| (3) "Housing and dining facilities" means buildings, | 26 |
|
structures, and other improvements, and equipment, real estate, | 27 |
|
and interests in real estate therefor, to be used for or in | 28 |
|
connection with dormitories or other living quarters and | 29 |
|
accommodations, or related dining
halls or other food service and | 30 |
|
preparation facilities, for
students, members of the faculty, | 31 |
|
officers, or employees of the
institution of higher education, and | 32 |
|
their spouses and families. | 33 |
| (4) "Auxiliary facilities" means buildings, structures,
and | 34 |
|
other improvements, and equipment, real estate, and interests
in | 35 |
|
real estate therefor, to be used for or in connection with
student | 36 |
|
activity or student service facilities, housing and dining | 37 |
|
facilities, dining halls, and
other food service and preparation | 38 |
|
facilities, vehicular parking
facilities, bookstores, athletic and | 39 |
|
recreational facilities,
faculty centers, auditoriums, assembly | 40 |
|
and exhibition halls,
hospitals, infirmaries and other medical and | 41 |
|
health facilities,
research, and continuing education facilities. | 42 |
| (5) "Education facilities" means buildings, structures, and | 43 |
|
other
improvements, and equipment, real estate, and interests in | 44 |
|
real estate
therefor, to be used for or in connection with, | 45 |
|
classrooms or other
instructional facilities, libraries, | 46 |
|
administrative and office facilities, and
other facilities, other | 47 |
|
than auxiliary facilities, to be used directly or
indirectly for | 48 |
|
or in connection with the conduct of the institution of higher | 49 |
|
education. | 50 |
| (6) "Facilities" means housing and dining facilities, | 51 |
|
auxiliary facilities,
or education facilities, and
includes any | 52 |
|
one, part of, or any
combination of such facilities, and further | 53 |
|
includes site improvements,
utilities, machinery, furnishings, and | 54 |
|
any separate or connected buildings,
structures, improvements, | 55 |
|
sites, open space and green space areas, utilities
or equipment to | 56 |
|
be used in, or in connection with the operation or maintenance
of, | 57 |
|
or supplementing or otherwise related to the services or | 58 |
|
facilities to be
provided by, such facilities. | 59 |
| (9) "Bond proceedings" means the
resolutions, trust | 70 |
|
agreement, indenture, and other
agreements and credit enhancement | 71 |
|
facilities, and amendments and
supplements to the foregoing, or | 72 |
|
any one or more or combination
thereof, authorizing, awarding, or | 73 |
|
providing for the terms and
conditions applicable to, or providing | 74 |
|
for the security or liquidity
of, obligations or assurances, and | 75 |
|
the provisions
contained in those
obligations or assurances. | 76 |
| (10) "Costs of facilities" means the costs of acquiring, | 77 |
|
constructing,
reconstructing, rehabilitating, remodeling, | 78 |
|
renovating,
enlarging, improving, equipping, or furnishing | 79 |
|
facilities,
and the financing thereof, including the cost of | 80 |
|
clearance and
preparation of the site and of any land to be used | 81 |
|
in connection
with facilities, the cost of any indemnity and | 82 |
|
surety bonds and
premiums on insurance, all related direct | 83 |
|
administrative expenses
and allocable portions of direct costs of | 84 |
|
the institution of higher
education or state agency, cost of | 85 |
|
engineering, architectural services,
design, plans, specifications | 86 |
|
and surveys, estimates of cost, legal fees, fees
and expenses of | 87 |
|
trustees, depositories, bond registrars,
and paying agents for the | 88 |
|
obligations, cost of issuance of the obligations and financing | 89 |
|
costs and fees and expenses of financial advisers and
consultants | 90 |
|
in connection therewith, interest on the obligations
from the date | 91 |
|
thereof to the time when interest is to be covered
by available | 92 |
|
receipts or other sources other than proceeds
of the obligations, | 93 |
|
amounts necessary to establish reserves as required by the bond | 94 |
|
proceedings, costs of audits, the reimbursements of all moneys | 95 |
|
advanced or applied by or borrowed from the institution or others, | 96 |
|
from
whatever source provided, including any temporary advances | 97 |
|
from state
appropriations, for the payment
of any item or items of | 98 |
|
cost of facilities, and all other
expenses necessary or incident | 99 |
|
to planning or determining
feasibility or practicability with | 100 |
|
respect to facilities,
and such other expenses as may be necessary | 101 |
|
or incident to the
acquisition, construction, reconstruction, | 102 |
|
rehabilitation,
remodeling, renovation, enlargement, improvement, | 103 |
|
equipment, and
furnishing of facilities, the financing thereof and | 104 |
|
the
placing of them in use and operation, including any one,
part | 105 |
|
of, or combination of such classes of costs and expenses. | 106 |
| (11) "Available receipts" means all moneys received by the | 107 |
|
institution of higher education, including income, revenues, and | 108 |
