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Sub. S. B. No. 180As Passed by the Senate
As Passed by the Senate
124th General Assembly | Regular Session | 2001-2002 |
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SENATORS Armbruster, Harris, Fingerhut, Spada, Ryan, Roberts, Amstutz, Austria, Blessing, Brady, Carnes, Coughlin, DiDonato, Finan, Randy Gardner, Robert Gardner, Goodman, Hagan, Herington, Hottinger, Jacobson, Mead, Mumper, Nein, Oelslager, White, Prentiss, Mallory, Espy, Wachtmann
A BILL
To amend sections 5733.98 and 5747.98 and to enact
sections 150.01,
150.02, 150.03, 150.04,
150.05,
150.06, 150.07, 150.08, 150.09,
150.10, 5725.19,
5729.08, 5733.49,
and 5747.80 of the Revised Code
to
create
the Ohio
Venture
Capital
Program to
provide
for the
direction of moneys
of a private
investment fund
into loans and investments that
are
consistent
with
a policy adopted by
the Ohio
Venture
Capital
Authority and
are secured by
Program
revenues or,
if insufficient,
by tax
credits
that may be
claimed
against the
premium tax
on domestic or foreign insurance companies, or the
corporation franchise or
personal
income
tax.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 5733.98 and 5747.98 be amended and
sections 150.01, 150.02, 150.03, 150.04, 150.05, 150.06,
150.07,
150.08, 150.09, 150.10, 5725.19, 5729.08, 5733.49, and 5747.80 of
the Revised
Code
be
enacted to read as follows:
Sec. 150.01. (A) As used in this chapter: (1) "Authority" means the Ohio venture capital authority
created under section 150.02 of the Revised Code.
(2) "Program administrator" means the private, for-profit
investment fund designated by the authority in accordance with
section 150.05 of the Revised Code. (B)
For
the purposes of mobilizing capital for
loans
and
investments
that provide significant potential to propel
the
advancement of technology and
build
the entrepreneurial
economy
throughout
this state, and promoting a
strong, professional
venture
capital
industry throughout this state,
there is hereby
created the
Ohio
venture
capital program. The program, pursuant
to this chapter,
shall
consist of the following
general
components: (1) The
lending to and investment of private moneys in seed
and venture
capital partnerships pursuant to a general lending and
investment policy prescribed by the
Ohio
venture capital authority
created under section 150.02 of the Revised Code, and implemented
and administered through a single,
private, for-profit
investment
fund designated as the program administrator pursuant to section
150.05 of the Revised Code;
(2) The
granting of tax credits by
the authority in order
to provide
security against
losses on loans or investments
incurred under the program, up to the
amount of
outstanding
contracts for those tax credits, if
program revenues of
the
authority are insufficient for that
purpose.
Sec. 150.02. (A)
There is hereby created the
Ohio venture
capital authority, which shall have the powers
enumerated in
this
chapter. The exercise by
the authority of its powers is hereby
declared
and shall be an
essential state governmental function.
The
authority is subject
to all laws generally applicable to state
agencies and public
officials, to the extent those laws do not
conflict with this chapter. (B) The
authority shall consist of nine members, not more
than seven of
whom shall be of the same political party. Three of
the
members shall be appointed by the governor, with the advice
and
consent of the senate, from among the general public, one
member shall be appointed by the speaker of the house of
representatives from among the general public, and one member
shall be appointed by the president of the senate from among the
general public. All appointed members shall
have
experience in
the field of banking, investments,
commercial law,
or industry
that is relevant to the purposes of the
Ohio venture
capital
program, as stated in section 150.01 of the Revised Code. The
auditor of
state, attorney
general, director of development, and
tax commissioner, or their designees, shall be ex officio
nonvoting
members. Initial gubernatorial appointees to the
authority shall serve
staggered terms, one term expiring on
January 31, 2004, another
term expiring on
January 31, 2005, and another term expiring on
January 31,
2006. The initial terms of the
members appointed by
the speaker of the house of representatives
and the
president of
the senate shall expire on
January 31, 2004. Thereafter, terms of
office for all
appointees shall be for four years. A vacancy on
the authority shall be filled in the
same manner as the original
appointment, except that a person
appointed to fill a vacancy
shall be appointed to the remainder
of
the unexpired term. Any
appointed member of the authority is eligible
for
reappointment. A member of the authority may be removed by
the member's
appointing authority for misfeasance, malfeasance,
willful
neglect of duty, or other cause, after notice and
a public
hearing, unless the notice and hearing are waived in
writing by
the member. (C) Members
of the authority shall serve without
compensation, but shall
receive their reasonable and necessary
expenses incurred in the
conduct of authority business. The
speaker of the house of
representatives and the president of the
senate shall each
designate a member of the authority to serve as
co-chairpersons. A majority
of the voting members of the
authority shall constitute a
quorum, and the
affirmative vote of a
majority of the voting members
present shall be
necessary for any
action taken by the authority.
