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Sub. S. B. No. 1 As Reported by the Senate Finance and Financial Institutions CommitteeAs Reported by the Senate Finance and Financial Institutions Committee
128th General Assembly | Regular Session | 2009-2010 |
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Cosponsors:
Senators Carey, Stewart, Widener
A BILL
To amend sections 122.151, 133.52, 151.01, 151.09,
151.40, and 164.28
of the Revised Code and to
amend Sections 217.10,
217.11, 239.10, 241.10,
243.10, and 243.11 of Am.
Sub. H.B. 562 of the
127th General Assembly to
implement the
additional debt authority for
conservation and
revitalization programs provided
by Section 2q of
Article VIII of the Ohio
Constitution, to
authorize the issuance of that
debt, to increase
the technology investment tax credit, to make new
appropriations for the purpose
of continuing
programs established by Am. Sub.
H.B. 554 of the
127th General Assembly, the
Bipartisan Job
Stimulus Act, to allocate
certain funds for
broadband initiative projects and to provide
that
such funding allocation provisions of this act
terminate on
June
30, 2013, when section 164.28
of the Revised Code is
repealed on
that date,
and to declare an
emergency.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 122.151, 133.52, 151.01, 151.09,
151.40, and 164.28
of the Revised Code be amended to read as
follows:
Sec. 122.151. (A) An investor who proposes to make an
investment of
money in an
Ohio entity may apply to an Edison
center
for a tax credit under this section. The Edison center
shall
prescribe the form of the application and any information
that the investor
must submit with the application. The
investor
shall include with the application a fee of two hundred
dollars.
The center, within three weeks after receiving the
application,
shall review it, determine whether the
investor should be
recommended
for the tax credit, and send written notice of its
initial
determination to the industrial technology and enterprise
advisory
council and
to the investor. If the center determines the
investor should not be
recommended for the tax credit, it
shall
include in the notice the reasons for the
determination. Subject
to divisions
(C) and
(D) of this section, an
investor is eligible
for a tax credit if all of the following
requirements are met:
(1) The investor's investment of money is in an Ohio entity
engaged in
a
qualified trade or business.
(2) The Ohio entity had
less than two million five hundred
thousand dollars of gross revenue during
its most recently
completed fiscal year or had a net book value
of less than two
million five hundred thousand dollars at the end of that
fiscal
year.
(3) The investment takes the form of the purchase of
common
or preferred stock, a membership interest, a partnership
interest,
or any other ownership interest.
(4) The amount of the investment for which the credit is
being claimed
does not exceed
three hundred thousand dollars in
the case of an investment in an EDGE business enterprise or in an
Ohio entity located in a distressed area, or two hundred fifty
thousand dollars in the case of an investment in any other Ohio
entity.
(5) The money invested is entirely at risk of loss, where
repayment depends upon the success of the business operations of
the Ohio entity.
(6) No repayment of
principal invested will be
made for
at
least three years from the date the investment is made.
(7) The annual combined amount of any dividend and interest
payments
to be made to
the investor will not exceed ten per cent
of the amount of the
investment
for at least three years from the
date the investment is made.
(8) The investor is not an
employee with proprietary
decision-making authority of the
Ohio entity in which the
investment of money is proposed, or related to such an
individual.
The Ohio entity is
not an individual related to
the investor. For
purposes of this
division, the industrial technology and
enterprise advisory
council shall define "an employee with
proprietary
decision-making authority."
(9) The investor is not an insider.
For the purposes of determining the net book value of an
Ohio
entity under division
(A)(1) or (2) of this section, if the entity
is a member of an affiliated group, the combined net book values
of all of the
members of that affiliated group shall be used.
Nothing in division
(A)(6) or (7) of this section
limits or
disallows the distribution to an investor in a
pass-through entity
of a portion of the entity's profits
equal to the investor's
federal, state, and local income tax
obligations attributable to
the investor's allocable share of
the entity's profits. Nothing in
division (A)(6) or (7) of this
section limits or disallows the
sale by an investor of part or all of the
investor's interests in
an Ohio
entity by way of a public offering of shares in the
Ohio
entity.
(B) A group of two but not
more than twenty investors, each
of whom proposes to make an investment
of money in
the same Ohio
entity, may submit an
application for tax credits under division
(A) of this section. The group
shall include with the application
a fee of eight hundred dollars. The
application shall identify
each investor in the group and the amount of money each investor
proposes
to invest in the Ohio entity,
and shall name a contact
person for the group. The Edison center,
within three weeks after
receiving the application,
shall review it, determine whether each
investor of the
group should be recommended
for a tax credit under
the conditions set forth in
division (A) of this section,
and send
written notice of its
determination to the industrial technology
and enterprise advisory
council and
to the contact person. The
center shall not recommend that a group of
investors receive a tax
credit unless each investor is eligible under those
conditions.
The center may disqualify from a group
any investor who is not
eligible under the conditions and recommend that the
remaining
group of investors receive the tax credit. If the center
determines the group
should not be recommended for the tax credit,
it shall include in the notice
the reasons for the determination.
(C) The industrial technology and enterprise advisory
council
shall
establish from among its members a three-person
committee.
Within four
weeks after the council receives a notice of
recommendation from an
Edison center, the committee shall review
the
recommendation and issue a final determination of whether the
investor or
group
is eligible for a tax credit under the
conditions set forth in division
(A) of this section. The
committee may require the
investor or
group to submit additional
information to support the application. The vote
of
at least two
members of the committee is necessary
for the
issuance of a
final
determination or any other action of the
committee. Upon making
the
final determination, the committee shall send
written notice
of approval or
disapproval of the tax credit to the investor or
group contact
person,
the
director of development, and
the Edison
center. If the committee disapproves
the tax credit,
it shall
include in the notice the reasons for the disapproval.
(D)(1) The industrial technology and enterprise advisory
council
committee shall not approve more than one million
five
hundred thousand dollars of investments in any one
Ohio entity.
However, if a
proposed investment of money in an Ohio
entity has
been approved but the investor does not actually make
the
investment, the committee may reassign the
amount of that
investment to another investor, as long as the total amount
invested in the entity under this section does not exceed one
million five hundred thousand dollars.
If the one-million-five-hundred-thousand-dollar limit for an
Ohio entity has not yet been
reached and an application proposes
an investment of money that would
exceed the limit for that
entity, the committee
shall
send written notice to the investor,
or for a group, the
contact
person, that the investment cannot be
approved as requested.
Upon receipt of the notice, the investor
or group may amend the
application to propose an investment of
money that does not exceed the
limit.
