| Sec. 122.151. (A) An investor who proposes to make an | 23 |
|
investment of
money in an
Ohio entity may apply to an Edison | 24 |
|
center
for a tax credit under this section. The Edison center | 25 |
|
shall
prescribe the form of the application and any information | 26 |
|
that the investor
must submit with the application. The
investor | 27 |
|
shall include with the application a fee of two hundred
dollars. | 28 |
|
The center, within three weeks after receiving the
application, | 29 |
|
shall review it, determine whether the
investor should be | 30 |
|
recommended
for the tax credit, and send written notice of its | 31 |
|
initial
determination to the industrial technology and enterprise | 32 |
|
advisory
council and
to the investor. If the center determines the | 33 |
|
investor should not be
recommended for the tax credit, it
shall | 34 |
|
include in the notice the reasons for the
determination. Subject | 35 |
|
to divisions
(C) and
(D) of this section, an
investor is eligible | 36 |
|
for a tax credit if all of the following
requirements are met: | 37 |
| (B) A group of two but not
more than twenty investors, each | 84 |
|
of whom proposes to make an investment
of money in
the same Ohio | 85 |
|
entity, may submit an
application for tax credits under division | 86 |
|
(A) of this section. The group
shall include with the application | 87 |
|
a fee of eight hundred dollars. The
application shall identify | 88 |
|
each investor in the group and the amount of money each investor | 89 |
|
proposes
to invest in the Ohio entity,
and shall name a contact | 90 |
|
person for the group. The Edison center,
within three weeks after | 91 |
|
receiving the application,
shall review it, determine whether each | 92 |
|
investor of the
group should be recommended
for a tax credit under | 93 |
|
the conditions set forth in
division (A) of this section,
and send | 94 |
|
written notice of its
determination to the industrial technology | 95 |
|
and enterprise advisory
council and
to the contact person. The | 96 |
|
center shall not recommend that a group of
investors receive a tax | 97 |
|
credit unless each investor is eligible under those
conditions. | 98 |
|
The center may disqualify from a group
any investor who is not | 99 |
|
eligible under the conditions and recommend that the
remaining | 100 |
|
group of investors receive the tax credit. If the center | 101 |
|
determines the group
should not be recommended for the tax credit, | 102 |
|
it shall include in the notice
the reasons for the determination. | 103 |
| (C) The industrial technology and enterprise advisory
council | 104 |
|
shall
establish from among its members a three-person
committee. | 105 |
|
Within four
weeks after the council receives a notice of | 106 |
|
recommendation from an
Edison center, the committee shall review | 107 |
|
the
recommendation and issue a final determination of whether the | 108 |
|
investor or
group
is eligible for a tax credit under the | 109 |
|
conditions set forth in division
(A) of this section. The | 110 |
|
committee may require the
investor or
group to submit additional | 111 |
|
information to support the application. The vote
of
at least two | 112 |
|
members of the committee is necessary
for the
issuance of a
final | 113 |
|
determination or any other action of the
committee. Upon making | 114 |
|
the
final determination, the committee shall send
written notice | 115 |
|
of approval or
disapproval of the tax credit to the investor or | 116 |
|
group contact
person,
the
director of development, and
the Edison | 117 |
|
center. If the committee disapproves
the tax credit,
it shall | 118 |
|
include in the notice the reasons for the disapproval. | 119 |
| (E) If an investor makes an approved investment of less than | 140 |
|
two hundred fifty thousand dollars in any Ohio entity other than | 141 |
|
an EDGE business enterprise or in an Ohio entity located in a | 142 |
|
distressed area, the investor may apply for
approval of another | 143 |
|
investment of money in that entity, as long as the
total amount | 144 |
|
invested in that entity by the investor under this section does | 145 |
|
not exceed two hundred fifty thousand dollars. If an investor | 146 |
|
makes an approved investment of less than three hundred thousand | 147 |
|
dollars in an EDGE business enterprise or in an Ohio entity | 148 |
|
located in a distressed area, the investor may apply for approval | 149 |
|
of another investment of money in that entity, as long as the | 150 |
|
total amount invested in that entity by the investor under this | 151 |
|
section does not exceed three hundred thousand dollars. An | 152 |
|
investor who
receives approval of an investment of money as part | 153 |
|
of a group may
subsequently apply on an individual basis for | 154 |
|
approval of an
additional investment of money in the Ohio entity. | 155 |
| (G) The director of development may disapprove any | 160 |
|
application recommended by
an
Edison center and approved by the | 161 |
|
industrial technology and enterprise advisory
council committee, | 162 |
|
or may disapprove a
credit for which a tax credit certificate has | 163 |
|
been issued under section
122.152
of the Revised
Code, if the | 164 |
|
director determines that the
entity in which the applicant | 165 |
|
proposes to invest or has invested is not an
Ohio entity eligible | 166 |
|
to receive investments
that qualify for the credit. If the | 167 |
|
director disapproves an application, the
director shall certify | 168 |
|
the action to the investor, the
Edison center that recommended the | 169 |
|
application, the industrial technology and enterprise advisory | 170 |
|
council, and the
tax commissioner, together with a written | 171 |
|
explanation of the reasons for the
disapproval. If the director | 172 |
|
disapproves a tax credit after a tax credit
certificate is issued, | 173 |
|
the investor shall not claim the credit for the taxable
year that | 174 |
|
includes the day the director disapproves the credit, or for any | 175 |
|
subsequent taxable year. | 176 |
| (2)
"Bond service fund" means the respective bond service
| 201 |
|
fund
created by section 151.03, 151.04, 151.05, 151.06, 151.07,
| 202 |
|
151.08, 151.09, 151.10, 151.11, or 151.40 of the
Revised Code, and
| 203 |
|
any accounts in
that fund,
including all
moneys and investments,
| 204 |
|
and earnings from
investments, credited
and to be credited to that
| 205 |
|
fund and accounts
as and to the extent
provided in the applicable
| 206 |
|
bond proceedings.