No vacancy in
the voting membership
of the authority impairs the rights
of a quorum
to exercise all
rights and perform all duties of the
authority. (D) The
department of development shall provide the
authority with
office space and such technical assistance as the
authority
requires.
Sec. 150.03. Within
ninety days after the effective date of
this section, the
authority shall establish,
and subsequently may
modify as it considers necessary, a written lending and
investment
policy for the
Ohio
venture capital
program. The authority is not
subject to
Chapter
119. of the
Revised
Code
with respect to the
establishment or modification of
the policy. The policy
shall
meet all of the following
requirements: (A)
It is consistent with the
purposes of the program stated
in section 150.01 of the
Revised
Code. (B)
It permits the direction of only
private moneys into
private, for-profit seed and venture capital
partnerships,
including funds of funds, that
commit to maintaining a
significant
focus in
this state,
demonstrate the potential to
generate high
levels of
successful lending and
investment
performance, and, in
the aggregate, reflect
portfolios
diversified
by sector, stage of
business development with a heavy emphasis on
seed and early stage
development,
management
style, and geographic
location. (C)
It specifies the general
conditions a private,
for-profit
investment fund must meet to be
designated the program
administrator under
section 150.05 of the
Revised
Code. (D)
It specifies the criteria the authority must consider
when making a determination under division (B) of section 150.04
of the Revised Code of whether moneys may be expended without
adversely affecting the program's continued viability.
(E)
It includes lending and
investment standards and general
limitations on allowable
loans and investments that the authority
considers reasonable and
necessary to achieve the purposes of the
program,
minimize the
need for the authority to grant tax credits
under
section 150.07
of the
Revised
Code,
ensure compliance of the
program administrator with
all applicable laws
of this state and
the
United
States,
and
ensure the safety and soundness of loans
and investments
made
under the program.
Sec. 150.04. (A)
The lending and investment policy
established
or modified under section 150.03 of the
Revised
Code
shall
specify the terms and conditions under which the
authority
may grant tax
credits under section 150.07 of the Revised Code,
subject to
that section and division
(B)
of this section, to
provide security against
losses on loans or investments under the
Ohio
venture capital program. (B) Nothing in this chapter
authorizes the providing of
security against losses to lenders or investors under
the
program
on any
bases other than the following: (1)
The application first of moneys
of the
Ohio
venture
capital fund, created under section 150.08 of the
Revised
Code,
that the authority, under the criteria in its lending and
investment policy, determines may be expended without adversely
affecting the program's continued viability; and then (2)
The granting of tax credits pursuant to section 150.07 of
the Revised Code, but only
to the extent moneys under division
(B)(1) of
this section are insufficient.
