Bill Text: OH HB140 | 2009-2010 | 128th General Assembly | Introduced

---

Bill Title: To permit institutions of higher education to facilitate and assist with entrepreneurial projects for economic development and to authorize the institutions to enter into agreements to induce development of, acquire ownership in, and make or guarantee loans and incur debt to fund the entrepreneurial projects.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2009-04-22 - To Ways & Means [HB140 Detail]

Download: Ohio-2009-HB140-Introduced.html

---

As Introduced

128th General Assembly Regular Session 2009-2010

H. B. No. 140

Representatives Goyal, Schneider 

---

A BILL

To amend section 3345.12 and to enact section 3345.36

1

of the Revised Code to permit institutions of

2

higher education to facilitate and assist with

3

entrepreneurial projects for economic development

4

and to authorize the institutions to enter into

5

agreements to induce development of, acquire

6

ownership in, and make or guarantee loans and

7

incur debt to fund the entrepreneurial projects.

8

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That section 3345.12 be amended and section	9
3345.36 of the Revised Code be enacted to read as follows:	10

Sec. 3345.12.  (A) As used in this section and sections	11
3345.07 and 3345.11 of the Revised Code, in other sections of the	12
Revised Code that make reference to this section unless the	13
context does not permit, and in related bond proceedings unless	14
otherwise expressly provided:	15

(1) "State university or college" means each of the state	16
universities identified in section 3345.011 of the Revised Code	17
and the northeastern Ohio universities college of medicine, and	18
includes its board of trustees.	19

(2) "Institution of higher education" or "institution" means	20
a state university or college, or a community college district,	21
technical college district, university branch district, or state	22
community college, and includes the applicable board of trustees	23
or, in the case of a university branch district, any other	24
managing authority.	25

(3) "Housing and dining facilities" means buildings,	26
structures, and other improvements, and equipment, real estate,	27
and interests in real estate therefor, to be used for or in	28
connection with dormitories or other living quarters and	29
accommodations, or related dining halls or other food service and	30
preparation facilities, for students, members of the faculty,	31
officers, or employees of the institution of higher education, and	32
their spouses and families.	33

(4) "Auxiliary facilities" means buildings, structures, and	34
other improvements, and equipment, real estate, and interests in	35
real estate therefor, to be used for or in connection with student	36
activity or student service facilities, housing and dining	37
facilities, dining halls, and other food service and preparation	38
facilities, vehicular parking facilities, bookstores, athletic and	39
recreational facilities, faculty centers, auditoriums, assembly	40
and exhibition halls, hospitals, infirmaries and other medical and	41
health facilities, research, and continuing education facilities.	42

(5) "Education facilities" means buildings, structures, and	43
other improvements, and equipment, real estate, and interests in	44
real estate therefor, to be used for or in connection with,	45
classrooms or other instructional facilities, libraries,	46
administrative and office facilities, and other facilities, other	47
than auxiliary facilities, to be used directly or indirectly for	48
or in connection with the conduct of the institution of higher	49
education.	50

(6) "Facilities" means housing and dining facilities,	51
auxiliary facilities, or education facilities, and includes any	52
one, part of, or any combination of such facilities, and further	53
includes site improvements, utilities, machinery, furnishings, and	54
any separate or connected buildings, structures, improvements,	55
sites, open space and green space areas, utilities or equipment to	56
be used in, or in connection with the operation or maintenance of,	57
or supplementing or otherwise related to the services or	58
facilities to be provided by, such facilities.	59

(7) "Obligations" means bonds or notes or other evidences of	60
obligation, including interest coupons pertaining thereto,	61
authorized to be issued under this section or section 3345.07,	62
3345.11, 3354.121, 3355.091, 3357.112, or 3358.10 of the Revised	63
Code.	64

(8) "Bond service charges" means principal, including any	65
mandatory sinking fund or redemption requirements for the	66
retirement of obligations or assurances, interest, or interest	67
equivalent and other accreted amounts, and any call premium	68
required to be paid on obligations or assurances.	69