| 207 |
| (4)
"Costs of capital facilities" means the costs of
| 211 |
|
acquiring,
constructing, reconstructing, rehabilitating,
| 212 |
|
remodeling,
renovating, enlarging, improving, equipping, or
| 213 |
|
furnishing capital
facilities, and of the financing of those
| 214 |
|
costs.
"Costs of capital
facilities" includes, without
limitation,
| 215 |
|
and in addition to costs
referred to in section
151.03, 151.04,
| 216 |
|
151.05, 151.06, 151.07,
151.08, 151.09, 151.10, 151.11, or 151.40
| 217 |
|
of the
Revised
Code, the cost of
clearance and preparation of the
| 218 |
|
site
and of any
land to be used
in connection with capital
| 219 |
|
facilities,
the cost of
any indemnity
and surety bonds and
| 220 |
|
premiums on
insurance, all
related direct
administrative expenses
| 221 |
|
and
allocable portions of
direct costs of
the issuing authority,
| 222 |
|
costs
of engineering and
architectural
services, designs, plans,
| 223 |
|
specifications, surveys,
and estimates
of cost, financing costs,
| 224 |
|
interest on obligations
from their date
to the time when interest
| 225 |
|
is to be paid from
sources other than
proceeds of obligations,
| 226 |
|
amounts necessary to
establish any
reserves as required by the
| 227 |
|
bond proceedings, the
reimbursement of
all moneys advanced or
| 228 |
|
applied by or borrowed
from any person or
governmental agency or
| 229 |
|
entity for the payment
of any item of costs
of capital facilities,
| 230 |
|
and all other expenses
necessary or
incident to planning or
| 231 |
|
determining feasibility or
practicability
with respect to capital
| 232 |
|
facilities, and such other
expenses as may
be necessary or
| 233 |
|
incident to the acquisition,
construction,
reconstruction,
| 234 |
|
rehabilitation, remodeling,
renovation,
enlargement, improvement,
| 235 |
|
equipment, and furnishing of
capital
facilities, the financing of
| 236 |
|
those costs, and the placing
of the
capital facilities in use and
| 237 |
|
operation, including any one,
part
of, or combination of those
| 238 |
|
classes of costs and expenses. For purposes of sections 122.085 to
| 239 |
|
122.0820 of the Revised Code, "costs of capital facilities"
| 240 |
|
includes "allowable costs" as defined in section 122.085 of the
| 241 |
|
Revised Code.
| 242 |
| (6)
"Debt service" means principal, including any mandatory
| 246 |
|
sinking fund or redemption requirements for retirement of
| 247 |
|
obligations, interest and other accreted amounts, interest
| 248 |
|
equivalent, and any redemption premium, payable on obligations.
If
| 249 |
|
not prohibited by the applicable bond proceedings, debt service
| 250 |
|
may
include costs relating to credit enhancement facilities that
| 251 |
|
are
related to and represent, or are intended to provide a source
| 252 |
|
of
payment
of or limitation on, other debt service.
| 253 |
| (7)
"Issuing authority" means the Ohio public facilities
| 254 |
|
commission created in section 151.02 of the Revised Code
for
| 255 |
|
obligations issued under section 151.03, 151.04, 151.05,
151.07,
| 256 |
|
151.08, 151.09, 151.10, or 151.11
of the
Revised Code, or
the
| 257 |
|
treasurer of state,
or the
officer who
by law performs the
| 258 |
|
functions of
that office,
for
obligations
issued under section
| 259 |
|
151.06 or 151.40
of the
Revised Code.
| 260 |
| (10)
"Principal amount" means the aggregate of the amount as
| 272 |
|
stated or provided for in the applicable bond proceedings as the
| 273 |
|
amount on which interest or interest equivalent on particular
| 274 |
|
obligations is initially calculated. Principal amount does not
| 275 |
|
include any premium paid to the state by the initial purchaser of
| 276 |
|
the obligations.
