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Sub. H. B. No. 81 As Passed by the SenateAs Passed by the Senate
125th General Assembly | Regular Session | 2003-2004 |
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Representatives Core, S. Patton, Flowers, Schmidt, Walcher
Senator Mumper
A BILL
To amend section 1724.02 of the Revised Code to include in the powers of a community improvement corporation the power to serve as an agent for grant applications and for the administration of grants.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 1724.02 of the Revised Code be amended to read as follows:
Sec. 1724.02. In furtherance of the purposes set forth in
section 1724.01 of the Revised Code, the corporation shall have
the following powers: (A) To borrow money for any of the purposes of the
corporation; to issue therefor its bonds, debentures, notes, or
other evidences of indebtedness, whether secured or unsecured,
and to secure the same by mortgage, pledge, deed of trust, or
other lien on its property, franchises, rights, and privileges of
every kind and nature or any part thereof or interest therein; (B) To make loans to any person, firm, partnership,
corporation, joint stock company, association, or trust, and to
establish and regulate the terms and conditions with respect to
any such loans; provided the corporation shall not approve any
application for a loan unless and until the person applying for
said loan shows that he the person has applied for the loan
through ordinary banking or commercial channels and that the loan has been
refused
by at least one bank or other financial institution; (C) To purchase, receive, hold, lease, or otherwise
acquire and to sell, convey, transfer, lease, sublease, or
otherwise dispose of real and personal property, together with
such rights and privileges as may be incidental and appurtenant
thereto and the use thereof, including but not restricted to, any
real or personal property acquired by the corporation from time
to time in the satisfaction of debts or enforcement of
obligations; (D) To acquire the good will, business, rights, real and
personal property, and other assets, or any part thereof, or
interest therein, of any persons, firms, partnerships,
corporations, joint stock companies, associations, or trusts, and
to assume, undertake, or pay the obligations, debts, and
liabilities of any such person, firm, partnership, corporation,
joint stock company, association, or trust; to acquire improved
or unimproved real estate for the purpose of constructing
industrial plants or other business establishments thereon or for
the purpose of disposing of such real estate to others in whole
or in part for the construction of industrial plants or other
business establishments; and to acquire, construct or
reconstruct, alter, repair, maintain, operate, sell, convey,
transfer, lease, sublease, or otherwise dispose of industrial
plants or business establishments; (E) To acquire, subscribe for, own, hold, sell, assign,
transfer, mortgage, pledge, or otherwise dispose of the stock,
shares, bonds, debentures, notes, or other securities and
evidences of interest in, or indebtedness of, any person, firm,
corporation, joint stock company, association, or trust, and
while the owner or holder thereof, to exercise all the rights,
powers, and privileges of ownership, including the right to vote
therein; (F) To mortgage, pledge, or otherwise encumber any
property acquired pursuant to the powers contained in divisions
(C), (D), or (E) of this section; (G) Nothing in this section shall limit the right of a
corporation to become a member of or a stockholder in an
improvement corporation formed under Chapter 1726. of the Revised
Code; (H) To serve as an agent for grant applications and for the administration of grants; (I) To do all acts and things necessary or convenient to
carry out the powers especially created in Chapter 1724. of the
Revised Code.
Section 2. That existing section 1724.02 of the Revised Code is hereby repealed.
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