(2) Not more than thirty forty-five million dollars of tax
credits
shall be issued under sections 122.15 to 122.154 of the
Revised
Code.
(E) If an investor makes an approved investment of less than
two hundred fifty thousand dollars in any Ohio entity other than
an EDGE business enterprise or in an Ohio entity located in a
distressed area, the investor may apply for
approval of another
investment of money in that entity, as long as the
total amount
invested in that entity by the investor under this section does
not exceed two hundred fifty thousand dollars. If an investor
makes an approved investment of less than three hundred thousand
dollars in an EDGE business enterprise or in an Ohio entity
located in a distressed area, the investor may apply for approval
of another investment of money in that entity, as long as the
total amount invested in that entity by the investor under this
section does not exceed three hundred thousand dollars. An
investor who
receives approval of an investment of money as part
of a group may
subsequently apply on an individual basis for
approval of an
additional investment of money in the Ohio entity.
(F) The industrial technology and enterprise advisory council
committee shall approve or disapprove tax credit
applications
under this section in the order in which they are received by the
council.
(G) The director of development may disapprove any
application recommended by
an
Edison center and approved by the
industrial technology and enterprise advisory
council committee,
or may disapprove a
credit for which a tax credit certificate has
been issued under section
122.152
of the Revised
Code, if the
director determines that the
entity in which the applicant
proposes to invest or has invested is not an
Ohio entity eligible
to receive investments
that qualify for the credit. If the
director disapproves an application, the
director shall certify
the action to the investor, the
Edison center that recommended the
application, the industrial technology and enterprise advisory
council, and the
tax commissioner, together with a written
explanation of the reasons for the
disapproval. If the director
disapproves a tax credit after a tax credit
certificate is issued,
the investor shall not claim the credit for the taxable
year that
includes the day the director disapproves the credit, or for any
subsequent taxable year.
The director of development, in accordance with section
111.15 of the Revised Code and
with the advice of the industrial
technology and enterprise advisory council,
may adopt, amend, and
rescind rules necessary to implement sections 122.15
to 122.154 of
the Revised Code.
(H) An Edison center shall use application
fees received
under this section only for the costs of administering sections
122.15 to 122.154 of the Revised Code.
Sec. 133.52. A county, municipal corporation, or township may
issue or incur public obligations, including general obligations,
to provide, or assist in providing, grants, loans, loan
guarantees, or contributions for conservation and revitalization
purposes pursuant to Section Sections 2o and 2q of Article VIII,
Ohio
Constitution.
Sec. 151.01. (A) As used in sections 151.01 to
151.11 and
151.40 of
the Revised Code
and
in the applicable bond
proceedings
unless
otherwise provided:
(1)
"Bond proceedings" means the resolutions, orders,
agreements, and
credit enhancement facilities, and amendments and
supplements to
them, or any one or more or combination of them,
authorizing,
awarding, or providing for the terms and conditions
applicable to
or providing for the security or liquidity of, the
particular
obligations, and the provisions contained in those
obligations.
(2)
"Bond service fund" means the respective bond service
fund
created by section 151.03, 151.04, 151.05, 151.06, 151.07,
151.08, 151.09, 151.10, 151.11, or 151.40 of the
Revised Code, and
any accounts in
that fund,
including all
moneys and investments,
and earnings from
investments, credited
and to be credited to that
fund and accounts
as and to the extent
provided in the applicable
bond proceedings.
(3)
"Capital facilities" means capital facilities or
projects
as
referred to in section 151.03, 151.04, 151.05, 151.06,
151.07,
151.08, 151.09, 151.10, 151.11, or 151.40
of the Revised Code.
(4)
"Costs of capital facilities" means the costs of
acquiring,
constructing, reconstructing, rehabilitating,
remodeling,
renovating, enlarging, improving, equipping, or
furnishing capital
facilities, and of the financing of those
costs.
"Costs of capital
facilities" includes, without
limitation,
and in addition to costs
referred to in section
151.03, 151.04,
151.05, 151.06, 151.07,
151.08, 151.09, 151.10, 151.11, or 151.40
of the
Revised
Code, the cost of
clearance and preparation of the
site
and of any
land to be used
in connection with capital
facilities,
the cost of
any indemnity
and surety bonds and
premiums on
insurance, all
related direct
administrative expenses
and
allocable portions of
direct costs of
the issuing authority,
costs
of engineering and
architectural
services, designs, plans,
specifications, surveys,
and estimates
of cost, financing costs,
interest on obligations
from their date
to the time when interest
is to be paid from
sources other than
proceeds of obligations,
amounts necessary to
establish any
reserves as required by the
bond proceedings, the
reimbursement of
all moneys advanced or
applied by or borrowed
from any person or
governmental agency or
entity for the payment
of any item of costs
of capital facilities,
and all other expenses
necessary or
incident to planning or
determining feasibility or
practicability
with respect to capital
facilities, and such other
expenses as may
be necessary or
incident to the acquisition,
construction,
reconstruction,
rehabilitation, remodeling,
renovation,
enlargement, improvement,
equipment, and furnishing of
capital
facilities, the financing of
those costs, and the placing
of the
capital facilities in use and
operation, including any one,
part
of, or combination of those
classes of costs and expenses. For purposes of sections 122.085 to
122.0820 of the Revised Code, "costs of capital facilities"
includes "allowable costs" as defined in section 122.085 of the
Revised Code.
(5)
"Credit enhancement facilities,"
"financing costs," and
"interest" or
"interest equivalent" have the same meanings as in
section 133.01 of the Revised Code.
(6)
"Debt service" means principal, including any mandatory
sinking fund or redemption requirements for retirement of
obligations, interest and other accreted amounts, interest
equivalent, and any redemption premium, payable on obligations.
If
not prohibited by the applicable bond proceedings, debt service
may
include costs relating to credit enhancement facilities that
are
related to and represent, or are intended to provide a source
of
payment
of or limitation on, other debt service.
(7)
"Issuing authority" means the Ohio public facilities
commission created in section 151.02 of the Revised Code
for
obligations issued under section 151.03, 151.04, 151.05,
151.07,
151.08, 151.09, 151.10, or 151.11
of the
Revised Code, or
the
treasurer of state,
or the
officer who
by law performs the
functions of
that office,
for
obligations
issued under section
151.06 or 151.40
of the
Revised Code.
(8)
"Net proceeds" means amounts received from the sale of
obligations, excluding amounts used to refund or retire
outstanding
obligations, amounts required to be deposited into
special funds
pursuant to the applicable bond proceedings, and
amounts to be
used to pay financing costs.