"Principal amount" of a capital appreciation
| 277 |
|
bond, as defined in division (C) of section 3334.01 of the Revised
| 278 |
|
Code, means its face amount, and "principal amount" of a zero
| 279 |
|
coupon bond, as defined in division (J) of section 3334.01 of the
| 280 |
|
Revised Code, means the discounted offering price at which the
| 281 |
|
bond is initially sold to the public, disregarding any purchase
| 282 |
|
price discount to the original purchaser, if provided for pursuant
| 283 |
|
to the bond proceedings.
| 284 |
| (11)
"Special funds" or
"funds," unless the context
indicates
| 285 |
|
otherwise, means the bond service fund, and any other
funds,
| 286 |
|
including any reserve funds, created under the bond
proceedings
| 287 |
|
and
stated to be special funds in those proceedings,
including
| 288 |
|
moneys
and investments, and earnings from investments,
credited
| 289 |
|
and to be
credited to the particular fund. Special funds
do not
| 290 |
|
include the
school building program assistance fund created
by
| 291 |
|
section 3318.25
of the Revised Code, the higher education
| 292 |
|
improvement fund created
by division (F) of section 154.21 of the
| 293 |
|
Revised Code, the highway
capital improvement bond fund created by
| 294 |
|
section 5528.53 of the Revised Code,
the state parks
and natural
| 295 |
|
resources fund created
by section 1557.02 of the Revised Code, the
| 296 |
|
coal research and
development fund created by section 1555.15 of
| 297 |
|
the Revised Code,
the clean Ohio conservation fund created by
| 298 |
|
section 164.27 of the Revised Code, the clean Ohio revitalization
| 299 |
|
fund created by section 122.658 of the Revised Code, the job ready
| 300 |
|
site development fund created by section 122.0820 of the Revised
| 301 |
|
Code, the third frontier research and development fund created by
| 302 |
|
section 184.19 of the Revised Code, the third frontier research
| 303 |
|
and development taxable bond fund created by section 184.191 of
| 304 |
|
the Revised Code,
or other
funds created by the bond proceedings
| 305 |
|
that are not stated
by those
proceedings to be special funds.
| 306 |
| (B) Subject to
Section 2l, 2m, 2n,
2o, 2p, 2q, or 15, and
| 307 |
|
Section
17, of
Article VIII, Ohio Constitution, the state, by the
| 308 |
|
issuing
authority, is authorized to issue and sell, as provided in
| 309 |
|
sections 151.03 to
151.11 or 151.40 of the Revised Code,
and in
| 310 |
|
respective
aggregate principal amounts as from time to time
| 311 |
|
provided or
authorized by the general assembly, general
| 312 |
|
obligations of this
state for the purpose of paying costs of
| 313 |
|
capital facilities or
projects identified by or pursuant to
| 314 |
|
general assembly action.
| 315 |
| (C) Each issue of obligations shall be authorized by
| 316 |
|
resolution
or order of the issuing authority. The bond
proceedings
| 317 |
|
shall provide for
or authorize the manner for
determining the
| 318 |
|
principal amount or
maximum principal amount of
obligations of an
| 319 |
|
issue, the principal
maturity or maturities, the
interest rate or
| 320 |
|
rates, the date of
and the dates of payment of
interest on the
| 321 |
|
obligations, their
denominations, and the place or
places of
| 322 |
|
payment of debt service
which may be within or outside
the state.
| 323 |
|
Unless otherwise
provided by law, the latest principal
maturity
| 324 |
|
may not be later
than the earlier of the thirty-first day
of
| 325 |
|
December of the
twenty-fifth calendar year after the year of
| 326 |
|
issuance of the
particular obligations or of the twenty-fifth
| 327 |
|
calendar year after
the year in which the original obligation to
| 328 |
|
pay was issued or
entered into. Sections 9.96, 9.98, 9.981,
9.982,
| 329 |
|
and 9.983 of the Revised
Code apply to obligations. The
purpose of
| 330 |
|
the obligations
may be stated in the bond proceedings
in general
| 331 |
|
terms, such as,
as applicable,
"financing or assisting
in the
| 332 |
|
financing of
projects as provided in Section 2l of Article
VIII,
| 333 |
|
Ohio
Constitution,"
"financing or assisting in the financing
of
| 334 |
|
highway
capital improvement projects as provided in Section 2m
of
| 335 |
|
Article VIII,
Ohio Constitution,"
"paying costs of capital
| 336 |
|
facilities for
a system of common schools throughout the state as
| 337 |
|
authorized by
Section 2n of Article VIII, Ohio Constitution,"
| 338 |
|
"paying
costs of capital facilities for state-supported and
| 339 |
|
state-assisted
institutions of higher education as authorized by
| 340 |
|
Section
2n of Article VIII, Ohio Constitution,"
"paying costs of
| 341 |
|
coal research and development as authorized by Section 15 of
| 342 |
|
Article
VIII, Ohio Constitution,"
"financing or
assisting in
the
| 343 |
|
financing of local subdivision capital improvement
projects as
| 344 |
|
authorized by Section 2m of Article VIII,
Ohio Constitution,"
| 345 |
"paying costs of conservation projects as authorized by Section | 346 |
| Sections 2o and 2q
of Article VIII, Ohio Constitution,"
"paying
| 347 |
costs of
revitalization projects as
authorized by SectionSections | 348 |
|
2o and 2q
of Article
VIII, Ohio Constitution," "paying costs of
| 349 |
|
preparing sites for industry, commerce, distribution, or research
| 350 |
|
and development as authorized by Section 2p of Article VIII, Ohio
| 351 |
|
Constitution," or "paying costs of research and development as
| 352 |
|
authorized by Section 2p of Article VIII, Ohio Constitution."
| 353 |
| (D) The issuing authority may appoint or provide for the
| 354 |
|
appointment of paying agents, bond registrars, securities
| 355 |
|
depositories, clearing corporations, and transfer agents, and may
| 356 |
|
without need for any other approval retain or contract for the
| 357 |
|
services of
underwriters, investment
bankers, financial advisers,
| 358 |
|
accounting experts, marketing,
remarketing, indexing, and
| 359 |
|
administrative agents, other
consultants, and independent
| 360 |
|
contractors, including printing
services, as are necessary in the
| 361 |
|
judgment of the issuing
authority to carry out
the issuing
| 362 |
|
authority's functions under
this
chapter.