Sec. 150.05. (A)
The
authority shall
designate, as the Ohio
venture capital program administrator, one private,
for-profit
investment fund to carry
out the lending and investment
component
of the
program stated in division
(B)(1)
of section 150.01 of the
Revised
Code
and further prescribed
in the lending and investment
policy
established or modified by the authority
in accordance with
sections 150.03
and 150.04 of the Revised
Code,
provided the
investment fund is incorporated or organized
under
Chapter
1701.,
1705., 1775., 1782., or 1783. of the Revised
Code
and is
capitalized in accordance with any state or
federal
laws
applicable to the issuance or sale of securities. The
authority
shall so
designate the program
administrator by entering
into a
written
agreement, in accordance with
division
(B)
of
this
section, with the investment fund. (B) The
agreement shall include all of the following: (1)
Specification that borrowing and investing by the program
administrator will be budgeted to guarantee that no tax credits
will be granted during the first four years of the Ohio venture
capital program; (2) A requirement that lending
and investment by the program
administrator will be in compliance with
the lending and
investment policy
established or modified in accordance with
sections 150.03 and 150.04 of the
Revised
Code
that is in effect
at the time the loan or investment
is made,
and a prohibition
against the program administrator engaging in
any
lending or
investment activities other than activities
to
carry out
exclusively the lending and investment component of the
program
stated in division (B)(1) of section 150.01 of the Revised Code; (3)
A requirement of periodic
financial reporting by the
program administrator to the authority, which
reporting shall
include an
annual audit by an independent
auditor and such other
financial
reporting as is specified in
the agreement or otherwise
required
by the authority for the
purpose of ensuring that the
program administrator
is carrying out the
lending and investment
component of the
program; (4)
Specification of any like
standards or general
limitations that are in addition to or
in furtherance of lending
and investment standards or
limitations that apply pursuant to
division
(E)
of section 150.03
of the
Revised
Code; (5)
A requirement of payment to the
authority by the program
administrator of fees
prescribed in the agreement, pursuant to a
schedule
or terms and
conditions specified in the agreement; (6)
Specification of the
procedures under which the program
administrator shall certify
immediately to the authority the
necessity for
the authority to grant tax
credits under a contract
entered into pursuant to
section 150.07
of the
Revised
Code; (7)
Specification of any general
limitations regarding the
employment of a fund manager by the
program administrator, in
addition to
an express limitation that the fund
manager be a
person with
demonstrated, substantial, successful
experience in
the design and
management of seed
and venture
capital investment
programs and in capital
formation; (8)
Specification of any other
terms and conditions of the
program administrator's designation and
operation that the
authority and
program administrator consider
consistent with and
necessary to achieve the purposes of the program; (9)
Specification of the terms and
conditions under which
the
authority or the program administrator may
terminate the agreement
or
under which
the authority may cease granting tax
credits to
provide security against
losses under
this chapter.
Sec. 150.06.
(A) The authority is
not
an agency as defined
in section 101.82 of the Revised Code for
purposes of
divisions
(A) and (B) of section 101.83 of the Revised
Code. (B)
The
designation of a program administrator and the
entering into
an agreement under section 150.05 of the
Revised
Code
do not constitute a purchase of services under
Chapter 125.
of
the
Revised
Code. (C) Information
with respect to the marketing plans,
financial statements, trade
secrets, research concepts, production
methods, or products, or
any other proprietary information
concerning any person, that
is submitted to or compiled by the
authority for the purpose of developing the
policy required by
sections 150.03 and 150.04 of the
Revised
Code,
is confidential
and not subject to section 149.43 of the
Revised
Code,
except to
the extent that the person that provides
the
information or that
is the subject of the information consents
in writing to
disclosure. (D) Notwithstanding
section 121.22 of the
Revised
Code,
the
authority may hold an executive session for either of the
following purposes, but only after a majority of a quorum of the
authority determines, by a roll call vote, to hold the session,
and
only at a regular or special meeting:
(1)
Presenting, reviewing, or
discussing information
described in division
(C)
of this section, but only if consent to
disclosure has not been
given as provided in that division; (2)
Preparing for, conducting, or
reviewing negotiating
sessions with any private, for-profit investment fund for the
purpose of designating the
program administrator and entering into
the
agreement under section 150.05
of the
Revised
Code.
Sec. 150.07.
