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As Reported by the House Agriculture and Natural Resources Committee
122nd General Assembly
Regular Session
1997-1998 | Sub. H. B. No. 621 |
REPRESENTATIVES HAINES-HODGES-REID-SULZER-GARDNER-LOGAN-WESTON-
VESPER-TAVARES-JONES-CATES-PADGETT-HARRIS-TERWILLEGER-
KREBS-GRENDELL-HOOD-HOUSEHOLDER-CAREY-METELSKY-BENDER-
WILLAMOWSKI-OGG-WILSON-CORE-OPFER-BUCHY-DAMSCHRODER
A BILL
To amend sections 122.011, 122.23, 122.24, 122.25, 122.27, 166.03, and 901.63,
to enact
sections 166.031 and 901.80 to 901.83 of the
Revised Code, and to amend
Sections 47 and 47.15 of Am. Sub. H.B. 215 of the 122nd General
Assembly and Section 3 of Am. Sub. H.B. 440 of the
121st General Assembly to
create the Family Farm Loan Program in the Department of Agriculture and
to create the Family
Farm Loan Fund in the Department of Development to promote
agricultural development, to make changes to the
Rural Industrial Park Loan
Program, to terminate the provisions of this
act establishing the Family Farm Loan Program and
creating the Family Farm
Loan Fund on June 30, 1999, by repealing sections 166.031, 901.80, 901.81,
901.82, and 901.83 of the Revised Code on that date,
to extend the
date on which the Rural Industrial Park Loan
Program terminates
from January 1, 1999 to June 30, 1999, by repealing sections
122.23, 122.24, 122.25, 122.26, and 122.27 of the Revised Code
on June 30, 1999,
and to make an appropriation.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 122.011, 122.23, 122.24, 122.25, 122.27, 166.03, and
901.63 be amended
and sections 166.031, 901.80, 901.81, 901.82, and 901.83 of the Revised Code
be
enacted to read as follows:
Sec. 122.011. (A) The department of development shall
develop and promote plans and programs designed to assure that
state resources are efficiently used, economic growth is properly
balanced, community growth is developed in an orderly manner, and
local governments are coordinated with each other and the state,
and for such purposes may do all of the following:
(1) Serve as a clearinghouse for information, data, and
other materials that may be helpful or necessary to persons or
local governments, as provided in section 122.07 of the Revised
Code;
(2) Prepare and activate plans for the retention,
development, expansion, and use of the resources and commerce of
the state, as provided in section 122.04 of the Revised Code;
(3) Assist and cooperate with federal, state, and local
governments and agencies of federal, state, and local
governments in the coordination of programs to carry out the functions and
duties of the department;
(4) Encourage and foster research and development
activities, conduct studies related to the solution of community
problems, and develop recommendations for administrative or
legislative actions as provided in section 122.03 of the Revised
Code;
(5) Serve as the economic and community development
planning agency, which shall prepare and recommend plans and
programs for the orderly growth and development of this state and
which shall provide planning assistance, as provided in section
122.06 of the Revised Code;
(6) Cooperate with and provide technical assistance to
state departments, political subdivisions, regional and local
planning commissions, tourist associations, councils of
government, community development groups, community action
agencies and other appropriate organizations for carrying out the
functions and duties of the department or for the solution of
community problems.
(7) Coordinate the activities of state agencies that have
an impact on carrying out the functions and duties of the
department;
(8) Encourage and assist the efforts of and cooperate with
local governments to develop mutual and cooperative solutions to
their common problems that relate to carrying out the purposes of
this section;
(9) Study existing structure, operations, financing of
regional or local government and those state activities that
involve significant relations with regional or local governmental
units, recommend to the governor and to the general assembly such
changes in these provisions and activities as will improve the
operations of regional or local government, and conduct other
studies of legal provisions that affect problems related to
carrying out the purposes of this section;
(10) Appoint, with the approval of the governor,
technical and other advisory councils as it considers
appropriate, as provided in section 122.09 of the Revised Code;
(11) Create and operate a division of community development to develop and
administer programs and activities that are authorized by federal statute or
the Revised Code;
(12) UNTIL JUNE 30,
1999, REVIEW, ANALYZE, AND SUMMARIZE APPLICATIONS
AND INFORMATION REGARDING THE FAMILY FARM LOAN PROGRAM
FORWARDED TO THE DEPARTMENT BY A FINANCIAL INSTITUTION PURSUANT
TO SECTION 901.81 OF THE
REVISED
CODE, AND FORWARD THE
APPLICATIONS, INFORMATION, ANALYSES, AND SUMMARIES TO THE DIRECTOR
OF AGRICULTURE;
(13) UNTIL JUNE 30, 1999, ESTABLISH FEES AND CHARGES, IN
CONSULTATION WITH THE
DIRECTOR OF AGRICULTURE, FOR LOANS AND LOAN GUARANTEES PROVIDED
UNDER THE FAMILY FARM
LOAN PROGRAM CREATED UNDER SECTIONS 901.80 TO 901.83 of the Revised Code;
(14) PROVIDE LOAN SERVICING FOR THE LOANS AND LOAN GUARANTEES PROVIDED
UNDER SECTION 901.80 of the Revised Code AS SUCH SECTION EXISTED PRIOR TO JUNE
30, 1999;
(15) UNTIL JUNE 30, 1999,
AND UPON APPROVAL BY THE CONTROLLING BOARD UNDER DIVISION
(A)(3) OF SECTION 901.82 OF THE
REVISED
CODE OF THE RELEASE OF MONEY TO
BE USED FOR A LOAN OR LOAN GUARANTEE, REQUEST THE RELEASE OF
SUCH MONEY IN ACCORDANCE WITH DIVISION
(B) OF SECTION 166.03 OF THE
REVISED
CODE FOR USE FOR THE PURPOSES
OF THE FUND CREATED BY SECTION 166.031 OF THE
REVISED CODE.
(B) The department shall, by rule, SHALL establish criteria
defining nonprofit corporations that are eligible for appointment
as qualified agents pursuant to sections 135.81 to 135.88 of the
Revised Code. The criteria shall require that a corporation be
organized pursuant to Chapter 1702. of the Revised Code and have
as its primary purpose the promotion of economic development or
the creation or retention of jobs and job opportunities. The
criteria may include a specification as to the professional
qualifications of the corporation employees, a minimum elapsed
period of time since the corporation was organized, current and
former activities of the corporation, and such other criteria
reasonably related to the foregoing that relate to the ability of
the corporation to act as a qualified agent for the purposes of
sections 135.51 to 135.88 of the Revised Code.