When the issuing
| 363 |
|
authority
is
the Ohio public facilities
commission, the issuing
| 364 |
|
authority
also
may without need for any
other approval retain or
| 365 |
|
contract for the
services of attorneys
and other professionals for
| 366 |
|
that purpose.
Financing costs are
payable, as may be provided in
| 367 |
|
the bond
proceedings, from the
proceeds of the obligations, from
| 368 |
|
special
funds, or from other
moneys available for the purpose.
| 369 |
| (3) The establishment, deposit, investment, and application
| 379 |
|
of
special funds, and the safeguarding of moneys on hand or on
| 380 |
|
deposit,
in lieu of the applicability of provisions of Chapter
| 381 |
|
131. or 135.
of the Revised Code, but subject to any special
| 382 |
|
provisions of
sections 151.01 to
151.11 or 151.40 of the
Revised
| 383 |
|
Code with
respect to the
application of particular funds
or
| 384 |
|
moneys. Any
financial
institution that acts as a depository of
any
| 385 |
|
moneys in
special
funds or other funds under the bond
proceedings
| 386 |
|
may
furnish
indemnifying bonds or pledge securities as
required by
| 387 |
|
the
issuing
authority.
| 388 |
| (F) The great seal of the state or a facsimile of it may be
| 423 |
|
affixed to or printed on the obligations. The obligations
| 424 |
|
requiring
execution by or for the issuing authority shall be
| 425 |
|
signed as
provided in the bond proceedings. Any obligations may
be
| 426 |
|
signed
by the individual who on the date of execution is the
| 427 |
|
authorized
signer although on the date of these obligations that
| 428 |
|
individual
is not an authorized signer. In case the individual
| 429 |
|
whose
signature or facsimile signature appears on any obligation
| 430 |
|
ceases
to be an authorized signer before delivery of the
| 431 |
|
obligation, that
signature or facsimile is nevertheless valid and
| 432 |
|
sufficient for
all purposes as if that individual had remained the
| 433 |
|
authorized
signer until delivery.
| 434 |
| (G) Obligations are investment securities under Chapter
1308.
| 435 |
|
of the Revised Code. Obligations may be issued in bearer or
in
| 436 |
|
registered form, registrable as to principal alone or as to
both
| 437 |
|
principal and interest, or both, or in certificated or
| 438 |
|
uncertificated form, as the issuing authority determines.
| 439 |
|
Provision may be made for the exchange, conversion, or transfer of
| 440 |
|
obligations and for reasonable charges for registration, exchange,
| 441 |
|
conversion, and transfer. Pending preparation of final
| 442 |
|
obligations, the issuing authority may provide for the issuance of
| 443 |
|
interim instruments to be exchanged for the final obligations.
| 444 |
| (I) Except to the extent that rights are restricted by the
| 449 |
|
bond
proceedings, any owner of obligations or provider of a credit
| 450 |
|
enhancement facility may by any suitable form of legal proceedings
| 451 |
|
protect and enforce any rights relating to obligations or that
| 452 |
|
facility under the laws of this state or granted by the bond
| 453 |
|
proceedings. Those rights include the right to compel the
| 454 |
|
performance of all applicable duties of the issuing authority and
| 455 |
|
the state. Each duty of the issuing authority and that
authority's
| 456 |
|
officers, staff, and employees, and of each state
entity or
| 457 |
|
agency, or using district or using institution, and its
officers,
| 458 |
|
members, staff, or employees, undertaken pursuant to the
bond
| 459 |
|
proceedings, is hereby established as a duty of the entity or
| 460 |
|
individual having authority to perform that duty, specifically
| 461 |
|
enjoined by law and resulting from an office, trust, or station
| 462 |
|
within the meaning of section 2731.01 of the Revised Code. The
| 463 |
|
individuals who are from time to time the issuing authority,
| 464 |
|
members or
officers of the
issuing authority, or those members'
| 465 |
|
designees acting pursuant to
section 151.02 of the Revised Code,
| 466 |
|
or the issuing authority's officers,
staff, or employees, are not
| 467 |
|
liable in their personal capacities on any
obligations or
| 468 |
|
otherwise under the bond proceedings.
| 469 |
| (a) Obligations in the form of bond anticipation notes, and
| 476 |
|
may
provide for the renewal of those notes from time to time by
| 477 |
|
the
issuance of new notes. The holders of notes or appertaining
| 478 |
|
interest coupons have the right to have debt service on those
| 479 |
|
notes paid solely from the moneys and special funds that are or
| 480 |
|
may be pledged to that payment, including the proceeds of bonds or
| 481 |
|
renewal notes or both, as the issuing authority provides in the
| 482 |
|
bond proceedings authorizing the notes. Notes may be additionally
| 483 |
|
secured by covenants of the issuing authority to the effect that
| 484 |
|
the issuing authority and the state will do all things necessary
| 485 |
|
for the issuance of bonds or renewal notes in such principal
| 486 |
|
amount and upon such terms as may be necessary to provide moneys
| 487 |
|
to pay when due the debt service on the notes, and apply their
| 488 |
|
proceeds to the extent necessary, to make full and timely payment
| 489 |
|
of debt service on the notes as provided in the applicable bond
| 490 |
|
proceedings.