(A) For the purpose stated in section 150.01
of the Revised Code and subject to division (B) of this section,
the authority may grant to a lender or an investor of the Ohio
venture capital
program a refundable credit allowed against the
tax imposed by
section 5725.18, 5729.03, 5733.06, or 5747.02 of
the Revised Code. The combined
aggregate amount of all credits
granted under this section shall
not exceed one hundred million
dollars. The authority shall enter
into a written contract to
grant the credit at a future time to
such lender or investor,
which may include the program administrator
designated under
section 150.05 of the Revised Code, if the
lender or investor
incurs a loss under the program. The contract shall be
consistent
with this chapter and contain the terms and conditions
under which
the authority will grant the credit, including
specifying the
amount of loss the lender or investor must first incur before
the
credit is granted. The credit shall be claimed in accordance
with
section 5725.19, 5729.08, 5733.49, or 5747.80 of the Revised Code. (B)
The
authority may grant a tax credit
under
division (A)
of this section, subject to all of the
following
limitations: (1)
The authority grants the
credit solely pursuant to a
contract entered into under division
(A)
of this section. (2)
The authority grants the
credit as a result of a loss on
a
loan or investment made under
the Ohio
venture capital program,
as
that loss is certified by the program administrator to the
authority pursuant to division
(B)(6)
of section 150.05 of the
Revised
Code. (3)
The authority does not grant
any credit that may be
claimed during the first four years of the program or after
July
1, 2026. (4)
The authority does not
grant more than a total of twenty
million dollars in credits for any one fiscal year. (5)
The authority grants the tax
credit in an amount that
does not exceed the amount of loss incurred and under
conditions
the authority shall specify
in the lending and
investment policy
it establishes or modifies in accordance
with sections
150.03 and
150.04 of the
Revised
Code. (C) The authority shall issue a tax certificate for any
credit granted under this section. The certificate shall state
the principal amount of the credit granted and the calendar year,
under section 5725.19 or 5729.08, the tax year, under
section
5733.49, or the taxable year under
section 5747.80 of the Revised
Code, in which the credit may be
claimed. The
authority, in
conjunction with the tax commissioner,
shall
develop a system for
issuing tax
certificates
for the
credits, for the purpose of
verifying
that any credit claimed
is
a credit
issued under this
section and
is properly taken in
the
year specified in the
certificate and in compliance with divisions
(B)(3) and (4)
of
this section.
Sec. 150.08. (A)
There
is hereby created in the state
treasury the
Ohio
venture capital fund, to which shall be credited
all fees
received by the
authority pursuant
to division
(B)(5) of
section 150.05 of the
Revised
Code,
and all interest earned on
moneys of the fund. (B)
Money
in the
Ohio
venture capital fund shall be used
exclusively to
provide security against losses as authorized under
this chapter.
Sec. 150.09.
Neither the
state nor an appointing
authority
under section 150.02 of the
Revised
Code,
or a member of the
authority is liable in damages to any person in a
civil action
for
any loss incurred as a result
of any loan or
investment made by
the program administrator.
Sec. 150.10. (A)
On
the first day of January
of the second
year after the date of entering into an agreement
under section
150.05 of the
Revised
Code,
and every other first
day of
January
thereafter, the
authority
shall file with the clerk
of the house
of representatives, the
clerk of the senate, and
the chairpersons
of the house and senate
standing committees
predominantly
concerned with economic
development a written
report on the
Ohio
venture capital program,
that includes all of the following: (1)
A
description of the details of the lending and
investment policy
established or modified in accordance with
sections 150.03
and 150.04 of the Revised Code; (2)
The
authority's assessment of the program's achievement
of its
purposes stated in section 150.01 of the Revised Code; (3)
The
amount of tax credits granted by the
authority under
section 150.07 of the Revised Code; (4) The
amount of tax credits claimed pursuant to section
5725.19, 5729.08, 5733.49, or 5747.80 of the Revised Code, as to
the respective taxes
involved; (5) The
financial status of the
Ohio
venture capital fund; (6) Any
recommendations for modifying the program to better
achieve the
purposes stated in section 150.01 of the
Revised
Code. (B) During each year that a report is issued under division
(A) of this section, the co-chairpersons of the authority, or
another member of the authority designated
by the
co-chairpersons
as the authority's representative, shall
be
required to appear in
person
before the standing committees of the
house and
senate
predominantly concerned
with economic development
to give
testimony concerning the status of the
Ohio venture
capital
program.
Sec. 5725.19. A refundable tax credit granted by the Ohio
venture capital authority under section 150.07 of the Revised Code
may be claimed against the tax imposed on a domestic insurance
company under section 5725.18 of the Revised Code. The credit
shall be claimed in the calendar year specified in the certificate
issued by the authority. If the amount of the credit for a
calendar year exceeds the tax otherwise due, the domestic
insurance company is entitled to a refund of the excess.