(C) The director of development may request the attorney general
to, and the attorney general shall, in accordance with section
109.02 of the Revised Code, SHALL
bring a civil action in any court of competent jurisdiction. The director may
be sued in the director's official capacity, in connection with this chapter,
in accordance with Chapter 2743. of the Revised Code.
Sec. 122.23. As used in sections 122.23 to 122.27 of the Revised Code:
(A) "Distressed area" means a county with a population of less
than one hundred twenty-five thousand that meets at least two of the
following criteria of economic distress:
(1) Its average rate of unemployment, during the most
recent five-year period for which data are available, is equal
to at least one hundred twenty-five per cent of the average rate
of unemployment for the United States for the same period.
(2) It has a per capita income equal to or below eighty
per cent of the median county per capita income of the
United States as determined by the most recently available figures from the
United States census bureau.
(3) In intercensal years, the county has a ratio of transfer payment income
to total county income equal to or greater than twenty-five per cent.
(B) "Eligible applicant" means
any of the following that is designated by the governing
body of an eligible area as provided in division (B)(1) of section
122.27 of the Revised Code:
(1) A port authority as defined in division (A) of section 4581.01
4582.01 or division (A) of section 4582.21 of the Revised Code;
(2) A community improvement corporation as defined in section 1724.01 of
the Revised Code;
(3) A community-based organization or action group that provides social
services and has experience in economic development;
(4) Any other nonprofit economic development entity;
(5) A PRIVATE DEVELOPER THAT PREVIOUSLY HAS NOT RECEIVED FINANCIAL
ASSISTANCE UNDER SECTION 122.24 of the Revised Code AND THAT HAS EXPERIENCE AND A SUCCESSFUL
HISTORY IN INDUSTRIAL DEVELOPMENT.
(C) "Eligible area"
means a distressed area, a labor surplus area, or a situational distress area,
as designated annually by the director
of development pursuant to division (A) of section 122.25 of the Revised Code.
(D) "Labor surplus area" means an area designated as a labor
surplus area by the United States department of labor.
(E) "Official poverty line" has the same meaning as in division
(A) of section 3923.51 of the Revised Code.
(F) "Situational distress area" means a county that has a
population of less than one hundred twenty-five thousand persons, or a
municipal corporation in such a county, that has experienced or is
experiencing a closing or downsizing of a
major employer that will adversely affect the county's or municipal
corporation's economy. In order to be designated as a situational distress
area for a period not to exceed thirty-six months, the county or municipal
corporation may petition the
director of development. The petition shall include documentation that
demonstrates all of the following:
(1) The number of jobs lost by the closing or
downsizing;
(2) The impact that the job loss has on the county's or
municipal corporation's unemployment rate as measured by the
Ohio bureau of employment services;
(3) The annual payroll associated with the job loss;
(4) The amount of state and local taxes associated with
the job loss;
(5) The impact that the closing or downsizing has on the
suppliers located in the rural county or municipal corporation.
(G) "Governing body" means, in the case
of a county, the board of county commissioners; in the case of a municipal
corporation, the legislative authority; and in the case of a township, the
board of township trustees.
(H) "Infrastructure improvements"
includes site preparation, including building demolition
and removal; retention ponds and flood and drainage improvements; streets,
roads, bridges, and traffic control devices; parking lots and facilities;
water and sewer lines and treatment plants; gas, electric, and
telecommunications hook-ups; and waterway and railway access improvements.
(I) "PRIVATE DEVELOPER" MEANS ANY INDIVIDUAL, FIRM, CORPORATION,
OR ENTITY, OTHER THAN A NONPROFIT ENTITY, LIMITED PROFIT ENTITY, OR
GOVERNMENTAL ENTITY.
Sec. 122.24. To promote economic development in rural areas
and to improve the economic welfare of the people of the state, the director
of development shall administer the rural industrial park loan program, which
is hereby established in accordance with Ohio Constitution,
Article VIII, Section 13, to assist eligible
applicants in
financing the development and improvement of industrial parks by providing
financial assistance in the form of loans and loan guarantees for land
acquisition; constructing, reconstructing, rehabilitating, remodeling,
renovating, enlarging, or improving industrial park buildings; and
infrastructure improvements.
This program shall not be used to compete against existing
Ohio industrial parks.
An eligible applicant receiving assistance under the rural industrial
park program is not precluded from further participation in this or any other
department of development financial program, EXCEPT THAT A PRIVATE
DEVELOPER THAT PREVIOUSLY HAS RECEIVED FINANCIAL ASSISTANCE UNDER THIS SECTION
IS PRECLUDED FROM FURTHER PARTICIPATION IN THE RURAL INDUSTRIAL PARK LOAN
PROGRAM.
Sec. 122.25. (A) In administering the program
established under section 122.24 of the Revised
Code, the director of development shall do all of the
following:
(1) Annually designate, by the first day of January of
each year, the entities that constitute the eligible areas in this state as
defined in section 122.23 of the Revised Code;
(2) Inform local governments and others in the state of
the availability of the program and financial assistance
established under sections 122.23 to 122.27 of the
Revised Code;
(3) Report to the governor, president of the
senate, speaker of the house of representatives, and minority leaders of the
senate and the house of representatives by the
thirtieth day of June of each year on the activities
carried out under the program during the preceding calendar
year. The report shall include the number of loans made that year and the
amount and recipient of each loan.
(4) Work in conjunction with conventional lending institutions, local
revolving loan funds, private investors, and other
private and public financing sources to provide loans or loan guarantees to
eligible applicants;
(5) Establish fees, charges, interest rates, payment schedules, local
match requirements, and other
terms and conditions for loans and loan guarantees provided under the loan
program created by section 122.24 of the
Revised Code;
(6) Require each applicant to demonstrate the suitability of any site for
the assistance sought; that the site has been surveyed, has adequate or
available utilities, and that there are no zoning restrictions, environmental
regulations, or other matters impairing the use of the site for the purpose
intended;
(7) Require each applicant to provide a marketing plan and management
strategy for the project;
(8) Adopt rules in accordance with Chapter 119. of the
Revised Code establishing all of the following:
(a) Forms and procedures by which eligible
applicants may apply for assistance;
(b) Criteria for reviewing, evaluating, and
ranking applications, and for approving applications that best serve the goals
of the program;
(c) Reporting requirements and monitoring
procedures;
(d) GUIDELINES REGARDING SITUATIONS IN WHICH INDUSTRIAL PARKS WOULD BE
CONSIDERED TO COMPETE AGAINST ONE ANOTHER FOR THE PURPOSES OF DIVISION
(B)(2) OF SECTION 122.27 of the Revised Code;
(e) Any other rules necessary to implement and
administer the program created by section 122.24 of the
Revised Code.
