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S. B. No. 335 As IntroducedAs Introduced
127th General Assembly | Regular Session | 2007-2008 |
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A BILL
To amend sections 149.311, 166.01, 166.02, 166.08,
166.11, 184.02, 1555.03, 3333.38, 3333.68,
3333.69, 3333.70, 3345.32, 5725.151, 5733.47,
5747.76, and 5747.98 and to enact sections 164.28,
166.25, 166.26, 166.30, 184.23 to 184.26, 3333.71
to 3333.80, 3706.25 to 3706.29, and 5537.141 of
the Revised Code to establish the Ohio Bioproducts
Development Program and Ohio Biomedical
Development Program to be administered by the
Third Frontier Commission, to establish the Third
Frontier Economic Stimulus Advisory Board, to
expand the economic development programs
administered by the Department of Development to
include transportation logistics and distribution
infrastructure projects, to provide additional
money for capital improvement projects of local
subdivisions and for highway capital improvement
projects, to modify the authority of the Ohio Coal
Development Office, to administer coal research
and development projects, to provide for advanced
energy projects administered by the Ohio Air
Quality Development Authority, to establish the
Ohio Innovation Partnership Co-op/Internship
Program, to extend the historical building
rehabilitation tax credit, limit credit amounts,
require regional distributive balance and economic
effects to be considered, and to make an
appropriation.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 149.311, 166.01, 166.02, 166.08,
166.11, 184.02, 1555.03, 3333.38, 3333.68, 3333.69, 3333.70,
3345.32, 5725.151, 5733.47, 5747.76, and 5747.98 be amended and
that sections 164.28, 166.25, 166.26, 166.30, 184.23, 184.24,
184.25, 184.26, 3333.71, 3333.72, 3333.73, 3333.74, 3333.75,
3333.76, 3333.77, 3333.78, 3333.79, 3333.80, 3706.25, 3706.26,
3706.27, 3706.28, 3706.29, and 5537.141 of the Revised Code be
enacted to read as follows:
Sec. 149.311. (A) As used in this section:
(1) "Historic building" means a building, including its
structural components, that is located in this state and that is
either individually listed on the national register of historic
places under 16 U.S.C. 470a, located in a registered historic
district, and certified by the state historic preservation officer
as being of historic significance to the district, or is
individually listed as a historic landmark designated by a local
government certified under 16 U.S.C. 470a(c).
(2) "Qualified rehabilitation expenditures" means
expenditures paid or incurred during the rehabilitation period,
and before and after that period as determined under 26 U.S.C. 47,
by an owner of a historic building to rehabilitate the building.
"Qualified rehabilitation expenditures" includes architectural or
engineering fees paid or incurred in connection with the
rehabilitation, and expenses incurred in the preparation of
nomination forms for listing on the national register of historic
places. "Qualified rehabilitation expenditures" does not include
any of the following:
(a) The cost of acquiring, expanding, or enlarging a historic
building;
(b) Expenditures attributable to work done to facilities
related to the building, such as parking lots, sidewalks, and
landscaping;
(c) New building construction costs.
(3) "Owner" of a historic building means a person holding the
fee simple interest in the building. "Owner" does not include the
state or a state agency, any political subdivision as defined in
section 9.23 of the Revised Code, or a nonprofit corporation.
(4) "Certificate owner" means the owner of a historic
building to which a rehabilitation tax credit certificate was
issued under this section.
(5) "Registered historic district" means a historic district
listed in the national register of historic places under 16 U.S.C.
470a, a historic district designated by a local government
certified under 16 U.S.C. 470a(c), or a local historic district
certified under 36 C.F.R. 67.8 and 67.9.
(6) "Rehabilitation" means the process of repairing or
altering a historic building or buildings, making possible an
efficient use while preserving those portions and features of the
building and its site and environment that are significant to its
historic, architectural, and cultural values.
(7) "Rehabilitation period" means one of the following:
(a) If the rehabilitation initially was not planned to be
completed in stages, a period chosen by the owner not to exceed
twenty-four months during which rehabilitation occurs;
(b) If the rehabilitation initially was planned to be
completed in stages, a period chosen by the owner not to exceed
sixty months during which rehabilitation occurs.
(8) "State historic preservation officer" or "officer" means
the state historic preservation officer appointed by the governor
under 16 U.S.C. 470a.
(9) "Application period" means either any of the following
time
periods during for which an application for a rehabilitation
tax
credit certificate may be filed under this section:
(a) July 1, 2007, through June 30, 2008;
(b) July 1, 2008, through June 30, 2009 July 1, 2009, through
June 30, 2010;
(c) July 1, 2010, through June 30, 2011.
(B) On or after July 1, 2007, but before July 1, 2009 For any
application period,
the
owner
of a historic building may apply
to the state historic
preservation officer for a rehabilitation
tax credit certificate
for qualified rehabilitation expenditures
paid or incurred after
April 4, 2007, for
rehabilitation of a
historic building. The
form and manner of
filing such
applications shall be prescribed
by rule of the
director of
development, and applications expire
at the end of
each
application period. Before July 1, 2007, the
Each application
shall state the amount of qualified
rehabilitation expenditures
the applicant estimates will be paid
or incurred. The director
may require applicants to furnish
documentation of such
estimates.
The director, after
consultation with the tax commissioner
and in
accordance with
Chapter 119. of the Revised Code, shall
adopt
rules that establish
all of the following:
(1) Forms and procedures by which applicants may apply for
rehabilitation tax credit certificates;
(2) Criteria for reviewing, evaluating, and approving
applications for certificates within the limitation on the number
of applications that may be approved in an application period
limitations
under division (D) of this section, criteria for
assuring that the
certificates issued encompass a mixture of high
and low qualified
rehabilitation expenditures, and criteria for
issuing certificates
under division (C)(3)(b) of this section;
(3) Eligibility requirements for obtaining a certificate
under this section;
(4) The form of rehabilitation tax credit certificates;
(5) Reporting requirements and monitoring procedures;
(6) Any other rules necessary to implement and administer
this section.
(C) The state historic preservation officer shall accept
applications in the order in which they are filed. Within seven
days after an application is filed, the officer shall and forward
it them
to the director of development, who shall review the
application applications
and determine whether all of the
following criteria are met:
(1) That the building that is the subject of the application
is a historic building and the applicant is the owner of the
building;
(2) That the rehabilitation will satisfy standards prescribed
by the United States secretary of the interior under 16 U.S.C.
470, et seq., as amended, and 36 C.F.R. 67.7 or a successor to
that section;
(3) That receiving a rehabilitation tax credit certificate
under this section is a major factor in:
(a) The applicant's decision to rehabilitate the historic
building; or
(b) To increase the level of investment in such
rehabilitation.
An applicant shall demonstrate to the satisfaction of the
state historic preservation officer and director of development
that the rehabilitation will satisfy the standards described in
division (C)(2) of this section before the applicant begins the
physical rehabilitation of the historic building.
(D) If the The director of development may approve an
application and issue a rehabilitation tax credit certificate to
an applicant only if the director determines that the
criteria in
divisions (C)(1), (2), and (3) of this section are
met, the
director, in conjunction with the tax commissioner, shall
conduct
a cost and benefit analysis for the historic building that
is the
subject of an application filed under this section to
determine
whether rehabilitation of the historic building,
including
activities during the construction phase of the
rehabilitation,
will result in a net revenue gain in state and
local taxes. The
director shall not
approve an application and
issue a
rehabilitation tax credit
certificate to an applicant
unless the
cost and benefit analysis
of the historic building
determines
that there will be a net
revenue gain in state and
local taxes
once the building is used. A. The director shall consider the
potential economic impact and the regional distributive balance of
the credits throughout the state.
A
rehabilitation tax
credit certificate shall not be issued
before
rehabilitation of a
historic building is completed or for
an amount greater than the estimated amount furnished by the
applicant on the application for such certificate and approved by
the director. The director
shall not approve
more than one
hundred applications in a total of sixty million dollars of
rehabilitation tax credits for an
application period.
(E)
Issuance of a certificate represents a finding by the
director of development of the matters described in divisions
(C)(1), (2), and (3) of this section only; issuance of a
certificate does not represent a verification or certification by
the director of the amount of qualified rehabilitation
expenditures for which a tax credit may be claimed under section
5725.151, 5733.47, or 5747.76 of the Revised Code. The amount of
qualified rehabilitation expenditures for which a tax credit may
be claimed is subject to inspection and examination by the tax
commissioner or employees of the commissioner under section
5703.19 of the Revised Code and any other applicable law. Upon the
issuance of a certificate, the director shall certify to the tax
commissioner, in the form and manner requested by the tax
commissioner, the name of the applicant, the amount of qualified
rehabilitation expenditures shown on the certificate, and any
other information required by the rules adopted under this
section.
(F)(1) On or before the first day of December in 2007, 2008,
and 2009, 2010, and 2011, the director of development and tax
commissioner jointly
shall submit to the president of the senate
and the speaker of the
house of representatives a report on the
tax credit program
established under this section and sections
5725.151, 5733.47, and
5747.76 of the Revised Code. The report
shall present an overview
of the program and shall include
information on the number of
rehabilitation tax credit
certificates issued under this section
during an application
period, an update on the status of each
historic building for
which an application was approved under this
section, the dollar
amount of the tax credits granted under
sections 5725.151,
5733.47, and 5747.76 of the Revised Code, and
any other
information the director and commissioner consider
relevant to
the topics addressed in the report.
(2) On or before December 1, 2010 2012, the director of
development and tax commissioner jointly shall submit to the
president of the senate and the speaker of the house of
representatives a comprehensive report that includes the
information required by division (F)(1) of this section and a
detailed analysis of the effectiveness of issuing tax credits for
rehabilitating historic buildings. The report shall be prepared
with the assistance of an economic research organization jointly
chosen by the director and commissioner.
Sec. 164.28. The local infrastructure development fund is
hereby created in the state treasury. The fund shall consist of
cash transferred from the jobs fund created in the state treasury.
Money in the fund shall be used to provide grants for local
infrastructure development and for capital improvement projects.
All investment earnings of the fund shall be credited to the fund.
Sec. 166.01. As used in this chapter:
(A) "Allowable costs" means all or part of the costs of
project facilities, eligible projects, eligible innovation
projects, or eligible
research and development projects, eligible
advanced energy projects, or eligible logistics and distribution
projects, including
costs of acquiring,
constructing,
reconstructing, rehabilitating,
renovating,
enlarging, improving,
equipping, or furnishing project
facilities, eligible projects,
eligible innovation projects, or eligible research and development
projects, eligible advanced energy projects, or eligible logistics
and distribution projects, site clearance and
preparation,
supplementing and
relocating public capital
improvements or
utility facilities,
designs, plans,
specifications, surveys,
studies, and estimates of
costs,
expenses
necessary or incident
to determining the
feasibility or
practicability of assisting an
eligible project, an
eligible
innovation project, or an eligible
research and
development project, an eligible advanced energy
project, or an eligible logistics and distribution project, or
providing
project facilities
or facilities
related to an eligible
project, an eligible innovation project or, an eligible research
and development project, an eligible advanced energy project, or
an eligible logistics and distribution project, architectural,
engineering, and legal
services fees and expenses, the costs of
conducting any other
activities as part of a voluntary action, and
such other expenses
as may be necessary or incidental to the
establishment or
development of an eligible project, an eligible
innovation
project, or an eligible research and development
project, an eligible advanced energy project, or an eligible
logistics and distribution project, and
reimbursement of moneys
advanced or
applied by any governmental
agency or other person
for allowable
costs.
(B)
"Allowable innovation costs" includes allowable costs of
eligible innovation projects and, in addition, includes the costs
of research and
development of eligible innovation projects;
obtaining or creating
any requisite software or computer hardware
related to an eligible
innovation project or the products or
services associated
therewith; testing (including, without
limitation, quality control activities necessary
for initial
production), perfecting, and marketing of such products
and
services; creating and protecting intellectual property
related to
an eligible innovation project or any products or
services related
thereto, including costs of securing appropriate
patent,
trademark, trade secret, trade dress, copyright, or other
form of
intellectual property protection for an eligible
innovation
project or related products and services; all to the
extent that
such expenditures could be capitalized under
then-applicable
generally accepted accounting principles; and the
reimbursement of
moneys advanced or applied by any governmental
agency or other
person for allowable innovation costs.
(C) "Eligible innovation project" includes an eligible
project, including any project facilities associated with an
eligible innovation project
and, in addition, includes all
tangible and intangible property related to a new product
or
process based on new technology or the creative application of
existing technology, including research and development, product
or process testing, quality control, market research, and related
activities, that is to be acquired, established, expanded,
remodeled, rehabilitated, or modernized for industry, commerce,
distribution, or research, or any combination thereof, the
operation of which, alone or in conjunction with other eligible
projects, eligible innovation projects, or innovation property,
will create new jobs or preserve existing jobs and employment
opportunities and improve the economic welfare of the people of
the state.
(D) "Eligible project" means project facilities to be
acquired, established, expanded, remodeled, rehabilitated, or
modernized for industry, commerce, distribution, or research, or
any combination thereof, the operation of which, alone or in
conjunction with other facilities, will create new jobs or
preserve existing jobs and employment opportunities and improve
the economic welfare of the people of the state. "Eligible
project" includes, without limitation, a voluntary action. For
purposes of this division, "new jobs" does not include existing
jobs transferred from another facility within the state, and
"existing jobs" includes only those existing jobs with work
places
within the municipal corporation or unincorporated area of
the
county in which the eligible project is located.
"Eligible project" does not include project facilities to
be
acquired, established, expanded, remodeled, rehabilitated, or
modernized for industry, commerce, distribution, or research, or
any combination of industry, commerce, distribution, or
research,
if the project facilities consist solely of
point-of-final-purchase retail facilities. If the project
facilities consist of both point-of-final-purchase retail
facilities and nonretail facilities, only the portion of the
project facilities consisting of nonretail facilities is an
eligible project. If a warehouse facility is part of a
point-of-final-purchase retail facility and supplies only that
facility, the warehouse facility is not an eligible project.
Catalog distribution facilities are not considered
point-of-final-purchase retail facilities for purposes of this
paragraph, and are eligible projects.
(E) "Eligible research and development project" means an
eligible project, including project facilities, comprising,
within, or related to, a facility or portion of a facility at
which research is undertaken for the purpose of discovering
information that is technological in nature and the application of
which is intended to be useful in the development of a new or
improved product, process, technique, formula, or invention, a new
product or process based on new technology, or the creative
application of existing technology.
(F) "Financial assistance" means inducements under
division
(B) of section 166.02 of the Revised Code, loan
guarantees under
section 166.06 of the Revised Code, and direct
loans under section
166.07 of the Revised Code.