In the bond proceedings authorizing the issuance of
| 491 |
|
bond
anticipation notes the issuing authority shall set forth for
| 492 |
|
the
bonds anticipated an estimated schedule of annual principal
| 493 |
|
payments
the latest of which shall be no later than provided in
| 494 |
|
division
(C) of this section. While the notes are outstanding
| 495 |
|
there shall
be deposited, as shall be provided in the bond
| 496 |
|
proceedings for
those notes, from the sources authorized for
| 497 |
|
payment of debt
service on the bonds, amounts sufficient to pay
| 498 |
|
the principal of
the bonds anticipated as set forth in that
| 499 |
|
estimated schedule
during the time the notes are outstanding,
| 500 |
|
which amounts shall be
used solely to pay the principal of those
| 501 |
|
notes or of the bonds
anticipated.
| 502 |
| (b) Obligations for the refunding, including funding and
| 503 |
|
retirement, and advance refunding with or without payment or
| 504 |
|
redemption prior to maturity, of any obligations previously
| 505 |
|
issued.
Refunding obligations may be issued in amounts sufficient
| 506 |
|
to pay
or to provide for repayment of the principal amount,
| 507 |
|
including
principal amounts maturing prior to the redemption of
| 508 |
|
the
remaining prior obligations, any redemption premium, and
| 509 |
|
interest
accrued or to accrue to the maturity or redemption date
| 510 |
|
or dates,
payable on the prior obligations, and related financing
| 511 |
|
costs and
any expenses incurred or to be incurred in connection
| 512 |
|
with that
issuance and refunding. Subject to the applicable bond
| 513 |
|
proceedings, the portion of the proceeds of the sale of refunding
| 514 |
|
obligations issued under division (J)(1)(b) of this
section to be
| 515 |
|
applied to
debt service on the prior obligations shall be credited
| 516 |
|
to an
appropriate separate account in the bond service fund and
| 517 |
|
held in
trust for the purpose by the issuing authority or by a
| 518 |
|
corporate
trustee. Obligations authorized under this division
| 519 |
|
shall be
considered to be issued for those purposes for which the
| 520 |
|
prior
obligations were issued.
| 521 |
| (K) Obligations are lawful investments for banks, savings
and
| 532 |
|
loan associations, credit union share guaranty corporations,
trust
| 533 |
|
companies, trustees, fiduciaries, insurance companies,
including
| 534 |
|
domestic for life and domestic not for life, trustees or
other
| 535 |
|
officers having charge of sinking and bond retirement or
other
| 536 |
|
special funds of the state and political subdivisions and
taxing
| 537 |
|
districts of this state, the sinking fund, the
administrator of
| 538 |
|
workers' compensation subject to the approval of
the workers'
| 539 |
|
compensation board, the state teachers retirement
system, the
| 540 |
|
public employees retirement system, the school
employees
| 541 |
|
retirement system, and the Ohio police and fire
pension
fund,
| 542 |
|
notwithstanding any other provisions of the Revised Code or
rules
| 543 |
|
adopted pursuant to those provisions by any state
agency
with
| 544 |
|
respect to investments by them, and are also
acceptable as
| 545 |
|
security for the repayment of the deposit of public
moneys. The
| 546 |
|
exemptions from taxation in Ohio as provided for in
particular
| 547 |
|
sections of the Ohio Constitution and section
5709.76 of the
| 548 |
|
Revised Code apply to the obligations.
| 549 |
| (M) The full faith and credit, revenue, and taxing power of
| 560 |
|
the
state are and shall be pledged to the timely payment of debt
| 561 |
|
service on outstanding obligations as it comes due, all in
| 562 |
|
accordance with Section
2k, 2l, 2m, 2n,
2o, 2p, 2q, or 15 of
| 563 |
|
Article VIII,
Ohio
Constitution, and section 151.03, 151.04,
| 564 |
|
151.05, 151.06,
151.07,
151.08, 151.09, 151.10, or 151.11 of the
| 565 |
|
Revised Code. Moneys referred
to in Section
5a
of Article XII,
| 566 |
|
Ohio Constitution, may not be
pledged or used
for
the payment of
| 567 |
|
debt service except on
obligations referred to
in
section 151.06
| 568 |
|
of the Revised Code.
Net
state lottery proceeds, as provided for
| 569 |
|
and referred to in section
3770.06 of the Revised Code, may not be
| 570 |
|
pledged or used for the
payment of debt service except on
| 571 |
|
obligations referred to in
section 151.03 of the Revised Code.
