2818
the contract, and shallmay allow for a reasonable profit to be	2819
earned by the successful applicant. In awarding the contract, the	2820
director shall consider the skill, expertise, prior experience,	2821
and other qualifications of each applicant.	2822

(D)(E) As used in this section, "urban area" means an area	2823
having a population of fifty thousand or more according to the	2824
most recent federal census and designated as such on urban maps	2825
prepared by the department.	2826

(E) Neither(F) In implementing this section, neither the	2827
department nor the director shall do either of the following:	2828

(1) Limit the right of any person to erect, maintain, repair,	2829
remove, or utilize any off-premises or on-premises advertising	2830
device;	2831

(2) Make participation in the business logo sign program	2832
conditional upon a business agreeing to limit, discontinue,	2833
withdraw, modify, alter, or change any advertising or sign.	2834

(F)(G) The program shall permit the business logo signs of a	2835
seller of motor vehicle fuel to include on the seller's signs a	2836
marking or symbol indicating that the seller sells one or more	2837
types of alternative fuel so long as the seller in fact sells that	2838
fuel.	2839

As used in this division, "alternative fuel" has the same	2840
meaning as in section 125.831 of the Revised Code.	2841

Sec. 5537.141. (A) Notwithstanding sections 5537.14 and	2842
5537.28 of the Revised Code, the Ohio turnpike commission shall	2843
pay to the state, for deposit into the state treasury to the	2844
credit of the highway operating fund created in section 5735.291	2845
of the Revised Code, an annual amount determined by the director	2846
of budget and management to be used for transportation purposes	2847
within districts one, five, six, seven, eight, nine, and twelve,	2848
as those districts are defined in section 164.03 of the Revised	2849
Code and shall be allocated each year on a per capita basis to	2850
those districts in accordance with the most recent decennial	2851
census statistics. The obligation to make those payments shall	2852
be evidenced by an agreement between the commission, the office	2853
of budget and management, and the department of transportation.	2854
The agreement shall be entered into not later than September 30,	2855
2008, and shall, at a minimum, set forth all of the following:	2856

(1) The obligation of the commission to make those payments	2857
from revenues available after satisfying its debt obligations and	2858
covenants under any outstanding bond proceedings;	2859

(2) The amount due and payable in each calendar year, which	2860
amount shall not exceed the amount by which the cash transfers	2861
provided for in section 4511.101 of the Revised Code for that	2862
calendar year are less than twenty million dollars;	2863

(3) A schedule for making periodic payments during the year	2864
and the manner in which those payments are to be made;	2865

(4) A termination date for the agreement, which date shall	2866
not be later than December 31, 2030.	2867

(B) Funds transferred from the motorist service sign fund to	2868
the highway operating fund pursuant to section 4511.101 of the	2869
Revised Code shall be expended before the funds transferred to the	2870
highway operating fund pursuant to this section.	2871

Sec. 5725.151.  (A) As used in this section, "certificate	2872
owner" has the same meaning as in section 149.311 of the Revised	2873
Code.	2874

(B) There is allowed a refundable credit against the tax	2875
imposed by section 5707.03 and assessed under section 5725.15 of	2876
the Revised Code for a dealer in intangibles subject to that tax	2877
that is a certificate owner of a rehabilitation tax credit	2878
certificate issued under section 149.311 of the Revised Code. The	2879
credit shall equal twenty-five per cent of the dollar amount	2880
indicated on the certificate, but the amount of the credit	2881
allowed for any dealer for any year shall not exceed five million	2882
dollars. The credit shall be claimed in the calendar year	2883
specified in the certificate. If the credit exceeds the amount of	2884
tax otherwise due in that year, the excess shall be refunded to	2885
the dealer but, if any amount of the credit is refunded, the sum	2886
of the amount refunded and the amount applied to reduce the tax	2887
otherwise due in that year shall not exceed three million	2888
dollars. The dealer may carry forward any balance of the credit	2889
in excess of the amount claimed in that year for not more than	2890
five ensuing years, and shall deduct any amount claimed in any	2891
such year from the amount claimed in an ensuing year.	2892