|
receipts from the operation, ownership, or control of facilities | 109 |
| or entrepreneurial projects,
grants, gifts, donations, and pledges | 110 |
|
and receipts therefrom,
receipts from fees and charges, and the | 111 |
|
proceeds of the sale of
obligations or assurances, including | 112 |
|
proceeds of obligations or assurances issued to refund
obligations | 113 |
| or assurances previously issued, but excluding any special fee, | 114 |
|
and
receipts therefrom, charged pursuant to division (D) of | 115 |
|
section
154.21 of the Revised Code. | 116 |
| (B) Obligations issued under section 3345.07 or 3345.11 of | 132 |
|
the Revised Code by a state university or college shall be | 133 |
|
authorized by resolution of its board of trustees. Obligations | 134 |
|
issued by any other institution of higher education shall be | 135 |
|
authorized by resolution of its board of trustees, or managing | 136 |
|
directors in the
case of certain university branch districts, as | 137 |
|
applicable. Sections 9.96 and
9.98 to 9.983 of the Revised Code | 138 |
|
apply to obligations and assurances. Obligations and assurances | 139 |
|
may be
issued to pay costs of
facilities or entrepreneurial | 140 |
|
projects even if the institution anticipates the
possibility of
a | 141 |
|
future state appropriation to pay all or a portion of such
costs. | 142 |
| (C) Obligations and assurances shall be secured by a pledge | 143 |
|
of and
lien on
all or such part of the available receipts of the | 144 |
|
institution of
higher education as it provides for in the bond | 145 |
|
proceedings,
excluding moneys raised by taxation and state | 146 |
|
appropriations. Such
pledge and
lien may be made prior to all | 147 |
|
other expenses,
claims,
or payments, excepting any pledge of such | 148 |
|
available
receipts
previously made to the contrary and except as | 149 |
|
provided
by any
existing restrictions on the use thereof, or such | 150 |
|
pledge
and lien
may be made subordinate to such other expenses, | 151 |
|
claims,
or
payments, as provided in the bond proceedings. | 152 |
|
Obligations or assurances may be
additionally secured by covenants | 153 |
|
of
the institution to make, fix,
adjust, collect, and apply
such | 154 |
|
charges, rates, fees, rentals, and
other items of available | 155 |
|
receipts as will produce pledged
available receipts sufficient to | 156 |
|
meet bond service charges,
reserve, and other requirements | 157 |
|
provided for in the bond
proceedings. Notwithstanding this
and | 158 |
|
any other sections of the
Revised Code, the holders or owners of | 159 |
|
the
obligations or assurances shall not
be given the right and | 160 |
|
shall have no right to have
excises or
taxes levied by the | 161 |
|
general assembly for the payment
of bond
service charges thereon, | 162 |
|
and each such obligation or assurance shall
bear on
its face a | 163 |
|
statement to that effect and to the effect
that the
right to such | 164 |
|
payment is limited to the available
receipts and
special funds | 165 |
|
pledged to such purpose under the bond
proceedings. | 166 |
| All pledged available receipts and funds and the proceeds of | 167 |
|
obligations or assurances are
trust funds and, subject to the | 168 |
|
provisions of this
section and the applicable
bond proceedings, | 169 |
|
shall be held,
deposited, invested, reinvested, disbursed, | 170 |
|
applied, and used to
such extent, in such manner, at such times, | 171 |
|
and for such
purposes,
as are provided in the bond proceedings. | 172 |
| (D) The bond proceedings for obligations or assurances shall | 173 |
|
provide for
the purpose thereof and the principal
amount or | 174 |
|
maximum principal
amount, and provide for or authorize
the manner | 175 |
|
of determining the
principal maturity or maturities, the
sale | 176 |
|
price including any
permitted discount, the interest rate or | 177 |
|
rates, which may be a
variable rate or rates, or the
maximum | 178 |
|
interest rate, the date of
the obligations or assurances and the | 179 |
|
date or dates of payment of interest
thereon, their | 180 |
|
denominations, the
manner of sale thereof, and the
establishment | 181 |
|
within or without
the state of a place or places of
payment of | 182 |
|
bond service charges. The
bond proceedings also shall
provide for | 183 |
|
a pledge of and lien on available receipts of the
institution of | 184 |
|
higher education as provided in division (C) of
this
section, and | 185 |
|
a pledge of and lien on such fund or funds
provided
in the bond | 186 |
|
proceedings arising from available receipts,
which
pledges and | 187 |
|
liens may provide for parity with obligations or assurances | 188 |
|
theretofore or thereafter issued by the institution. The available | 189 |
|
receipts so pledged and thereafter received by the institution and | 190 |
|
the
funds so pledged are immediately subject to the lien of such | 191 |
|
pledge
without any physical delivery thereof or further act, and | 192 |
|
the
lien of any such pledge is valid and binding against all | 193 |
|
parties
having claims of any kind against the institution, | 194 |
|