The
| 572 |
|
state covenants, and
that
covenant shall be controlling
| 573 |
|
notwithstanding any other
provision
of law, that the state and the
| 574 |
|
applicable officers and
agencies of
the state, including the
| 575 |
|
general assembly, shall, so
long as any
obligations are
| 576 |
|
outstanding in accordance with their
terms,
maintain statutory
| 577 |
|
authority for and cause to be levied,
collected
and applied
| 578 |
|
sufficient pledged excises, taxes, and
revenues of the
state so
| 579 |
|
that the revenues shall be sufficient in
amounts to pay
debt
| 580 |
|
service when due, to establish and maintain
any reserves and
other
| 581 |
|
requirements, and to pay financing costs,
including costs of
or
| 582 |
|
relating to credit enhancement facilities,
all as provided for
in
| 583 |
|
the bond proceedings. Those excises,
taxes, and revenues are
and
| 584 |
|
shall be deemed to be levied and
collected, in addition to the
| 585 |
|
purposes otherwise provided for by
law, to provide for the payment
| 586 |
|
of debt service and financing
costs in accordance with sections
| 587 |
|
151.01 to
151.11 of the Revised Code and the
bond
proceedings.
| 588 |
| (N) The general assembly may from time to time repeal or
| 589 |
|
reduce
any excise, tax, or other source of revenue pledged to the
| 590 |
|
payment
of the debt service pursuant to Section
2k, 2l, 2m, 2n,
| 591 |
|
2o, 2p, 2q, or
15
of
Article VIII, Ohio Constitution, and sections
| 592 |
|
151.01
to
151.11 or 151.40
of the Revised Code, and may levy,
| 593 |
|
collect
and
apply
any
new or
increased excise, tax, or revenue to
| 594 |
|
meet the
pledge,
to
the
payment of debt service on outstanding
| 595 |
|
obligations,
of the
state's
full faith and credit, revenue and
| 596 |
|
taxing power,
or
of designated revenues and receipts, except
fees,
| 597 |
|
excises or taxes
referred to in Section 5a of
Article XII,
Ohio
| 598 |
|
Constitution, for
other than obligations referred to in
section
| 599 |
|
151.06 of the
Revised Code and except net state lottery
proceeds
| 600 |
|
for other than
obligations referred to in section 151.03
of the
| 601 |
|
Revised Code.
Nothing in division (N) of this section
authorizes
| 602 |
|
any
impairment
of the obligation of this state to levy
and collect
| 603 |
|
sufficient
excises, taxes, and revenues to pay debt
service on
| 604 |
|
obligations
outstanding in accordance with their terms.
| 605 |
| (Q)
The issuing authority shall by the
fifteenth day of
July
| 623 |
|
of each fiscal year, certify or cause to
be certified to the
| 624 |
|
office of budget and
management the total
amount of moneys
| 625 |
|
required during the current
fiscal year to meet
in full all debt
| 626 |
|
service on the respective
obligations and any
related financing
| 627 |
|
costs payable from the
applicable bond service
fund and not from
| 628 |
|
the proceeds of
refunding or renewal
obligations. The issuing
| 629 |
|
authority
shall make or cause to be made
supplemental
| 630 |
|
certifications to the
office of budget and management
for each
| 631 |
|
debt service payment date
and at such other times during
each
| 632 |
|
fiscal year as may be provided
in the bond proceedings or
| 633 |
|
requested by that office. Debt
service, costs of credit
| 634 |
|
enhancement facilities, and other
financing costs shall be set
| 635 |
|
forth separately in each
certification. If and so long as the
| 636 |
|
moneys to
the credit of the bond service fund, together with any
| 637 |
|
other
moneys available for the purpose, are insufficient to meet
| 638 |
|
in full
all payments when due of the amount required as stated in
| 639 |
|
the
certificate or otherwise, the office of budget and management
| 640 |
|
shall at the times as provided in the bond proceedings, and
| 641 |
|
consistent with any particular provisions in sections 151.03 to
| 642 |
|
151.11 and 151.40 of the Revised Code, transfer a sufficient
| 643 |
|
amount to
the
bond service fund from the pledged revenues in the
| 644 |
|
case of obligations issued pursuant to section 151.40 of the
| 645 |
|
Revised Code, and in the case of other obligations from the
| 646 |
|
revenues derived from excises,
taxes,
and other revenues,
| 647 |
|
including net state lottery proceeds in
the
case of obligations
| 648 |
|
referred to in section 151.03 of the
Revised
Code.
| 649 |
| (B)(1) The issuing authority shall issue general
obligations
| 688 |
|
of the state to pay
costs of conservation projects
pursuant to
| 689 |
|
division (B)(1) of
Section 2o of Article VIII, Ohio
Constitution,
| 690 |
| division (B)(1) of Section 2q of Article VIII, Ohio Constitution, | 691 |
|
section 151.01 of
the Revised Code, and this
section. The issuing
| 692 |
|
authority, upon
the certification to it by
the Ohio public works
| 693 |
|
commission of amounts needed in and for the
purposes of the clean
| 694 |
|
Ohio conservation
fund created by section
164.27 of the Revised
| 695 |
|
Code, the clean
Ohio agricultural easement
fund created by
section
| 696 |
|
901.21 of the
Revised Code, and the clean
Ohio trail fund
created
| 697 |
|
by section
1519.05 of the Revised Code,
shall issue
obligations in
| 698 |
|
the amount determined by the
issuing
authority to
be required for
| 699 |
those purposes. Not more than twofour hundred million dollars
| 700 |
|
principal
amount of
obligations issued under this section for
| 701 |
|
conservation purposes may be outstanding at any one time. Not more
| 702 |
|
than fifty million dollars principal amount of
obligations, plus
| 703 |
|
the principal amount of obligations that in any
prior fiscal year
| 704 |
|
could have been, but were not issued within the
| 705 |
|
fifty-million-dollar fiscal year limit, may be issued
in any
| 706 |
|
fiscal year.