(9)
"Obligations" means bonds, notes, or other evidences of
obligation of the state, including any appertaining interest
coupons, issued
under Section 2k, 2l, 2m, 2n, 2o, 2p, 2q, or 15 of
Article
VIII, Ohio Constitution, and
pursuant to sections 151.01
to
151.11 or
151.40
of the
Revised Code
or other general assembly
authorization.
(10)
"Principal amount" means the aggregate of the amount as
stated or provided for in the applicable bond proceedings as the
amount on which interest or interest equivalent on particular
obligations is initially calculated. Principal amount does not
include any premium paid to the state by the initial purchaser of
the obligations.
"Principal amount" of a capital appreciation
bond, as defined in division (C) of section 3334.01 of the Revised
Code, means its face amount, and "principal amount" of a zero
coupon bond, as defined in division (J) of section 3334.01 of the
Revised Code, means the discounted offering price at which the
bond is initially sold to the public, disregarding any purchase
price discount to the original purchaser, if provided for pursuant
to the bond proceedings.
(11)
"Special funds" or
"funds," unless the context
indicates
otherwise, means the bond service fund, and any other
funds,
including any reserve funds, created under the bond
proceedings
and
stated to be special funds in those proceedings,
including
moneys
and investments, and earnings from investments,
credited
and to be
credited to the particular fund. Special funds
do not
include the
school building program assistance fund created
by
section 3318.25
of the Revised Code, the higher education
improvement fund created
by division (F) of section 154.21 of the
Revised Code, the highway
capital improvement bond fund created by
section 5528.53 of the Revised Code,
the state parks
and natural
resources fund created
by section 1557.02 of the Revised Code, the
coal research and
development fund created by section 1555.15 of
the Revised Code,
the clean Ohio conservation fund created by
section 164.27 of the Revised Code, the clean Ohio revitalization
fund created by section 122.658 of the Revised Code, the job ready
site development fund created by section 122.0820 of the Revised
Code, the third frontier research and development fund created by
section 184.19 of the Revised Code, the third frontier research
and development taxable bond fund created by section 184.191 of
the Revised Code,
or other
funds created by the bond proceedings
that are not stated
by those
proceedings to be special funds.
(B) Subject to
Section 2l, 2m, 2n,
2o, 2p, 2q, or 15, and
Section
17, of
Article VIII, Ohio Constitution, the state, by the
issuing
authority, is authorized to issue and sell, as provided in
sections 151.03 to
151.11 or 151.40 of the Revised Code,
and in
respective
aggregate principal amounts as from time to time
provided or
authorized by the general assembly, general
obligations of this
state for the purpose of paying costs of
capital facilities or
projects identified by or pursuant to
general assembly action.
(C) Each issue of obligations shall be authorized by
resolution
or order of the issuing authority. The bond
proceedings
shall provide for
or authorize the manner for
determining the
principal amount or
maximum principal amount of
obligations of an
issue, the principal
maturity or maturities, the
interest rate or
rates, the date of
and the dates of payment of
interest on the
obligations, their
denominations, and the place or
places of
payment of debt service
which may be within or outside
the state.
Unless otherwise
provided by law, the latest principal
maturity
may not be later
than the earlier of the thirty-first day
of
December of the
twenty-fifth calendar year after the year of
issuance of the
particular obligations or of the twenty-fifth
calendar year after
the year in which the original obligation to
pay was issued or
entered into. Sections 9.96, 9.98, 9.981,
9.982,
and 9.983 of the Revised
Code apply to obligations. The
purpose of
the obligations
may be stated in the bond proceedings
in general
terms, such as,
as applicable,
"financing or assisting
in the
financing of
projects as provided in Section 2l of Article
VIII,
Ohio
Constitution,"
"financing or assisting in the financing
of
highway
capital improvement projects as provided in Section 2m
of
Article VIII,
Ohio Constitution,"
"paying costs of capital
facilities for
a system of common schools throughout the state as
authorized by
Section 2n of Article VIII, Ohio Constitution,"
"paying
costs of capital facilities for state-supported and
state-assisted
institutions of higher education as authorized by
Section
2n of Article VIII, Ohio Constitution,"
"paying costs of
coal research and development as authorized by Section 15 of
Article
VIII, Ohio Constitution,"
"financing or
assisting in
the
financing of local subdivision capital improvement
projects as
authorized by Section 2m of Article VIII,
Ohio Constitution,"
"paying costs of conservation projects as authorized by Section
Sections 2o and 2q
of Article VIII, Ohio Constitution,"
"paying
costs of
revitalization projects as
authorized by Section Sections
2o and 2q
of Article
VIII, Ohio Constitution," "paying costs of
preparing sites for industry, commerce, distribution, or research
and development as authorized by Section 2p of Article VIII, Ohio
Constitution," or "paying costs of research and development as
authorized by Section 2p of Article VIII, Ohio Constitution."
(D) The issuing authority may appoint or provide for the
appointment of paying agents, bond registrars, securities
depositories, clearing corporations, and transfer agents, and may
without need for any other approval retain or contract for the
services of
underwriters, investment
bankers, financial advisers,
accounting experts, marketing,
remarketing, indexing, and
administrative agents, other
consultants, and independent
contractors, including printing
services, as are necessary in the
judgment of the issuing
authority to carry out
the issuing
authority's functions under
this
chapter.
When the issuing
authority
is
the Ohio public facilities
commission, the issuing
authority
also
may without need for any
other approval retain or
contract for the
services of attorneys
and other professionals for
that purpose.
Financing costs are
payable, as may be provided in
the bond
proceedings, from the
proceeds of the obligations, from
special
funds, or from other
moneys available for the purpose.
(E) The bond proceedings may contain additional provisions
customary or appropriate to the financing or to the obligations or
to particular obligations including, but not limited to,
provisions
for:
(1) The redemption of obligations prior to maturity at the
option of the state or of the holder or upon the occurrence of
certain conditions, and at particular price or prices and under
particular terms and conditions;
(2) The form of and other terms of the obligations;
(3) The establishment, deposit, investment, and application
of
special funds, and the safeguarding of moneys on hand or on
deposit,
in lieu of the applicability of provisions of Chapter
131. or 135.
of the Revised Code, but subject to any special
provisions of
sections 151.01 to
151.11 or 151.40 of the
Revised
Code with
respect to the
application of particular funds
or
moneys. Any
financial
institution that acts as a depository of
any
moneys in
special
funds or other funds under the bond
proceedings
may
furnish
indemnifying bonds or pledge securities as
required by
the
issuing
authority.