(G) "Governmental action" means any action by a
governmental
agency relating to the establishment, development,
or
operation of
an eligible project, eligible innovation project, or eligible
research and development project, eligible advanced energy
project, or eligible logistics and distribution project,
and
project facilities that
the
governmental agency acting has
authority to take or provide
for
the purpose under law,
including,
but not limited to, actions
relating to contracts and
agreements,
zoning, building, permits,
acquisition and disposition
of
property, public capital
improvements, utility and
transportation
service, taxation,
employee recruitment and
training, and liaison
and coordination
with and among governmental
agencies.
(H) "Governmental agency" means the state and any state
department, division, commission, institution or authority; a
municipal corporation, county, or township, and any agency
thereof, and any other political subdivision or public
corporation
or the United States or any agency thereof; any
agency,
commission, or authority established pursuant to an
interstate
compact or agreement; and any combination of the
above.
(I) "Innovation financial assistance" means inducements
under
division (B) of section 166.12 of the Revised Code,
innovation
Ohio loan guarantees under section 166.15 of the
Revised Code, and
innovation Ohio loans under section 166.16 of
the Revised Code.
(J) "Innovation Ohio loan guarantee reserve requirement"
means, at any time, with respect to innovation loan guarantees
made under section 166.15 of the Revised Code, a balance in the
innovation Ohio loan guarantee fund equal to the greater of twenty
per cent of the then-outstanding principal amount of all
outstanding innovation loan guarantees made pursuant to section
166.15 of the Revised Code or fifty per cent of the principal
amount of the largest outstanding guarantee made pursuant to
section 166.15 of the Revised Code.
(K) "Innovation property" includes property and also
includes
software,
inventory, licenses, contract rights, goodwill,
intellectual
property, including without limitation, patents,
patent
applications, trademarks and service marks, and trade
secrets, and
other tangible and intangible property, and any
rights and
interests in or
connected to the foregoing.
(L) "Loan guarantee reserve requirement" means, at any
time,
with respect to loan guarantees made under section 166.06 of
the
Revised Code, a balance in the loan guarantee fund equal to
the
greater of twenty per cent of the then-outstanding principal
amount of all outstanding guarantees made pursuant to section
166.06 of the Revised Code or fifty per cent of the principal
amount of the largest outstanding guarantee made pursuant to
section 166.06 of the Revised Code.
(M) "Person" means any individual, firm, partnership,
association, corporation, or governmental agency, and any
combination thereof.
(N) "Project facilities" means buildings, structures, and
other improvements, and equipment and other property, excluding
small tools, supplies, and inventory, and any one, part of, or
combination of the above, comprising all or part of, or serving
or
being incidental to, an eligible project, an eligible innovation
project, or an eligible research and development project, an
eligible advanced energy project, or an eligible logistics and
distribution project,
including, but not
limited to, public
capital
improvements.
(O) "Property" means real and personal property and
interests
therein.
(P) "Public capital improvements" means capital
improvements
or facilities that any governmental agency has
authority to
acquire, pay the costs of, own, maintain, or
operate,
or to
contract with other persons to have the same done,
including, but
not limited to, highways, roads, streets, water
and
sewer
facilities, railroad and other transportation
facilities,
and air
and water pollution control and solid waste
disposal
facilities.
For purposes of this division, "air pollution control facilities"
includes, without limitation, solar, geothermal, biofuel, biomass,
wind, hydro, wave, and other advanced energy projects
as defined
in section 3706.25 of the
Revised Code.
(Q) "Research and development financial assistance" means
inducements under section 166.17 of the Revised Code, research and
development loans under section 166.21 of the Revised Code, and
research and development tax credits under sections 5733.352 and
5747.331 of the Revised Code.
(R) "Targeted innovation industry sectors" means industry
sectors involving the production or use of advanced materials,
instruments, controls and electronics, power and propulsion,
biosciences, and information technology, or such other sectors as
may be designated by the director of development.
(S) "Voluntary action" means a voluntary action, as
defined
in section 3746.01 of the Revised Code, that is conducted
under
the voluntary action program established in Chapter 3746.
of
the
Revised Code.
(T) "Project financing obligations" means obligations
issued
pursuant to section 166.08 of the Revised Code other than
obligations for which the bond
proceedings provide that bond
service charges shall be paid from receipts of
the state
representing gross profit on the sale of spirituous liquor as
referred to in division (B)(4) of section 4310.10 of the Revised
Code.
(U) "Regional economic development entity" means an
entity
that
is under contract with the director of development to
administer a loan
program under this chapter in a particular area
of this state.
(V) "Advanced energy research and development fund" means the
advanced energy research and development fund created in section
3706.27 of the Revised Code.
(W) "Advanced energy research and development taxable fund"
means the advanced energy research and development taxable fund
created in section 3706.27 of the Revised Code.
(X) "Eligible advanced energy project" means an eligible
project that is an "advanced energy project" as defined in section
3706.25 of the Revised Code.
(Y) "Eligible logistics and distribution project" means an
eligible project, including project facilities, to be acquired,
established, expanded, remodeled, rehabilitated, or modernized for
transportation logistics and distribution infrastructure purposes.
As used in this division, "transportation logistics and
distribution infrastructure purposes" means promoting, providing
for, and enabling improvements to the ground, air, and water
transportation infrastructure comprising the transportation system
in this state, including, without limitation, highways, streets,
roads, bridges, railroads carrying freight, and air and water
ports and port facilities, and all related supporting facilities.
Sec. 166.02. (A) The general assembly finds that many
local
areas throughout the state are experiencing economic
stagnation or
decline, and that the economic development program programs
provided for
in
sections 166.01 to 166.11 of the Revised Code
this chapter will
constitute
a
deserved,
necessary reinvestment
by the state in
those areas,
materially
contribute to their
economic
revitalization, and
result
in
improving the economic
welfare of
all the people of the
state.
Accordingly, it is
declared to be the
public policy of
the state,
through the
operations under
sections 166.01 to 166.11 of the
Revised Code
this chapter and
other
applicable laws adopted pursuant to
Section
2p or
13 of Article
VIII,
Ohio Constitution, and
other
authority
vested in the general
assembly, to assist in and
facilitate the
establishment or
development of eligible projects
or assist and
cooperate with any
governmental agency in achieving
such purpose.
(B) In furtherance of such public policy and to implement
such purpose, the director of development may:
(1) After
consultation with appropriate governmental
agencies, enter into
agreements with persons engaged in industry,
commerce,
distribution, or research and with governmental agencies
to
induce such persons to acquire, construct, reconstruct,
rehabilitate, renovate, enlarge, improve, equip, or furnish, or
otherwise develop, eligible projects and make provision therein
for project facilities and governmental actions, as authorized by
this chapter and other applicable laws, subject to any required
actions by the general assembly or the controlling board and
subject to applicable local government laws and regulations;
(2) Provide for the guarantees and loans as provided for
in
sections 166.06 and 166.07 of the Revised Code;
(3) Subject to release of such moneys by the controlling
board, contract for labor and materials needed for, or contract
with others, including governmental agencies, to provide, project
facilities the allowable costs of which are to be paid for or
reimbursed from moneys in the facilities establishment fund, and
contract for the operation of such project facilities;
(4) Subject to release thereof by the controlling board,
from
moneys in the facilities establishment fund acquire or
contract to
acquire by gift, exchange, or purchase, including the
obtaining
and exercise of purchase options, property, and convey
or
otherwise dispose of, or provide for the conveyance or
disposition
of, property so acquired or contracted to be acquired
by sale,
exchange, lease, lease purchase, conditional or
installment sale,
transfer, or other disposition, including the
grant of an option
to purchase, to any governmental agency or to
any other person
without necessity for competitive bidding and
upon such terms and
conditions and manner of consideration
pursuant to and as the
director determines to be appropriate to
satisfy the objectives of
sections 166.01 to 166.11
of the Revised Code;
(5) Retain the services of or employ financial
consultants,
appraisers, consulting engineers, superintendents,
managers,
construction and accounting experts, attorneys, and
employees,
agents, and independent contractors as are necessary
in
the
director's judgment and fix the compensation for
their services;
(6) Receive and accept from any person grants, gifts, and
contributions of money, property, labor, and other things of
value, to be held, used and applied only for the purpose for
which
such grants, gifts, and contributions are made;
(7) Enter into appropriate arrangements and agreements
with
any governmental agency for the taking or provision by that
governmental agency of any governmental action;
(8) Do all other acts and enter into contracts and execute
all instruments necessary or appropriate to carry out the
provisions of Chapter 166. of the Revised Code this chapter;
(9) Adopt rules to implement any of the provisions of
Chapter
166. of the Revised Code this chapter applicable to the director.
(C) The determinations by the director that facilities
constitute eligible projects, that facilities are project
facilities, that costs of such facilities are allowable costs,
and
all other determinations relevant thereto or to an action
taken or
agreement entered into shall be conclusive for purposes
of the
validity and enforceability of rights of parties arising
from
actions taken and agreements entered into under this
chapter.
(D) Except as otherwise prescribed in Chapter 166. of the
Revised Code this chapter, all expenses and obligations incurred
by the
director in carrying out
the director's powers and in
exercising
the director's duties
under Chapter 166. of
the Revised
Code this chapter, shall be payable solely
from, as appropriate,
moneys in the facilities establishment
fund, the loan guarantee
fund,
the innovation Ohio loan guarantee fund, the innovation Ohio
loan fund, the research and development loan fund, the logistics
and distribution infrastructure fund, or moneys appropriated for
such
purpose by the general
assembly. Chapter 166. of the Revised
Code This chapter does not authorize the
director or the issuing
authority
under section 166.08 of the
Revised Code to incur bonded
indebtedness of the state or any
political subdivision thereof,
or
to obligate or pledge moneys
raised by taxation for the
payment of
any bonds or notes issued or
guarantees made pursuant
to Chapter
166. of the Revised Code this chapter.
(E)
No financial
assistance for
project facilities shall
be
provided under this
chapter unless the
provisions of the
agreement
providing for such
assistance specify
that all wages
paid to
laborers and mechanics
employed on such
project
facilities for
which the assistance is
granted shall be
paid at
the prevailing
rates of wages of laborers
and mechanics
for the
class of work
called for by such project
facilities, which
wages
shall be
determined in accordance with the
requirements of
Chapter 4115. of
the Revised Code for
determination of prevailing
wage rates,
provided that the
requirements of this division do
not
apply where
the federal
government or any of its agencies
provides
financing
assistance as
to all or any part of the funds
used in
connection
with such
project facilities and prescribes
predetermined minimum
wages to
be paid to such laborers and
mechanics; and provided
further that
should a nonpublic user
beneficiary of the eligible
project
undertake, as part of the
eligible project, construction
to be
performed by its regular
bargaining unit employees who are
covered
under a collective
bargaining agreement which was in
existence
prior to the date of
the document authorizing such
assistance
then, in that event, the
rate of pay provided under the
collective
bargaining agreement
may
be paid to such employees.
(F) Any governmental agency may enter into an agreement
with
the director, any other governmental agency, or a person to
be
assisted under this chapter, to take or provide for the
purposes
of this chapter any governmental action it is authorized
to take
or provide, and to undertake on behalf and at the request
of the
director any action which the director is authorized to
undertake
pursuant to divisions (B)(3), (4), and (5) of this
section
or
divisions (B)(3), (4), and (5) of section 166.12 of the Revised
Code. Governmental agencies of the state shall cooperate with
and
provide assistance to the director of development and the
controlling board in the exercise of their respective functions
under this chapter.
Sec. 166.08. (A) As used in this chapter:
(1) "Bond proceedings" means the resolution, order, trust
agreement, indenture, lease, and other agreements, amendments and
supplements to the foregoing, or any one or more or combination
thereof, authorizing or providing for the terms and conditions
applicable to, or providing for the security or liquidity of,
obligations issued pursuant to this section, and the provisions
contained in such obligations.
(2) "Bond service charges" means principal, including
mandatory sinking fund requirements for retirement of
obligations,
and interest, and redemption premium, if any,
required to be paid
by the state on obligations.
(3) "Bond service fund" means the applicable fund and
accounts therein created for and pledged to the payment of bond
service charges, which may be, or may be part of, the economic
development bond service fund created by division (S) of this
section including all moneys and investments, and earnings from
investments, credited and to be credited thereto.
(4) "Issuing authority" means the treasurer of state, or
the
officer who by law performs the functions of such officer.
(5) "Obligations" means bonds, notes, or other evidence of
obligation including interest coupons pertaining thereto, issued
pursuant to this section.
(6) "Pledged receipts" means all receipts of the state
representing the gross profit on the sale of spirituous liquor,
as
referred to in division (B)(4) of section 4301.10 of the
Revised
Code, after paying all costs and expenses of the
division of
liquor control and providing an adequate working
capital reserve
for the division of liquor control as provided
in that division,
but excluding the sum required by the second
paragraph of section
4301.12 of the Revised Code, as in effect on
May 2, 1980, to be
paid into the state treasury; moneys accruing
to the state from
the lease, sale, or other disposition, or use,
of project
facilities, and from the repayment, including
interest, of loans
made from proceeds received from the sale of
obligations; accrued
interest received from the sale of
obligations; income from the
investment of the special funds; and
any gifts, grants, donations,
and pledges, and receipts
therefrom, available for the payment of
bond service charges.
(7) "Special funds" or "funds" means, except where the
context does not permit, the bond service fund, and any other
funds, including reserve funds, created under the bond
proceedings, and the economic development bond service fund
created by division (S) of this section to the extent provided in
the bond proceedings, including all moneys and investments, and
earnings from investment, credited and to be credited thereto.
(B) Subject to the limitations provided in section 166.11
of
the Revised Code, the issuing authority, upon the
certification by
the director of development or, with respect to eligible advanced
energy projects, the Ohio air quality development authority to the
issuing
authority of the amount
of moneys or additional moneys
needed in
the facilities
establishment fund, the loan guarantee
fund, the innovation
Ohio
loan fund, the innovation Ohio loan
guarantee fund, or the
research and development loan fund, the
logistics and distribution infrastructure fund, the advanced
energy research and development fund, or the advanced energy
research and development taxable fund, as applicable, for
the
purpose of paying, or
making loans for, allowable costs from
the
facilities
establishment fund, allowable innovation costs
from
the innovation
Ohio loan fund, or allowable costs from the
research and
development loan fund, allowable costs from the
logistics and distribution infrastructure fund, allowable costs
from the advanced energy research and development fund, or
allowable costs from the advanced energy research and development
taxable fund, as applicable, or needed for capitalized
interest,
for
funding reserves, and for paying costs and expenses
incurred
in
connection with the issuance, carrying, securing,
paying,
redeeming, or retirement of the obligations or any
obligations
refunded thereby, including payment of costs and
expenses relating
to letters of credit, lines of credit,
insurance, put agreements,
standby purchase agreements, indexing,
marketing, remarketing and
administrative arrangements, interest
swap or hedging agreements,
and any other credit enhancement,
liquidity, remarketing, renewal,
or refunding arrangements, all
of
which are authorized by this
section, or providing moneys for
the
loan guarantee fund
or the
innovation Ohio loan guarantee fund, as
provided in this chapter
or needed
for the purposes of funds
established in accordance with
or
pursuant to sections 122.35,
122.42, 122.54, 122.55, 122.56,
122.561, 122.57, and 122.80 of the
Revised Code which are within
the
authorization of Section 13 of
Article VIII, Ohio
Constitution, or, with respect to certain eligible advanced energy
projects, Section 2p of Article VIII, Ohio Constitution,
shall
issue obligations of the
state under this
section in the
required
amount; provided that
such obligations may
be issued
to satisfy
the covenants in
contracts of
guarantee made
under section 166.06
or 166.15 of the
Revised Code,
notwithstanding limitations
otherwise applicable to
the issuance
of obligations under this
section. The proceeds of
such
obligations, except for the
portion
to be deposited in
special
funds, including reserve
funds, as may
be provided in the
bond
proceedings, shall as
provided in the bond
proceedings be
deposited by the director of
development to the
facilities
establishment fund, the loan
guarantee fund, the
innovation Ohio
loan
guarantee fund, the innovation Ohio loan
fund, or the
research and development loan fund, or the logistics
and distribution infrastructure fund, or be deposited by the Ohio
air quality development authority to the advanced energy research
and development fund or the advanced energy research and
development taxable fund.