Sec. 5729.08. A refundable tax credit granted by the Ohio
venture capital authority under section 150.07 of the Revised Code
may be claimed against the tax imposed on a foreign insurance
company under section 5729.03 of the Revised Code. The credit
shall be claimed in the calendar year specified in the certificate
issued by the authority. If the amount of the credit for a
calendar year exceeds the tax otherwise due, the foreign insurance
company is entitled to a refund of the excess.
Sec. 5733.49. A refundable corporation franchise tax credit
granted by the Ohio venture capital authority under section 150.07
of the Revised Code may be claimed against the tax imposed by
section 5733.06 of the Revised Code. The credit shall be claimed
in the tax year specified in the certificate issued by the
authority and in the order required under section 5733.98 of the
Revised Code. If the amount of the credit for a tax year exceeds
the tax otherwise due after allowing for any other credit that
precedes it in the order required under that section, the taxpayer
is entitled to a refund of the excess. For purposes of making tax payments under this chapter, taxes
equal to the amount of the refundable credit shall be considered
paid to this state on the first day of the tax year.
Sec. 5733.98. (A) To provide a uniform procedure for
calculating the amount of tax imposed by section 5733.06 of the
Revised Code
that is due under this chapter, a taxpayer
shall
claim any credits to which it is entitled in the following order,
except as otherwise provided in section 5733.058 of the Revised
Code: (1) The credit for taxes paid by a qualifying pass-through
entity allowed
under section 5733.0611 of the Revised Code; (2) The credit allowed for financial institutions under
section 5733.45 of the Revised Code;
(3) The credit for qualifying affiliated groups under
section
5733.068 of the Revised Code; (4) The subsidiary corporation credit under section
5733.067
of the Revised Code; (5) The savings and loan assessment credit under section
5733.063 of the Revised Code; (6) The credit for recycling and litter prevention
donations
under section
5733.064 of the Revised Code; (7) The credit for employers that enter into
agreements with
child day-care centers under section 5733.36 of the
Revised Code; (8) The credit for employers that reimburse employee child
day-care
expenses under section 5733.38 of the Revised
Code; (9) The credit for maintaining railroad active grade
crossing
warning
devices under section 5733.43 of the Revised
Code; (10) The credit for purchases of lights and reflectors under
section
5733.44 of the Revised Code; (11) The job retention credit under division (B) of section
5733.0610 of the Revised Code; (12) The credit for manufacturing investments under section
5733.061 of the Revised Code; (13) The credit for purchases of new manufacturing
machinery
and equipment under section 5733.31 or section 5733.311
of the
Revised Code; (14) The second credit for purchases of new
manufacturing
machinery and equipment under
section 5733.33 of the
Revised Code; (15) The job training credit under section 5733.42 of
the
Revised
Code; (16) The credit for qualified research expenses under
section 5733.351 of
the Revised Code; (17) The enterprise zone credit under section 5709.66 of
the
Revised Code; (18) The credit for the eligible costs associated with a
voluntary action under section 5733.34
of the Revised Code; (19) The credit for employers that establish on-site
child
day-care under section 5733.37 of the Revised
Code; (20) The credit for purchases of qualifying grape
production
property under section 5733.32 of the Revised Code; (21) The export sales credit under section 5733.069 of
the
Revised Code; (22) The credit for research and development and
technology
transfer investors under section 5733.35 of the Revised
Code; (23) The enterprise zone credits under section 5709.65
of
the
Revised Code; (24) The credit for using Ohio coal under section
5733.39
of
the
Revised Code; (25) The refundable jobs creation credit under
division
(A)
of section
5733.0610 of the Revised Code; (26) The refundable Ohio venture capital program credit
under section 5733.49 of the Revised Code. (B) For any credit, except the refundable jobs creation
credit
and the refundable Ohio venture capital program credit, the
amount of the credit for a tax year shall not exceed
the tax due
after allowing for any other credit that precedes it
in the order
required under this section. Any excess amount of a
particular
credit may be carried forward if authorized under the
section
creating that credit.
Sec. 5747.80. A refundable income tax credit granted by the
Ohio venture capital authority under section 150.07 of the Revised
Code may be claimed against the tax imposed by section 5747.02 of
the Revised Code. The credit shall be claimed in the taxable year
specified in the certificate issued by the authority and in the
order required under section 5747.98 of the Revised Code. If the
amount of the credit for a taxable year exceeds the tax otherwise
due after allowing for any other credit that precedes it in the
order required under that section, the taxpayer is entitled to a
refund of the excess. For purposes of making tax payments under this chapter, taxes
equal to the amount of the refundable credit shall be considered
paid to this state on the first day of the taxable year.