(B) The director may adopt rules in
accordance with Chapter 119. of the Revised Code
establishing requirements governing
the use of any industrial park site receiving assistance under section 122.24
of the Revised
Code, such that a certain portion of the site
must be used for manufacturing, distribution, high technology, research and
development, or other businesses wherein a majority of the product or service
produced is exported out of the state.
(C) As a condition to receiving assistance under section 122.24
of the Revised Code, and except as provided in division
(D) of this section, an applicant must agree, for a period of five
years, not to permit the use of a site that is developed or improved with such
assistance to cause the relocation of jobs to that site from elsewhere in
Ohio.
(D) A site developed or improved with
assistance under section 122.24 of the Revised
Code may be the site of jobs relocated from
elsewhere in Ohio if the director of
development does all of the following:
(1) Makes a written determination that the site from which the jobs would
be relocated is inadequate to
meet market or industry conditions, expansion plans, consolidation plans, or
other business considerations affecting the relocating employer;
(2) Provides a copy of the determination
required by division (D)(1) of this section to
the members of the general assembly whose legislative districts include the
site from which the jobs would be relocated, and to the joint legislative
committee on tax incentives;
(3) Determines that the governing body of the area from which the jobs
would be relocated has been notified in writing by the relocating company of
the possible relocation.
(E) The director of development must obtain the approval of the
controlling board for any loan or loan guarantee provided under sections
122.23 to 122.27 of the Revised Code.
Sec. 122.27. (A) In order to be eligible for
financial assistance under section 122.24 of the
Revised
Code, the applicant shall
demonstrate to the director of
development the applicant's capacity to undertake and oversee the project, as
evidenced by documentation of the applicant's past performance in
economic development projects.
(B) In order for an applicant to be eligible for
financial assistance under section 122.24 of the Revised
Code, BOTH OF the FOLLOWING APPLY:
(1) THE governing body of the entity that has been designated as an
eligible area by the director of development under division (A) of
section 122.25 of the Revised Code, by resolution or
ordinance, shall designate the applicant that will carry out the project for
the purposes described in section 122.24 of the Revised
Code, and specify the eligible area's financial participation in the
project;
(2) THE BOARD OF COUNTY COMMISSIONERS OF A COUNTY THAT HAS BEEN DESIGNATED
AS AN ELIGIBLE AREA BY THE DIRECTOR OF DEVELOPMENT UNDER DIVISION (A)
OF SECTION 122.25 of the Revised Code SHALL CERTIFY, BY RESOLUTION, THAT NO EXISTING
INDUSTRIAL PARK IS LOCATED IN THE COUNTY THAT WOULD COMPETE AGAINST AN
INDUSTRIAL PARK THAT WOULD BE DEVELOPED AND IMPROVED IN THE COUNTY THROUGH THE
USE OF FINANCIAL ASSISTANCE PROVIDED TO THE APPLICANT UNDER THE RURAL
INDUSTRIAL PARK LOAN PROGRAM. GUIDELINES REGARDING SITUATIONS IN WHICH
INDUSTRIAL PARKS WOULD BE CONSIDERED TO COMPETE AGAINST ONE ANOTHER SHALL BE
ESTABLISHED BY RULE IN ACCORDANCE WITH DIVISION (A)(8) OF SECTION
122.25 of the Revised Code.
(C) Solely for the purpose of applying
for assistance for infrastructure improvements, a governing body may designate
itself as an eligible applicant.
Sec. 166.03. (A) There is hereby created the facilities
establishment fund within the state treasury, consisting of
proceeds from the issuance of obligations as specified under
section 166.08 of the Revised Code; the moneys received by the
state from the sources specified in section 166.09 of the Revised
Code; service charges imposed under sections 166.06 and 166.07 of
the Revised Code; any grants, gifts, or contributions of moneys
received by the director of development to be used for loans made
under section 166.07 of the Revised Code or for the payment of
the allowable costs of project facilities; and all other moneys
appropriated or transferred to the fund. Moneys in the loan
guarantee fund in excess of four per cent of the unpaid principal
amount of loan repayments guaranteed under section 166.06 of the
Revised Code, but subject to the provisions and requirements of
any guarantee contracts, may be transferred to the facilities
establishment fund by the treasurer of state upon the order of
the director of development. Moneys received by the state under
Chapter 122. of the Revised Code, to the extent allocable to the
utilization of moneys derived from proceeds of the sale of
obligations pursuant to section 166.08 of the Revised Code, shall
be credited to the facilities establishment fund.
(B) All moneys appropriated or transferred to the
facilities establishment fund may be released at the request of
the director for payment of allowable costs or the making of
loans under this chapter, for transfer to the loan guarantee fund
established in section 166.06 of the Revised Code, or for use for the purpose
of or transfer to the funds established by
sections 122.35, 122.42, 122.54, 122.55, 122.56, 122.561, 122.57, and
122.80, and until January 1 JUNE 30, 1999,
section SECTIONS 122.26 AND 166.031 of the
Revised Code, but only for such of those purposes
as are within the authorization of Section 13 of Article VIII,
Ohio Constitution, in all cases subject to the approval of the
controlling board.
(C) Moneys transferred to the facilities establishment
fund under section 3734.82 of the Revised Code shall be used
exclusively for eligible projects that recover or recycle energy
from scrap tires, as "scrap tires" is defined in section 3734.01
of the Revised Code, for any of the following purposes:
(1) Making loans under this chapter;
(2) Making grants;
(3) Providing other incentives, including, without
limitation, entering into contracts with private entities to
conduct environmental studies or tests for eligible projects that
propose to recover energy from scrap tires.
The director shall adopt rules under division (B)(9) of
section 166.02 of the Revised Code for the purpose of
administering this division.
(D) The department of development, in the administration
of the facilities establishment fund, is encouraged to utilize
and promote the utilization of, to the maximum practicable
extent, the other existing programs, business incentives, and tax
incentives that department is required or authorized to
administer or supervise.
Sec. 166.031. THE FAMILY FARM LOAN FUND IS HEREBY
CREATED IN THE TREASURY FOR THE PURPOSES OF THE PROGRAM
ESTABLISHED IN SECTIONS 901.80 TO 901.83 OF THE
REVISED CODE. THE DIRECTOR OF
DEVELOPMENT SHALL DEPOSIT MONEY RECEIVED FOR THOSE PURPOSES TO
THE CREDIT OF THE FUND.