Bond
proceedings for project
financing
obligations may provide that the
proceeds derived from
the
issuance of such obligations shall be
deposited into
such fund
or
funds provided for in the bond
proceedings and, to the extent
provided for in the bond
proceedings, such proceeds shall be
deemed to have
been deposited
into the facilities establishment
fund and transferred to such
fund or funds. The issuing authority
may appoint trustees, paying
agents, and
transfer agents and may
retain the services of
financial
advisors, accounting experts, and
attorneys, and retain
or
contract for the services of marketing,
remarketing, indexing,
and administrative agents, other
consultants, and independent
contractors, including printing
services, as are necessary in the
issuing authority's judgment to
carry out this section. The
costs
of such services are allowable
costs payable from the
facilities
establishment fund or the
research and development loan fund
or, allowable innovation costs
payable from the
innovation Ohio loan fund, or allowable costs
payable from the logistics and distribution infrastructure fund,
the advanced energy research and development fund, or the advanced
energy research and development taxable fund, as applicable.
(C) The holders or owners of such obligations shall have
no
right to have moneys raised by taxation obligated or pledged,
and
moneys raised by taxation shall not be obligated or pledged,
for
the payment of bond service charges. Such holders or owners
shall
have no rights to payment of bond service charges from any
moneys
accruing to the state from the lease, sale, or other
disposition,
or use, of project facilities, or from payment of
the principal of
or interest on loans made, or fees charged for
guarantees made, or
from any money or property received by the
director, treasurer of
state, or the state under Chapter 122. of
the Revised Code, or
from any other use of the proceeds of the
sale of the obligations,
and no such moneys may be used for the
payment of bond service
charges, except for accrued interest,
capitalized interest, and
reserves funded from proceeds received
upon the sale of the
obligations and except as otherwise
expressly provided in the
applicable bond proceedings pursuant to
written directions by the
director. The right of such holders
and owners to payment of bond
service charges is limited to all
or that portion of the pledged
receipts and those special funds
pledged thereto pursuant to the
bond proceedings in accordance
with this section, and each such
obligation shall bear on its
face a statement to that effect.
(D) Obligations shall be authorized by resolution or order
of
the issuing authority and the bond proceedings shall provide
for
the purpose thereof and the principal amount or amounts, and
shall
provide for or authorize the manner or agency for
determining the
principal maturity or maturities, not exceeding
twenty-five years
from the date of issuance, the interest rate or
rates or the
maximum interest rate, the date of the obligations
and the dates
of payment of interest thereon, their denomination,
and the
establishment within or without the state of a place or
places of
payment of bond service charges. Sections 9.98 to
9.983
of the
Revised Code are applicable to obligations issued
under
this
section, subject to any applicable limitation under
section
166.11
of the Revised Code. The purpose of such
obligations may
be stated
in the bond proceedings in terms
describing the general
purpose or
purposes to be served. The
bond proceedings also shall
provide,
subject to the provisions of
any other applicable bond
proceedings, for the pledge of all, or
such part as the issuing
authority may determine, of the pledged
receipts and the
applicable special fund or funds to the payment
of bond service
charges, which pledges may be made either prior
or subordinate to
other expenses, claims, or payments, and may be
made to secure the
obligations on a parity with obligations
theretofore or thereafter
issued, if and to the extent provided
in the bond proceedings.
The
pledged receipts and special funds
so pledged and thereafter
received by the state are immediately
subject to the lien of such
pledge without any physical delivery
thereof or further act, and
the lien of any such pledges is valid
and binding against all
parties having claims of any kind against
the state or any
governmental agency of the state, irrespective
of whether such
parties have notice thereof, and shall create a
perfected security
interest for all purposes of Chapter 1309. of
the Revised Code,
without the necessity for separation or
delivery of funds or for
the filing or recording of the bond
proceedings by which such
pledge is created or any certificate,
statement or other document
with respect thereto; and the pledge
of such pledged receipts and
special funds is effective and the
money therefrom and thereof may
be applied to the purposes for
which pledged without necessity for
any act of appropriation.
Every pledge, and every covenant and
agreement made with respect
thereto, made in the bond proceedings
may therein be extended to
the benefit of the owners and holders
of obligations authorized
by this section, and to any trustee
therefor, for the further
security of the payment of the bond
service charges.
(E) The bond proceedings may contain additional provisions
as
to:
(1) The redemption of obligations prior to maturity at the
option of the issuing authority at such price or prices and under
such terms and conditions as are provided in the bond
proceedings;
(2) Other terms of the obligations;
(3) Limitations on the issuance of additional obligations;
(4) The terms of any trust agreement or indenture securing
the obligations or under which the same may be issued;
(5) The deposit, investment and application of special
funds,
and the safeguarding of moneys on hand or on deposit,
without
regard to Chapter 131. or 135. of the Revised Code, but
subject to
any special provisions of this chapter, with respect
to
particular
funds or moneys, provided that any bank or trust
company which
acts as depository of any moneys in the special
funds may furnish
such indemnifying bonds or may pledge such
securities as required
by the issuing authority;
(6) Any or every provision of the bond proceedings being
binding upon such officer, board, commission, authority, agency,
department, or other person or body as may from time to time have
the authority under law to take such actions as may be necessary
to perform all or any part of the duty required by such
provision;
(7) Any provision that may be made in a trust agreement or
indenture;
(8) Any other or additional agreements with the holders of
the obligations, or the trustee therefor, relating to the
obligations or the security therefor, including the assignment of
mortgages or other security obtained or to be obtained for loans
under section 122.43, 166.07, or 166.16 of the Revised Code.
(F) The obligations may have the great seal of the state
or
a
facsimile thereof affixed thereto or printed thereon. The
obligations and any coupons pertaining to obligations shall be
signed or bear the facsimile signature of the issuing authority.
Any obligations or coupons may be executed by the person who, on
the date of execution, is the proper issuing authority although
on
the date of such bonds or coupons such person was not the
issuing
authority. If the issuing authority whose signature
or a
facsimile
of whose signature appears on any such obligation
or
coupon ceases
to be the issuing authority before delivery
thereof,
such
signature or facsimile is nevertheless valid and
sufficient
for
all purposes as if the former issuing
authority had remained
the
issuing
authority until such delivery; and if the seal to be
affixed
to obligations has been changed after a facsimile of the
seal has
been imprinted on such obligations, such facsimile seal
shall
continue to be sufficient as to such obligations and
obligations
issued in substitution or exchange therefor.
(G) All obligations are negotiable instruments and
securities
under Chapter 1308. of the Revised Code, subject to
the
provisions
of the bond proceedings as to registration. The
obligations may be
issued in coupon or in registered form, or
both, as the issuing
authority determines. Provision may be made
for the registration
of any obligations with coupons attached
thereto as to principal
alone or as to both principal and
interest, their exchange for
obligations so registered, and for
the conversion or reconversion
into obligations with coupons
attached thereto of any obligations
registered as to both
principal and interest, and for reasonable
charges for such
registration, exchange, conversion, and
reconversion.
(H) Obligations may be sold at public sale or at private
sale, as determined in the bond proceedings.
Obligations issued to provide moneys for the loan guarantee
fund
or the innovation Ohio loan guarantee fund may, as determined
by the issuing authority, be sold at
private sale, and without
publication of a notice of sale.
(I) Pending preparation of definitive obligations, the
issuing authority may issue interim receipts or certificates
which
shall be exchanged for such definitive obligations.
(J) In the discretion of the issuing authority,
obligations
may be secured additionally by a trust agreement or
indenture
between the issuing authority and a corporate trustee
which may be
any trust company or bank having a place
of business
within the
state. Any such agreement or indenture
may contain the
resolution
or order authorizing the issuance of
the obligations,
any
provisions that may be contained in any bond
proceedings, and
other provisions which are customary or
appropriate in an
agreement or indenture of such type, including,
but not limited
to:
(1) Maintenance of each pledge, trust agreement,
indenture,
or other instrument comprising part of the bond
proceedings until
the state has fully paid the bond service
charges on the
obligations secured thereby, or provision therefor
has been made;
(2) In the event of default in any payments required to be
made by the bond proceedings, or any other agreement of the
issuing authority made as a part of the contract under which the
obligations were issued, enforcement of such payments or
agreement
by mandamus, the appointment of a receiver, suit in
equity, action
at law, or any combination of the foregoing;
(3) The rights and remedies of the holders of obligations
and
of the trustee, and provisions for protecting and enforcing
them,
including limitations on rights of individual holders of
obligations;
(4) The replacement of any obligations that become
mutilated
or are destroyed, lost, or stolen;
(5) Such other provisions as the trustee and the issuing
authority agree upon, including limitations, conditions, or
qualifications relating to any of the foregoing.
(K) Any holders of obligations or trustees under the bond
proceedings, except to the extent that their rights are restricted
by the bond proceedings, may by any suitable form of legal
proceedings, protect and enforce any rights under the laws of
this
state or granted by such bond proceedings. Such rights
include
the
right to compel the performance of all duties of the
issuing
authority, the director of development, the Ohio air quality
development authority, or the division of liquor
control required
by this chapter or the bond
proceedings; to
enjoin unlawful
activities; and in the event of
default with
respect to the
payment of any bond service charges
on any
obligations or in the
performance of any covenant or
agreement on
the part of the
issuing authority, the director of
development, the Ohio air
quality development authority, or
the division of liquor control
in the bond
proceedings, to apply
to a court having jurisdiction
of the cause
to appoint a receiver
to receive and administer the
pledged
receipts and special funds,
other than those in the
custody of
the treasurer of state, which
are pledged to the
payment of the
bond service charges on such
obligations or which
are the subject
of the covenant or agreement,
with full power to
pay, and to
provide for payment of bond service
charges on, such
obligations,
and with such powers, subject to the
direction of the
court, as
are accorded receivers in general
equity cases,
excluding any
power to pledge additional revenues or
receipts or
other income
or moneys of the issuing authority or the
state or
governmental
agencies of the state to the payment of such
principal and
interest and excluding the power to take possession
of, mortgage,
or cause the sale or otherwise dispose of any
project facilities.
Each duty of the issuing authority and the issuing
authority's officers and employees, and of each governmental
agency and its officers, members, or employees, undertaken
pursuant to the bond proceedings or any agreement or lease,
lease-purchase agreement, or loan made under authority of this
chapter, and in every agreement by or with the issuing authority,
is hereby established as a duty of the issuing authority, and of
each such officer, member, or employee having authority to
perform
such duty, specifically enjoined by the law resulting
from an
office, trust, or station within the meaning of section
2731.01 of
the Revised Code.
The person who is at the time the issuing authority, or the
issuing authority's officers or employees, are not liable in
their
personal capacities on any obligations issued by the
issuing
authority or any agreements of or with the issuing
authority.
(L) The issuing authority may authorize and issue
obligations
for the refunding, including funding and retirement,
and advance
refunding with or without payment or redemption prior
to maturity,
of any obligations previously issued by the issuing
authority.
Such obligations may be issued in amounts sufficient
for payment
of the principal amount of the prior obligations, any
redemption
premiums thereon, principal maturities of any such
obligations
maturing prior to the redemption of the remaining
obligations on a
parity therewith, interest accrued or to accrue
to the maturity
dates or dates of redemption of such obligations,
and any
allowable costs including expenses incurred or to be
incurred in
connection with such issuance and such refunding,
funding, and
retirement. Subject to the bond proceedings
therefor, the portion
of proceeds of the sale of obligations
issued under this division
to be applied to bond service charges
on the prior obligations
shall be credited to an appropriate
account held by the trustee
for such prior or new obligations or
to the appropriate account in
the bond service fund for such
obligations. Obligations authorized
under this division shall be
deemed to be issued for those
purposes for which such prior
obligations were issued and are
subject to the provisions of this
section pertaining to other
obligations, except as otherwise
provided in this section;
provided that, unless otherwise
authorized by the general
assembly, any limitations imposed by
the
general assembly pursuant
to this section with respect to
bond
service charges applicable to
the prior obligations shall be
applicable to the obligations
issued under this division to
refund, fund, advance refund or
retire such prior obligations.
(M) The authority to issue obligations under this section
includes authority to issue obligations in the form of bond
anticipation notes and to renew the same from time to time by the
issuance of new notes. The holders of such notes or interest
coupons pertaining thereto shall have a right to be paid solely
from the pledged receipts and special funds that may be pledged
to
the payment of the bonds anticipated, or from the proceeds of
such
bonds or renewal notes, or both, as the issuing authority
provides
in the resolution or order authorizing such notes. Such
notes may
be additionally secured by covenants of the issuing
authority to
the effect that the issuing authority and the state
will do such
or all things necessary for the issuance of such
bonds or renewal
notes in appropriate amount, and apply the
proceeds thereof to the
extent necessary, to make full payment of
the principal of and
interest on such notes at the time or times
contemplated, as
provided in such resolution or order. For such
purpose, the
issuing authority may issue bonds or renewal notes
in such
principal amount and upon such terms as may be necessary
to
provide funds to pay when required the principal of and
interest
on such notes, notwithstanding any limitations
prescribed by or
for purposes of this section. Subject to this
division, all
provisions for and references to obligations in
this section are
applicable to notes authorized under this
division.
The issuing authority in the bond proceedings authorizing
the
issuance of bond anticipation notes shall set forth for such
bonds
an estimated interest rate and a schedule of principal
payments
for such bonds and the annual maturity dates thereof,
and for
purposes of any limitation on bond service charges
prescribed
under division (A) of section 166.11 of the Revised
Code, the
amount of bond service charges on such bond
anticipation notes is
deemed to be the bond service charges for
the bonds anticipated
thereby as set forth in the bond
proceedings applicable to such
notes, but this provision does not
modify any authority in this
section to pledge receipts and
special funds to, and covenant to
issue bonds to fund, the
payment of principal of and interest and
any premium on such
notes.