Sec. 5747.98. (A) To provide a uniform procedure for
calculating the amount of tax due under section 5747.02 of the
Revised Code, a taxpayer shall claim any credits to which the
taxpayer is
entitled in the following order: (1) The retirement income credit under division (B) of
section 5747.055 of the Revised Code; (2) The senior citizen credit under division (C) of
section
5747.05 of the Revised Code; (3) The lump sum distribution credit under division (D) of
section 5747.05 of the Revised Code; (4) The dependent care credit under section 5747.054 of
the
Revised Code; (5) The lump sum retirement income credit under division
(C)
of section 5747.055 of the Revised Code; (6) The lump sum retirement income credit under division
(D)
of section 5747.055 of the Revised Code; (7) The lump sum retirement income credit under division
(E)
of section 5747.055 of the Revised Code; (8) The credit for displaced workers who pay for job
training under section 5747.27 of the Revised Code; (9) The campaign contribution credit under section
5747.29
of
the Revised Code; (10) The twenty-dollar personal exemption credit under
section 5747.022 of the Revised Code; (11) The joint filing credit under division (G) of
section
5747.05 of the Revised Code; (12) The nonresident credit under division (A) of
section
5747.05 of the Revised Code; (13) The credit for a resident's out-of-state income
under
division (B) of section 5747.05 of the Revised Code; (14) The credit for employers that enter
into agreements
with child day-care centers under section 5747.34 of the
Revised
Code; (15) The credit for employers that reimburse employee
child
day-care
expenses under section 5747.36 of the Revised Code; (16) The credit for adoption of a minor child under section
5747.37 of the Revised Code; (17) The credit for purchases of lights and reflectors under
section
5747.38 of the Revised Code; (18)
The job retention credit under division (B) of section
5747.058 of the Revised Code; (19) The credit for manufacturing investments under
section
5747.051 of the Revised Code; (20) The credit for purchases of new manufacturing
machinery
and equipment
under section 5747.26 or section 5747.261
of the
Revised Code; (21) The second credit for purchases of new
manufacturing
machinery and
equipment and the credit for using
Ohio coal under
section 5747.31 of the
Revised Code; (22) The job training credit under section 5747.39 of
the
Revised Code;
(23) The enterprise zone credit under section 5709.66 of
the
Revised Code; (24) The credit for the eligible costs associated with a
voluntary action
under section 5747.32 of the Revised Code; (25) The credit
for employers that establish on-site
child
day-care centers under section
5747.35 of the Revised Code; (26) The credit for purchases of qualifying grape
production
property under section 5747.28 of the Revised Code; (27) The export sales credit under section 5747.057 of
the
Revised Code; (28) The credit for research and development and
technology
transfer investors under section 5747.33 of the Revised
Code; (29) The enterprise zone credits under
section 5709.65
of
the Revised Code; (30) The refundable jobs creation credit
under
division
(A)
of section
5747.058 of the Revised Code; (31) The refundable credit for taxes paid by a
qualifying
entity granted under section 5747.059 of the Revised
Code; (32) The refundable credits for taxes paid by a
qualifying
pass-through
entity granted under division (J) of
section 5747.08
of the Revised Code; (33) The refundable Ohio venture capital program credit
under section 5747.80 of the Revised Code. (B) For any credit, except the refundable credits enumerated
in
divisions
(A) (30),
(31),
and (32), and (33) of this
section
and
the
credit granted under division
(I) of section
5747.08 of
the
Revised Code, the amount of the credit
for a
taxable year
shall
not
exceed the tax due after allowing for any
other credit
that
precedes it in the order required under this
section. Any
excess
amount of a particular credit may be carried
forward if
authorized
under the section creating that credit.
Nothing in this
chapter
shall be construed to allow a taxpayer to
claim, directly
or
indirectly, a
credit more than once for a
taxable year.
Section 2. That existing sections 5733.98 and 5747.98 of the
Revised Code are hereby repealed.
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