Sec. 901.63. (A) The agricultural financing commission SHALL DO
BOTH OF THE FOLLOWING UNTIL JUNE 30, 1999:
(1) MAKE RECOMMENDATIONS TO THE DIRECTOR OF AGRICULTURE ABOUT FINANCIAL
ASSISTANCE APPLICATIONS MADE PURSUANT TO SECTIONS 901.80 TO 901.83 of the Revised Code. IN
MAKING ITS RECOMMENDATIONS, THE COMMISSION SHALL
UTILIZE CRITERIA ESTABLISHED BY RULES ADOPTED UNDER DIVISION
(A)(9)(b)
OF SECTION 901.82 OF THE
REVISED
CODE.
(2) ADVISE THE DIRECTOR IN THE ADMINISTRATION OF SECTIONS 901.80 TO 901.83
of the Revised Code.
WITH RESPECT TO SECTIONS 901.80 TO 901.83 OF THE
REVISED
CODE, THE ROLE OF THE
COMMISSION IS SOLELY ADVISORY. NO OFFICER, MEMBER, OR EMPLOYEE
OF THE COMMISSION IS LIABLE FOR ANY INJURY, DEATH, OR LOSS TO
PERSON OR PROPERTY THAT ARISES OUT OF ANY LOAN OR LOAN
GUARANTEE, FAILURE TO GRANT A LOAN OR LOAN GUARANTEE, OR FAILURE
TO TAKE ACTION UNDER SECTIONS 901.80 TO 901.83 OF THE
REVISED
CODE, OR OUT OF ANY ACT OR
OMISSION OF THE DEPARTMENT OF AGRICULTURE THAT INVOLVES THOSE
SECTIONS.
(B) THE COMMISSION may:
(A)(1) Adopt bylaws for the conduct of its business;
(B)(2) Exercise all rights, powers, and duties conferred on
the commission as an issuer under Chapter 902. of the Revised
Code;
(C)(3) Contract with, retain, or designate financial
consultants, accountants, and such other consultants and
independent contractors as the commission may determine to be
necessary or appropriate to carry out the purposes of this
chapter and to fix the terms thereof OF THOSE CONTRACTS;
(D)(4) Undertake and carry out or authorize the completion of
studies and analyses of agricultural conditions and needs within
the state relevant to the purpose of this chapter to the extent
not otherwise undertaken by other departments or agencies of the
state satisfactory for such purpose;
(E)(5) Acquire by gift, purchase, foreclosure, or other
means, and hold, assign, pledge, lease, transfer, or otherwise
dispose of real and personal property, or any interest therein IN
THAT REAL AND PERSONAL PROPERTY,
in the exercise of its powers and the performance of its duties
under this chapter and Chapter 902. of the Revised Code;
(F)(6) Receive and accept gifts, grants, loans, or any other
financial or other form of aid from any federal, state, local, or
private agency or fund and enter into any contract with any such
agency or fund in connection therewith, and receive and accept
aid or contributions from any other source of money, property,
labor or things of value, to be held, used, and applied only for
the purposes for which such grants and contributions are made,
all within the purposes of this chapter and Chapter 902. of the
Revised Code;
(G)(7) Sue and be sued in its own name with respect to its
contracts or to enforce this chapter or its obligations or
covenants made under this chapter and Chapter 902. of the Revised
Code;
(H)(8) Make and enter into all contracts, commitments, and
agreements, and execute all instruments necessary or incidental
to the performance of its duties and the execution of its powers
under this chapter and Chapter 902. of the Revised Code;
(I)(9) Adopt an official seal;
(J)(10) Do any and all things necessary or appropriate to
carry out the public purposes and exercise the powers granted to
the commission in this chapter and Chapter 902. of the Revised
Code and the public purposes of Section 13 of Article VIII, Ohio
Constitution.
Sec. 901.80. TO PROMOTE ECONOMIC OPPORTUNITY FOR
PERSONS WHO DESIRE TO ENGAGE IN AGRICULTURAL PRODUCTION, TO
ENHANCE THE ECONOMIC VIABILITY OF THE STATE'S AGRICULTURAL
AREAS, TO HELP PROVIDE THE STATE'S AGRIBUSINESSES WITH THE FARM
PRODUCTS NECESSARY FOR THEIR OPERATIONS, AND TO IMPROVE THE
ECONOMIC WELFARE OF THE PEOPLE OF THE STATE, THE DIRECTOR OF
AGRICULTURE SHALL ADMINISTER THE FAMILY FARM LOAN PROGRAM,
WHICH IS HEREBY ESTABLISHED IN ACCORDANCE WITH SECTION 13 OF
ARTICLE VIII,
OHIO CONSTITUTION,
TO ASSIST ELIGIBLE APPLICANTS BY PROVIDING
FINANCIAL ASSISTANCE IN THE FORM OF LOANS AND LOAN GUARANTEES
FOR LAND ACQUISITION; CONSTRUCTING, RECONSTRUCTING,
REHABILITATING, REMODELING, RENOVATING, ENLARGING, OR IMPROVING
AGRICULTURAL BUILDINGS; AND ACQUIRING MACHINERY AND EQUIPMENT TO BE USED IN
AGRICULTURE.
FINANCIAL ASSISTANCE PROVIDED UNDER THE FAMILY FARM LOAN
PROGRAM SHALL NOT BE USED AS WORKING CAPITAL OR FOR
REFINANCING, FINANCING INVENTORY OR RECEIVABLES, SPECULATIVE
REAL ESTATE DEVELOPMENT, RELOCATION COSTS, OR THE PURCHASE OF
ROLLING STOCK OR LIVESTOCK.
AN ELIGIBLE APPLICANT RECEIVING FINANCIAL ASSISTANCE UNDER THE
FAMILY FARM LOAN PROGRAM IS NOT PRECLUDED FROM FURTHER
PARTICIPATION IN THIS OR ANY OTHER STATE
FINANCIAL PROGRAM.
Sec. 901.81. (A) AS USED IN THIS
SECTION AND SECTIONS 901.82 AND 901.83 OF THE
REVISED
CODE:
(1) "FINANCIAL INSTITUTION" MEANS ANY BANKING
CORPORATION, TRUST COMPANY, INSURANCE COMPANY, SAVINGS AND LOAN
ASSOCIATION, BUILDING AND LOAN ASSOCIATION, OR CORPORATION,
PARTNERSHIP, FEDERAL LENDING FOUNDATION, OR OTHER INSTITUTION
ENGAGED IN LENDING OR INVESTING FUNDS FOR AGRICULTURAL OR OTHER
BUSINESS PURPOSES.