(N) Obligations issued under this section are lawful
investments for banks, societies for savings, savings and loan
associations, deposit guarantee associations, trust companies,
trustees, fiduciaries, insurance companies, including domestic
for
life and domestic not for life, trustees or other officers
having
charge of sinking and bond retirement or other special
funds of
political subdivisions and taxing districts of this
state, the
commissioners of the sinking fund of the state, the
administrator
of workers' compensation, the state teachers retirement
system,
the public employees retirement system, the school
employees
retirement system, and the Ohio police and
fire pension fund,
notwithstanding any other
provisions of the Revised Code or rules
adopted pursuant thereto by any
governmental agency of the state
with respect to investments by
them, and are also acceptable as
security for the deposit of
public moneys.
(O) Unless otherwise provided in any applicable bond
proceedings, moneys to the credit of or in the special funds
established by or pursuant to this section may be invested by or
on behalf of the issuing authority only in notes, bonds, or other
obligations of the United States, or of any agency or
instrumentality of the United States, obligations guaranteed as to
principal
and interest by the United States, obligations of this
state or
any political subdivision of this state, and certificates
of deposit of
any national bank located in this state and any
bank, as defined
in section 1101.01 of the Revised Code, subject
to inspection by
the superintendent of banks. If the law or the
instrument
creating a trust pursuant to division (J) of this
section
expressly permits investment in direct obligations of the
United
States or an agency of the United States, unless expressly
prohibited by the
instrument, such moneys also may be invested in
no-front-end-load
money market mutual funds consisting exclusively
of obligations
of the United States or an agency of the United
States and in repurchase
agreements, including those issued by the
fiduciary itself,
secured by obligations of the United States or
an agency of the United States;
and in common trust funds
established in accordance with section
1111.20 of the Revised Code
and consisting exclusively of any
such securities, notwithstanding
division (A)(4) of that section.
The income from such investments
shall be credited to such funds
as the issuing authority
determines, and such investments may be
sold at such times as the
issuing authority determines or
authorizes.
(P) Provision may be made in the applicable bond
proceedings
for the establishment of separate accounts in the
bond service
fund and for the application of such accounts only
to the
specified bond service charges on obligations pertinent to
such
accounts and bond service fund and for other accounts
therein
within the general purposes of such fund. Unless
otherwise
provided in any applicable bond proceedings, moneys to
the credit
of or in the several special funds established
pursuant to this
section shall be disbursed on the order of the
treasurer of state,
provided that no such order is required for
the payment from the
bond service fund when due of bond service
charges on obligations.
(Q) The issuing authority may pledge all, or such portion
as
the issuing authority determines, of the pledged receipts to
the
payment of bond service charges on obligations issued under
this
section, and for the establishment and maintenance of any
reserves, as provided in the bond proceedings, and make other
provisions therein with respect to pledged receipts as authorized
by this chapter, which provisions are controlling notwithstanding
any other provisions of law pertaining thereto.
(R) The issuing authority may covenant in the bond
proceedings, and any such covenants are controlling
notwithstanding any other provision of law, that the state and
applicable officers and governmental agencies of the state,
including the general assembly, so long as any obligations
are
outstanding, shall:
(1) Maintain statutory authority for and cause to be
charged
and collected wholesale and retail prices for spirituous
liquor
sold by the state or its agents so that the pledged
receipts are
sufficient in amount to meet bond service charges,
and the
establishment and maintenance of any reserves and other
requirements provided for in the bond proceedings, and, as
necessary, to meet covenants contained in contracts of guarantee
made under section 166.06
of the Revised Code;
(2) Take or permit no action, by statute or otherwise,
that
would impair the exemption from federal income taxation of
the
interest on the obligations.
(S) There is hereby created the economic development bond
service fund, which shall be in the custody of the treasurer of
state but shall be separate and apart from and not a part of the
state treasury. All moneys received by or on account of the
issuing authority or state agencies and required by the
applicable
bond proceedings, consistent with this section, to be
deposited,
transferred, or credited to a bond service fund or the
economic
development bond service fund, and all other moneys
transferred or
allocated to or received for the purposes of the
fund, shall be
deposited and credited to such fund and to any
separate accounts
therein, subject to applicable provisions of
the bond proceedings,
but without necessity for any act of
appropriation. During the
period beginning with the date of the
first issuance of
obligations and continuing during such time as
any such
obligations are outstanding, and so long as moneys in
the
pertinent bond service funds are insufficient to pay all bond
services charges on such obligations becoming due in each year, a
sufficient amount of the gross profit on the sale of spirituous
liquor included in pledged receipts are committed and shall be
paid to the bond service fund or economic development bond
service
fund in each year for the purpose of paying the bond
service
charges becoming due in that year without necessity for
further
act of appropriation for such purpose and notwithstanding
anything
to the contrary in Chapter 4301. of the Revised Code.
The
economic development bond service fund is a trust fund and is
hereby pledged to the payment of bond service charges to the
extent provided in the applicable bond proceedings, and payment
thereof from such fund shall be made or provided for by the
treasurer of state in accordance with such bond proceedings
without necessity for any act of appropriation.
(T) The obligations, the transfer thereof, and the income
therefrom, including any profit made on the sale thereof, shall
at
all times be free from taxation within the state.
Sec. 166.11. (A) The aggregate principal amount of
project
financing
obligations that may be issued under
section
166.08 of
the Revised Code is three hundred
million dollars, plus
the
principal amount of such project financing
obligations retired
by
payments. The aggregate principal amount of
obligations,
exclusive
of project financing obligations,
that may be issued
under section
166.08 of the
Revised Code is five six hundred
thirty million
dollars, plus the principal
amount of any such
obligations
retired
by payment, the amounts
held
or obligations
pledged for
the
payment of the principal
amount of any such
obligations
outstanding, amounts in special
funds held as
reserves
to meet
bond service charges, and amounts
of obligations
issued to
provide
moneys required to meet payments
from the loan
guarantee
fund
created in section 166.06 of the
Revised Code
and the
innovation
Ohio loan guarantee fund created
in section 166.15 of
the Revised
Code. Of that six hundred thirty million dollars, not
more than eighty-four million principal amount of obligations may
be issued for eligible advanced energy projects and not more than
one hundred million principal amount of obligations may be issued
for eligible logistics and distribution projects. The terms of the
obligations issued under
section
166.08 of
the Revised Code, other
than obligations issued
to meet
guarantees
that cannot be
satisfied from amounts then
held
in the
loan
guarantee fund or
the innovation Ohio loan guarantee
fund, shall
be such that the
aggregate
amount of
moneys
used from
profit from
the sale of
spirituous liquor, and
not from
other
sources, in any
fiscal
year
shall not exceed
forty-five
sixty-three
million
dollars.
For purposes of
the preceding
sentence, "other
sources"
include
the annual
investment income on
special funds to
the
extent it
will be
available for payment of
any bond service
charges in lieu
of use
of profit from the sale of
spirituous
liquor, and shall be
estimated on the basis of the
expected
funding of those special
funds and assumed investment
earnings
thereon at a rate equal to
the weighted average yield on
investments of those special funds
determined as of any date
within sixty days immediately preceding
the date of issuance of
the bonds in respect of which the
determination is being made.
The
determinations required by this
division shall be made by the
treasurer of state at the time of
issuance of an issue of
obligations and shall be conclusive for
purposes of such issue of
obligations from and after their
issuance and delivery.
(B) The aggregate amount of the guaranteed portion of the
unpaid principal of loans guaranteed under
sections 166.06
and
166.15 of the
Revised Code and the unpaid principal of loans
made
under
sections
166.07
, 166.16, and 166.21 of the Revised Code
may
not at any time exceed
eight
hundred million dollars.
Of
that
eight hundred million dollars, the aggregate amount of the
guaranteed portion of the unpaid principal of loans guaranteed
under sections 166.06 and 166.15 of the Revised Code shall not at
any time exceed two hundred million dollars. However,
the
limitations established under this division do
not apply to loans
made with proceeds from the issuance and sale
of project financing
obligations.
Sec. 166.25. (A) The director of development, with the
approval of the controlling board and subject to the other
applicable provisions of this chapter, may lend money in the
logistics and distribution infrastructure fund to persons for the
purpose of paying allowable costs of eligible logistics and
distribution projects.
(B) In determining the eligible logistics and distribution
projects to be assisted and the nature, amount, and terms of
assistance to be provided for an eligible logistics and
distribution project, the director shall consult with appropriate
governmental agencies, including the department of transportation
and the Ohio rail development commission.
(C)(1) The director shall submit to the development financing
advisory council the terms of the proposed assistance to be
provided for an eligible logistics and distribution project and
such other relevant information as the council may request.
(2) The council, on the basis of such information, shall make
recommendations as to the appropriateness of the assistance to be
provided. The recommendations may be revised to reflect any
changes in the proposed assistance the director may submit to the
council.
(3) The director shall submit the terms of the proposed
assistance to be provided, along with the recommendations, as
amended, of the council as to the
appropriateness of the proposed
assistance, to the controlling board.
Sec. 166.26. (A) There is hereby created in the state
treasury the logistics and distribution infrastructure fund. The
fund shall consist of grants, gifts, and contributions of money or
rights to money lawfully designated for or deposited into the
fund, all money and rights to money lawfully appropriated and
transferred to the fund, including money received from the
issuance of obligations under section 166.08 of the Revised Code
and subject to section 166.11 of the Revised Code
for purposes of
allowable costs of eligible logistics and
distribution projects,
and money credited to the fund pursuant to
division (B) of this
section. All investment earnings on the cash
balance in the fund
shall be credited to the fund. The fund shall
not be comprised,
in any part, of money raised by taxation.
(B) There shall be credited to the logistics and distribution
infrastructure fund the money received by the state from the
repayment of loans and recovery on loan guarantees, including
interest thereon, made from the fund.
Sec. 166.30. (A) The Ohio air quality development authority,
with the approval of the controlling board and subject to sections
3706.25 to 3706.29 of the Revised Code, may provide grants from
money in the advanced energy research and development fund and may
lend money in the advanced energy research and development taxable
fund to persons for the purposes of paying allowable costs of
eligible advanced energy projects.
(B) In determining the eligible advanced energy projects to
be assisted and the nature, amount, and terms of assistance to be
provided for an eligible advanced energy project, the authority
shall consult with appropriate governmental agencies.
(C)(1) The authority shall submit to the development
financing advisory council the terms of the proposed assistance to
be provided for an eligible advanced energy project and such other
relevant information as the council may request.
(2) The council, on the basis of such information, shall make
recommendations as to the appropriateness of the assistance to be
provided. The recommendations may be revised to reflect any
changes in the proposed assistance the authority may submit to the
council.
(3) The authority shall submit the terms of the proposed
assistance to be provided, along with the recommendations, as
amended, of the council as to the appropriateness of the proposed
assistance, to the controlling board.
Sec. 184.02.
(A) In addition to the powers and duties under
sections 184.10 to 184.20 and 184.25 and 184.26 of the Revised
Code, the third frontier commission may
perform any act to ensure
the performance of any function
necessary or appropriate to carry
out the purposes of, and
exercise the powers granted under,
sections 184.01 and 184.02 of
the Revised Code. In addition, the
commission may do any of the
following:
(1) Adopt, amend, and rescind rules under section 111.15 of
the Revised Code for the administration of any aspect of its
operations;
(2) Adopt bylaws governing its operations, including bylaws
that establish procedures and set policies as may be necessary to
assist with the furtherance of its purposes;
(3) Appoint and set the compensation of employees needed to
carry out its duties;
(4) Contract with, retain the services of, or designate, and
fix the compensation of, such financial consultants, accountants,
other consultants and advisors, and other independent contractors
as may be necessary or desirable to carry out its duties;
(5) Solicit input and comments from the third frontier
advisory board, and specialized industry, professional, and other
relevant interest groups concerning its purposes;
(6) Facilitate alignment of the state's science and
technology programs and activities;
(7) Make grants and loans to individuals, public agencies,
private companies or organizations, or joint ventures for any of
the broad range of activities related to its purposes.
(B) In addition to the powers and duties under sections
184.10 to 184.20 and 184.25 and 184.26 of the Revised Code, the
commission shall do all of the following:
(1) Establish a competitive process for the award of grants
and loans that is designed to fund the most meritorious proposals
and, when appropriate, provide for peer review of proposals;
(2) Within ninety days after the end of each fiscal year,
submit to the governor and the general assembly a report of the
activities of the commission during the preceding fiscal year;
(3) With specific application to the biomedical research and
technology transfer trust fund, periodically make strategic
assessments of the types of state investments in biomedical
research and biotechnology in the state that would likely create
jobs and business opportunities in the state and produce the most
beneficial long-term improvements to the public health of
Ohioans,
including, but not limited to, biomedical research and
biotechnology initiatives that address tobacco-related illnesses
as may be outlined in any master agreement. The commission shall
award grants and loans from the fund pursuant to a process
established under division (B)(1) of this section.
Sec. 184.23. (A) There is hereby created the third frontier
economic stimulus advisory board. The advisory board
shall
provide
general advice
to the commission regarding bioproduct
and
biomedical issues.
(B) The board shall consist of seven members selected for
their bioproducts and biomedical knowledge and experience. The
governor shall appoint two members. The speaker of the house of
representatives shall appoint two members, one of whom may be
recommended by the minority leader of the house of
representatives. The president of the senate shall appoint two
members, one of whom may be recommended by the minority leader of
the senate. The director of development shall appoint one member.
Membership on the
advisory board created under section 184.03 of
the Revised Code
does not prohibit membership on the advisory
board created under
this section. All members of the board shall
serve at the pleasure
of their appointing authorities.
(C) The board shall select from among its members a
chairperson. A majority of board members constitutes a quorum, and
no action shall be taken without the affirmative vote of a
majority of the members.
(D) A
vacancy shall be filled in the same manner as
the
original appointment. The governor may remove any member of the
board for
malfeasance, misfeasance, or nonfeasance after a
hearing in
accordance with Chapter 119. of the Revised Code.
(E) Members of the board shall not act as representatives of
any specific disciplinary, regional, or organizational interest.
Members shall represent a wide variety of experience valuable in
technology research and development, product process innovation
and commercialization, and creating and managing high-growth
technology-based companies.
(F) Members of the board shall file financial disclosure
statements described in division (B) of section 102.02 of the
Revised Code.
(G) Members of the board shall serve without compensation,
but
shall receive their reasonable and necessary expenses
incurred in
the conduct of board business.
(H) The department of development shall provide office space
and facilities for the board.
Sec. 184.24. Money in the jobs fund created in the state
treasury shall be used in accordance
with
sections 184.25 and
184.26 of the Revised Code and may be used to
provide cash
transfers to the local
infrastructure development fund created in
section 164.28 of the Revised Code.