(4) Any or every provision of the bond proceedings being
binding
upon the issuing authority and upon such governmental
agency or
entity, officer, board, commission, authority, agency,
department,
institution, district, or other person or body as may
from time to
time be authorized to take actions as may be
necessary to perform
all or any part of the duty required by the
provision;
(5) The maintenance of each pledge or instrument comprising
part
of the bond proceedings until the state has fully paid or
provided
for the payment of the debt service on the obligations or
met other
stated conditions;
(6) In the event of default in any payments required to be
made
by the bond proceedings, or by any other agreement of the
issuing
authority made as part of a contract under which the
obligations
were issued or secured, including a credit enhancement
facility, the
enforcement of those payments by mandamus, a suit in
equity, an action
at law, or any combination of those remedial
actions;
(7) The rights and remedies of the holders or owners of
obligations or of book-entry interests in them, and of third
parties
under any credit enhancement facility, and provisions for
protecting and enforcing those rights and remedies, including
limitations on rights of individual holders or owners;
(8) The replacement of mutilated, destroyed, lost, or stolen
obligations;
(9) The funding, refunding, or advance refunding, or other
provision for payment, of obligations that will then no longer be
outstanding for purposes of this section or of the applicable bond
proceedings;
(10) Amendment of the bond proceedings;
(11) Any other or additional agreements with the owners of
obligations, and such other provisions as the issuing authority
determines, including limitations, conditions, or qualifications,
relating to any of the foregoing.
(F) The great seal of the state or a facsimile of it may be
affixed to or printed on the obligations. The obligations
requiring
execution by or for the issuing authority shall be
signed as
provided in the bond proceedings. Any obligations may
be
signed
by the individual who on the date of execution is the
authorized
signer although on the date of these obligations that
individual
is not an authorized signer. In case the individual
whose
signature or facsimile signature appears on any obligation
ceases
to be an authorized signer before delivery of the
obligation, that
signature or facsimile is nevertheless valid and
sufficient for
all purposes as if that individual had remained the
authorized
signer until delivery.
(G) Obligations are investment securities under Chapter
1308.
of the Revised Code. Obligations may be issued in bearer or
in
registered form, registrable as to principal alone or as to
both
principal and interest, or both, or in certificated or
uncertificated form, as the issuing authority determines.
Provision may be made for the exchange, conversion, or transfer of
obligations and for reasonable charges for registration, exchange,
conversion, and transfer. Pending preparation of final
obligations, the issuing authority may provide for the issuance of
interim instruments to be exchanged for the final obligations.
(H) Obligations may be sold at public sale or at private
sale,
in such manner, and at such price at, above or below par,
all as determined by
and provided by the issuing authority in the
bond proceedings.
(I) Except to the extent that rights are restricted by the
bond
proceedings, any owner of obligations or provider of a credit
enhancement facility may by any suitable form of legal proceedings
protect and enforce any rights relating to obligations or that
facility under the laws of this state or granted by the bond
proceedings. Those rights include the right to compel the
performance of all applicable duties of the issuing authority and
the state. Each duty of the issuing authority and that
authority's
officers, staff, and employees, and of each state
entity or
agency, or using district or using institution, and its
officers,
members, staff, or employees, undertaken pursuant to the
bond
proceedings, is hereby established as a duty of the entity or
individual having authority to perform that duty, specifically
enjoined by law and resulting from an office, trust, or station
within the meaning of section 2731.01 of the Revised Code. The
individuals who are from time to time the issuing authority,
members or
officers of the
issuing authority, or those members'
designees acting pursuant to
section 151.02 of the Revised Code,
or the issuing authority's officers,
staff, or employees, are not
liable in their personal capacities on any
obligations or
otherwise under the bond proceedings.
(J)(1) Subject to
Section
2k, 2l, 2m, 2n,
2o, 2p, 2q, or 15,
and
Section 17,
of Article VIII, Ohio Constitution and sections
151.01
to
151.11 or 151.40
of the Revised Code, the issuing
authority
may, in addition
to the
authority referred to in
division (B) of
this section,
authorize
and provide for the
issuance of:
(a) Obligations in the form of bond anticipation notes, and
may
provide for the renewal of those notes from time to time by
the
issuance of new notes. The holders of notes or appertaining
interest coupons have the right to have debt service on those
notes paid solely from the moneys and special funds that are or
may be pledged to that payment, including the proceeds of bonds or
renewal notes or both, as the issuing authority provides in the
bond proceedings authorizing the notes. Notes may be additionally
secured by covenants of the issuing authority to the effect that
the issuing authority and the state will do all things necessary
for the issuance of bonds or renewal notes in such principal
amount and upon such terms as may be necessary to provide moneys
to pay when due the debt service on the notes, and apply their
proceeds to the extent necessary, to make full and timely payment
of debt service on the notes as provided in the applicable bond
proceedings.
In the bond proceedings authorizing the issuance of
bond
anticipation notes the issuing authority shall set forth for
the
bonds anticipated an estimated schedule of annual principal
payments
the latest of which shall be no later than provided in
division
(C) of this section. While the notes are outstanding
there shall
be deposited, as shall be provided in the bond
proceedings for
those notes, from the sources authorized for
payment of debt
service on the bonds, amounts sufficient to pay
the principal of
the bonds anticipated as set forth in that
estimated schedule
during the time the notes are outstanding,
which amounts shall be
used solely to pay the principal of those
notes or of the bonds
anticipated.
(b) 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.
Refunding obligations may be issued in amounts sufficient
to pay
or to provide for repayment of the principal amount,
including
principal amounts maturing prior to the redemption of
the
remaining prior obligations, any redemption premium, and
interest
accrued or to accrue to the maturity or redemption date
or dates,
payable on the prior obligations, and related financing
costs and
any expenses incurred or to be incurred in connection
with that
issuance and refunding. Subject to the applicable bond
proceedings, the portion of the proceeds of the sale of refunding
obligations issued under division (J)(1)(b) of this
section to be
applied to
debt service on the prior obligations shall be credited
to an
appropriate separate account in the bond service fund and
held in
trust for the purpose by the issuing authority or by a
corporate
trustee. Obligations authorized under this division
shall be
considered to be issued for those purposes for which the
prior
obligations were issued.
(2) Except as otherwise provided in sections 151.01 to
151.11
or 151.40 of the Revised
Code, bonds or notes
authorized
pursuant
to
division (J) of this section are subject to
the
provisions of
those
sections pertaining to obligations
generally.