(C) A dealer in intangibles claiming a credit under this	2893
section shall retain the rehabilitation tax credit certificate for	2894
four years following the end of the year in which the credit was	2895
claimed, and shall make the certificate available for inspection	2896
by the tax commissioner upon the request of the tax commissioner	2897
during that period.	2898

(D) For the purpose of division (C) of section 5725.24 of the	2899
Revised Code, reductions in the amount of taxes collected on	2900
account of credits allowed under this section shall be applied to	2901
reduce the amount credited to the general revenue fund and shall	2902
not be applied to reduce the amount to be credited to the	2903
undivided local government funds of the counties in which such	2904
taxes originate.	2905

Sec. 5733.47. (A) As used in this section, "certificate	2906
owner" has the same meaning as in section 149.311 of the Revised	2907
Code.	2908

(B) There is allowed a refundable credit against the tax	2909
imposed under section 5733.06 of the Revised Code for a taxpayer	2910
that is a certificate owner of a rehabilitation tax credit	2911
certificate issued under section 149.311 of the Revised Code. The	2912
credit shall equal twenty-five per cent of the dollar amount	2913
indicated on the certificate, but shall not exceed five million	2914
dollars. The credit shall be claimed for the tax year specified	2915
in the certificate and in the order required under section	2916
5733.98 of the Revised Code. For purposes of making tax payments	2917
under this chapter, taxes equal to the amount of the refundable	2918
credit shall be considered to be paid to the state on the first	2919
day of the tax year.	2920

(C) A taxpayer claiming a credit under this section shall	2921
retain the rehabilitation tax credit certificate for four years	2922
following the end of the tax year to which the credit was applied,	2923
and shall make the certificate available for inspection by the tax	2924
commissioner upon the request of the tax commissioner during that	2925
period.	2926

(D) If, pursuant to division (G) of section 5733.01 of the	2927
Revised Code, a taxpayer no longer pays a tax under this chapter,	2928
the taxpayer may nonetheless file an annual report under section	2929
5733.02 of the Revised Code and claim the refundable credit	2930
authorized by this section. Nothing in this division allows a	2931
taxpayer to claim the credit under this section more than once.	2932

Sec. 5747.76. (A) As used in this section, "certificate	2933
owner" has the same meaning as in section 149.311 of the Revised	2934
Code.	2935

(B) There is allowed a refundable credit against the tax	2936
imposed under section 5747.02 of the Revised Code for a taxpayer	2937
that is the certificate owner of a rehabilitation tax credit	2938
certificate issued under section 149.311 of the Revised Code. The	2939
credit shall equal twenty-five per cent of the dollar amount	2940
indicated on the certificate, but the amount of credit allowed	2941
for any taxpayer shall not exceed five million dollars. The	2942
credit shall be claimed for the taxable year specified in the	2943
certificate and in the order required under section 5747.98 of	2944
the Revised Code. For purposes of making tax payments under this	2945
chapter, taxes equal to the amount of the refundable credit	2946
shall be considered to be paid to the state on the first day of	2947
the taxable year.	2948

(C) Nothing in this section limits or disallows pass-through	2949
treatment of the credit if the certificate owner is a pass-through	2950
entity. If the certificate owner is a pass-through entity, the	2951
amount of the credit allowed for the pass-through entity shall not	2952
exceed five million dollars.	2953