(9) "Bond proceedings" means the resolutions, trust	70
agreement, indenture, and other agreements and credit enhancement	71
facilities, and amendments and supplements to the foregoing, or	72
any one or more or combination thereof, authorizing, awarding, or	73
providing for the terms and conditions applicable to, or providing	74
for the security or liquidity of, obligations or assurances, and	75
the provisions contained in those obligations or assurances.	76

(10) "Costs of facilities" means the costs of acquiring,	77
constructing, reconstructing, rehabilitating, remodeling,	78
renovating, enlarging, improving, equipping, or furnishing	79
facilities, and the financing thereof, including the cost of	80
clearance and preparation of the site and of any land to be used	81
in connection with facilities, the cost of any indemnity and	82
surety bonds and premiums on insurance, all related direct	83
administrative expenses and allocable portions of direct costs of	84
the institution of higher education or state agency, cost of	85
engineering, architectural services, design, plans, specifications	86
and surveys, estimates of cost, legal fees, fees and expenses of	87
trustees, depositories, bond registrars, and paying agents for the	88
obligations, cost of issuance of the obligations and financing	89
costs and fees and expenses of financial advisers and consultants	90
in connection therewith, interest on the obligations from the date	91
thereof to the time when interest is to be covered by available	92
receipts or other sources other than proceeds of the obligations,	93
amounts necessary to establish reserves as required by the bond	94
proceedings, costs of audits, the reimbursements of all moneys	95
advanced or applied by or borrowed from the institution or others,	96
from whatever source provided, including any temporary advances	97
from state appropriations, for the payment of any item or items of	98
cost of facilities, and all other expenses necessary or incident	99
to planning or determining feasibility or practicability with	100
respect to facilities, and such other expenses as may be necessary	101
or incident to the acquisition, construction, reconstruction,	102
rehabilitation, remodeling, renovation, enlargement, improvement,	103
equipment, and furnishing of facilities, the financing thereof and	104
the placing of them in use and operation, including any one, part	105
of, or combination of such classes of costs and expenses.	106

(11) "Available receipts" means all moneys received by the	107
institution of higher education, including income, revenues, and	108
receipts from the operation, ownership, or control of facilities	109
or entrepreneurial projects, grants, gifts, donations, and pledges	110
and receipts therefrom, receipts from fees and charges, and the	111
proceeds of the sale of obligations or assurances, including	112
proceeds of obligations or assurances issued to refund obligations	113
or assurances previously issued, but excluding any special fee,	114
and receipts therefrom, charged pursuant to division (D) of	115
section 154.21 of the Revised Code.	116

(12) "Credit enhancement facilities" has the meaning given in	117
division (H) of section 133.01 of the Revised Code.	118

(13) "Financing costs" has the meaning given in division (K)	119
of section 133.01 of the Revised Code.	120

(14) "Interest" or "interest equivalent" has the meaning	121
given in division (R) of section 133.01 of the Revised Code.	122

(15) "Assurances" means bonds, notes, or other evidence of	123
indebtedness, including interest coupons pertaining thereto,	124
authorized to be issued under section 3345.36 of the Revised Code.	125

(16) "Entrepreneurial project" has the same meaning as in	126
section 3345.36 of the Revised Code.	127

(17) "Costs of entrepreneurial projects" means any costs	128
related to the establishment or development of entrepreneurial	129
projects pursuant to a resolution adopted under section 3345.36 of	130
the Revised Code.	131

(B) Obligations issued under section 3345.07 or 3345.11 of	132
the Revised Code by a state university or college shall be	133
authorized by resolution of its board of trustees. Obligations	134
issued by any other institution of higher education shall be	135
authorized by resolution of its board of trustees, or managing	136
directors in the case of certain university branch districts, as	137
applicable. Sections 9.96 and 9.98 to 9.983 of the Revised Code	138
apply to obligations and assurances. Obligations and assurances	139
may be issued to pay costs of facilities or entrepreneurial	140
projects even if the institution anticipates the possibility of a	141
future state appropriation to pay all or a portion of such costs.	142