(3) The principal amount of refunding or renewal obligations
issued pursuant to division (J) of this section shall be in
addition
to the amount authorized by the general assembly as
referred to in division
(B) of the following sections: section
151.03, 151.04, 151.05,
151.06, 151.07,
151.08, 151.09, 151.10,
151.11, or
151.40
of the Revised
Code.
(K) Obligations are lawful investments for banks, savings
and
loan associations, credit union share guaranty corporations,
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 the state and political subdivisions and
taxing
districts of this state, the sinking fund, the
administrator of
workers' compensation subject to the approval of
the workers'
compensation board, 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 to those provisions by any state
agency
with
respect to investments by them, and are also
acceptable as
security for the repayment of the deposit of public
moneys. The
exemptions from taxation in Ohio as provided for in
particular
sections of the Ohio Constitution and section
5709.76 of the
Revised Code apply to the obligations.
(L)(1) Unless otherwise provided or provided for in any
applicable
bond proceedings, moneys to the credit of or in a
special fund
shall be disbursed on the order of the issuing
authority. No such
order is required for the payment, from the
bond service fund or
other special fund, when due of debt service
or required payments
under credit enhancement facilities.
(2) Payments received by the state under interest rate
hedges
entered into as credit enhancement facilities under this
chapter
shall
be deposited to the credit of the bond service fund
for the
obligations
to which those credit enhancement facilities
relate.
(M) The full faith and credit, revenue, and taxing power of
the
state are and shall be pledged to the timely payment of debt
service on outstanding obligations as it comes due, all in
accordance with Section
2k, 2l, 2m, 2n,
2o, 2p, 2q, or 15 of
Article VIII,
Ohio
Constitution, and section 151.03, 151.04,
151.05, 151.06,
151.07,
151.08, 151.09, 151.10, or 151.11 of the
Revised Code. Moneys referred
to in Section
5a
of Article XII,
Ohio Constitution, may not be
pledged or used
for
the payment of
debt service except on
obligations referred to
in
section 151.06
of the Revised Code.
Net
state lottery proceeds, as provided for
and referred to in section
3770.06 of the Revised Code, may not be
pledged or used for the
payment of debt service except on
obligations referred to in
section 151.03 of the Revised Code.
The
state covenants, and
that
covenant shall be controlling
notwithstanding any other
provision
of law, that the state and the
applicable officers and
agencies of
the state, including the
general assembly, shall, so
long as any
obligations are
outstanding in accordance with their
terms,
maintain statutory
authority for and cause to be levied,
collected
and applied
sufficient pledged excises, taxes, and
revenues of the
state so
that the revenues shall be sufficient in
amounts to pay
debt
service when due, to establish and maintain
any reserves and
other
requirements, and to pay financing costs,
including costs of
or
relating to credit enhancement facilities,
all as provided for
in
the bond proceedings. Those excises,
taxes, and revenues are
and
shall be deemed to be levied and
collected, in addition to the
purposes otherwise provided for by
law, to provide for the payment
of debt service and financing
costs in accordance with sections
151.01 to
151.11 of the Revised Code and the
bond
proceedings.
(N) The general assembly may from time to time repeal or
reduce
any excise, tax, or other source of revenue pledged to the
payment
of the debt service pursuant to Section
2k, 2l, 2m, 2n,
2o, 2p, 2q, or
15
of
Article VIII, Ohio Constitution, and sections
151.01
to
151.11 or 151.40
of the Revised Code, and may levy,
collect
and
apply
any
new or
increased excise, tax, or revenue to
meet the
pledge,
to
the
payment of debt service on outstanding
obligations,
of the
state's
full faith and credit, revenue and
taxing power,
or
of designated revenues and receipts, except
fees,
excises or taxes
referred to in Section 5a of
Article XII,
Ohio
Constitution, for
other than obligations referred to in
section
151.06 of the
Revised Code and except net state lottery
proceeds
for other than
obligations referred to in section 151.03
of the
Revised Code.
Nothing in division (N) of this section
authorizes
any
impairment
of the obligation of this state to levy
and collect
sufficient
excises, taxes, and revenues to pay debt
service on
obligations
outstanding in accordance with their terms.
(O) Each bond service fund is a trust fund and is hereby
pledged to the payment of debt service on the applicable
obligations. Payment of that debt service shall be made or
provided for by the issuing authority in accordance with the bond
proceedings without necessity for any act of appropriation. The
bond proceedings may provide for the establishment of separate
accounts in the bond service fund and for the application of those
accounts only to debt service on specific obligations, and for
other accounts in the bond service fund within the general
purposes of that fund.
(P) Subject to the bond proceedings pertaining to any
obligations
then outstanding in accordance with their terms, the
issuing
authority may in the bond proceedings pledge all, or such
portion
as the issuing authority determines, of the moneys in the
bond
service fund to the payment of debt service on particular
obligations, and for the establishment and maintenance of any
reserves for payment of particular debt service.
(Q)
The issuing authority shall by the
fifteenth day of
July
of each fiscal year, certify or cause to
be certified to the
office of budget and
management the total
amount of moneys
required during the current
fiscal year to meet
in full all debt
service on the respective
obligations and any
related financing
costs payable from the
applicable bond service
fund and not from
the proceeds of
refunding or renewal
obligations. The issuing
authority
shall make or cause to be made
supplemental
certifications to the
office of budget and management
for each
debt service payment date
and at such other times during
each
fiscal year as may be provided
in the bond proceedings or
requested by that office. Debt
service, costs of credit
enhancement facilities, and other
financing costs shall be set
forth separately in each
certification. If and so long as the
moneys to
the credit of the bond service fund, together with any
other
moneys available for the purpose, are insufficient to meet
in full
all payments when due of the amount required as stated in
the
certificate or otherwise, the office of budget and management
shall at the times as provided in the bond proceedings, and
consistent with any particular provisions in sections 151.03 to
151.11 and 151.40 of the Revised Code, transfer a sufficient
amount to
the
bond service fund from the pledged revenues in the
case of obligations issued pursuant to section 151.40 of the
Revised Code, and in the case of other obligations from the
revenues derived from excises,
taxes,
and other revenues,
including net state lottery proceeds in
the
case of obligations
referred to in section 151.03 of the
Revised
Code.