(D) If the credit allowed for any taxable year exceeds the	2954
tax otherwise due under section 5747.02 of the Revised Code, after	2955
allowing for any other credits preceding the credit in the order	2956
prescribed by section 5747.98 of the Revised Code, the excess	2957
shall be refunded to the taxpayer but, if any amount of the	2958
credit is refunded, the sum of the amount refunded and the amount	2959
applied to reduce the tax otherwise due for that year shall not	2960
exceed three million dollars or, if the certificate owner is a	2961
pass-through entity, shall not exceed the taxpayer's distributive	2962
or proportionate share of three million dollars. The taxpayer may	2963
carry forward any balance of the credit in excess of the amount	2964
claimed for that year for not more than five ensuing taxable	2965
years, and shall deduct any amount claimed for any such year from	2966
the amount claimed in an ensuing year.	2967

(E) A taxpayer claiming a credit under this section shall	2968
retain the rehabilitation tax credit certificate for four years	2969
following the end of the taxable year to which the credit was	2970
applied, and shall make the certificate available for inspection	2971
by the tax commissioner upon the request of the tax commissioner	2972
during that period.	2973

Sec. 5747.98.  (A) To provide a uniform procedure for	2974
calculating the amount of tax due under section 5747.02 of the	2975
Revised Code, a taxpayer shall claim any credits to which the	2976
taxpayer is entitled in the following order:	2977

(1) The retirement income credit under division (B) of	2978
section 5747.055 of the Revised Code;	2979

(2) The senior citizen credit under division (C) of section	2980
5747.05 of the Revised Code;	2981

(3) The lump sum distribution credit under division (D) of	2982
section 5747.05 of the Revised Code;	2983

(4) The dependent care credit under section 5747.054 of the	2984
Revised Code;	2985

(5) The lump sum retirement income credit under division (C)	2986
of section 5747.055 of the Revised Code;	2987

(6) The lump sum retirement income credit under division (D)	2988
of section 5747.055 of the Revised Code;	2989

(7) The lump sum retirement income credit under division (E)	2990
of section 5747.055 of the Revised Code;	2991

(8) The low-income credit under section 5747.056 of the	2992
Revised Code;	2993

(9) The credit for displaced workers who pay for job training	2994
under section 5747.27 of the Revised Code;	2995

(10) The campaign contribution credit under section 5747.29	2996
of the Revised Code;	2997

(11) The twenty-dollar personal exemption credit under	2998
section 5747.022 of the Revised Code;	2999

(12) The joint filing credit under division (G) of section	3000
5747.05 of the Revised Code;	3001

(13) The nonresident credit under division (A) of section	3002
5747.05 of the Revised Code;	3003

(14) The credit for a resident's out-of-state income under	3004
division (B) of section 5747.05 of the Revised Code;	3005

(15) The credit for employers that enter into agreements with	3006
child day-care centers under section 5747.34 of the Revised Code;	3007

(16) The credit for employers that reimburse employee child	3008
care expenses under section 5747.36 of the Revised Code;	3009

(17) The credit for adoption of a minor child under section	3010
5747.37 of the Revised Code;	3011

(18) The credit for purchases of lights and reflectors under	3012
section 5747.38 of the Revised Code;	3013

(19) The job retention credit under division (B) of section	3014
5747.058 of the Revised Code;	3015

(20) The credit for selling alternative fuel under section	3016
5747.77 of the Revised Code;	3017

(21) The second credit for purchases of new manufacturing	3018
machinery and equipment and the credit for using Ohio coal under	3019
section 5747.31 of the Revised Code;	3020

(22) The job training credit under section 5747.39 of the	3021
Revised Code;	3022

(23) The enterprise zone credit under section 5709.66 of the	3023
Revised Code;	3024

(24) The credit for the eligible costs associated with a	3025
voluntary action under section 5747.32 of the Revised Code;	3026

(25) The credit for employers that establish on-site child	3027
day-care centers under section 5747.35 of the Revised Code;	3028

(26) The ethanol plant investment credit under section	3029
5747.75 of the Revised Code;	3030

(27) The credit for purchases of qualifying grape production	3031
property under section 5747.28 of the Revised Code;	3032

(28) The export sales credit under section 5747.057 of the	3033
Revised Code;	3034