(2) "ELIGIBLE APPLICANT" MEANS A PERSON WHO SATISFIES
ALL THE CRITERIA ENUMERATED IN DIVISION
(B) OF SECTION 901.82 OF THE
REVISED
CODE.
(B) A FINANCIAL
INSTITUTION THAT WISHES TO PARTICIPATE IN THE PROGRAM
ESTABLISHED UNDER SECTION 901.80 OF THE
REVISED
CODE SHALL ACCEPT AND REVIEW
APPLICATIONS FOR LOANS FROM ELIGIBLE APPLICANTS. FORMS AND
PROCEDURES INVOLVED IN THE APPLICATION PROCESS SHALL COMPLY WITH
RULES ADOPTED UNDER DIVISION
(A)(9)(a)
OF SECTION 901.82 OF THE
REVISED
CODE. THE FINANCIAL
INSTITUTION SHALL APPLY ALL USUAL LENDING STANDARDS TO DETERMINE
THE CREDIT WORTHINESS OF EACH ELIGIBLE APPLICANT, INCLUDING
WHETHER THE ELIGIBLE APPLICANT HAS THE ABILITY TO REPAY THE LOAN
AND WHETHER ADEQUATE SECURITY EXISTS FOR THE LOAN.
THE FINANCIAL INSTITUTION SHALL FORWARD TO THE DEPARTMENT
OF DEVELOPMENT THE COMPLETED LOAN APPLICATION OF AN ELIGIBLE
APPLICANT WHOM THE FINANCIAL INSTITUTION HAS DETERMINED TO BE
CREDIT WORTHY, ALONG WITH ANY OTHER INFORMATION REQUIRED BY
RULES ADOPTED UNDER DIVISION
(A)(9) OF SECTION 901.82 OF THE
REVISED
CODE. IF A LOAN GUARANTEE IS
INVOLVED, THE FINANCIAL INSTITUTION ALSO SHALL FORWARD A
REQUEST BY THE FINANCIAL INSTITUTION TO ENTER INTO A CONTRACT OF
GUARANTEE DESCRIBED IN SECTION 901.83 OF THE
REVISED
CODE.
THE DEPARTMENT OF DEVELOPMENT SHALL PROCEED WITH THE LOAN
APPLICATION IN ACCORDANCE WITH DIVISION
(A)(12) OF SECTION 122.011 OF
THE REVISED
CODE.
Sec. 901.82. (A) IN ADMINISTERING THE PROGRAM
ESTABLISHED UNDER SECTION 901.80 OF THE
REVISED CODE, THE
DIRECTOR OF AGRICULTURE SHALL DO ALL OF THE FOLLOWING:
(1) RECEIVE APPLICATIONS FOR FINANCIAL ASSISTANCE FORWARDED TO THE
DIRECTOR BY THE DEPARTMENT OF DEVELOPMENT, AND,
AFTER PROCESSING, FORWARD THEM TO THE AGRICULTURAL FINANCING
COMMISSION TOGETHER WITH NECESSARY SUPPORTING
INFORMATION;
(2) RECEIVE THE RECOMMENDATIONS OF THE COMMISSION MADE
UNDER DIVISION (A)(1) OF SECTION
901.63 of the Revised Code
AND MAKE A FINAL DETERMINATION WHETHER
TO APPROVE THE APPLICATION FOR FINANCIAL ASSISTANCE;
(3) TRANSMIT THE DIRECTOR'S DETERMINATIONS TO APPROVE
ASSISTANCE TO THE CONTROLLING BOARD TOGETHER WITH ANY
INFORMATION THE CONTROLLING BOARD REQUIRES FOR ITS REVIEW AND
ITS DECISION WHETHER TO APPROVE THE RELEASE OF MONEY FOR THE FINANCIAL
ASSISTANCE;
(4) WORK IN CONJUNCTION WITH FINANCIAL
INSTITUTIONS AND OTHER PRIVATE AND PUBLIC FINANCING SOURCES TO
PROVIDE LOANS OR LOAN GUARANTEES TO ELIGIBLE APPLICANTS;
(5) ESTABLISH INTEREST RATES, PAYMENT
SCHEDULES, LOAN TRANSFER PROVISIONS, PENALTIES, INCLUDING
PENALTIES FOR THE CONVERSION OF LAND DEVOTED EXCLUSIVELY TO
AGRICULTURAL USE AS DEFINED IN SECTION 5713.30 of the Revised Code, AND OTHER TERMS AND
CONDITIONS FOR LOANS AND
LOAN GUARANTEES PROVIDED UNDER THE LOAN PROGRAM CREATED BY
SECTION 901.80 OF THE REVISEDCODE;
(6) REQUIRE EACH APPLICANT TO DO BOTH OF THE
FOLLOWING:
(a) DEMONSTRATE THAT THERE
ARE NO ZONING RESTRICTIONS, ENVIRONMENTAL REGULATIONS, OR OTHER
IMPAIRMENTS TO THE USE OF THE LAND FOR THE PURPOSE
INTENDED;
(b) PROVIDE A FARM BUSINESS PLAN, INCLUDING AN
OVERVIEW OF THE TYPE OF AGRICULTURAL OPERATION THE APPLICANT
ANTICIPATES CONDUCTING, AND A MANAGEMENT STRATEGY FOR THE
PROJECT.
(7) INFORM AGRICULTURAL ORGANIZATIONS AND OTHERS IN THE
STATE OF THE EXISTENCE OF THE PROGRAM ESTABLISHED UNDER SECTION 901.80 of the Revised Code
AND OF THE FINANCIAL ASSISTANCE AVAILABLE UNDER THE PROGRAM;
(8) REPORT TO THE GOVERNOR, PRESIDENT OF THE SENATE,
SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND MINORITY LEADERS OF
THE SENATE AND THE HOUSE OF REPRESENTATIVES BY THE THIRTIETH DAY
OF JUNE OF EACH YEAR ON THE ACTIVITIES CARRIED OUT UNDER THE
PROGRAM DURING THE PRECEDING CALENDAR YEAR. THE REPORT SHALL
INCLUDE THE NUMBER OF LOANS OR LOAN GUARANTEES MADE THAT YEAR, THE AMOUNT OF
EACH
LOAN OR LOAN GUARANTEE, THE COUNTY IN WHICH THE LOAN RECIPIENT'S FARM IS
LOCATED,
AND WHATEVER OTHER INFORMATION THE DIRECTOR DETERMINES IS
RELEVANT TO INCLUDE.