Sec. 184.25. There is hereby created the Ohio bioproducts
development program to be administered by the third frontier
commission. The commission shall provide loans, loan guarantees,
or grants to for-profit or not-for-profit entities to
promote,
provide for and enable innovation, development and
commercialization of bioproducts, including biopolymers,
chemicals, and advanced materials that use
biomaterials and
renewable agriculture resources, through efforts including, but
not limited to, agribusiness and the
agricultural industry in
Ohio, state and local government entities
and agencies,
educational institutions, or research organizations
and
institutions. The program shall be funded from the jobs fund
created in section 184.24 of the Revised Code.
Sec. 184.26. There is hereby created the Ohio biomedical
development program to be administered by the third frontier
commission. The commission shall provide loans, loan guarantees,
or grants to for-profit or not-for-profit entities to
promote,
provide for and enable innovation, development and
commercialization of biomedical and biotechnological products,
processes and applications, including medical devices,
diagnostics, informatics, therapies, and drugs, through efforts by
and collaboration among and including business and industry in
Ohio, state and local governmental entities and agencies,
educational institutions, or research organizations and
institutions. The program shall be funded from the
jobs fund
created in section 184.24 of the Revised Code.
Sec. 1555.03. For the purposes of this chapter, the
director
of the Ohio coal development office may:
(A) With the advice of the technical advisory committee
created in section 1551.35 of the Revised Code and the affirmative
vote of a majority of the members of the Ohio air quality
development authority, make loans, guarantee loans, and
make
grants to persons doing business in this state or to
educational
or scientific institutions located in this state for
coal research
and development projects by any such person or
educational or
scientific institution and adopt rules under
Chapter 119. of the
Revised Code for making such loans,
guarantees, and grants.
(B) In making loans, loan guarantees, and grants under
division (A) of this section and section 1555.04 of the Revised
Code, the director of the office shall ensure that an adequate
portion of the total amount of those loans, loan guarantees, and
grants, as determined by the director with the advice of the
technical advisory committee, is used for conducting research on
fundamental scientific problems related to the utilization of
Ohio
coal and shall ensure, to the maximum feasible extent, joint
financial participation by the federal government or other
investors or interested parties in conjunction with any such
loan,
loan guarantee, or grant. The director, in each grant
agreement or
contract under division (A) of this section, loan
contract or
agreement under this division or section 1555.04 of
the Revised
Code, and contract of guarantee under section 1555.05
of the
Revised Code, shall require that the facility or project
be
maintained and kept in good condition and repair by the person
or
educational or scientific institution to whom the grant or
loan
was made or for whom the guarantee was made.
(C) From time to time, with the advice of the technical
advisory committee and the affirmative vote of a majority of the
members of the Ohio air quality development authority, request the
issuance of coal research and
development general obligations
under section 151.07
of the
Revised Code, for any of the purposes
set forth in Section 15 of
Article VIII, Ohio Constitution, and
subject to the limitations
therein upon the aggregate total amount
of obligations that may
be outstanding at any time.
(D) Include as a condition of any loan, loan guarantee, or
grant contract or agreement with any such person or educational
or
scientific institution that the director of the office
receive, in
addition to payments of principal and interest on any
such loan or
service charges for any such guarantee, as
appropriate, as
authorized by Section 15, Article VIII, Ohio
Constitution, a
reasonable royalty or portion of the income or
profits arising out
of the developments, discoveries, or
inventions, including patents
or copyrights, that result in whole
or in part from coal research
and development projects conducted
under any such contract or
agreement, in such amounts and for
such period of years as may be
negotiated and provided by the
contract or agreement in advance of
the making of the grant,
loan, or loan guarantee. Moneys so
received by the director of
the office shall under this section
may be credited to
the coal research and development
bond service
fund or used to
make additional loans, loan guarantees, grants,
or agreements
under
this section.
(E) Employ managers, superintendents, and other employees
and
retain or contract with consulting engineers, financial
consultants, accounting experts, architects, and such other
consultants and independent contractors as are necessary in
the
judgment of the director of the office to carry out this chapter,
and
fix the compensation
thereof.
(F) Receive and accept from any federal agency, subject to
the approval of the governor, grants for or in aid of the
construction or operation of any coal research and development
project or for coal research and development, and receive and
accept aid or contributions from any source of money, property,
labor, or other things of value, to be held, used, and applied
only for the purposes for which such grants and contributions are
made.
(G) Purchase fire and extended coverage and liability
insurance for any coal research and development project,
insurance
protecting the office and its officers and employees
against
liability for damage to property or injury to or death of
persons
arising from its operations, and any other insurance the
director
of the office determines necessary or proper under this
chapter.
Any moneys received by the director from the proceeds
of any such
insurance with respect to a coal research and
development project
and any moneys received by the director from
the proceeds of any
settlement, judgment, foreclosure, or other
insurance with respect
to a coal research and development project
or facility shall be
credited to the coal research and
development bond service fund.
(H) In the exercise of the powers of the director of the
office under this chapter, call
to the director's assistance,
temporarily, from time to
time, any engineers,
technical experts,
financial experts, and other employees in any
state department,
agency, or commission, or in the Ohio state
university, or other
educational institutions financed wholly or
partially by this
state for purposes of assisting the director of
the office with
reviewing and evaluating applications for
financial assistance
under this chapter, monitoring performance
of coal research and
development projects receiving financial
assistance under this
chapter, and reviewing and evaluating the
progress and findings of
those projects. Such engineers,
experts, and employees shall not
receive any additional
compensation over that which they receive
from the department,
agency, commission, or educational
institution by which they are
employed, but they shall be
reimbursed for their actual and
necessary expenses incurred while
working under the direction of
the director.
(I) Do all acts necessary or proper to carry out the
powers
expressly granted in this chapter.
Sec. 3333.38. (A) As used in this section:
(1) "Institution of higher education" includes all of the
following:
(a) A state institution of higher education, as defined in
section 3345.011 of the Revised Code;
(b) A nonprofit institution issued a certificate of
authorization under Chapter 1713. of the Revised Code;
(c) A private institution exempt from regulation under
Chapter 3332. of the Revised Code, as prescribed in section
3333.046 of the Revised Code;
(d) An institution of higher education with a certificate of
registration from the state board of career colleges and schools
under Chapter 3332. of the Revised Code.
(2) "Student financial assistance supported by state funds"
includes assistance granted under sections 3315.33, 3333.12,
3333.122, 3333.21, 3333.26, 3333.27, 3333.28, 3333.372,
5910.03,
5910.032, and 5919.34 of the Revised Code or, financed by
an
award
under the choose Ohio first scholarship program
established under
section 3333.61 of the Revised Code, or
financed by an award under the Ohio innovation partnership
co-op/internship program established under section 3333.72 of the
Revised Code, and any
other post-secondary
student financial
assistance supported by
state funds.
(B) An individual who is convicted of, pleads guilty to, or
is adjudicated a delinquent child for one of the following
violations shall be ineligible to receive any student financial
assistance supported by state funds at an institution of higher
education for two calendar years from the time the individual
applies for assistance of that nature:
(1) A violation of section 2917.02 or 2917.03 of the Revised
Code;
(2) A violation of section 2917.04 of the Revised Code that
is a misdemeanor of the fourth degree;
(3) A violation of section 2917.13 of the Revised Code that
is a misdemeanor of the fourth or first degree and occurs within
the proximate area where four or more others are acting in a
course of conduct in violation of section 2917.11 of the Revised
Code.
(C) If an individual is convicted of, pleads guilty to, or is
adjudicated a delinquent child for committing a violation of
section 2917.02 or 2917.03 of the Revised Code, and if the
individual is enrolled in a state-supported institution of higher
education, the institution in which the individual is enrolled
shall immediately dismiss the individual. No state-supported
institution of higher education shall admit an individual of that
nature for one academic year after the individual applies for
admission to a state-supported institution of higher education.
This division does not limit or affect the ability of a
state-supported institution of higher education to suspend or
otherwise discipline its students.
Sec. 3333.68. When making an award under the choose Ohio
innovation
partnership first scholarship program or the Ohio
research scholars program, the chancellor of the Ohio board of
regents, subject
to approval by the controlling board, may commit
to giving a state
university's or college's proposal preference
for future awards
after the current fiscal year or fiscal
biennium. A proposal's
eligibility for future awards remains
conditional on all of the
following:
(A) Future appropriations of the general assembly;
(B) The university's or college's adherence to the agreement
entered into under section 3333.65 of the Revised Code, including
its fulfillment of pledges of other institutional, public, or
nonpublic resources;
(C) With respect to the choose Ohio first scholarship
program, a demonstration that the students receiving the
scholarship are satisfied with the state universities or colleges
selected by the chancellor to offer the scholarships.
The chancellor and the controlling board shall not commit to
awarding any proposal for more than five fiscal years at a time.
However, when a commitment for future awards expires, a state
university or college may reapply.
Sec. 3333.69. The chancellor of the Ohio board of regents
shall monitor each initiative for which an award is granted under
the choose Ohio innovation partnership first scholarship program
or the Ohio research scholars program to ensure the following:
(A) Fiscal accountability, so that the award is used in
accordance with the agreement entered into under section 3333.65
of the Revised Code;
(B) Operating progress, so that the initiative is managed to
achieve the goals stated in the proposal and in the agreement, and
so that problems may be promptly identified and remedied;
(C) Desired outcomes, so that the initiative contributes to
the programs' goals of enhancing regional educational and economic
strengths and meeting regional economic needs.
Sec. 3333.70. Not later than December 31, 2008, and the
thirty-first day of December of each year thereafter, the
chancellor of the Ohio board of regents shall submit to the
general assembly in accordance with section 101.68 of the Revised
Code a report on the academic and economic impact of the choose
Ohio
innovation partnership first scholarship program and the
Ohio research scholars program. At a minimum, the report shall
include the
following:
(A) Progress and performance metrics for each initiative that
received an award in the previous fiscal year;
(B) Economic indicators of the impact of each initiative, and
all initiatives as a whole, on the regional economies and the
statewide economy;
(C) The chancellor's strategy in assigning choose Ohio first
scholarships among state universities and colleges and how the
actual awards fit that strategy.
Sec. 3333.71. As used in sections 3333.71 to 3333.80 of the
Revised Code:
(A) "Cooperative education program" means a partnership
between students, institutions of higher education, and employers
that formally integrates students' academic study with work
experience in cooperating employer organizations and that meets
all of the following conditions:
(1) Alternates or combines periods of academic study and work
experience in appropriate fields as an integral part of student
education;
(2) Provides students with compensation from the cooperative
employer in the form of wages or salaries for work performed;
(3) Evaluates each participating student's performance in the
cooperative position, both from the perspective of the student's
institution of higher education and the student's cooperative
employer;
(4) Provides participating students with academic credit from
the institution of higher education upon successful completion of
their cooperative education;
(5) Is part of an overall degree program for which a
percentage of the total program acceptable to the chancellor of
the Ohio board of regents involves cooperative
education.
(B) "Internship program" means a partnership between
students, institutions of higher education, and employers that
formally integrates students' academic study with work or
community service experience and that does both of the following:
(1) Offers internships of specified and definite duration;
(2) Evaluates each participating student's performance in the
internship position, both from the perspective of the student's
institution of higher education and the student's internship
employer.
An internship program may provide participating students with
academic credit upon successful completion of the internship, and
may provide students with compensation in the form of wages or
salaries, stipends, or scholarships.
(C) "Nonpublic university or college" means a nonprofit
institution holding a certificate of authorization issued under
Chapter 1713. of the Revised Code.
(D) "State institution of higher education" has the same
meaning as in section 3345.011 of the Revised Code.
Sec. 3333.72. The chancellor of the Ohio board of regents
shall establish and administer, as part of the Ohio innovation
partnership, the co-op/internship program to promote and encourage
cooperative education programs or internship programs at Ohio
institutions of
higher education for the purpose of recruiting
Ohio students to
stay in the state, and recruiting Ohio residents
who left Ohio to
attend out-of-state institutions of higher
education back to Ohio
institutions of higher education, to
participate in high quality
academic programs that use
cooperative education
programs or significant internship
programs, in order to support
the growth of Ohio's businesses by
providing businesses with
Ohio's most talented students and
providing Ohio graduates with
job opportunities with Ohio's
growing companies.
The chancellor, subject to approval by the controlling board,
shall make awards to state institutions of higher education for
new
or existing programs and initiatives meeting the goals of the
Ohio innovation partnership co-op/internship
program. Awards may
be granted for programs and initiatives to be
implemented by a
state institution of higher education alone or in
collaboration
with other state institutions of higher education or
nonpublic
Ohio universities and colleges. If the chancellor makes
an award
to a program or initiative that is intended to be
implemented by
a state institution of higher education in
collaboration with
other state institutions of higher education or
nonpublic Ohio
universities or colleges, the chancellor may
provide that some
portion of the award be received directly by the
collaborating
universities or colleges consistent with all terms
of the Ohio
innovation partnership co-op/internship program.
The Ohio innovation partnership co-op/internship program
shall support the creation and maintenance of
high quality
academic programs that utilize an intensive cooperative education
or
internship
program for students at state institutions of
higher
education, or assign a number of scholarships to
institutions to
recruit Ohio residents as students in a high
quality
academic
program, or both. If scholarships are included
in an
award to an
institution of higher education, the
scholarships
shall be
awarded to each participating eligible
student as a grant
to the
state institution of higher education
the student is
attending
and shall be reflected on the student's
tuition bill.
Notwithstanding any other provision of this section or
sections 3333.73 to 3333.80 of the Revised Code, an Ohio four-year
nonpublic university or college may submit a proposal as lead
applicant or co-lead applicant for an award under the Ohio
innovation partnership co-op/internship program if
the proposal
is to be implemented in collaboration with a state
institution of
higher education. If the chancellor grants a
nonpublic university
or college an award, the
nonpublic university or college shall
comply with all requirements
of this section, sections 3333.73 to
3333.80 of the Revised Code,
and the rules adopted under this
section that apply to state
institutions of higher education that
receive awards under the
program.
The chancellor shall adopt rules in accordance with Chapter
119. of the Revised Code to administer the Ohio innovation
partnership co-op/internship program.
Sec. 3333.73. The chancellor of the Ohio board of regents
shall establish a competitive process for making awards under the
Ohio innovation partnership co-op/internship
program. The
chancellor, on completion of that process, shall make a
recommendation to the controlling board asking for approval of
each award selected by the chancellor.
The state institution of higher education shall submit a
proposal and other documentation required by the chancellor, in
the form and manner prescribed by the chancellor, for each award
it seeks. A proposal may propose an initiative to be implemented
solely by the state institution of higher education or in
collaboration with other state institutions of higher education or
nonpublic Ohio universities or colleges.