(29) The credit for research and development and technology	3035
transfer investors under section 5747.33 of the Revised Code;	3036

(30) The enterprise zone credits under section 5709.65 of the	3037
Revised Code;	3038

(31) The research and development credit under section	3039
5747.331 of the Revised Code;	3040

(32) The credit for rehabilitating a historic building under	3041
section 5747.76 of the Revised Code;	3042

(33) The refundable credit for rehabilitating a historic	3043
building under section 5747.76 of the Revised Code;	3044

(33)(34) The refundable jobs creation credit under division	3045
(A) of section 5747.058 of the Revised Code;	3046

(34)(35) The refundable credit for taxes paid by a qualifying	3047
entity granted under section 5747.059 of the Revised Code;	3048

(35)(36) The refundable credits for taxes paid by a	3049
qualifying pass-through entity granted under division (J) of	3050
section 5747.08 of the Revised Code;	3051

(36)(37) The refundable credit for tax withheld under	3052
division (B)(1) of section 5747.062 of the Revised Code;	3053

(37)(38) The refundable credit under section 5747.80 of the	3054
Revised Code for losses on loans made to the Ohio venture capital	3055
program under sections 150.01 to 150.10 of the Revised Code.	3056

(B) For any credit, except the credits enumerated in	3057
divisions (A)(32)(33) to (37)(38) of this section and the credit	3058
granted under division (I) of section 5747.08 of the Revised	3059
Code, the amount of the credit for a taxable year shall not	3060
exceed the tax due after allowing for any other credit that	3061
precedes it in the order required under this section. Any excess	3062
amount of a particular credit may be carried forward if	3063
authorized under the section creating that credit. Nothing in	3064
this chapter shall be construed to allow a taxpayer to claim,	3065
directly or indirectly, a credit more than once for a taxable	3066
year.	3067

Section 2. That existing sections 149.311, 151.01, 166.01,	3068
166.02, 166.08, 166.11, 184.02, 1555.03, 3333.38, 3345.32,	3069
4511.101, 5725.151, 5733.47, 5747.76, and 5747.98 of the Revised	3070
Code are hereby repealed.	3071

Section 3. (A) Except as provided in division (B) of this	3072
section, the amendment by this act of sections 149.311, 5725.151,	3073
5733.47, 5747.76, and 5747.98 of the Revised Code applies only to	3074
the application periods beginning July 1, 2009, and July 1, 2010,	3075
and to tax credits allowed under rehabilitation tax credit	3076
certificates issued for applications filed for those application	3077
periods. Those sections as they existed before their amendment by	3078
this act apply to the application period beginning July 1, 2007,	3079
and ending June 30, 2008, and to tax credits allowed under	3080
rehabilitation tax credit certificates issued for applications	3081
filed for that application period.	3082

(B) The amendment by this act of division (A)(9) of section	3083
149.311 of the Revised Code, eliminating the application period	3084
beginning July 1, 2008, and ending June 30, 2009, takes effect	3085
when this act becomes law. The State Historic Preservation Officer	3086
shall not accept applications for that period, and the Director	3087
of Development shall not issue any rehabilitation tax credit	3088
certificates for that period.	3089

(C) Nothing in this section precludes the approval of	3090
applications for tax credit certificates as prescribed in division	3091
(D)(3) of section 149.311 of the Revised Code, as amended by this	3092
act, from among the $30 million reserved for that purpose from the	3093
$60 million in credits allowed for each of the application periods	3094
July 1, 2009, through June 30, 2010, and July 1, 2010, through	3095
June 30, 2011. The Director of Development shall approve such	3096
applications and issue tax credit certificates as prescribed in	3097
that section as amended by this act, may accept from such	3098
applicants the amount of qualified rehabilitation expenditures	3099
the applicant estimates will be paid or incurred if such	3100
estimates have not yet been provided to the Director, may notify	3101
such applicants whether the application was approved or denied on	3102
or after the effective date of this section, and may adopt any	3103
rules necessary to administer such applications.	3104