(9) ADOPT RULES IN ACCORDANCE WITH
CHAPTER119.OF THE
REVISEDCODE ESTABLISHING ALL
OF THE FOLLOWING WITH REGARD TO THE PROGRAM:
(a) FORMS AND PROCEDURES BY WHICH ELIGIBLE
APPLICANTS MAY APPLY FOR FINANCIAL ASSISTANCE;
(b) CRITERIA FOR REVIEWING, EVALUATING, AND
RANKING APPLICATIONS, AND FOR APPROVING APPLICATIONS THAT BEST
SERVE THE GOALS OF THE PROGRAM;
(c) REPORTING REQUIREMENTS AND MONITORING
PROCEDURES;
(d) ITEMS DESCRIBED IN DIVISION (A)(5) OF THIS SECTION;
(e) ANY OTHER RULES NECESSARY TO IMPLEMENT AND
ADMINISTER THE PROGRAM.
(B) IN ORDER TO BE ELIGIBLE FOR FINANCIAL
ASSISTANCE UNDER SECTION 901.80OF THE
REVISEDCODE, AN
APPLICANT SHALL DEMONSTRATE ALL OF THE FOLLOWING:
(1) THAT THE APPLICANT IS DOMICILED IN THIS STATE;
(2) THAT THE APPLICANT IS UNABLE TO OBTAIN REASONABLE
FINANCING FROM COMMERCIAL OR AGRICULTURAL LENDING
SOURCES;
(3) THAT THE APPLICANT HAS THE ABILITY TO REPAY THE LOAN,
PRIMARILY FROM THE CASH FLOW OF THE PROPOSED FARMING OPERATION,
AND THAT THERE IS ADEQUATE SECURITY FOR THE LOAN;
(4) THAT THE APPLICANT HAS SUFFICIENT EDUCATION, TRAINING, OR
EXPERIENCE IN THE TYPE OF FARMING FOR WHICH THE APPLICANT
REQUESTS THE LOAN OR LOAN GUARANTEE.
Sec. 901.83. (A) UPON APPROVAL BY
THE CONTROLLING BOARD UNDER DIVISION
(A)(3) OF SECTION 901.82 OF THE
REVISED
CODE OF THE RELEASE OF MONEY TO
BE USED FOR A LOAN GUARANTEE UNDER THE PROGRAM ESTABLISHED UNDER
SECTION 901.80 OF THE REVISED
CODE, THE FINANCIAL INSTITUTION
PROVIDING THE LOAN AND THE DIRECTOR OF AGRICULTURE SHALL ENTER
INTO A CONTRACT OF GUARANTEE ESTABLISHING THE TERMS OF THE
GUARANTEE.
UNDER THE CONTRACT OF GUARANTEE, THE DIRECTOR OF
AGRICULTURE SHALL AGREE TO DEPOSIT WITH THE FINANCIAL
INSTITUTION A LOAN GUARANTEE CONSISTING OF MONEY RELEASED BY THE
CONTROLLING BOARD FOR THAT PURPOSE, IN AN AMOUNT THAT IS A
SPECIFIED PERCENTAGE OF THE AMOUNT LOANED TO THE ELIGIBLE
APPLICANT BY THE FINANCIAL INSTITUTION. THE DIRECTOR SHALL
AGREE THAT IF THE LOAN RECIPIENT DEFAULTS ON THE LOAN AND THE
FINANCIAL INSTITUTION EXHAUSTS ALL LEGAL AND EQUITABLE REMEDIES
IN AN ATTEMPT TO OBTAIN COMPLETE REPAYMENT, BUT DOES NOT RECEIVE
COMPLETE REPAYMENT, THEN THE LOAN GUARANTEE SHALL BE USED TO
REIMBURSE THE FINANCIAL INSTITUTION.
IN EXCHANGE, THE FINANCIAL INSTITUTION SHALL AGREE TO PAY
ANNUALLY TO THE DEPARTMENT OF DEVELOPMENT A SPECIFIED PERCENTAGE
OF THE AMOUNT OF THE LOAN GUARANTEE, WHICH SHALL BE DEPOSITED
INTO THE FAMILY FARM LOAN FUND CREATED IN SECTION
166.031 OF THE REVISED CODE.
THE FINANCIAL INSTITUTION ALSO SHALL AGREE TO LEND THE
GUARANTEED PORTION OF THE LOAN TO THE ELIGIBLE APPLICANT AT AN
INTEREST RATE BELOW CURRENT MARKET RATES THAT REFLECTS THE
STATE'S REDUCED INTEREST RATE.
(B) A GUARANTEED
FINANCIAL INSTITUTION, EXCEPT TO THE EXTENT THAT ITS RIGHTS ARE
RESTRICTED BY THE CONTRACT OF GUARANTEE, MAY PROTECT AND
ENFORCE, BY ANY SUITABLE FORM OF LEGAL PROCEEDINGS, ANY OF ITS RIGHTS GRANTED
UNDER THE LAWS OF THIS STATE OR GRANTED BY THE CONTRACT OF
GUARANTEE. SUCH RIGHTS INCLUDE THE RIGHT TO COMPEL PERFORMANCE
OF ALL DUTIES OF THE DIRECTOR REQUIRED BY THE CONTRACT OF
GUARANTEE. THE PERSON WHO IS THE DIRECTOR AT THE TIME THE
CONTRACT OF GUARANTEE IS ENTERED INTO OR AT A LATER TIME, AND THE DIRECTOR'S
OFFICERS OR EMPLOYEES, ARE NOT LIABLE IN THEIR PERSONAL
CAPACITIES ON ANY CONTRACT OF GUARANTEE ENTERED INTO BY THE
DIRECTOR.
(C) THE TOTAL AMOUNT OF
LOAN GUARANTEES PROVIDED TO ANY ONE FINANCIAL INSTITUTION SHALL
NOT EXCEED FIVE HUNDRED THOUSAND DOLLARS. FOR THE PURPOSES OF
THIS DIVISION, "FINANCIAL INSTITUTION" REFERS TO THE FINANCIAL
INSTITUTION AS A WHOLE CORPORATE ENTITY, AND DOES NOT REFER TO A
BANKING OFFICE OR BRANCH, AS THOSE TERMS ARE DEFINED IN SECTION
1101.01 OF THE REVISED
CODE.