The chancellor shall determine which proposals will receive
awards each fiscal year, and the amount of each award, on the
basis of the merit of each proposal, which the chancellor, subject
to approval by the controlling board, shall determine based on one
or more of the following criteria:
(A) The extent to which the proposal will keep Ohio students
in Ohio institutions of higher education;
(B) The extent to which the proposal will attract Ohio
residents who left Ohio to attend out-of-state institutions of
higher education to return to Ohio institutions of higher
education;
(C) The extent to which the proposal will increase the number
of Ohio graduates who remain in Ohio and enter Ohio's workforce;
(D) The quality of the program that is the subject of the
proposal and the extent to which additional resources will enhance
its quality;
(E) The extent to which the proposal is integrated with the
strengths of the regional economy;
(F) The extent to which the proposal is aligned with the
report submitted by the chancellor pursuant to Section 4 of Sub.
H.B. 2 of the 127th general assembly, as amended;
(G) The extent to which the proposal facilitates the
development of high quality academic programs with a cooperative
education program or a significant internship program at state
institutions of higher education;
(H) The extent to which the proposal is integrated with
supporting private companies to fill potential job growth;
(I) The amount of other institutional, public, or private
resources, whether monetary or nonmonetary, the proposal
pledges
to leverage that are in addition to the monetary cost-sharing
requirement prescribed in section 3333.74 of the Revised Code;
(J) The extent to which the proposal is collaborative with
other Ohio institutions of higher education;
(K) The extent to which the proposal is integrated with the
institution's mission;
(L) The extent to which the proposal meets a statewide
educational need at the undergraduate or graduate level;
(M) The demonstrated productivity or future capacity of the
students to be recruited;
(N) The extent to which the proposal will create additional
capacity in a high quality academic program with a cooperative
education program or significant internship program;
(O) The extent to which the proposal will encourage students
who received degrees from two-year institutions to pursue
baccalaureate degrees;
(P) The extent to which the proposal facilitates the
completion of a baccalaureate degree in a cost-effective manner;
(Q) The extent to which other institutional, public, or
private resources that are pledged to the proposal, in addition to
the monetary cost-sharing requirement prescribed in section
3333.74 of the Revised Code, will be deployed to
assist in
sustaining the academic program of excellence;
(R) The extent to which the proposal increases the likelihood
that students will successfully complete their degree programs;
(S) The extent to which the proposal ensures that a student
participating in the high quality academic program funded by the
Ohio innovation partnership co-op/internship
program is
appropriately qualified and prepared to successfully
transition
into professions in Ohio's growing companies and
industries.
Sec. 3333.74. (A) Except as provided in division (B) of this
section, each award under the Ohio innovation partnership
co-op/internship program shall require a pledge of private funds
equal to the following:
(1) In the case of a program, initiative, or scholarships for
undergraduate students, at least one hundred per cent of the
money awarded;
(2) In the case of a program, initiative, or scholarships for
graduate students, at least one hundred fifty per cent of the
money
awarded.
(B) The
chancellor of the Ohio board of regents may waive
the requirement of division (A) of this section
if the chancellor
finds that exceptional circumstances exist to do
so, provided
that the chancellor reviews the proposal with the
advisory
committee established under section 3333.80 of the
Revised Code
and provides an explanation for the waiver to the
controlling
board.
(C) The chancellor shall endeavor to distribute awards in
such a way that a wide range of disciplines is supported and that
all
regions of the state benefit from the economic development
impact
of the program.
Sec. 3333.75. The chancellor of the Ohio board of regents
shall require each state institution of higher education that the
controlling board approves to receive an award under the Ohio
innovation partnership co-op/internship program to enter
into an
agreement governing the use of the award. The agreement
shall
contain terms the chancellor determines to be necessary,
which
shall include performance measures, reporting requirements,
and
an obligation to fulfill pledges of other institutional,
public,
or nonpublic resources for the proposal.
The chancellor may require a state institution of higher
education that violates the terms of its agreement to repay the
award plus interest at the rate required by section 5703.47 of the
Revised Code to the chancellor.
If the chancellor makes an award to a program or initiative
that is intended to be implemented by a state institution of
higher education in collaboration with other state institutions of
higher education or nonpublic Ohio universities or colleges, the
chancellor may enter into an agreement with the collaborating
universities or colleges that permits awards to be received
directly by the collaborating universities or colleges consistent
with the terms of the program or initiative. In that case, the
chancellor shall incorporate into the agreement terms consistent
with the requirements of this section.
Sec. 3333.76. The chancellor of the Ohio board of regents
shall encourage state institutions of higher education, alone or
in collaboration with other state institutions of higher education
or nonpublic Ohio universities and colleges, to submit proposals
under the Ohio innovation partnership co-op/internship program for
initiatives that recruit Ohio residents enrolled in
colleges and
universities in other states or other countries to
return to Ohio
and enroll in state institutions of higher
education or nonpublic
Ohio universities and colleges as graduate
students in a high
quality academic program
that uses a
cooperative education
program, a significant
internship
program in a private industry
or institutional
laboratory, or a similar model involving a
variation of cooperative education or internship programs common
to graduate education, and
is
in an educational area, industry,
or industry sector of need.
The chancellor may encourage state institutions of higher
education, alone or in collaboration with other state institutions
of higher education or nonpublic Ohio universities and colleges,
to submit proposals for initiatives that recruit Ohio residents
who have received baccalaureate degrees to remain in Ohio and
enroll in state institutions of higher education or nonpublic Ohio
universities and colleges as graduate students in a high quality
academic program of the type described in the preceding paragraph.
Sec. 3333.77. When making an award under the Ohio innovation
partnership co-op/internship program, the
chancellor of the Ohio
board of regents, subject to approval by
the controlling board,
may commit to giving a state institution of
higher education's
proposal preference for future awards after the
current fiscal
year or fiscal biennium. A proposal's eligibility
for future
awards remains conditional on all of the following:
(A) Future appropriations of the general assembly;
(B) The institution's adherence to the agreement entered into
under section 3333.75 of the Revised Code, including its
fulfillment of pledges of other institutional, public, or
nonpublic resources;
(C) A demonstration that the students participating in the
programs and initiatives or receiving scholarships financed by the
awards are satisfied with the institutions selected by the
chancellor to offer the programs, initiatives, or scholarships
financed by the awards.
The chancellor and the controlling board shall not commit to
awarding any proposal after June 30, 2014.
Sec. 3333.78. The chancellor of the Ohio board of regents
shall monitor each initiative for which an award is granted under
the Ohio innovation partnership co-op/internship program to ensure
the following:
(A) Fiscal accountability, so that the award is used in
accordance with the agreement entered into under section 3333.75
of the Revised Code;
(B) Operating progress, so that the initiative is managed to
achieve the goals stated in the proposal and in the agreement, and
so that problems may be promptly identified and remedied;
(C) Desired outcomes, so that the initiative contributes to
the program's goal of retaining Ohio's students after graduation.
Sec. 3333.79. Not later than December 31, 2010, and the
thirty-first day of December of each year thereafter, the
chancellor of the Ohio board of regents shall submit to the
general assembly in accordance with section 101.68 of the Revised
Code a report on the academic and economic impact of the Ohio
innovation partnership co-op/internship program. At a
minimum,
the report shall include the following:
(A) Progress and performance metrics for each initiative that
received an award in the previous fiscal year;
(B) Economic indicators of the impact of each initiative, and
all initiatives as a whole, on the regional economies and the
statewide economy;
(C) The chancellor's strategy in allocating awards among
state institutions of higher education and how the actual awards
fit that strategy.
Sec. 3333.80. (A) The co-op/internship program advisory
committee is hereby created. The committee shall consist of the
following members:
(1) Five members appointed by the governor, two of whom shall
represent academia, two of whom shall be representatives of
private industry, and one of whom shall be a member of the public;
(2) The director of development, or the director's designee;
(3) Five members appointed by the president of the senate,
three of whom shall be members of the senate, one of whom shall
represent academia, and one of whom shall be a member of the
public;
(4) Five members appointed by the speaker of the house of
representatives, three of whom shall be members of the house of
representatives, one of whom shall represent private industry, and
one of whom shall be a member of the public.
(B) Members of the committee who are members of the general
assembly shall serve for terms of four years or until their
legislative terms end, whichever is sooner. The director of
development or the director's designee shall serve as an
ex-officio, voting member. Otherwise, initial
members shall serve
the following terms:
(1) Of the initial members appointed by the governor, the
member representing the public and one member representing
academia shall serve for terms of one year; one member
representing private industry shall serve for a term of two years;
and one member representing private industry and one member
representing academia shall serve for terms of three years.
(2) The member representing academia and the representative
of the public initially appointed by the president of the senate
shall serve for terms of two years.
(3) The member representing private industry initially
appointed by the speaker of the house of representatives shall
serve for a term of one year.
(4) The representative of the public initially appointed by
the speaker of the house of representatives shall serve for a term
of three years.
Thereafter, terms shall be for three years, with each term
ending on the same day of the same month as did the term that it
succeeds. Each member shall serve from the date of appointment
until the end of the term for which the member was appointed.
Members may be reappointed. Vacancies shall be filled in the same
manner as provided for original appointments. Any member appointed
to fill a vacancy occurring prior to the expiration date of the
term for which the member was appointed shall hold office for the
remainder of that term. A member shall continue to serve after the
expiration date of the member's term until the member's successor
is appointed or until a period of sixty days has elapsed,
whichever occurs first. The appointing authority may remove a
member from the committee for failure to attend two consecutive
meetings without showing good cause for the absences.
(C) The committee annually shall select a chairperson and a
vice-chairperson. Only the members who represent academia and
private industry may serve as chairperson and vice-chairperson.
For this purpose, any committee member appointed as a member of
the public who is a trustee, officer, employee, or student of an
institution of higher education shall be included among the
representatives of academia who may serve as chairperson or
vice-chairperson, and any committee member appointed as a member
of the public who is a director, officer, or employee of a private
business shall be included among the representatives of private
industry who may serve as chairperson or vice-chairperson. The
committee annually shall rotate the selection of the chairperson
between these two groups and shall select a member of the other
group to serve as vice-chairperson.
The committee annually shall select one of its members to
serve as secretary to keep a record of the committee's
proceedings.
(D) A majority vote of the members
of the full committee is
necessary to take action on any matter.
The committee may adopt
bylaws governing its operation, including
bylaws that establish
the frequency of meetings.
(E) Members of the committee shall serve without
compensation.
(F) A member of the committee shall not participate in
discussions or votes concerning a proposed initiative or an actual
award under the Ohio innovation partnership co-op/internship
program that involves an institution of higher education of which
the member is a trustee, officer, employee, or student; an
organization of which the member is a trustee, director, officer,
or employee; or a business of which the member is a director,
officer, or employee or a shareholder of more than five per cent
of the business' stock.
(G) The committee shall advise the chancellor of the Ohio
board of regents on
growing industries well-suited for awards
under the Ohio
innovation partnership co-op/internship program.
The chancellor shall consult with the committee and request the
committee's advice at each of the following times:
(1) Prior to issuing each request for applications under the
program;
(2) While the chancellor is reviewing applications and before
deciding on awards to submit for the controlling board's approval;
(3) After deciding on awards to submit for the controlling
board's approval and prior to submitting them.
The committee shall advise the chancellor on other matters
the chancellor
considers appropriate.
(H) The chancellor shall provide meeting space for the
committee. The committee shall be assisted in its duties by the
chancellor's staff.
(I) Sections 101.82 to 101.87 of the Revised Code do not
apply to the committee.
Sec. 3345.32. (A) As used in this section:
(1) "State university or college" means the institutions
described in section 3345.27 of the Revised Code and the
northeastern Ohio universities college of medicine.
(2) "Resident" has the meaning specified by rule of the
chancellor of the
Ohio board of regents.
(3) "Statement of selective service status" means a
statement
certifying one of the following:
(a) That the individual filing the statement has
registered
with the selective service system in accordance with
the "Military
Selective Service Act," 62 Stat. 604, 50 U.S.C.
App. 453, as
amended;
(b) That the individual filing the statement is not
required
to register with the selective service for one of the
following
reasons:
(i) The individual is under eighteen or over twenty-six
years
of age.
(ii) The individual is on active duty with the armed forces
of the United States other than for training in a reserve or
national
guard unit.
(iii) The individual is a nonimmigrant alien lawfully in the
United States in accordance with section 101 (a)(15) of the
"Immigration and Nationality Act," 8 U.S.C. 1101, as amended.
(iv) The individual is not a citizen of the United States
and
is a
permanent resident of the Trust Territory of the Pacific
Islands
or the Northern Mariana Islands.
(4) "Institution of higher education" means any eligible
institution approved by the United
States department of education
pursuant to the "Higher
Education Act
of 1965," 79 Stat. 1219, as
amended, or any institution
whose
students are eligible for
financial assistance under any of the
programs described by
division (E) of this section.
(B) The chancellor shall, by rule,
specify the
form of
statements of selective service status to be
filed in
compliance
with divisions (C) to (F) of this section.
Each
statement of
selective service status shall contain a section
wherein a male
student born after December 31, 1959, certifies
that the student
has registered with the selective service
system
in
accordance
with the "Military Selective Service Act," 62 Stat.
604, 50 U.S.C.
App. 453, as amended. For
those students not
required to register
with the selective
service, as specified in
divisions
(A)(2)(b)(i) to (iv) of this
section, a section shall be
provided
on the statement of
selective service status for the
certification of nonregistration
and for an explanation of the
reason for the exemption. The
chancellor may
require that such
statements be accompanied
by documentation
specified by rule of
the chancellor.
(C) A state university or college that enrolls in any
course,
class, or program a male student born after December 31,
1959, who
has not filed a statement of selective service status
with the
university or college shall, regardless of the student's
residency, charge the student any tuition surcharge charged
students who are not residents of this state.
(D) No male born after December 31, 1959, shall be
eligible
to receive any loan, grant, scholarship, or other
financial
assistance for educational expenses granted under section
3315.33,
3333.12, 3333.122, 3333.21, 3333.22, 3333.26, 3333.27, 5910.03,
5910.032, or 5919.34 of the Revised Code, or financed by an award
under the choose Ohio first scholarship program established under
section 3333.61 of the Revised Code, or financed by an award
under the Ohio innovation partnership co-op/internship program
established under section 3333.72 of the Revised Code, unless that
person
has filed
a statement of selective service status with
that
person's
institution of higher education.
(E) If an institution of higher education receives a
statement from an individual certifying that the individual
has
registered with the selective service system in accordance with
the
"Military Selective Service Act," 62 Stat. 604, 50 U.S.C. App.
453, as amended or that the individual is exempt from
registration
for a
reason other than that the individual is under eighteen
years
of age, the institution shall not require the individual to
file any further
statements. If it receives a statement certifying
that the
individual is not required to register because the
individual
is under eighteen years of age, the institution shall
require the
individual to file a new statement of selective
service status
each time the individual seeks to enroll for a new
academic
term or makes
application for a new loan or loan
guarantee or for any form of
financial assistance for educational
expenses, until it receives
a statement certifying that the
individual has registered with
the selective service system or is
exempt from registration for a
reason other than that the
individual is under eighteen years
of age.