Section 4. The amendment by this act of sections 149.311,	3105
5725.151, 5733.47, 5747.76, and 5747.98 of the Revised Code and	3106
the enactment of Section 3 of this act provide for or are	3107
essential to the implementation of a tax levy. Therefore, under	3108
Ohio Constitution, Article II, Section 1d, the amendment and	3109
enactment are not subject to the referendum and go into immediate	3110
effect when this act becomes law.	3111

Section 5. All items in this section are hereby appropriated	3112
as designated out of any moneys in the state treasury to the	3113
credit of the designated fund that are not otherwise appropriated.	3114
For all appropriations made in this section, those in the first	3115
column are for fiscal year 2008 and those in the second column are	3116
for fiscal year 2009. The appropriations made in this section are	3117
in addition to any other appropriations made for the FY 2008-FY	3118
2009 biennium.	3119

DEV DEPARTMENT OF DEVELOPMENT	3120

Appropriations

Third Frontier Coal R&D Fund Group	3121

5CS0	195644		Third Frontier Coal R&D Fund		$	0		$	66,000,000		3122
TOTAL 5CS0 Third Frontier Coal R&D Fund Group					$	0		$	66,000,000		3123
TOTAL ALL BUDGET FUND GROUPS					$	0		$	66,000,000		3124

DEV DEPARTMENT OF DEVELOPMENT	3125

Appropriations

State Special Revenue Fund Group	3126

5Z30	195694		JF Bioproducts		$	0		$	20,000,000		3127
5Z30	195695		JF Biomedical		$	0		$	40,000,000		3128
TOTAL SSR State Special Revenue Fund Group					$	0		$	60,000,000		3129

Logistics and Distribution Infrastructure Fund Group	3130

7008	195698		Logistics and Distribution Infrastructure		$	0		$	50,000,000		3131
TOTAL 7008 Logistics and Distribution Infrastructure Fund Group					$	0		$	50,000,000		3132
TOTAL ALL BUDGET FUND GROUPS					$	0		$	110,000,000		3133

JF BIOPRODUCTS

3134

The foregoing appropriation item 195694, JF Bioproducts,	3135
shall be used for the Ohio Bioproducts Development Program	3136
established in section 184.25 of the Revised Code.	3137

JF BIOMEDICAL

3138

The foregoing appropriation item 195695, JF Biomedical,	3139
shall be used for the Ohio Biomedical Development Program	3140
established in section 184.26 of the Revised Code.	3141

LOGISTICS AND DISTRIBUTION INFRASTRUCTURE

3142

The foregoing appropriation item 195698, Logistics and	3143
Distribution Infrastructure, shall be used for eligible logistics	3144
and distribution projects as defined in section 166.01 of the	3145
Revised Code.	3146

Within the limits set forth in this section, the Director of	3147
Budget and Management shall establish accounts indicating the	3148
source and amount of funds for each appropriation made in this	3149
section, and shall determine the form and manner in which	3150
appropriation accounts shall be maintained. Expenditures from	3151
appropriations contained in this section shall be accounted for as	3152
though made in Am. Sub. H.B. 119 of the 127th General Assembly.	3153

The appropriations made in this section are subject to all	3154
provisions of Am. Sub. H.B. 119 of the 127th General Assembly that	3155
are generally applicable to such appropriations.	3156

Section 6. The Governor has informed the General Assembly of	3157
the Governor's intent to propose appropriations, and it is the	3158
intent of the General Assembly to appropriate $20,000,000 in	3159
fiscal year 2010 and $10,000,000 in fiscal year 2011 for the	3160
purposes of the Ohio Bioproducts Development Program established	3161
in section 184.25 of the Revised Code.	3162