Section 2. That existing sections 122.011, 122.23, 122.24, 122.25, 122.27,
166.03, and 901.63
of the Revised Code are hereby repealed.
Section 3. Sections 166.031, 901.80, 901.81, 901.82, and 901.83 of the Revised
Code are hereby repealed, effective June 30, 1999.
Section 4. That Sections 47 and 47.15 of Am. Sub. H.B. 215 of
the 122nd General Assembly be amended to read as follows:
"Sec. 47. DEV DEPARTMENT OF DEVELOPMENT
General Revenue Fund
GRF | 195-100 | Personal Services | $ | 2,595,000 | $ | 2,595,000 |
GRF | 195-200 | Maintenance | $ | 625,000 | $ | 625,000 |
GRF | 195-300 | Equipment | $ | 115,000 | $ | 115,000 |
GRF | 195-401 | Thomas Edison Program | $ | 23,250,000 | $ | 23,696,875 |
GRF | 195-404 | Small Business Development | $ | 2,360,000 | $ | 2,360,000 |
GRF | 195-405 | Minority Business Development Division | $ | 2,058,000 | $ | 2,058,000 |
GRF | 195-406 | Transitional and Permanent Housing | $ | 2,859,900 | $ | 2,864,847 |
GRF | 195-407 | Travel and Tourism | $ | 6,450,000 | $ | 6,450,000 |
GRF | 195-408 | Coal Research Development | $ | 570,000 | $ | 582,699 |
GRF | 195-410 | Defense Conversion Assistance Program | $ | 1,100,000 | $ | 2,350,000 |
GRF | 195-411 | Minority Development Financing Advisory Board | $ | 347,760 | $ | 356,454 |
GRF | 195-412 | Business Development | $ | 11,000,000 | $ | 11,500,000 |
GRF | 195-414 | First Frontier Match | $ | 500,000 | $ | 500,000 |
GRF | 195-415 | Regional Offices and Economic Development | $ | 6,663,160 | $ | 6,718,894 |
GRF | 195-416 | Governor's Office of Appalachia | $ | 654,000 | $ | 654,000 |
GRF | 195-417 | Urban/Rural Initiative Grant Program | $ | 10,000,000 | $ | 4,000,000 |
GRF | 195-422 | Technology Action | $ | 1,000,000 | $ | 2,000,000 |
GRF | 195-423 | Miami Valley Center for
Information Technologies | $ | 350,000 | $ | 650,000 |
GRF | 195-431 | Community Development Corporation Grants | $ | 2,500,000 | $ | 2,600,000 |
GRF | 195-432 | International Trade | $ | 5,300,000 | $ | 5,400,000 |
GRF | 195-434 | Industrial Training | $ | 9,937,923 | $ | 9,600,469 |
GRF | 195-436 | Labor/Management Cooperation | $ | 1,200,000 | $ | 1,200,000 |
GRF | 195-440 | Emergency Shelter Housing Grants | $ | 3,014,800 | $ | 3,017,674 |
GRF | 195-441 | Low and Moderate Income Housing | $ | 8,000,000 | $ | 8,000,000 |
GRF | 195-497 | State Match - Community Development Block Grant | $ | 1,160,000 | $ | 1,160,000 |
GRF | 195-498 | State Energy Match | $ | 100,000 | $ | 150,000 |
GRF | 195-501 | Appalachian Local Development Districts | $ | 443,500 | $ | 443,500 |
GRF | 195-502 | Appalachian Regional Commission | $ | 160,000 | $ | 160,000 |
GRF | 195-507 | Travel & Tourism Grants | $ | 1,550,000 | $ | 1,300,000 |
TOTAL GRF General Revenue Fund | $ | 105,864,043 | $ | 103,108,412 |
General Services Fund Group
135 | 195-605 | Supportive Services | $ | 6,749,805 | $ | 6,918,701 |
442 | 195-606 | Merchandise for Resale | $ | 3,000 | $ | 3,000 |
685 | 195-636 | General Reimbursement | $ | 1,061,025 | $ | 1,078,948 |
TOTAL GSF General Services Fund | | | | |
Group | $ | 7,813,830 | $ | 8,000,649 |
Federal Special Revenue Fund Group
308 | 195-602 | Appalachian Regional Commission | $ | 650,000 | $ | 650,000 |
308 | 195-603 | Housing and Urban Development | $ | 31,837,225 | $ | 32,631,507 |
308 | 195-605 | Federal Projects | $ | 7,871,000 | $ | 7,871,000 |
308 | 195-609 | Federal Projects Small Business | $ | 7,500,000 | $ | 7,500,000 |
3K9 | 195-611 | Home Energy Assistance Block Grant | $ | 59,417,200 | $ | 59,492,628 |
3L0 | 195-612 | Community Services Block Grant | $ | 16,715,539 | $ | 17,133,177 |
3K8 | 195-613 | Community Development Block Grant | $ | 65,000,000 | $ | 65,000,000 |
3K9 | 195-614 | HEAP Weatherization | $ | 10,413,818 | $ | 10,420,948 |
308 | 195-616 | Technology Programs | $ | 500,000 | $ | 500,000 |
308 | 195-618 | Energy Federal Grants | $ | 1,753,019 | $ | 1,796,126 |
308 | 195-642 | International Trade Promotion | $ | 200,000 | $ | 0 |
335 | 195-610 | Oil Overcharge | $ | 8,500,000 | $ | 8,500,000 |
380 | 195-622 | Housing Development | $ | 2,584,607 | $ | 2,634,097 |
TOTAL FED Federal Special Revenue | | | | |
Fund Group | $ | 212,942,408 | $ | 214,129,483 |
State Special Revenue Fund Group
4F2 | 195-639 | State Special Projects | $ | 1,821,569 | $ | 1,510,913 |
4G9 | 195-633 | Travel and Tourism Marketing | $ | 100,000 | $ | 100,000 |
4H4 | 195-641 | First Frontier | $ | 1,000,000 | $ | 1,000,000 |
4S0 | 195-630 | Enterprise Zone Operating | $ | 275,000 | $ | 282,000 |
4S1 | 195-634 | Job Creation Tax Credit Operating | $ | 225,000 | $ | 235,000 |
4W1 | 195-646 | Minority Business Enterprise Loan | $ | 3,800,000 | $ | 3,800,000 |
444 | 195-607 | Water and Sewer | $ | 2,300,000 | $ | 2,300,000 |
445 | 195-617 | Housing Finance Agency | $ | 2,950,000 | $ | 3,022,551 |
450 | 195-624 | Minority Business Bonding Program Administration | $ | 132,381 | $ | 135,690 |
451 | 195-625 | Economic Development Financing Operating | $ | 1,998,433 | $ | 2,036,868 |
611 | 195-631 | Water and Sewer Administration | $ | 44,000 | $ | 45,000 |
646 | 195-638 | Low and Moderate Income Housing Trust Fund | $ | 18,500,000 | $ | 20,500,000 |
TOTAL SSR State Special Revenue | | | | |
