To enact section 122.015 of the Revised Code to prohibit governmental authorities outside Ohio from financing various kinds of capital projects in Ohio without the consent of local authorities or the Director of Development Services.

Section 1. That section 122.015 of the Revised Code be enacted to read as follows:

Sec. 122.015.  (A) As used in this section:

(1) "Foreign entity" means a foreign country or a state other than this state, or a political subdivision or governmental agency created by, or under the authority of the laws of, another state or foreign country.

(2) "Eligible project" means any capital improvement project located in this state that is designed to enhance, aid, provide, or promote transportation, economic development, housing, recreation, education, government operations, culture, or research.

(B) A foreign entity may directly or indirectly provide financing for an eligible project, through bonded indebtedness or otherwise, only as provided in this section.

(C) A foreign entity that intends to finance an eligible project shall apply for approval of the proposed financing to the appropriate office or department of one of the following entities:

(1) If the eligible project will be located within the territory of a port authority, the port authority;

(2) If the eligible project will not be located within the territory of a port authority, but will be located within a municipal corporation, the municipal corporation;

(3) If the eligible project will not be located within the territory of a port authority or a municipal corporation, the county within which the eligible project will be located.

The application shall state the location of the eligible project, a general description of the purpose and use of the eligible project, and the name, address, and contact information of the project owner and the foreign entity. The application shall include a commitment letter executed by the foreign entity that describes the proposed financing terms for the eligible project.

(D) The port authority, municipal corporation, or county shall review an application received under division (C) of this section and shall take one of the following actions within forty-five days after receipt of the application:

(1) Approve the application, if the project proposed in the application is an eligible project and if the port authority, municipal corporation, or county determines that it cannot provide financing for the eligible project on terms similar to or better than those described in the foreign entity's commitment letter;

(2) Deny the application.

The port authority, municipal corporation, or county shall provide notice to a foreign entity of its decision to approve or deny an application. If the port authority, municipal corporation, or county does not approve or deny an application or fails to notify the applicant of its approval or denial within forty-five days after receiving the application, the application shall be considered to have been approved.

If a port authority, municipal corporation, or county denies an application, the foreign entity may seek approval to provide the proposed financing directly from the director of development services. The director may approve the financing notwithstanding a prior denial by the port authority, municipal corporation, or county.

(E) The approval of an application to provide financing under this section shall not be considered to be an endorsement of the validity, sufficiency, or legality of the proposed financing. The port authority, municipal corporation, or county that approves an application under this section shall not incur any liability or continuing obligation for the proposed financing, and such financing shall not constitute a general obligation or debt, or a pledge of the general credit, of the port authority, municipal corporation, or county.