irrespective of
whether such parties have
notice thereof, and | 195 |
|
shall create a perfected security interest for all
purposes of | 196 |
|
Chapter 1309. of the Revised Code, without the
necessity for | 197 |
|
separation or delivery of funds or for the filing
or recording of | 198 |
|
the bond proceedings by which such pledge is
created or any | 199 |
|
certificate, statement, or other document with
respect thereto; | 200 |
|
and the pledge of such available receipts and
funds shall be | 201 |
|
effective and the money therefrom and thereof may
be applied to | 202 |
|
the purposes for which pledged without necessity
for any act of | 203 |
|
appropriation. | 204 |
| (5) The use and expenditure of the pledged available
receipts | 228 |
|
in such manner and to such extent as shall be
determined, which | 229 |
|
may include provision for the payment of the
expenses of | 230 |
|
operation, maintenance, and repair of facilities or | 231 |
|
entrepreneurial projects so
that such
expenses, or part thereof, | 232 |
|
shall be paid or provided as
a charge
prior or subsequent to the | 233 |
|
payment of bond service
charges and any
other payments required | 234 |
|
to be made by the bond
proceedings; | 235 |
| (F) Such obligations or assurances may have the seal of the | 262 |
|
institution of
higher
education or a facsimile thereof affixed | 263 |
|
thereto or
printed
thereon and shall be executed by such officers | 264 |
|
as are
designated
in the bond proceedings, which execution may be | 265 |
|
by
facsimile
signatures. Any obligations or assurances may be | 266 |
|
executed by an
officer who, on
the date of execution, is the | 267 |
|
proper officer
although on the date
of such obligations or | 268 |
|
assurances such person was not the
proper officer. In
case any | 269 |
|
officer whose signature or a
facsimile of whose signature
appears | 270 |
|
on any such obligation or assurance
ceases to be such officer | 271 |
|
before
delivery thereof, such signature
or facsimile is | 272 |
|
nevertheless
valid and sufficient for all
purposes as if the | 273 |
|
person had
remained such officer until
such delivery; and in case | 274 |
|
the seal of
the
institution has been changed after a facsimile of | 275 |
|
the seal has
been
imprinted on such
obligations or assurances, | 276 |
|
such facsimile seal continues
to be sufficient as to
such | 277 |
|
obligations or assurances and obligations or assurances issued in | 278 |
|
substitution or
exchange therefor. | 279 |
| (G) All such obligations or assurances are negotiable | 280 |
|
instruments and
securities under Chapter 1308. of the Revised | 281 |
|
Code, subject to
the
provisions of the bond proceedings as to | 282 |
|
registration. The
obligations or assurances may be issued in | 283 |
|
coupon or in registered form, or
both. Provision may be made for | 284 |
|
the registration of any
obligations or assurances with coupons | 285 |
|
attached thereto as to principal alone
or
as to both principal | 286 |
|
and interest, their exchange for
obligations or assurances
so | 287 |
|
registered, and for the conversion or reconversion
into | 288 |
|
obligations or assurances with coupons attached thereto of any | 289 |
|
obligations or assurances
registered as to both principal and | 290 |
|
interest, and for reasonable
charges for such registration, | 291 |
|
exchange, conversion, and
reconversion. | 292 |
| (I) Such obligations or assurances may be secured | 297 |
|
additionally by a
trust
agreement or indenture between the | 298 |
|
institution of higher education
and a corporate trustee, which may | 299 |
|
be any trust company
or bank
having the powers of a trust company | 300 |
|
within or without
this state
but authorized to exercise trust | 301 |
|
powers within this
state. Any
such agreement or indenture may | 302 |
|
contain the
resolution authorizing
the issuance of the | 303 |
|
obligations or assurances, any
provisions that
may be
contained | 304 |
|
in the bond proceedings as
authorized by this
section,
and other | 305 |
|
provisions which are
customary or appropriate
in an
agreement or | 306 |
|
indenture of such
type, including: | 307 |
| (J) Each duty of the institution of
higher education and its | 329 |
|
officers or employees, undertaken pursuant to the
bond proceedings | 330 |
|
or any related agreement or lease made under authority of
law, is | 331 |
|
hereby established as a duty of such
institution, and of each such | 332 |
|
officer or employee having authority to
perform such duty, | 333 |
|
specially enjoined by law resulting from an office,
trust, or | 334 |
|
station within the meaning of section 2731.01 of the
Revised Code. | 335 |
|
The persons who are at the time the members of the
board of | 336 |
|
trustees or the managing directors of the institution or
its | 337 |
|
officers or employees are not liable in their personal capacities | 338 |
|
on such obligations or assurances, or lease, or other agreement of | 339 |
|
the
institution. | 340 |
| (1) Issue obligations or assurances in the form of bond | 343 |
|
anticipation notes
and to
renew them from time to time by the | 344 |
|
issuance of new
notes.