Fund Group | $ | 33,146,383 | $ | 34,968,022 |
Facilities Establishment Fund
037 | 195-615 | Facilities Establishment | $ | 62,500,000 | $ | 52,500,000 |
4Z6 | 195-647 | Rural Industrial Park Loan | $ | 5,000,000 | $ | 5,000,000 |
| | | | 2,500,000 | | 2,500,000 |
5D1 | 195-649 | Port Authority Bond Reserves | $ | 2,500,000 | $ | 2,500,000 |
5D2 | 195-650 | Urban Redevelopment Loans | $ | 10,000,000 | $ | 20,000,000 |
5H1195-652
FAMILY FARM
LOAN
| | | $ | 2,500,000 | $ | 2,500,000 |
TOTAL
037 Facilities | | | | |
Establishment Fund | $ | 80,000,000 | $ | 80,000,000 |
Coal Research/Development Fund
046 | 195-632 | Coal Research and Development Fund | $ | 12,000,000 | $ | 12,000,000 |
TOTAL 046 Coal Research/ | | | | |
Development Fund | $ | 12,000,000 | $ | 12,000,000 |
TOTAL ALL BUDGET FUND GROUPS | $ | 451,766,664 | $ | 452,206,566 |
Sec. 47.15. Facilities Establishment Fund
The foregoing appropriation item 195-615, Facilities
Establishment Fund (Fund 037), shall be used for the purposes of
the
Facilities Establishment Fund under Chapter 166. of the Revised
Code.
Notwithstanding Chapter 166. of the Revised Code, up to
$1,600,000 may be
transferred each fiscal year from the
Facilities Establishment Fund (Fund 037) to the Economic
Development Financing Operating Fund (Fund 451). The transfer is
subject
to Controlling Board approval pursuant to division (B) of section
166.03 of the Revised Code. The transfer shall be made using an
intrastate transfer voucher.
Notwithstanding Chapter 166. of the Revised Code, up to
$3,800,000 may be transferred in each fiscal year of the biennium
from the Facilities Establishment Fund (Fund 037) to the Minority
Business Enterprise Loan (Fund 4W1). The transfer is
subject to Controlling Board approval pursuant to division (B) of
section 166.03 of the Revised Code. The transfer shall be made
using an intrastate transfer voucher.
Notwithstanding Chapter 166. of the Revised Code, up to $5,000,000 cash may be
transferred during the biennium from the Facilities Establishment Fund (Fund
037) to the Port Authority Bond Reserves Fund (Fund 5D1) for use by any port
authority in establishing or supplementing bond reserve funds for any bond
issuance permitted under Chapter 4582. of the Revised Code. The Director of
Development shall develop program guidelines for the transfer and release of
funds, including, but not limited to, a provision that no port authority
shall receive more than $2,000,000. The transfer and release of funds are
subject to Controlling Board approval. The transfer shall be made using an
intrastate transfer voucher.
Of the foregoing appropriation item 195-649, Port
Authority Bond Reserves, $2,000,000 over the biennium, subject
to Controlling Board approval, shall go to the Cleveland Port
Authority to establish or supplement bond reserves per the
guidelines set forth by the director of development.
Notwithstanding Chapter 166. of the Revised Code, up to $30,000,000 cash may
be transferred during the biennium from the Facilities Establishment Fund
(Fund 037) to the Urban Redevelopment Loan Fund (Fund 5D2) for the purpose of
removing barriers to urban core redevelopment. The Director of Development
shall develop program guidelines for the transfer and release of funds,
including, but not limited to, the completion of all appropriate
environmental assessments before state assistance is committed to a project.
The transfer and release of funds are subject to Controlling Board approval.
The transfer shall be made using an intrastate transfer voucher.
_FAMILY _FARM
_LOAN _PROGRAM
NOTWITHSTANDING CHAPTER 166. of the Revised Code, UP TO $2.5 MILLION IN EACH
FISCAL YEAR SHALL BE TRANSFERRED FROM MONEYS IN THE FACILITY
ESTABLISHMENT FUND (FUND 037) INTENDED FOR THE
RURAL INDUSTRIAL
PARK LOAN FUND (FUND 4Z6) TO THE
FAMILY FARM LOAN FUND (FUND
5H1) IN THE DEPARTMENT OF DEVELOPMENT. THE
TRANSFER IS SUBJECT TO CONTROLLING BOARD APPROVAL. THE
TRANSFER SHALL BE MADE USING AN INTRASTATE TRANSFER VOUCHER.
LOANS FROM THE FAMILY FARM LOAN
FUND
WILL BE REPAID TO FUND 5H1. THIS FUND IS ESTABLISHED IN
ACCORDANCE WITH SECTIONS 166.031, 901.80, 901.81, 901.82, AND 901.83 of the Revised Code.
WHEN THE FAMILY FARM LOAN
FUND (FUND 5H1) CEASES TO EXIST, ALL OUTSTANDING
BALANCES, ALL LOAN REPAYMENTS, AND ANY
OTHER OUTSTANDING OBLIGATIONS SHALL REVERT TO THE FACILITIES
ESTABLISHMENT FUND (FUND 037)."
Section 5. That existing Sections 47 and 47.15 of Am. Sub. H.B.
215 of the 122nd General Assembly are hereby repealed.
Section 6. That Section 3 of Am. Sub. H.B. 440 of
the 121st General Assembly be amended to read as follows:
"Sec. 3. Sections 122.23, 122.24, 122.25, 122.26, and 122.27 of the Revised
Code are hereby repealed, effective January 1 JUNE
30, 1999."
Section 7. That existing Section 3 of Am. Sub. H.B. 440 of the
121st General Assembly is hereby repealed.
Section 8. The codified and uncodified sections of law
contained in this act are not subject to the referendum.
Therefore, under Ohio Constitution, Article II, Section 1d, and
section 1.471 of the Revised Code, these codified and uncodified
sections go into immediate effect when this act becomes law.
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