Section 7. The Governor has informed the General Assembly of	3163
the Governor's intent to propose appropriations, and it is the	3164
intent of the General Assembly to appropriate $40,000,000 in	3165
fiscal year 2010 and $20,000,000 in fiscal year 2011 for the	3166
purposes of the Ohio Biomedical Development Program established	3167
in section 184.26 of the Revised Code.	3168

Section 8. The Governor has informed the General Assembly of	3169
the Governor's intent to propose appropriations, and it is the	3170
intent of the General Assembly to appropriate $80 million in	3171
fiscal year 2010 out of moneys transferred from the Jobs Fund	3172
(Fund 5Z30), created by Section 4 of Sub. H.B. 544 of the 127th	3173
General Assembly, to the Local Infrastructure Development Fund	3174
(Fund 7039) created by section 164.28 of the Revised Code for use	3175
by the Public Works Commission for capital improvement projects	3176
under Chapter 164. of the Revised Code.	3177

Section 9. On June 30, 2011, or as soon as possible	3178
thereafter, the Director of Budget and Management shall transfer	3179
the cash balance in the Jobs Fund (Fund 5Z30) to the General	3180
Revenue Fund. Upon completion of the transfer, the Jobs Fund (Fund	3181
5Z30) is abolished.	3182

Section 10. On or before June 30, 2011, or as soon as	3183
possible thereafter, the Director of the Public Works Commission	3184
shall notify the Director of Budget and Management that all	3185
projects funded by the Local Infrastructure Development Fund (Fund	3186
7039) have been completed and the Director of Budget and	3187
Management shall transfer the cash balance remaining in the Local	3188
Infrastructure Development Fund (Fund 7039) to the General	3189
Revenue Fund. Upon completion of the transfer, the Local	3190
Infrastructure Development Fund (Fund 7039) is abolished.	3191

Section 11. The Governor has informed the General Assembly of	3192
the Governor's intent to propose appropriations, and it is the	3193
intent of the General Assembly to appropriate $25,000,000 for	3194
fiscal year 2010 and $25,000,000 for fiscal year 2011 for	3195
eligible logistics and distribution infrastructure projects as	3196
defined in section 166.01 of the Revised Code.	3197

Section 12. The Ohio Public Facilities Commission, upon the	3198
request of the Director of Development, after consultation with	3199
the Third Frontier Commission, is hereby authorized to issue and	3200
sell, in accordance with Section 15 of Article VIII, Ohio	3201
Constitution, and Chapter 151. and particularly sections 151.01	3202
and 151.071 of the Revised Code, bonds and other obligations of	3203
the State of Ohio in an aggregate principal amount not to	3204
exceed $66,000,000 in addition to the issuance of obligations	3205
heretofore authorized by prior acts of the General Assembly.	3206
The obligations shall be dated, issued, and sold from time to	3207
time in such amounts as may be necessary to provide sufficient	3208
moneys to the credit of the Third Frontier Coal Research and	3209
Development Fund created in section 184.36 of the Revised Code	3210
to pay costs charged to the fund when due.	3211

Section 13. The Governor has informed the General Assembly of	3212
the Governor's intent to propose appropriations, and it is the	3213
intent of the General Assembly to appropriate $20,000,000 in	3214
fiscal year 2010, $100,000,000 in fiscal year 2011, and	3215
$80,000,000 in fiscal year 2012 for use by the Public Works	3216
Commission for the Local Transportation Improvement Program	3217
established in section 164.14 of the Revised Code. The	3218
appropriations will be supported by periodic transfers of cash	3219
made by the Director of Budget and Management from the Highway	3220
Operating Fund created in section 5735.291 of the Revised Code	3221
to the Local Transportation Improvement Program Fund created in	3222
section 164.14 of the Revised Code. These appropriations are in	3223
addition to any other appropriations that may be made for this	3224
purpose.	3225