(C) Obligations and assurances shall be secured by a pledge	143
of and lien on all or such part of the available receipts of the	144
institution of higher education as it provides for in the bond	145
proceedings, excluding moneys raised by taxation and state	146
appropriations. Such pledge and lien may be made prior to all	147
other expenses, claims, or payments, excepting any pledge of such	148
available receipts previously made to the contrary and except as	149
provided by any existing restrictions on the use thereof, or such	150
pledge and lien may be made subordinate to such other expenses,	151
claims, or payments, as provided in the bond proceedings.	152
Obligations or assurances may be additionally secured by covenants	153
of the institution to make, fix, adjust, collect, and apply such	154
charges, rates, fees, rentals, and other items of available	155
receipts as will produce pledged available receipts sufficient to	156
meet bond service charges, reserve, and other requirements	157
provided for in the bond proceedings. Notwithstanding this and	158
any other sections of the Revised Code, the holders or owners of	159
the obligations or assurances shall not be given the right and	160
shall have no right to have excises or taxes levied by the	161
general assembly for the payment of bond service charges thereon,	162
and each such obligation or assurance shall bear on its face a	163
statement to that effect and to the effect that the right to such	164
payment is limited to the available receipts and special funds	165
pledged to such purpose under the bond proceedings.	166

All pledged available receipts and funds and the proceeds of	167
obligations or assurances are trust funds and, subject to the	168
provisions of this section and the applicable bond proceedings,	169
shall be held, deposited, invested, reinvested, disbursed,	170
applied, and used to such extent, in such manner, at such times,	171
and for such purposes, as are provided in the bond proceedings.	172

(D) The bond proceedings for obligations or assurances shall	173
provide for the purpose thereof and the principal amount or	174
maximum principal amount, and provide for or authorize the manner	175
of determining the principal maturity or maturities, the sale	176
price including any permitted discount, the interest rate or	177
rates, which may be a variable rate or rates, or the maximum	178
interest rate, the date of the obligations or assurances and the	179
date or dates of payment of interest thereon, their	180
denominations, the manner of sale thereof, and the establishment	181
within or without the state of a place or places of payment of	182
bond service charges. The bond proceedings also shall provide for	183
a pledge of and lien on available receipts of the institution of	184
higher education as provided in division (C) of this section, and	185
a pledge of and lien on such fund or funds provided in the bond	186
proceedings arising from available receipts, which pledges and	187
liens may provide for parity with obligations or assurances	188
theretofore or thereafter issued by the institution. The available	189
receipts so pledged and thereafter received by the institution and	190
the funds so pledged are immediately subject to the lien of such	191
pledge without any physical delivery thereof or further act, and	192
the lien of any such pledge is valid and binding against all	193
parties having claims of any kind against the institution,	194
irrespective of whether such parties have notice thereof, and	195
shall create a perfected security interest for all purposes of	196
Chapter 1309. of the Revised Code, without the necessity for	197
separation or delivery of funds or for the filing or recording of	198
the bond proceedings by which such pledge is created or any	199
certificate, statement, or other document with respect thereto;	200
and the pledge of such available receipts and funds shall be	201
effective and the money therefrom and thereof may be applied to	202
the purposes for which pledged without necessity for any act of	203
appropriation.	204

(E) The bond proceedings may contain additional provisions	205
customary or appropriate to the financing or to the obligations or	206
assurances or to particular obligations and assurances,	207
including:	208

(1) The acquisition, construction, reconstruction, equipment,	209
furnishing, improvement, operation, alteration, enlargement,	210
maintenance, insurance, and repair of facilities or	211
entrepreneurial projects, and the duties of the institution of	212
higher education with reference thereto;	213

(2) The terms of the obligations or assurances, including	214
provisions for their redemption prior to maturity at the option of	215
the institution of higher education at such price or prices and	216
under such terms and conditions as are provided in the bond	217
proceedings;	218

(3) Limitations on the purposes to which the proceeds of the	219
obligations or assurances may be applied;	220

(4) The rates or rentals or other charges for the use of or	221
right to use the facilities or entrepreneurial projects financed	222
by the obligations or assurances, or other properties the	223
revenues or receipts from which are pledged to the obligations or	224
assurances, and rules for assuring any applicable use and	225
occupancy thereof, including limitations upon the right to modify	226
such rates, rentals, other charges, or regulations;	227