(R) Unless otherwise provided in any applicable bond
proceedings, moneys to the credit of special funds may be invested
by or on behalf of the state only in one or more of the following:
(1) Notes,
bonds, or other direct obligations of the
United
States or of any agency or instrumentality of the United
States,
or in
no-front-end-load money market mutual funds
consisting
exclusively
of those obligations, or in repurchase
agreements,
including those
issued by any fiduciary, secured by
those
obligations, or
in collective investment funds consisting
exclusively of those
obligations;
(2) Obligations of this state or any political subdivision
of
this state;
(3) 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
financial institutions;
(4) The treasurer of state's pooled investment program under
section 135.45 of the Revised Code.
The income from investments referred to in division (R)
of
this section shall, unless otherwise provided in sections 151.01
to
151.11 or 151.40
of the Revised Code, be
credited to
special
funds or
otherwise as the
issuing authority determines in
the bond
proceedings. Those
investments may be sold or exchanged
at times
as the issuing
authority determines, provides for, or
authorizes.
(S) The treasurer of state shall have responsibility for
keeping
records, making reports, and making payments, relating to
any
arbitrage rebate requirements under the applicable bond
proceedings.
Sec. 151.09. (A) As used in this section:
(1) "Costs of
conservation projects" includes related direct
administrative
expenses and allocable portions of the direct costs
of those
projects of the department of agriculture, the department
of natural resources, or the Ohio public
works
commission.
(2) "Obligations" means obligations
as defined in section
151.01 of the Revised Code issued to pay costs of
projects for
conservation purposes as referred to in division
(A)(1) of Section
2o of Article VIII, Ohio Constitution and division (A)(1) of
Section 2q of Article VIII, Ohio Constitution.
(B)(1) The issuing authority shall issue general
obligations
of the state to pay
costs of conservation projects
pursuant to
division (B)(1) of
Section 2o of Article VIII, Ohio
Constitution,
division (B)(1) of Section 2q of Article VIII, Ohio Constitution,
section 151.01 of
the Revised Code, and this
section. The issuing
authority, upon
the certification to it by
the Ohio public works
commission of amounts needed in and for the
purposes of the clean
Ohio conservation
fund created by section
164.27 of the Revised
Code, the clean
Ohio agricultural easement
fund created by
section
901.21 of the
Revised Code, and the clean
Ohio trail fund
created
by section
1519.05 of the Revised Code,
shall issue
obligations in
the amount determined by the
issuing
authority to
be required for
those purposes. Not more than two four hundred million dollars
principal
amount of
obligations issued under this section for
conservation purposes may be outstanding at any one time. Not more
than fifty million dollars principal amount of
obligations, plus
the principal amount of obligations that in any
prior fiscal year
could have been, but were not issued within the
fifty-million-dollar fiscal year limit, may be issued
in any
fiscal year.
(2) In making the certification required under division
(B)(1) of this section, the Ohio public works commission shall
consult with the department of agriculture and the department of
natural resources. The commission shall certify amounts that
correspond to the distribution of the net proceeds of obligations
provided in division (C) of this section.
(C) Net proceeds of obligations shall be deposited
as
follows:
(1) Seventy-five per cent into the clean Ohio conservation
fund created by section 164.27 of the Revised Code;
(2) Twelve and one-half per cent into the clean Ohio
agricultural easement fund created by section 901.21 of the
Revised Code;
(3) Twelve and one-half per cent into the clean Ohio trail
fund created by section 1519.05 of the Revised Code.
(D) There is hereby created in the state treasury the
conservation projects bond service fund. All moneys received by
the
state and required by the bond proceedings, consistent with
section 151.01 of the Revised Code and this section, to be
deposited,
transferred, or credited to the bond service fund, and
all other
moneys transferred or allocated to or received for the
purposes of
that fund, shall be deposited and credited to the bond
service
fund, subject to any 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 the time that any obligations
are outstanding in accordance with their terms, so long as moneys
in the bond service fund are insufficient to pay debt service when
due on those obligations payable from that fund, except the
principal amounts of bond anticipation notes payable from the
proceeds of renewal notes or bonds anticipated, and due in the
particular fiscal year, a sufficient amount of revenues of the
state is committed and, without necessity for further act of
appropriation, shall be paid to the bond service fund for the
purpose of paying that debt service when due.
Sec. 151.40. (A) As used in this section:
(1) "Bond proceedings" includes any trust agreements, and
any
amendments or supplements to them, as
authorized by this
section.
(2) "Costs of revitalization projects" includes related
direct administrative expenses and allocable portions of the
direct costs of those projects of the department of development or
the
environmental protection agency.
(3) "Issuing authority" means the treasurer of state.
(4) "Obligations" means obligations
as defined in section
151.01 of the Revised Code issued to pay the costs
of projects for
revitalization purposes as referred to in division
(A)(2) of
Section 2o of Article VIII, Ohio Constitution and division (A)(2)
of Section 2q of Article VIII, Ohio Constitution.
(5) "Pledged liquor profits" 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 it was in
effect on May 2, 1980,
to be paid into the state treasury.
(6) "Pledged receipts" means, as and to the extent provided
in bond proceedings:
(a) Pledged liquor profits. The pledge of pledged liquor
profits to obligations is subject to the priority of the pledge of
those profits to obligations issued and to be issued pursuant to
Chapter 166. of the
Revised Code.
(b) Moneys accruing to the state from the lease, sale, or
other disposition or use of revitalization projects or from the
repayment, including any interest, of loans or advances made from
net proceeds;
(c) Accrued interest received from the sale of obligations;
(d) Income from the investment of the special funds;
(e) Any gifts, grants, donations, or pledges, and receipts
therefrom, available for the payment of debt service;
(f) Additional or any other specific revenues or receipts
lawfully available to be
pledged, and pledged, pursuant to further
authorization by the general assembly, to the payment of debt
service.
(B)(1) The issuing authority shall issue obligations of the
state to pay
costs of revitalization projects pursuant to division
(B)(2) of
Section 2o of Article VIII, Ohio Constitution, division
(B)(2) of Section 2q of Article VIII, Ohio Constitution, section
151.01 of
the Revised Code as applicable to this section, and this
section. The issuing authority, upon
the certification to it by
the clean Ohio council of the amount of
moneys needed in and for
the purposes of the clean Ohio revitalization
fund created by
section 122.658 of the Revised Code, shall issue
obligations in
the
amount determined by the issuing
authority to be required for
those purposes. Not more than two four hundred million dollars
principal amount of obligations issued
under this section for
revitalization purposes may be outstanding at any one time. Not
more than fifty million dollars principal amount of
obligations,
plus the principal amount of obligations that in any
prior fiscal
year could have been, but were not issued within the
fifty-million-dollar fiscal year limit, may be issued
in any
fiscal year.