Such notes are payable solely from the | 345 |
|
available receipts and
funds that may be pledged to the payment of | 346 |
|
such bonds, or from
the proceeds of such bonds or renewal notes, | 347 |
|
or both, as the
institution of higher education provides in its | 348 |
|
resolution
authorizing such notes. Such notes may be additionally | 349 |
|
secured
by
covenants of the institution to the effect
that it | 350 |
|
will do such or
all things necessary for the issuance of
such | 351 |
|
bonds or renewal
notes in appropriate amount, and either
exchange | 352 |
|
such bonds or
renewal notes therefor or apply the
proceeds | 353 |
|
thereof to the extent
necessary, to make full payment of
the bond | 354 |
|
service charges on
such notes at the time or times
contemplated, | 355 |
|
as provided in such
resolution. Subject to the
provisions of this | 356 |
|
division, all
references to obligations or assurances in
this | 357 |
|
section apply to such
anticipation notes. | 358 |
| (2) Issue obligations or assurances to refund, including | 359 |
|
funding
and
retirement of, obligations or assurances previously | 360 |
|
issued to pay costs of
facilities or entrepreneurial projects. | 361 |
|
Such obligations or assurances may be issued in amounts sufficient | 362 |
|
for payment of the principal amount of the obligations or | 363 |
|
assurances to be so
refunded, any redemption premiums thereon, | 364 |
|
principal maturities
of
any obligations or assurances maturing | 365 |
|
prior to the redemption of any other
obligations or assurances on | 366 |
|
a parity therewith to be so refunded, interest
accrued or to | 367 |
|
accrue to the maturity date or dates of redemption
of such | 368 |
|
obligations or assurances, and any expenses incurred or to be | 369 |
|
incurred
in connection with such refunding or the issuance of the | 370 |
|
obligations or assurances. | 371 |
| (L) Obligations and assurances are lawful investments
for | 372 |
|
banks, societies
for savings, savings and loan associations, | 373 |
|
deposit guarantee
associations, trust companies, trustees, | 374 |
|
fiduciaries, insurance
companies, including domestic for life and | 375 |
|
domestic not for life,
trustees or other officers having charge | 376 |
|
of sinking and bond
retirement or other special funds of | 377 |
|
political subdivisions and
taxing districts of this state, the | 378 |
|
commissioners of the sinking
fund, the administrator
of workers' | 379 |
|
compensation in accordance
with the investment policy
approved by | 380 |
|
the bureau of workers'
compensation board of directors pursuant | 381 |
|
to
section 4121.12 of the
Revised Code, the state teachers | 382 |
|
retirement system, the
public
employees retirement system, the | 383 |
|
school employees
retirement
system, and the Ohio police and fire | 384 |
|
pension fund, notwithstanding
any other provisions of the Revised | 385 |
|
Code or rules adopted pursuant
thereto by any state agency with | 386 |
|
respect
to investments by them,
and are also acceptable
as | 387 |
|
security for the deposit of public
moneys. | 388 |
| (M) All facilities or entrepreneurial projects purchased, | 389 |
|
acquired, constructed, or
owned
by an institution of higher | 390 |
|
education, or financed in whole or in
part
by obligations or | 391 |
|
assurances issued by an institution, and used for the
purposes of | 392 |
|
the
institution or other publicly owned and controlled
college or | 393 |
|
university, is
public property used exclusively for a
public | 394 |
|
purpose, and such
property and the income therefrom is
exempt | 395 |
|
from all taxation and
assessment within this state,
including ad | 396 |
|
valorem and excise
taxes. The obligations or assurances, the | 397 |
|
transfer thereof,
and the income therefrom, including any profit | 398 |
|
made on the sale
thereof, are at all times free from taxation | 399 |
|
within the state. The
transfer of tangible personal property by | 400 |
|
lease under