| 707 |
| (D) There is hereby created in the state treasury the
| 723 |
|
conservation projects bond service fund. All moneys received by
| 724 |
|
the
state and required by the bond proceedings, consistent with
| 725 |
|
section 151.01 of the Revised Code and this section, to be
| 726 |
|
deposited,
transferred, or credited to the bond service fund, and
| 727 |
|
all other
moneys transferred or allocated to or received for the
| 728 |
|
purposes of
that fund, shall be deposited and credited to the bond
| 729 |
|
service
fund, subject to any applicable provisions of the bond
| 730 |
|
proceedings, but without necessity for any act of appropriation.
| 731 |
|
During the period beginning with the date of the first issuance of
| 732 |
|
obligations and continuing during the time that any obligations
| 733 |
|
are outstanding in accordance with their terms, so long as moneys
| 734 |
|
in the bond service fund are insufficient to pay debt service when
| 735 |
|
due on those obligations payable from that fund, except the
| 736 |
|
principal amounts of bond anticipation notes payable from the
| 737 |
|
proceeds of renewal notes or bonds anticipated, and due in the
| 738 |
|
particular fiscal year, a sufficient amount of revenues of the
| 739 |
|
state is committed and, without necessity for further act of
| 740 |
|
appropriation, shall be paid to the bond service fund for the
| 741 |
|
purpose of paying that debt service when due.
| 742 |
| (5) "Pledged liquor profits" means all receipts of the
state
| 756 |
|
representing the gross profit on the sale of spirituous
liquor, as
| 757 |
|
referred to in division (B)(4) of section 4301.10 of
the Revised
| 758 |
|
Code, after paying all costs and expenses of the
division of
| 759 |
|
liquor control and providing an adequate working
capital reserve
| 760 |
|
for the division of liquor control as provided in
that division,
| 761 |
|
but excluding the sum required by the second
paragraph of section
| 762 |
|
4301.12 of the Revised Code, as it was in
effect on May 2, 1980,
| 763 |
|
to be paid into the state treasury.
| 764 |
| (B)(1) The issuing authority shall issue obligations of the
| 783 |
|
state to pay
costs of revitalization projects pursuant to division
| 784 |
|
(B)(2) of
Section 2o of Article VIII, Ohio Constitution, division
| 785 |
|
(B)(2) of Section 2q of Article VIII, Ohio Constitution, section
| 786 |
|
151.01 of
the Revised Code as applicable to this section, and this
| 787 |
|
section. The issuing authority, upon
the certification to it by
| 788 |
|
the clean Ohio council of the amount of
moneys needed in and for
| 789 |
|
the purposes of the clean Ohio revitalization
fund created by
| 790 |
|
section 122.658 of the Revised Code, shall issue
obligations in
| 791 |
|
the
amount determined by the issuing
authority to be required for
| 792 |
those purposes. Not more than twofour hundred million dollars
| 793 |
|
principal amount of obligations issued
under this section for
| 794 |
|
revitalization purposes may be outstanding at any one time. Not
| 795 |
|
more than fifty million dollars principal amount of
obligations,
| 796 |
|
plus the principal amount of obligations that in any
prior fiscal
| 797 |
|
year could have been, but were not issued within the
| 798 |
|
fifty-million-dollar fiscal year limit, may be issued
in any
| 799 |
|
fiscal year.
| 800 |
| (D) There is hereby created the
revitalization projects
bond
| 808 |
|
service fund, which shall be in the custody of the treasurer
of
| 809 |
|
state, but shall be separate and apart from and not a part of
the
| 810 |
|
state treasury. All money received by
the state and required
by
| 811 |
|
the bond proceedings, consistent with
section 151.01 of the
| 812 |
|
Revised Code and this section, to be
deposited, transferred, or
| 813 |
|
credited to the bond service fund, and
all other money transferred
| 814 |
|
or allocated to or received for the
purposes of that fund, shall
| 815 |
|
be deposited and credited to the bond
service fund, subject to any
| 816 |
|
applicable provisions of the bond
proceedings, but without
| 817 |
|
necessity for any act of appropriation.
During the period
| 818 |
|
beginning with the date of the first issuance of
obligations and
| 819 |
|
continuing during the time that any obligations
are outstanding in
| 820 |
|
accordance with their terms, so long as moneys
in the bond service
| 821 |
|
fund are insufficient to pay debt service when
due on those
| 822 |
|
obligations payable from that fund, except the
principal amounts
| 823 |
|
of bond anticipation notes payable from the
proceeds of renewal
| 824 |
|
notes or bonds anticipated, and due in the
particular fiscal year,
| 825 |
|
a sufficient amount of pledged receipts is
committed and, without
| 826 |
|
necessity for further act of appropriation,
shall be paid to the
| 827 |
|
bond service fund for the purpose of paying
that debt service when
| 828 |
|
due.
| 829 |
| (F) The issuing authority may covenant in the bond
| 839 |
|
proceedings, and such covenants shall be controlling
| 840 |
|
notwithstanding any other provision of law, that the state and
| 841 |
|
applicable officers and state agencies, including the general
| 842 |
|
assembly, so long as any obligations issued under this section are
| 843 |
|
outstanding, shall maintain statutory authority for and cause to
| 844 |
|
be charged and collected wholesale or retail prices for spirituous
| 845 |
|
liquor sold by the state or its agents so that the available
| 846 |
|
pledged receipts are sufficient in time and amount to meet debt
| 847 |
|
service payable from pledged liquor profits and for the
| 848 |
|
establishment and maintenance of any reserves and other
| 849 |
|
requirements provided for in the bond proceedings.
| 850 |
| (G) Obligations
may be further secured, as determined by
the
| 851 |
|
issuing authority, by a trust agreement between
the state and
a
| 852 |
|
corporate trustee, which may be
any trust company
or bank having
a
| 853 |
|
place of business
within the state.