(2) The provisions and authorizations in section
151.01 of
the Revised
Code apply to the obligations and the bond
proceedings
except as
otherwise provided or provided for in those
obligations
and bond
proceedings.
(C) Net proceeds of obligations
shall be deposited in the
clean Ohio revitalization fund created in section 122.658 of the
Revised Code.
(D) There is hereby created the
revitalization projects
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 money received by
the state and required
by
the bond proceedings, consistent with
section 151.01 of the
Revised Code and this section, to be
deposited, transferred, or
credited to the bond service fund, and
all other money transferred
or allocated to or received for the
purposes of that fund, shall
be deposited and credited to the bond
service fund, subject to any
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 the time that any obligations
are outstanding in
accordance with their terms, so long as moneys
in the bond service
fund are insufficient to pay debt service when
due on those
obligations payable from that fund, except the
principal amounts
of bond anticipation notes payable from the
proceeds of renewal
notes or bonds anticipated, and due in the
particular fiscal year,
a sufficient amount of pledged receipts is
committed and, without
necessity for further act of appropriation,
shall be paid to the
bond service fund for the purpose of paying
that debt service when
due.
(E) The issuing authority may pledge all, or such portion
as
the issuing authority determines, of the pledged receipts to
the
payment of the debt 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 in the bond proceedings with respect to pledged
receipts as authorized by this section, which provisions are
controlling notwithstanding any other provisions of law pertaining
to them.
(F) The issuing authority may covenant in the bond
proceedings, and such covenants shall be controlling
notwithstanding any other provision of law, that the state and
applicable officers and state agencies, including the general
assembly, so long as any obligations issued under this section are
outstanding, shall maintain statutory authority for and cause to
be charged and collected wholesale or retail prices for spirituous
liquor sold by the state or its agents so that the available
pledged receipts are sufficient in time and amount to meet debt
service payable from pledged liquor profits and for the
establishment and maintenance of any reserves and other
requirements provided for in the bond proceedings.
(G) Obligations
may be further secured, as determined by
the
issuing authority, by a trust agreement between
the state and
a
corporate trustee, which may be
any trust company
or bank having
a
place of business
within the state.
Any trust
agreement 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 that are customary
or
appropriate in an agreement
of that type, including, but not
limited to:
(1) Maintenance of each pledge, trust agreement, or other
instrument comprising part of the bond proceedings until
the state
has fully paid or provided for the payment of debt
service on the
obligations secured by it;
(2) In the event of default in any payments required to be
made by the bond proceedings, enforcement of those payments or
agreements by mandamus, the appointment of a receiver, suit in
equity, action at law, or any combination of them;
(3) The rights and remedies of the holders or owners of
obligations and of the trustee and provisions for protecting and
enforcing them, including limitations on rights of individual
holders and owners.
(H) The obligations shall not be
general obligations of the
state and the full faith and credit, revenue, and taxing power of
the state shall not be pledged to the payment of debt service on
them. The holders
or owners of the obligations shall have no right
to have any moneys obligated or
pledged for the payment of debt
service except as provided in
this section and in the applicable
bond proceedings. The rights
of the holders and owners to payment
of debt service are limited
to all or that portion of the pledged
receipts, and those special
funds, pledged to the payment of debt
service pursuant to the bond
proceedings in accordance with this
section, and each obligation
shall bear on its face a statement to
that effect.
Sec. 164.28. (A) 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
by Section 4 of Sub. H.B. 544 of the 127th general
assembly.
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. The investment earnings may be used to pay reasonable
costs incurred by the public works commission in administering
this section.
(B)(1) The money transferred to the fund
shall be used for
broadband initiative projects that increase the
ability of end
users to utilize online applications at reasonable
performance
levels through the addition of new, or the improvement
of
existing, fiber or wireless broadband infrastructure.
(2) A county may apply to the district
public works
integrating committee of which it is
a member for money to be
used for broadband initiative projects.
Each committee shall
determine the requests for assistance to
submit to the director
of the public works commission for
approval.
(3) In selecting the requests for assistance to submit to the
director, a committee shall consider the following:
(a) The inclusion of the broadband initiative project in a
connect Ohio e-community strategic technology plan;
(b) The broadband initiative project's potential to increase
the number of households or businesses served by broadband;
(c) The broadband initiative project's potential to expedite
the adoption of broadband by adding new users;
(d) The regional or multijurisdictional nature of the
broadband initiative project;
(e) The adequacy of planning and the readiness of the
applicant county to proceed with the broadband initiative project
upon
approval;
(f) The creation of opportunities to collaborate with vendors
by the broadband initiative project;
(g) The broadband initiative project's potential for
supporting economic development;
(h) The broadband initiative project's potential of
increasing the speed of available broadband;
(i) Availability of federal or other funding for the
broadband initiative project;
(j) Any other factors relevant to a particular broadband
initiative project.
(4) In approving requests for assistance from the committees,
the commission shall first allocate seven hundred fifty thousand
dollars to each county for broadband initiative projects that have
been approved by the district public works integrating committees.
After that first allocation, the commission shall allocate any
money remaining in the fund on a per capita basis to each
committee in accordance with the most recent decennial census
data.
(C) Grants provided under this section shall not be subject
to divisions (E) to (I) of section 164.05 of the Revised Code.
(D) Grants provided under this section may be in an amount up
to one hundred per cent of total estimated project costs.
Section 2. That existing sections 122.151, 133.52, 151.01,
151.09,
151.40, and 164.28 of the Revised Code are hereby
repealed.
Section 3. Except as otherwise provided in this act, all
appropriation items in this act are appropriated 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 act, the amounts in the first column are for fiscal year 2010
and the amounts in the second column are for fiscal year 2011.
Section 4. BOR BOARD OF REGENTS
GRF |
235441 |
|
Co-Op/Internship Program |
|
$ |
50,000,000 |
|
$ |
50,000,000 |
TOTAL GRF General Revenue Fund |
|
$ |
50,000,000 |
|
|
50,000,000 |
TOTAL ALL BUDGET FUND GROUPS |
|
$ |
50,000,000 |
|
$ |
50,000,000 |
Section 5. DEV DEPARTMENT OF DEVELOPMENT
Facilities Establishment Fund Group
7008 |
195698 |
|
Logistics & Distribution Infrastructure |
|
$ |
25,000,000 |
|
$ |
25,000,000 |
TOTAL 037 Facilities Establishment Fund Group |
|
$ |
25,000,000 |
|
$ |
25,000,000 |
Tobacco Master Settlement Agreement Fund Group
5Z30 |
195694 |
|
Jobs Fund Bioproducts |
|
$ |
20,000,000 |
|
$ |
10,000,000 |
5Z30 |
195695 |
|
Jobs Fund Biomedical |
|
$ |
40,000,000 |
|
$ |
20,000,000 |
TOTAL TSF Tobacco Master Settlement Agreement Fund Group |
|
$ |
60,000,000 |
|
$ |
30,000,000 |
TOTAL ALL BUDGET FUND GROUPS |
|
$ |
85,000,000 |
|
$ |
55,000,000 |
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.