(5) The use and expenditure of the pledged available receipts	228
in such manner and to such extent as shall be determined, which	229
may include provision for the payment of the expenses of	230
operation, maintenance, and repair of facilities or	231
entrepreneurial projects so that such expenses, or part thereof,	232
shall be paid or provided as a charge prior or subsequent to the	233
payment of bond service charges and any other payments required	234
to be made by the bond proceedings;	235

(6) Limitations on the issuance of additional obligations or	236
assurances;	237

(7) The terms of any trust agreement or indenture securing	238
the obligations or assurances or under which the same may be	239
issued;	240

(8) The deposit, investment, and application of funds, and	241
the safeguarding of funds on hand or on deposit without regard to	242
Chapter 131. or 135. of the Revised Code, and any bank or trust	243
company or other financial institution that acts as depository of	244
any moneys under the bond proceedings shall furnish such	245
indemnifying bonds or pledge such securities as required by the	246
bond proceedings or otherwise by the institution of higher	247
education;	248

(9) The binding effect of any or every provision of the bond	249
proceedings upon such officer, board, commission, authority,	250
agency, department, or other person or body as may from time to	251
time have the authority under law to take such actions as may be	252
necessary to perform all or any part of the duty required by such	253
provision;	254

(10) Any provision that may be made in a trust agreement or	255
indenture;	256

(11) Any other or additional agreements with respect to the	257
facilities of the institution of higher education or its	258
entrepreneurial projects, their operation, the available receipts	259
and funds pledged, and insurance of facilities or entrepreneurial	260
projects and of the institution, its officers and employees.	261

(F) Such obligations or assurances may have the seal of the	262
institution of higher education or a facsimile thereof affixed	263
thereto or printed thereon and shall be executed by such officers	264
as are designated in the bond proceedings, which execution may be	265
by facsimile signatures. Any obligations or assurances may be	266
executed by an officer who, on the date of execution, is the	267
proper officer although on the date of such obligations or	268
assurances such person was not the proper officer. In case any	269
officer whose signature or a facsimile of whose signature appears	270
on any such obligation or assurance ceases to be such officer	271
before delivery thereof, such signature or facsimile is	272
nevertheless valid and sufficient for all purposes as if the	273
person had remained such officer until such delivery; and in case	274
the seal of the institution has been changed after a facsimile of	275
the seal has been imprinted on such obligations or assurances,	276
such facsimile seal continues to be sufficient as to such	277
obligations or assurances and obligations or assurances issued in	278
substitution or exchange therefor.	279

(G) All such obligations or assurances are negotiable	280
instruments and securities under Chapter 1308. of the Revised	281
Code, subject to the provisions of the bond proceedings as to	282
registration. The obligations or assurances may be issued in	283
coupon or in registered form, or both. Provision may be made for	284
the registration of any obligations or assurances with coupons	285
attached thereto as to principal alone or as to both principal	286
and interest, their exchange for obligations or assurances so	287
registered, and for the conversion or reconversion into	288
obligations or assurances with coupons attached thereto of any	289
obligations or assurances registered as to both principal and	290
interest, and for reasonable charges for such registration,	291
exchange, conversion, and reconversion.	292

(H) Pending preparation of definitive obligations or	293
assurances, the institution of higher education may issue interim	294
receipts or certificates which shall be exchanged for such	295
definitive obligations or assurances.	296

(I) Such obligations or assurances may be secured	297
additionally by a trust agreement or indenture between the	298
institution of higher education and a corporate trustee, which may	299
be any trust company or bank having the powers of a trust company	300
within or without this state but authorized to exercise trust	301
powers within this state. Any such agreement or indenture may	302
contain the resolution authorizing the issuance of the	303
obligations or assurances, any provisions that may be contained	304
in the bond proceedings as authorized by this section, and other	305
provisions which are customary or appropriate in an agreement or	306
indenture of such type, including:	307

(1) Maintenance of each pledge, trust agreement, and	308
indenture, or other instrument comprising part of the bond	309
proceedings until the institution of higher education has fully	310
paid the bond service charges on the obligations or assurances	311
secured thereby, or provision therefor has been made;	312