Sec. 3706.25. As used in sections 3706.25 to 3706.29 of the
Revised Code:
(A) "Advanced energy project" means any technologies,
products, activities, or management practices or strategies that
facilitate the generation or use of electricity and that reduce or
support the reduction of energy consumption or support the
production of clean, renewable energy for industrial,
distribution, commercial, institutional, governmental, research,
not-for-profit, or residential energy users including, but not
limited to, advanced energy resources and renewable energy
resources. "Advanced energy project" includes any project
described in division (A), (B), or (C) of section 4928.621 of the
Revised Code. "Advanced energy project" does not include any
project that uses coal.
(B) "Advanced energy resource" means any of the following:
(1) Any method or any modification or replacement of any
property, process, device, structure, or equipment that increases
the generation output of an electric generating facility to the
extent such efficiency is achieved without additional
carbon
dioxide emissions by that facility;
(2) Any distributed generation system consisting of customer
cogeneration of electricity and thermal output simultaneously,
primarily to meet the energy needs of the customer's facilities;
(3) Advanced nuclear energy technology consisting of
generation III technology as defined by the nuclear regulatory
commission; other, later technology; or significant improvements
to existing facilities;
(4) Any fuel cell used in the generation of electricity,
including, but not limited to, a proton exchange membrane fuel
cell, phosphoric acid fuel cell, molten carbonate fuel cell, or
solid oxide fuel cell;
(5) Advanced solid waste or
construction and demolition
debris conversion technology,
including, but not limited to,
advanced stoker technology, and
advanced fluidized bed
gasification technology, that results in
measurable greenhouse
gas emissions reductions as calculated
pursuant to the United
States environmental protection agency's
waste reduction model
(WARM).
(C) "Renewable energy resource" means solar photovoltaic
or
solar thermal energy, wind energy, power produced by a
hydroelectric facility, geothermal
energy,
fuel
derived from
solid wastes, as defined in section 3734.01 of
the
Revised Code,
through fractionation, biological decomposition,
or
other
process that does not principally involve combustion,
biomass
energy, biologically
derived
methane
gas, or energy
derived
from nontreated by-products of the
pulping
process or
wood
manufacturing process, including bark,
wood
chips,
sawdust, and
lignin in spent pulping liquors.
"Renewable
energy
resource"
includes, but is not limited to, any
fuel cell
used
in
the
generation of electricity, including, but not limited
to,
a
proton exchange membrane fuel cell, phosphoric acid fuel
cell,
molten carbonate fuel cell, or solid oxide fuel cell; wind turbine
located in the state's territorial waters of Lake Erie; storage
facility that will promote
the better utilization of a renewable
energy resource that primarily
generates off peak; or distributed
generation
system used by a
customer to generate
electricity
from
any such
energy. As used in this
division, "hydroelectric
facility" means a
hydroelectric
generating facility that is
located at a dam on a
river, or on
any water discharged to a
river, that is
within or
bordering this
state or within or
bordering an
adjoining state and meets all of
the
following
standards:
(1) The facility provides for river flows that are not
detrimental for fish, wildlife, and water quality, including
seasonal flow fluctuations as defined by the applicable licensing
agency for the facility.
(2) The facility demonstrates that it complies with the
water
quality standards of this state, which compliance may
consist of
certification under Section 401 of the "Clean Water
Act of 1977,"
91 Stat. 1598, 1599, 33 U.S.C. 1341, and
demonstrates that it has
not contributed to a finding by this
state that the river has
impaired water quality under Section
303(d) of the "Clean Water
Act of 1977," 114 Stat. 870, 33
U.S.C. 1313.
(3) The facility complies with mandatory prescriptions
regarding fish passage as required by the federal energy
regulatory commission license issued for the project, regarding
fish protection for riverine, anadromous, and catadromus fish.
(4) The facility complies with the recommendations of the
Ohio environmental protection agency and with the terms of its
federal energy regulatory commission license regarding watershed
protection, mitigation, or enhancement, to the extent of each
agency's respective jurisdiction over the facility.
(5) The facility complies with provisions of the "Endangered
Species Act of 1973," 87 Stat. 884, 16 U.S.C. 1531 to 1544, as
amended.
(6) The facility does not harm cultural resources of the
area. This can be shown through compliance with the terms of its
federal energy regulatory commission license or, if the facility
is not regulated by that commission, through development of a plan
approved by the Ohio historic preservation office, to the extent
it has jurisdiction over the facility.
(7) The facility complies with the terms of its federal
energy regulatory commission license or exemption that are related
to recreational access, accommodation, and facilities or, if the
facility is not regulated by that commission, the facility
complies
with similar requirements as are recommended by resource
agencies, to the extent they have jurisdiction over the facility;
and the facility provides access to water to the public
without
fee or charge.
(8) The facility is not recommended for removal by any
federal agency or agency of any state, to the extent the
particular agency has jurisdiction over the facility.
Sec. 3706.26. (A) The Ohio air quality development authority
may, with the approval of its executive director and the
affirmative vote of a majority of its members, request the
issuance of bonds under section 166.08 of the Revised Code for the
purpose of providing loans and grants for acquiring,
manufacturing, constructing, reconstructing, expanding, improving,
or equipping facilities or facility components by business and
industry in this state, entities and agencies of state and local
government, educational institutions, research organizations and
institutions, or any combination thereof, for energy production,
delivery, storage, conservation, and efficiency through advanced
energy projects. The authority may, with the approval of its
executive director and the affirmative vote of a majority of its
members, make such loans and provide such grants in the manner
provided for in section 166.30 of the Revised Code.
(B) The issuance of bonds for the purpose described in this
section is subject to the limitation established in division
(A)
of section 166.11 of the Revised Code.
Sec. 3706.27. (A) There is hereby created in the state
treasury the advanced energy research and development fund to
provide grants for advanced energy projects. There is hereby
created in the state treasury the advanced energy research and
development taxable fund to provide loans for advanced energy
projects.
(B)(1) The advanced energy research and development fund and
the advanced energy research and development taxable fund shall
consist of the proceeds of obligations issued under section 166.08
of the Revised Code. Money shall be credited to the respective
funds in the proportion that the executive director of the Ohio
air quality development authority, with the affirmative vote of a
majority of the members of the authority, determines appropriate.
(2) Any investment earnings from the money in the advanced
energy research and development fund and in the advanced energy
research and development taxable fund shall be credited to those
funds, respectively. Any repayment of loans made from money in the
advanced energy research and development taxable fund shall be
credited to the facilities establishment fund created in section
166.03 of the Revised Code.
(C) The director of budget and management shall establish and
maintain records or accounts for or within these funds in such a
manner as to show the amount credited to the funds pursuant to
section 166.08 of the Revised Code and that the amounts so
credited have been expended for the purposes set forth in Section
2p or 13 of Article VIII, Ohio Constitution, and sections 166.08,
166.30, and 3706.26 of the Revised Code.
Sec. 3706.28. (A) Determinations made by the executive
director
of the Ohio air quality development authority, with the
affirmative vote of a majority of the members of the authority,
that a particular project is an advanced energy project and is
consistent with Chapter 166. of the Revised Code and Section 2p
or 13 of Article VIII, Ohio Constitution, shall be conclusive as
to the validity and enforceability of the obligations issued to
finance such a project and of the authorizations, trust agreements
or indentures, loan agreements, or grant agreements, and other
agreements made in connection therewith, all in accordance with
their terms.
(B) Advanced energy
facilities for industry, commerce,
distribution, or research are hereby deemed to qualify
as
facilities for the control of air pollution and thermal
pollution
related to air under Section 2p or 13 of Article VIII,
Ohio
Constitution.
Sec. 3706.29. The Ohio air quality development authority
shall, in accordance with Chapter 119. of the Revised Code, adopt
any rules necessary to implement section 166.30 and sections
3706.25 to 3706.28 of the Revised Code.
Sec. 5537.141. Notwithstanding sections 5537.14 and 5537.28
of the Revised Code, the Ohio turnpike commission shall pay to the
state, for deposit into the state treasury to the credit of the
highway operating fund created in section 5735.291 of the Revised
Code, an annual amount determined by the director of budget and
management to be used for the purposes of that fund. The
obligation to make those payments shall be evidenced by an
agreement between the commission, the office of budget and
management, and the department of transportation. The agreement
shall be entered into not later than September 30, 2008, and
shall,
at a minimum, set forth all of the following:
(A) The obligation of the commission to make those payments
from revenues available after satisfying its debt obligations and
covenants under any outstanding bond proceedings;
(B) The amount due and payable in each calendar year,
which
amount shall not exceed twenty million dollars;
(C) A schedule for making periodic payments during the year
and the manner in which those payments are to be made;
(D) A termination date for the agreement, which date shall
not be later than December 31, 2030.
Sec. 5725.151. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a refundable nonrefundable credit
against the tax imposed by section 5707.03 and assessed under
section 5725.15 of the Revised Code for a dealer in intangibles
subject to that tax that is a certificate owner of a
rehabilitation tax credit certificate issued under section 149.311
of the Revised Code. The credit shall equal twenty-five per cent
of the dollar amount indicated on the certificate, but the amount
of the credit allowed for any dealer for any year shall not exceed
five million dollars. The credit shall be claimed in the calendar
year specified in the certificate but a dealer may carry forward
any credit amount in excess of the tax assessed for that year, and
shall deduct the amount of the excess credit allowed for that year
from the balance carried forward to the next year. The credit may
be carried forward for not more than five years following the year
for which the credit is first claimed.
(C) A dealer in intangibles claiming a credit under this
section shall retain the rehabilitation tax credit certificate for
four years following the end of the year in which the credit was
claimed, and shall make the certificate available for inspection
by the tax commissioner upon the request of the tax commissioner
during that period.
(D) For the purpose of division (C) of section 5725.24 of the
Revised Code, reductions in the amount of taxes collected on
account of credits allowed under this section shall be applied to
reduce the amount credited to the general revenue fund and shall
not be applied to reduce the amount to be credited to the
undivided local government funds of the counties in which such
taxes originate.
Sec. 5733.47. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a refundable credit against the tax
imposed under section 5733.06 of the Revised Code for a taxpayer
that is a certificate owner of a rehabilitation tax credit
certificate issued under section 149.311 of the Revised Code. The
credit shall equal twenty-five per cent of the dollar amount
indicated on the certificate, but shall not exceed five
million
dollars. The credit shall be claimed for
the tax
year specified
in the certificate and in the order
required under
section
5733.98 of the Revised Code. For purposes of making tax payments
under
this chapter,
taxes equal to the amount of the refundable
credit
shall be
considered to be paid to the state on the first
day of
the tax
year.
(C) A taxpayer claiming a credit under this section shall
retain the rehabilitation tax credit certificate for four years
following the end of the tax year to which the credit was applied,
and shall make the certificate available for inspection by the tax
commissioner upon the request of the tax commissioner during that
period.
(D) If, pursuant to division (G) of section 5733.01 of the
Revised Code, a taxpayer no longer pays a tax under this chapter,
the taxpayer may nonetheless file an annual report under section
5733.02 of the Revised Code and claim the refundable credit
authorized by this section. Nothing in this division allows a
taxpayer to claim the credit under this section more than once.
Sec. 5747.76. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a refundable nonrefundable credit
against the tax
imposed under section 5747.02 of the Revised Code
for a taxpayer
that is the certificate owner of a rehabilitation
tax credit
certificate issued under section 149.311 of the
Revised Code. The
credit shall equal twenty-five per cent of the
dollar amount
indicated on the certificate, but the amount of
credit allowed for
any taxpayer shall not
exceed five million
dollars. The credit shall be claimed for the
taxable year
specified in the certificate and in the order
required under
section 5747.98 of the Revised Code. For purposes
of making tax
payments under this chapter, taxes equal to the
amount of the
refundable credit shall be considered to be paid to
the state on
the first day of the taxable year.
(C) Nothing in this section limits or disallows pass-through
treatment of the credit if the certificate owner is a pass-through
entity. If the certificate owner is a pass-through entity, the
amount of the credit allowed for the pass-through entity shall not
exceed five million dollars.
(D) If the credit allowed for any taxable year exceeds the
tax otherwise due under section 5747.02 of the Revised Code, after
allowing for any other credits preceding the credit in the order
prescribed by section 5747.98 of the Revised Code, the taxpayer
may carry forward the excess for not more than five taxable years
following the taxable year for which the credit is claimed, and
shall deduct the excess credit allowed in any such year from the
balance carried forward to the next taxable year.
(E) A taxpayer claiming a credit under this section shall
retain the rehabilitation tax credit certificate for four years
following the end of the taxable year to which the credit was
applied, and shall make the certificate available for inspection
by the tax commissioner upon the request of the tax commissioner
during that period.
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 low-income credit under section 5747.056 of the
Revised Code;
(9) The credit for displaced workers who pay for job
training
under section 5747.27 of the Revised Code;
(10) The campaign contribution credit under section
5747.29
of
the Revised Code;
(11) The twenty-dollar personal exemption credit under
section 5747.022 of the Revised Code;
(12) The joint filing credit under division (G) of
section
5747.05 of the Revised Code;
(13) The nonresident credit under division (A) of
section
5747.05 of the Revised Code;
(14) The credit for a resident's out-of-state income
under
division (B) of section 5747.05 of the Revised Code;
(15) The credit for employers that enter
into agreements
with
child day-care centers under section 5747.34 of the
Revised
Code;
(16) The credit for employers that reimburse employee
child
care expenses under section 5747.36 of the Revised Code;
(17) The credit for adoption of a minor child under section
5747.37 of the Revised Code;
(18) The credit for purchases of lights and reflectors under
section
5747.38 of the Revised Code;
(19)
The job retention credit under division (B) of section
5747.058 of the Revised Code;
(20) The credit for
selling alternative fuel under section
5747.77 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 ethanol plant investment credit under section
5747.75 of the Revised Code;
(27) The nonrefundable credit for rehabilitating a historic
building under section 5747.76 of the Revised Code;
(28) The credit for purchases of qualifying grape
production
property under section 5747.28 of the Revised Code;
(28)(29) The export sales credit under section 5747.057 of
the
Revised Code;
(29)(30) The credit for research and development and
technology
transfer investors under section 5747.33 of the Revised
Code;
(30)(31)
The enterprise zone credits under
section 5709.65
of
the
Revised Code;
(31)(32) The research and development credit under section
5747.331 of the Revised Code;
(32)(33) The refundable credit for rehabilitating a historic
building under section 5747.76 of the Revised Code;
(33)(34) The refundable jobs creation credit
under
division
(A)
of section
5747.058 of the Revised Code;
(34)(35) The refundable credit for taxes paid by a
qualifying
entity granted under section 5747.059 of the Revised
Code;
(35)(36) The refundable credits for taxes paid by a
qualifying
pass-through
entity granted under division (J) of
section 5747.08
of the Revised Code;
(36)(37) The refundable credit for tax withheld under
division
(B)(1) of section 5747.062 of the Revised Code;
(37)(38) The refundable credit under section 5747.80 of the
Revised Code for losses on loans made to the Ohio venture
capital
program under sections 150.01 to 150.10 of the Revised
Code.