Any trust
agreement may
| 854 |
|
contain the
resolution or
order authorizing the
issuance of the
| 855 |
|
obligations,
any provisions
that may be contained
in any bond
| 856 |
|
proceedings, and
other
provisions that are customary
or
| 857 |
|
appropriate in an agreement
of that type, including, but not
| 858 |
|
limited to:
| 859 |
| (H) The obligations shall not be
general obligations of the
| 872 |
|
state and the full faith and credit, revenue, and taxing power of
| 873 |
|
the state shall not be pledged to the payment of debt service on
| 874 |
|
them. The holders
or owners of the obligations shall have no right
| 875 |
|
to have any moneys obligated or
pledged for the payment of debt
| 876 |
|
service except as provided in
this section and in the applicable
| 877 |
|
bond proceedings. The rights
of the holders and owners to payment
| 878 |
|
of debt service are limited
to all or that portion of the pledged
| 879 |
|
receipts, and those special
funds, pledged to the payment of debt
| 880 |
|
service pursuant to the bond
proceedings in accordance with this
| 881 |
|
section, and each obligation
shall bear on its face a statement to
| 882 |
|
that effect.
| 883 |
| The Treasurer of State is hereby authorized to issue and
| 991 |
sell, in accordance with SectionSections 2o and 2q of Article
| 992 |
|
VIII, Ohio
Constitution, and pursuant to sections 151.01 and
| 993 |
|
151.40 of the
Revised Code, original obligations in an aggregate
| 994 |
principal
amount not to exceed $40,000,000$100,000,000 in
| 995 |
|
addition to the original
issuance of obligations heretofore
| 996 |
|
authorized by prior acts of the
General Assembly. These
| 997 |
|
authorized obligations shall be issued
and sold from time to
| 998 |
|
time, subject to applicable constitutional
and statutory
| 999 |
|
limitations, as needed to ensure sufficient moneys
to the credit
| 1000 |
|
of the Clean Ohio Revitalization Fund (Fund 7003) to
pay costs of
| 1001 |
|
revitalization projects.
| 1002 |
| The foregoing appropriation item C15060, Clean Ohio
| 1011 |
|
Conservation, shall be used in accordance with sections 164.20 to
| 1012 |
|
164.27 of the Revised Code. If the Public Works Commission
| 1013 |
|
receives refunds due to project overpayments that are discovered
| 1014 |
|
during the post-project audit, the Director of the Public Works
| 1015 |
|
Commission may certify to the Director of Budget and Management
| 1016 |
|
that refunds have been received. If the Director of Budget and
| 1017 |
|
Management determines that the project refunds are available to
| 1018 |
|
support additional appropriations, such amounts are hereby
| 1019 |
|
appropriated.
| 1020 |
| Sec. 243.11. The Ohio Public Facilities Commission is
hereby
| 1039 |
authorized to issue and sell, in accordance with SectionSections | 1040 |
|
2o and 2q of
Article VIII, Ohio Constitution, and pursuant to
| 1041 |
|
sections
151.01
and 151.09 of the Revised Code, original
| 1042 |
|
obligations of
the state
in an aggregate principal amount not to
| 1043 |
exceed
$40,000,000$100,000,000 in
addition to the original
| 1044 |
|
issuance of obligations
heretofore
authorized by prior acts of
| 1045 |
|
the General Assembly.
These
authorized
obligations shall be
| 1046 |
|
issued and sold from time
to
time, subject to
applicable
| 1047 |
|
constitutional and statutory
limitations, as needed to
ensure
| 1048 |
|
sufficient moneys to the credit
of the Clean Ohio
Conservation
| 1049 |
|
Fund (Fund 7056), the Clean Ohio
Agricultural
Easement Fund
| 1050 |
|
(Fund 7057), and the Clean Ohio Trail
Fund (Fund
7061) to pay
| 1051 |
|
costs of conservation projects.
| 1052 |
| Section 8. Notwithstanding any other provision to the | 1056 |
|
contrary, as a condition to the receipt of assistance for any | 1057 |
|
economic development project funded by appropriations made by this | 1058 |
|
act, the project shall provide, when practicable, training | 1059 |
|
opportunities for persons unemployed or underemployed. Efforts | 1060 |
|
shall be made through city, local, and county workforce | 1061 |
|
development programs, Workforce Investment Act (WIA) programs, and | 1062 |
|
the Supplemental Nutrition Assistance Program (SNAP) to encourage | 1063 |
|
minorities and persons with incomes of less than two hundred per | 1064 |
|
cent of the federal poverty level to participate in these training | 1065 |
|
programs. A person convicted of a felony offense other than a | 1066 |
|
first or second degree felony cannot, for that reason, be | 1067 |
|
prohibited from participating in these programs or from seeking | 1068 |
|
employment on the project. | 1069 |