Section 14. The Governor has informed the General Assembly of	3226
the Governor's intent to propose appropriations, and it is the	3227
intent of the General Assembly to appropriate from the Highway	3228
Capital Improvement Fund created in section 5528.53 of the	3229
Revised Code $20,000,000 in fiscal year 2010, $100,000,000 in	3230
fiscal year 2011, and $80,000,000 in fiscal year 2012 for highway	3231
capital facilities and projects. Those appropriations will be	3232
supported by the issuance of general obligations authorized for	3233
that purpose under Article VIII, Section 2m of the Ohio	3234
Constitution. These appropriations are in addition to any other	3235
appropriations that may be made for this purpose. The issuance	3236
of obligations pursuant to this section is intended to reimburse	3237
the Ohio Department of Transportation for the periodic transfers	3238
of cash made by the Director of Budget and Management from the	3239
Highway Operating Fund (Fund 7002) pursuant to Section 13 of this	3240
act.	3241

Section 15. (A) All items set forth in this division are	3242
hereby appropriated out of any moneys in the state treasury, for	3243
the biennium ending on June 30, 2010, to the credit of the	3244
Advanced Energy Research and Development Taxable Fund (Fund 7004)	3245
that are not otherwise appropriated:	3246

DEV DEPARTMENT OF DEVELOPMENT	3247

C19503		Advanced Energy R&D Taxable		$	9,000,000		3248
Total Department of Development				$	9,000,000		3249
TOTAL Advanced Energy Research and Development							3250
Taxable Fund				$	9,000,000		3251

(B) All items set forth in this division are hereby	3252
appropriated out of any moneys in the state treasury, for the	3253
biennium ending on June 30, 2010, to the credit of the Advanced	3254
Energy Research and Development Fund (Fund 7005) that are not	3255
otherwise appropriated:	3256

DEV DEPARTMENT OF DEVELOPMENT	3257

C19504		Advanced Energy R&D		$	19,000,000		3258
Total Department of Development				$	19,000,000		3259
TOTAL Advanced Energy Research and Development							3260
Fund				$	19,000,000		3261

(C) The foregoing appropriation items C19503, Advanced Energy	3262
R&D Taxable, and C19504, Advanced Energy R&D, shall be used for	3263
advanced energy projects in the manner provided in sections	3264
184.30 to 184.34 of the Revised Code. The Third Frontier	3265
Commission may certify to the Director of Budget and Management	3266
that a need exists to appropriate investment earnings of funds	3267
7004 and 7005 to be so used. If the Director of Budget and	3268
Management, pursuant to sections 184.30 to 184.34 of the Revised	3269
Code, determines that investment earnings are available to	3270
support additional appropriations, such amounts are hereby	3271
appropriated.	3272

(D) Upon the request of the Executive Director of the Air	3273
Quality Development Authority, the Director of Budget and	3274
Management may transfer cash between funds 7004 and 7005. Amounts	3275
transferred are hereby appropriated.	3276

(E) Expenditures from appropriations contained in this	3277
section may be accounted as though made in the main capital	3278
appropriations act of the FY 2009-FY 2010 biennium of the 127th	3279
General Assembly. The appropriations made in this section are	3280
subject to all provisions of the FY 2009-FY 2010 biennial capital	3281
appropriations act of the 127th General Assembly that are	3282
generally applicable to such appropriations.	3283

Section 16. The Governor has informed the General Assembly of	3284
the Governor's intent to propose appropriations, and it is the	3285
intent of the General Assembly to appropriate amounts not to	3286
exceed $56 million for the biennium ending on June 30, 2012, from	3287
bond proceeds deposited in the state treasury to the credit of	3288
the Advanced Energy Research and Development Taxable Fund (Fund	3289
7004) and the Advanced Energy Research and Development Fund (Fund	3290
7005) for advanced energy projects as provided in sections	3291
184.30 to 184.34 of the Revised Code.	3292

Section 17. All items set forth in this section are hereby	3293
appropriated out of any moneys in the state treasury, for the	3294
biennium ending on June 30, 2010, to the credit of the State	3295
Capital Improvements Fund (Fund 7038) that are not otherwise	3296
appropriated.	3297