authority of this section or section 3345.07, 3345.11, | 401 |
| 3345.36,
3354.121, 3355.091, 3357.112, or 3358.10 of the Revised | 402 |
|
Code
is
not a sale as used in Chapter 5739. of the
Revised Code. | 403 |
| (Q) A state university or college may sell or lease
lands or | 421 |
|
interests in land owned by it or by the state for its use, or | 422 |
|
facilities authorized to be acquired or constructed by it under | 423 |
|
section 3345.07 or 3345.11 of the Revised Code, to permit the | 424 |
|
purchasers or lessees thereof to acquire, construct,
equip, | 425 |
|
furnish, reconstruct, alter, enlarge,
remodel, renovate, | 426 |
|
rehabilitate, improve, maintain,
repair, or maintain and operate | 427 |
|
thereon and to
provide by lease or otherwise to such institution, | 428 |
|
facilities authorized in
section 3345.07 or 3345.11 of the Revised | 429 |
|
Code or entrepreneurial projects authorized under section 3345.36 | 430 |
|
of the Revised Code. Such land or
interests therein shall be sold | 431 |
|
for such
appraised value, or
leased, and on
such terms as the | 432 |
|
board of
trustees determines. All deeds or
other instruments | 433 |
|
relating to
such sales or leases shall be executed by
such | 434 |
|
officer of the
state university or college as the board of | 435 |
|
trustees designates.
The state university or college shall hold, | 436 |
|
invest, or use the
proceeds of such sales or leases for the same | 437 |
|
purposes for which
proceeds of borrowings may be used under | 438 |
|
sections 3345.07
and
3345.11 of the Revised Code or, if the | 439 |
|
proceeds relate to the sale or lease of entrepreneurial projects, | 440 |
|
for purposes of section 3345.36 of the Revised Code. | 441 |
| (R) An institution of higher education may pledge available | 442 |
|
receipts, to
the extent permitted by division (C) of this section | 443 |
|
with respect to
obligations, to secure the payments to be made by | 444 |
|
it under any lease, lease
with option to purchase, or | 445 |
|
lease-purchase agreement authorized under this
section or section | 446 |
|
3345.07, 3345.11, 3345.36, 3354.121, 3355.091, 3357.112, or | 447 |
|
3358.10
of the
Revised Code. | 448 |
| (1) "Entrepreneurial project" means an effort to develop or | 450 |
|
commercialize technology through research or technology transfer | 451 |
|
or investment of real or personal property, or both, including | 452 |
|
undivided and other interests therein, acquired by gift or | 453 |
|
purchase, constructed, reconstructed, enlarged, improved, | 454 |
|
furnished, or equipped, or any combination thereof, by an | 455 |
|
institution of higher education or by others. | 456 |
| (B) To create or preserve jobs and employment opportunities | 469 |
|
and to improve the economic welfare of the people of the state | 470 |
|
pursuant to Section 13 of Article VIII, Ohio Constitution, it is | 471 |
|
hereby declared to be the public policy of the state for | 472 |
|
institutions of higher education to facilitate and assist with | 473 |
|
establishing and developing entrepreneurial projects or to assist | 474 |
|
and cooperate with any governmental agency in achieving such | 475 |
|
purpose. An entrepreneurial project is hereby determined to | 476 |
|
qualify as property, structures, equipment, and facilities | 477 |
|
described in Section 13 of Article VIII, Ohio Constitution. | 478 |
| (3) Make or guarantee loans and borrow money and issue bonds, | 490 |
|
notes, or other evidence of indebtedness to provide moneys for the | 491 |
|
acquisition, construction, enlargement, improvement, equipment, | 492 |
|
maintenance, repair, or operation of entrepreneurial projects, | 493 |
|
provided that such bonds, notes, or other evidence of indebtedness | 494 |
|
shall not constitute debt for which the full faith and credit of | 495 |
|
the state or an instrumentality or political subdivision of the | 496 |
|
state may be pledged and moneys raised by taxation shall not be | 497 |
|
obligated or pledged for their repayment. | 498 |