(B)(1) The OhioMeansJobs Workforce Development Revolving Loan | 38 |
Program is hereby established for the purpose of assisting with | 39 |
job growth and advancement through training and retraining. The | 40 |
Chancellor of the Ohio Board of Regents shall administer the | 41 |
program and shall award funds to an institution that the | 42 |
institution shall use to award loans to participants in a | 43 |
workforce training program that is approved by the Chancellor and | 44 |
that is administered by the institution. | 45 |
(2) In awarding funds under this section, the Chancellor | 46 |
shall give a preference to an institution for a workforce training | 47 |
program in which the institution partners with a business that is | 48 |
willing to repay all or part of the loan on behalf of a program | 49 |
participant or with a business that also provides funding for the | 50 |
program, in comparison to a program that does not have such a | 51 |
partnership. The Chancellor shall consider a program that has | 52 |
employment opportunities in areas that are in demand, including, | 53 |
but not limited to, energy exploration. | 54 |
(4) After the initial funds are awarded to institutions under | 72 |
this section, the Chancellor, in awarding subsequent funds under | 73 |
this section, shall give greater weight to the factors listed in | 74 |
division (B)(3)(a) of this section in comparison to the other | 75 |
factors listed in division (B)(3) of this section, but shall not | 76 |
give that factor greater weight than the preference given in | 77 |
division (B)(2) of this section. | 78 |
(C) Funds shall be disbursed to successful applicants using | 79 |
moneys from the OhioMeansJobs Workforce Development Revolving Loan | 80 |
Fund established in section 6301.14 of the Revised Code. The | 81 |
Chancellor shall not award to an institution more than one hundred | 82 |
thousand dollars per workforce training program per year under | 83 |
this section. An institution receiving funds under this section | 84 |
shall establish, in consultation with the Board of Regents, | 85 |
eligibility requirements that a participant in the workforce | 86 |
training program for which the institution received the funds | 87 |
shall satisfy to receive a loan under this section, and the | 88 |
institution shall disburse the loan to program participants who | 89 |
satisfy those requirements. A loan awarded by an institution to a | 90 |
program participant under this section shall not exceed ten | 91 |
thousand dollars per program in which the participant | 92 |
participates. | 93 |
(D) Except as provided in the rules adopted by the Chancellor | 94 |
pursuant to division (E)(3) of this section, a loan to a program | 95 |
participant shall remain interest-free until six months after the | 96 |
date the participant successfully completes the workforce training | 97 |
program, if the participant also continues to reside in this | 98 |
state. Beginning on the earlier of the date that is six months | 99 |
after the individual completes the workforce training program for | 100 |
which the participant received a loan under this section or the | 101 |
date the participant ceases to reside in this state, the | 102 |
Chancellor shall assess a rate of interest of not more than four | 103 |
per cent per annum on any outstanding principal balance of that | 104 |
loan. The Chancellor shall not assess a zero per cent interest | 105 |
rate. The Chancellor shall establish a payment schedule not to | 106 |
exceed seven years after the date a participant successfully | 107 |
completes the workforce training program. | 108 |
(G)(1) The Chancellor may designate either the Treasurer of | 136 |
State or a third party to serve as the Chancellor's agent in | 137 |
servicing the loans described in this section. The agent | 138 |
designated by the Chancellor pursuant to this division is | 139 |
authorized to take such actions and to enter into such contracts | 140 |
and to execute all instruments necessary or appropriate to service | 141 |
loans described in this section. If the Chancellor or an agent of | 142 |
the Chancellor designated by the Chancellor who is not the | 143 |
Treasurer of State services the loans described in this section, | 144 |
the Chancellor shall adopt rules in accordance with Chapter 119. | 145 |
of the Revised Code to establish a fee to be charged to a loan | 146 |
recipient to offset the cost of servicing the loan. | 147 |
(2) If the Treasurer of State is designated the agent | 148 |
pursuant to this division, the Treasurer of State may designate a | 149 |
third party to serve as an agent of the Treasurer of State in | 150 |
servicing the loans. The third party designated by the Treasurer | 151 |
of State is authorized to take such actions, to enter into such | 152 |
contracts, and to execute all instruments necessary or appropriate | 153 |
to service those loans. If the Treasurer of State or an agent of | 154 |
the Treasurer of State services the loans pursuant to this | 155 |
division, the Treasurer of State shall adopt rules pursuant to | 156 |
section 111.15 of the Revised Code to establish a fee to be | 157 |
charged to a loan recipient to offset the cost of servicing the | 158 |
loan. The Treasurer of State may adopt any additional rules | 159 |
pursuant to section 111.15 of the Revised Code that the Treasurer | 160 |
of State considers necessary to implement this division. | 161 |
(2) Beginning on July 1, 2014, and continuing every year | 172 |
thereafter for so long as the Chancellor awards funds under the | 173 |
Program, the Chancellor shall submit the report prepared in | 174 |
division (H)(1) of this section to the Governor, the Speaker and | 175 |
Minority Leader of the House of Representatives, and the President | 176 |
and Minority Leader of the Senate. | 177 |
Of the foregoing appropriation item 235684, OhioMeansJobs | 201 |
Workforce Development Revolving Loan Program, up to $250,000 in | 202 |
fiscal year 2014 may be used by the Chancellor of the Board of | 203 |
Regents for administrative expenses of the Program, and up to | 204 |
$250,000 in fiscal year 2014 may be used by the Treasurer of State | 205 |
for administrative expenses of the Program. | 206 |
Any unexpended and unencumbered portion of the foregoing | 207 |
appropriation item 235684, OhioMeansJobs Workforce Development | 208 |
Revolving Loan Program, at the end of fiscal year 2014 is hereby | 209 |
reappropriated for the same purpose in fiscal year 2015. To the | 210 |
extent that reappropriated funds are available, of the foregoing | 211 |
appropriation item 235684, OhioMeansJobs Workforce Development | 212 |
Revolving Loan Program, up to $250,000 in fiscal year 2015 may be | 213 |
used by the Chancellor of the Board of Regents for administrative | 214 |
expenses of the Program, and up to $250,000 in fiscal year 2015 | 215 |
may be used by the Treasurer of State for administrative expenses | 216 |
of the Program. | 217 |
Section 5. Within the limits set forth in this act, the | 225 |
Director of Budget and Management shall establish accounts | 226 |
indicating the source and amount of funds for each appropriation | 227 |
made in this act, and shall determine the form and manner in which | 228 |
appropriation accounts shall be maintained. Expenditures from | 229 |
appropriations contained in this act shall be accounted for as | 230 |
though made in the main operating appropriations act of the 130th | 231 |
General Assembly. | 232 |