(B) For any credit, except the credits enumerated
in
divisions (A)(32)(33) to (37)(38) 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 149.311, 166.01, 166.02,
166.08, 166.11, 184.02, 1555.03, 3333.38, 3333.68, 3333.69,
3333.70, 3345.32, 5725.151, 5733.47, 5747.76, and 5747.98 of the
Revised Code are hereby repealed.
Section 3. (A) Except as provided in division (B) of this
section, the amendment by this act of sections 149.311, 5725.151,
5733.47, 5747.76, and 5747.98 of the Revised Code applies only to
the application periods beginning July 1, 2009, and July 1, 2010,
and to tax credits allowed under rehabilitation tax credit
certificates issued for applications filed for those
application
periods. Those sections as they existed before their
amendment by
this act apply to the application period beginning
July 1, 2007,
and ending June 30, 2008, and to tax credits allowed
under
rehabilitation tax credit certificates issued for
applications
filed for that application period.
(B) The amendment by this act of division (A)(9) of section
149.311 of the Revised Code, eliminating the application period
beginning July 1, 2008, and ending June 30, 2009, takes effect
when this act becomes law. The State Historic Preservation Officer
shall not accept applications for that period, and the
Director
of Development shall not issue any rehabilitation tax
credit
certificates for that period.
Section 4. The amendment by this act of sections 149.311,
5725.151, 5733.47, 5747.76, and 5747.98 of the Revised Code and
the enactment of Section 3 of this act provide for or are
essential to the implementation of a tax levy. Therefore, under
Ohio Constitution, Article II, Section 1d, the amendment and
enactment are not subject to the referendum and go into immediate
effect when this act becomes law.
Section 5. All items in this section are hereby appropriated
as designated out of any moneys in the state treasury to the
credit of the designated fund that are not otherwise appropriated.
For all appropriations made in this section, those in the first
column are for fiscal year 2008 and those in the second column are
for fiscal year 2009. The appropriations made in this section are
in addition to any other appropriations made for the FY 2008-FY
2009
biennium.
AIR AIR QUALITY DEVELOPMENT AUTHORITY
Coal Research/ Development Fund Group
7046 |
898604 |
|
Coal Research and Development Fund |
|
$ |
0 |
|
$ |
66,000,000 |
TOTAL 7046 Coal Research/Development Fund Group |
|
$ |
0 |
|
$ |
66,000,000 |
TOTAL ALL BUDGET FUND GROUPS |
|
$ |
0 |
|
$ |
66,000,000 |
DEV DEPARTMENT OF DEVELOPMENT
State Special Revenue Fund Group
5Z30 |
195694 |
|
JF Bioproducts |
|
$ |
0 |
|
$ |
20,000,000 |
5Z30 |
195695 |
|
JF Biomedical |
|
$ |
0 |
|
$ |
40,000,000 |
TOTAL SSR State Special Revenue Fund Group |
|
$ |
0 |
|
$ |
60,000,000 |
Logistics and Distribution Infrastructure Fund Group
7008 |
195698 |
|
Logistics and Distribution Infrastructure |
|
$ |
0 |
|
$ |
50,000,000 |
TOTAL 7008 Logistics and Distribution Infrastructure Fund Group |
|
$ |
0 |
|
$ |
50,000,000 |
TOTAL ALL BUDGET FUND GROUPS |
|
$ |
0 |
|
$ |
110,000,000 |
The foregoing appropriation item 195694, JF Bioproducts,
shall be used for the Ohio Bioproducts Development Program
established in section 184.25 of the Revised Code.
The foregoing appropriation item 195695, JF Biomedical,
shall be used for the Ohio Biomedical Development Program
established in section 184.26 of the Revised Code.
LOGISTICS AND DISTRIBUTION INFRASTRUCTURE
The foregoing appropriation item 195698, Logistics and
Distribution Infrastructure, shall be used for eligible logistics
and distribution projects as defined in section 166.01 of the
Revised Code.
Within the limits set forth in this section, the Director of
Budget and Management shall establish accounts indicating the
source and amount of funds for each appropriation made in this
section, and shall determine the form and manner in which
appropriation accounts shall be maintained. Expenditures from
appropriations contained in this section shall be accounted for as
though made in Am. Sub. H.B. 119 of the 127th General Assembly.
The appropriations made in this section are subject to all
provisions of Am. Sub. H.B. 119 of the 127th General Assembly that
are generally applicable to such appropriations.
Section 6. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate $20,000,000 in
fiscal year 2010 and $10,000,000 in
fiscal year 2011 for the
purposes of the Ohio Bioproducts
Development Program established
in section 184.25 of the Revised
Code.
Section 7. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate $40,000,000 in
fiscal year 2010 and
$20,000,000 in
fiscal year 2011 for the
purposes of the Ohio
Biomedical
Development Program established
in section 184.26 of
the Revised
Code.
Section 8. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate $80 million in
fiscal year 2012 out of moneys transferred from the
Jobs Fund
(Fund 5Z30), created by Section 4 of Sub. H.B. 544 of the 127th
General Assembly, to the Local Infrastructure Development Fund
(Fund 7039) created by section 164.28 of the Revised Code for use
by the Public Works Commission for capital improvement projects
under Chapter 164.
of the Revised Code.
Section 9. On June 30, 2011, or as soon as possible
thereafter, the Director of Budget and Management shall transfer
the cash balance in the Jobs Fund (Fund 5Z30) to the General
Revenue Fund. Upon completion of the transfer, the Jobs Fund (Fund
5Z30) is abolished.
Section 10. On or before June 30, 2013, or as soon as
possible
thereafter, the Director of the Public Works Commission
shall notify the Director of Budget and Management that all
projects funded by the Local Infrastructure Development Fund (Fund
7039) have been completed and the Director of Budget and
Management shall transfer
the cash balance remaining in the Local
Infrastructure Development Fund
(Fund 7039) to the General
Revenue Fund. Upon completion of the
transfer, the Local
Infrastructure Development Fund (Fund 7039) is
abolished.
Section 11. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate $25,000,000 for
fiscal
year 2010 and $25,000,000 for
fiscal year 2011 for
eligible
logistics and distribution
infrastructure projects as
defined in section 166.01 of the
Revised Code.
Section 12. The Ohio Public Facilities Commission, upon the
request of
the Director of the Ohio Coal Development Office of
the Ohio Air
Quality Development Authority with the advice of the
Technical
Advisory Committee created in section 1551.35 of the
Revised Code
and the affirmative vote of a majority of the
members of the
Ohio Air Quality
Development Authority, is hereby
authorized to
issue and sell, in
accordance with Section 15 of
Article VIII,
Ohio Constitution, and
Chapter 151. and
particularly sections
151.01 and 151.07 of the
Revised Code,
bonds and other
obligations of the State of Ohio in
an aggregate
principal amount
not to exceed $66,000,000 in
addition to the
issuance of
obligations heretofore authorized by
prior acts of
the General
Assembly. The obligations shall be
dated, issued,
and sold from
time to time in such amounts as may
be necessary
to provide
sufficient moneys to the credit of the
Coal Research
and
Development Fund created in section 1555.15 of
the Revised
Code
to pay costs charged to the fund when due.
Section 13. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate $100,000,000 in
fiscal year 2010 and $100,000,000 in
fiscal year 2011 for use by
the Public Works Commission for the
Local Transportation
Improvement Program established in section
164.14 of the Revised
Code. The appropriations will be supported
by periodic transfers
of cash made by the Director of Budget and
Management
from the
Highway Operating Fund created in section 5735.291 of the
Revised
Code to the Local Transportation Improvement Program Fund
created
in section 164.14 of the Revised Code. These
appropriations
are
in addition to any other appropriations that
may be made for
this purpose.
Section 14. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate from the Highway
Capital Improvement Fund created in
section 5528.53 of the
Revised Code $100,000,000 in fiscal year
2010 and $100,000,000 in
fiscal year 2011 for highway capital
facilities and projects.
Those appropriations will be supported by
the issuance of general
obligations authorized for that purpose
under Article VIII,
Section 2m of the Ohio Constitution. These
appropriations are in
addition to any other appropriations that
may be made for this
purpose.
Section 15. All items set forth in this section are hereby
appropriated out of any moneys in the state treasury, for the
biennium ending on June 30, 2010, to the credit of the Advanced
Energy Research and Development Taxable Fund (Fund 7004) that are
not otherwise appropriated:
AIR AIR QUALITY DEVELOPMENT AUTHORITY
C89800 |
|
Advanced Energy R&D Taxable |
|
$ |
9,000,000 |
Total Air Quality Development Authority |
|
$ |
9,000,000 |
TOTAL Advanced Energy Research and Development |
|
|
|
Taxable Fund |
|
$ |
9,000,000 |
The foregoing appropriation item C89800, Advanced Energy R&D
Taxable, shall be used for advanced energy projects in the manner
provided in sections
3706.25 to 3706.29 of the Revised Code. The
Executive Director of the Air Quality
Development Authority may
certify to the Director of Budget and
Management that a need
exists to appropriate investment earnings
of Fund 7004 to be so
used. If the Director of Budget and
Management, pursuant to
sections 3706.25 to 3706.29 of the
Revised Code, determines that
investment earnings are available to
support additional
appropriations, such amounts are hereby
appropriated.
Expenditures from appropriations contained in this section
may be accounted as though made in the main capital appropriations
act of the FY 2009-FY 2010 biennium of the 127th General Assembly.
The appropriations made in this section are subject to all
provisions of the FY 2009-FY 2010 biennial capital appropriations
act of the 127th General Assembly that are generally applicable to
such appropriations.
Section 16. All items set forth in this section are hereby
appropriated out of any moneys in the state treasury, for the
biennium ending on June 30, 2010, to the credit of the Advanced
Energy Research and Development Fund (Fund 7005) that are not
otherwise appropriated:
AIR AIR QUALITY DEVELOPMENT AUTHORITY
C89801 |
|
Advanced Energy R&D |
|
$ |
19,000,000 |
Total Air Quality Development Authority |
|
$ |
19,000,000 |
TOTAL Advanced Energy Research and Development |
|
|
|
Fund |
|
$ |
19,000,000 |
The foregoing appropriation item C89801, Advanced Energy R&D,
shall be used for advanced energy projects in the manner provided
in sections 3706.25 to 3706.29 of
the Revised Code. The Executive
Director of the Air Quality Development
Authority may certify to
the Director of Budget and Management
that a need exists to
appropriate investment earnings of Fund 7005
to be so used. If
the Director of Budget and Management, pursuant
to sections
3706.25 to 3706.29 of the Revised Code,
determines that
investment earnings are available to support
additional
appropriations, such amounts are hereby appropriated.
Expenditures from appropriations contained in this section
may be accounted as though made in the main capital appropriations
act of the FY 2009-FY 2010 biennium of the 127th General Assembly.
The appropriations made in this section are subject to all
provisions of the FY 2009-FY 2010 biennial capital appropriations
act of the 127th General Assembly that are generally applicable to
such appropriations.
Section 17. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate amounts not to
exceed $56 million for the biennium
ending on June 30, 2012, from
bond proceeds deposited in the state
treasury to the credit of
the Advanced Energy Research and
Development Taxable Fund (Fund
7004) and the Advanced Energy
Research and Development Fund (Fund
7005) for advanced energy
projects and projects that use
sustainable resources as provided
in sections 3706.25 to 3706.29
of the Revised Code.
Section 18. All items set forth in this section are hereby
appropriated out of any moneys in the state treasury, for the
biennium ending on June 30, 2010, to the credit of the State
Capital
Improvements Fund (Fund 7038) that are not otherwise
appropriated.
PWC PUBLIC WORKS COMMISSION
C15000 |
|
Local Public Infrastructure |
|
$ |
120,000,000 |
Total Public Works Commission |
|
$ |
120,000,000 |
TOTAL State Capital Improvements Fund |
|
$ |
120,000,000 |
The foregoing appropriation item C15000, Local Public
Infrastructure, shall be used in accordance with sections 164.01
to 164.12 of the Revised Code. The Director of the Public Works
Commission may certify to the Director of Budget and Management
that a need exists to appropriate investment earnings of Fund 7038
to be used in accordance with sections 164.01 to 164.12 of the
Revised Code. If the Director of Budget and Management,
pursuant
to division (D) of section 164.08 and section 164.12 of
the
Revised Code, determines that investment earnings are available to
support
additional appropriations, such amounts are hereby
appropriated.
Expenditures from appropriations contained in this section
may be accounted as though made in the main capital appropriations
act of the FY 2009-FY 2010 biennium of the 127th General Assembly.
The appropriations made in this section are subject to all
provisions of the FY 2009-FY 2010 biennial capital appropriations
act of the 127th General Assembly that are generally applicable to
such appropriations.
Section 19. The Ohio Public Facilities Commission is hereby
authorized to issue and sell, in accordance with Section 2p of
Article VIII, Ohio Constitution, and pursuant to sections 151.01
and 151.08 of the Revised Code, original obligations of the state,
in an aggregate principal amount not to exceed $120,000,000, in
addition to the original obligations heretofore authorized by
prior acts of the General Assembly. These authorized obligations
shall be issued and sold from time to time, subject to applicable
constitutional and statutory limitations, as needed to ensure
sufficient moneys to the credit of the State Capital Improvements
Fund (Fund 7038) to pay costs of the state in financing or
assisting in the financing of local subdivision capital
improvement projects.
Section 20. CAPITAL RELEASE BY THE DIRECTOR OF BUDGET AND
MANAGEMENT
Notwithstanding section 126.14 of the Revised Code,
appropriations from the State Capital Improvement Fund (Fund 7038)
shall be released upon presentation of a request to release the
funds by the Director of the Public Works Commission to the
Director of Budget and Management.
Section 21. The Governor has informed the General Assembly of
the Governor's intent to propose appropriations, and it is the
intent of the General Assembly to
appropriate,
for
the Ohio
Innovation Partnership
Co-op/Internship
Program
established
under section 3333.72 of
the Revised Code a
minimum
of
$50,000,000 each fiscal
year from
fiscal year 2010
through
fiscal year 2014.
Section 22. The amendments to section 184.02 and enactments
of sections 184.23, 184.24, 184.25, and 184.26 of the Revised Code
are hereby repealed, effective June 30, 2011.
Section 23. The enactment of section 164.28 of the Revised
Code is hereby repealed, effective June 30, 2013.
Section 24. The amendment or enactment by this act of a
codified or uncodified section listed below is exempt from the
referendum under Ohio Constitution, Article II, Section 1d and
section 1.471 of the Revised Code and takes effect immediately
when this act becomes law:
Sec. 164.28, 166.01, 166.02, 166.08, 166.11, 166.25, 166.26,
166.30, 184.02, 184.23, 184.24, 184.25, 184.26, 1555.03
|