The foregoing appropriation item 195694, Jobs Fund
Bioproducts, shall be used for the Ohio Bioproducts Development
Program established in section 184.25 of the Revised Code.
JOBS FUND BIOMEDICAL
The foregoing appropriation item
195695, Jobs Fund Biomedical, shall be used for the Ohio
Biomedical Development Program established in section 184.26 of
the Revised Code.
Section 6. That Sections 217.10, 217.11, 239.10, 241.10,
243.10, and 243.11 of Am. Sub. H.B. 562 of the 127th General
Assembly be amended to read as follows:
Sec. 217.10. The items set forth in this section are
hereby
appropriated out of any moneys in the state treasury to the
credit of the Clean Ohio Revitalization Fund (Fund 7003) that are
not otherwise appropriated:
DEV DEPARTMENT OF DEVELOPMENT
C19500 |
|
Clean Ohio Revitalization |
|
$ |
32,000,000 80,000,000 |
C19501 |
|
Clean Ohio Assistance |
|
$ |
8,000,000 20,000,000 |
Total Department of Development |
|
$ |
40,000,000 100,000,000 |
TOTAL Clean Ohio Assistance Fund |
|
$ |
40,000,000 100,000,000 |
Sec. 217.11. CLEAN OHIO REVITALIZATION
The Treasurer of State is hereby authorized to issue and
sell, in accordance with Section Sections 2o and 2q of Article
VIII, Ohio
Constitution, and pursuant to sections 151.01 and
151.40 of the
Revised Code, original obligations in an aggregate
principal
amount not to exceed $40,000,000 $100,000,000 in
addition to the original
issuance of 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 Clean Ohio Revitalization Fund (Fund 7003) to
pay costs of
revitalization projects.
Sec. 239.10. The items set forth in this section are
hereby
appropriated out of any moneys in the state treasury to
the
credit
of the Clean Ohio Conservation Fund (Fund 7056) that
are
not
otherwise appropriated.
PWC PUBLIC WORKS COMMISSION
C15060 |
|
Clean Ohio Conservation |
|
$ |
30,000,000 75,000,000 |
Total Public Works Commission |
|
$ |
30,000,000 75,000,000 |
TOTAL Clean Ohio Conservation Fund |
|
$ |
30,000,000 75,000,000 |
The foregoing appropriation item C15060, Clean Ohio
Conservation, shall be used in accordance with sections 164.20 to
164.27 of the Revised Code. If the Public Works Commission
receives refunds due to project overpayments that are discovered
during the post-project audit, the Director of the Public Works
Commission may certify to the Director of Budget and Management
that refunds have been received. If the Director of Budget and
Management determines that the project refunds are available to
support additional appropriations, such amounts are hereby
appropriated.
Sec. 241.10. The items set forth in this section are
hereby
appropriated out of any moneys in the state treasury to
the
credit
of the Clean Ohio Agricultural Easement Fund (Fund
7057)
that are
not otherwise appropriated.
AGR DEPARTMENT OF AGRICULTURE
C70009 |
|
Clean Ohio Agricultural Easements |
|
$ |
5,000,000 12,500,000 |
Total Department of Agriculture |
|
$ |
5,000,000 12,500,000 |
TOTAL Clean Ohio Agricultural Easement Fund |
|
$ |
5,000,000 12,500,000 |
Sec. 243.10. The items set forth in this section are
hereby
appropriated out of any moneys in the state treasury to
the
credit
of the Clean Ohio Trail Fund (Fund 7061) that are not
otherwise
appropriated.
DNR DEPARTMENT OF NATURAL RESOURCES
C72514 |
|
Clean Ohio Trail - Grants |
|
$ |
5,000,000 12,500,000 |
Total Department of Natural Resources |
|
$ |
5,000,000 12,500,000 |
TOTAL Clean Ohio Trail Fund |
|
$ |
5,000,000 12,500,000 |
Sec. 243.11. The Ohio Public Facilities Commission is
hereby
authorized to issue and sell, in accordance with Section
Sections
2o and 2q of
Article VIII, Ohio Constitution, and pursuant to
sections
151.01
and 151.09 of the Revised Code, original
obligations of
the state
in an aggregate principal amount not to
exceed
$40,000,000 $100,000,000 in
addition to the original
issuance of 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 Clean Ohio
Conservation
Fund (Fund 7056), the Clean Ohio
Agricultural
Easement Fund
(Fund 7057), and the Clean Ohio Trail
Fund (Fund
7061) to pay
costs of conservation projects.
Section 7. That existing Sections 217.10, 217.11, 239.10,
241.10, 243.10, and 243.11 of Am. Sub. H.B. 562 of the 127th
General Assembly are hereby repealed.
Section 8. Notwithstanding any other provision to the
contrary, as a condition to the receipt of assistance for any
economic development project funded by appropriations made by this
act, the project shall provide, when practicable, training
opportunities for persons unemployed or underemployed. Efforts
shall be made through city, local, and county workforce
development programs, Workforce Investment Act (WIA) programs, and
the Supplemental Nutrition Assistance Program (SNAP) to encourage
minorities and persons with incomes of less than two hundred per
cent of the federal poverty level to participate in these training
programs. A person convicted of a felony offense other than a
first or second degree felony cannot, for that reason, be
prohibited from participating in these programs or from seeking
employment on the project.
Section 9. The amendment to section
164.28 of the Revised
Code is not intended to supersede the
earlier repeal, with
delayed effective date, of that section.
Section 10. This act is hereby declared to be an emergency
measure necessary for the immediate preservation of the public
peace, health, and safety. The reason for such necessity is to
make appropriations pursuant to the Bipartisan Job Stimulus Act of
2008 and Article VIII, Section 2q of the Ohio Constitution in
order to revive Ohio's economy and create jobs. Therefore, this
act shall go into immediate effect.
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