Appropriations

PWC PUBLIC WORKS COMMISSION	3298

C15000		Local Public Infrastructure		$	120,000,000		3299
Total Public Works Commission				$	120,000,000		3300
TOTAL State Capital Improvements Fund				$	120,000,000		3301

The foregoing appropriation item C15000, Local Public	3302
Infrastructure, shall be used in accordance with sections 164.01	3303
to 164.12 of the Revised Code. The Director of the Public Works	3304
Commission may certify to the Director of Budget and Management	3305
that a need exists to appropriate investment earnings of Fund 7038	3306
to be used in accordance with sections 164.01 to 164.12 of the	3307
Revised Code. If the Director of Budget and Management, pursuant	3308
to division (D) of section 164.08 and section 164.12 of the	3309
Revised Code, determines that investment earnings are available to	3310
support additional appropriations, such amounts are hereby	3311
appropriated.	3312

Expenditures from appropriations contained in this section	3313
may be accounted as though made in the main capital appropriations	3314
act of the FY 2009-FY 2010 biennium of the 127th General Assembly.	3315
The appropriations made in this section are subject to all	3316
provisions of the FY 2009-FY 2010 biennial capital appropriations	3317
act of the 127th General Assembly that are generally applicable to	3318
such appropriations.	3319

Section 18. The Ohio Public Facilities Commission is hereby	3320
authorized to issue and sell, in accordance with Section 2p of	3321
Article VIII, Ohio Constitution, and pursuant to sections 151.01	3322
and 151.08 of the Revised Code, original obligations of the state,	3323
in an aggregate principal amount not to exceed $120,000,000, in	3324
addition to the original obligations heretofore authorized by	3325
prior acts of the General Assembly. These authorized obligations	3326
shall be issued and sold from time to time, subject to applicable	3327
constitutional and statutory limitations, as needed to ensure	3328
sufficient moneys to the credit of the State Capital Improvements	3329
Fund (Fund 7038) to pay costs of the state in financing or	3330
assisting in the financing of local subdivision capital	3331
improvement projects.	3332

Section 19. CAPITAL RELEASE BY THE DIRECTOR OF BUDGET AND	3333
MANAGEMENT	3334

Notwithstanding section 126.14 of the Revised Code,	3335
appropriations from the State Capital Improvement Fund (Fund 7038)	3336
shall be released upon presentation of a request to release the	3337
funds by the Director of the Public Works Commission to the	3338
Director of Budget and Management.	3339

Section 20. The Governor has informed the General Assembly of	3340
the Governor's intent to propose appropriations, and it is the	3341
intent of the General Assembly to appropriate, for the Choose	3342
Ohio First Co-op/Internship Program established under section	3343
3333.72 of the Revised Code a minimum of $50,000,000 each	3344
fiscal year from fiscal year 2010 through fiscal year 2014.	3345

Section 21. The amendments to section 184.02 that add the	3346
cross references to sections 184.25 and 184.26 and enactments of	3347
sections 184.23, 184.24, 184.25, and 184.26 of the Revised Code	3348
are hereby repealed, effective June 30, 2011.	3349

Section 22.  The enactment of section 164.28 of the Revised	3350
Code is hereby repealed, effective June 30, 2013.	3351

Section 23. The amendment or enactment by this act of a	3352
codified or uncodified section listed below is exempt from the	3353
referendum under Ohio Constitution, Article II, Section 1d and	3354
section 1.471 of the Revised Code and takes effect immediately	3355
when this act becomes law:	3356

Sec. 151.07, 151.071, 164.28, 166.01, 166.02, 166.08, 166.11,	3357
166.25, 166.26, 166.30, 184.02, 184.23, 184.24, 184.25, 184.26,	3358
184.35, 184.36, 184.37, 1555.03	3359

Section 5.

3360