(2) In the event of default in any payments required to be	313
made by the bond proceedings, or any other agreement of the	314
institution of higher education made as a part of the contract	315
under which the obligations or assurances were issued, enforcement	316
of such payments or agreement by mandamus, the appointment of a	317
receiver, suit in equity, action at law, or any combination of	318
the foregoing;	319

(3) The rights and remedies of the holders of obligations or	320
assurances and of the trustee, and provisions for protecting and	321
enforcing them, including limitations on rights of individual	322
holders of obligations or assurances;	323

(4) The replacement of any obligations or assurances that	324
become mutilated or are destroyed, lost, or stolen;	325

(5) Such other provisions as the trustee and the institution	326
of higher education agree upon, including limitations, conditions,	327
or qualifications relating to any of the foregoing.	328

(J) Each duty of the institution of higher education and its	329
officers or employees, undertaken pursuant to the bond proceedings	330
or any related agreement or lease made under authority of law, is	331
hereby established as a duty of such institution, and of each such	332
officer or employee having authority to perform such duty,	333
specially enjoined by law resulting from an office, trust, or	334
station within the meaning of section 2731.01 of the Revised Code.	335
The persons who are at the time the members of the board of	336
trustees or the managing directors of the institution or its	337
officers or employees are not liable in their personal capacities	338
on such obligations or assurances, or lease, or other agreement of	339
the institution.	340

(K) The authority to issue obligations or assurances includes	341
authority to:	342

(1) Issue obligations or assurances in the form of bond	343
anticipation notes and to renew them from time to time by the	344
issuance of new notes. Such notes are payable solely from the	345
available receipts and funds that may be pledged to the payment of	346
such bonds, or from the proceeds of such bonds or renewal notes,	347
or both, as the institution of higher education provides in its	348
resolution authorizing such notes. Such notes may be additionally	349
secured by covenants of the institution to the effect that it	350
will do such or all things necessary for the issuance of such	351
bonds or renewal notes in appropriate amount, and either exchange	352
such bonds or renewal notes therefor or apply the proceeds	353
thereof to the extent necessary, to make full payment of the bond	354
service charges on such notes at the time or times contemplated,	355
as provided in such resolution. Subject to the provisions of this	356
division, all references to obligations or assurances in this	357
section apply to such anticipation notes.	358

(2) Issue obligations or assurances to refund, including	359
funding and retirement of, obligations or assurances previously	360
issued to pay costs of facilities or entrepreneurial projects.	361
Such obligations or assurances may be issued in amounts sufficient	362
for payment of the principal amount of the obligations or	363
assurances to be so refunded, any redemption premiums thereon,	364
principal maturities of any obligations or assurances maturing	365
prior to the redemption of any other obligations or assurances on	366
a parity therewith to be so refunded, interest accrued or to	367
accrue to the maturity date or dates of redemption of such	368
obligations or assurances, and any expenses incurred or to be	369
incurred in connection with such refunding or the issuance of the	370
obligations or assurances.	371

(L) Obligations and assurances are lawful investments for	372
banks, societies for savings, savings and loan associations,	373
deposit guarantee associations, trust companies, trustees,	374
fiduciaries, insurance companies, including domestic for life and	375
domestic not for life, trustees or other officers having charge	376
of sinking and bond retirement or other special funds of	377
political subdivisions and taxing districts of this state, the	378
commissioners of the sinking fund, the administrator of workers'	379
compensation in accordance with the investment policy approved by	380
the bureau of workers' compensation board of directors pursuant	381
to section 4121.12 of the Revised Code, the state teachers	382
retirement system, the public employees retirement system, the	383
school employees retirement system, and the Ohio police and fire	384
pension fund, notwithstanding any other provisions of the Revised	385
Code or rules adopted pursuant thereto by any state agency with	386
respect to investments by them, and are also acceptable as	387
security for the deposit of public moneys.	388

(M) All facilities or entrepreneurial projects purchased,	389
acquired, constructed, or owned by an institution of higher	390
education, or financed in whole or in part by obligations or	391
assurances issued by an institution, and used for the purposes of	392
the institution or other publicly owned and controlled college or	393
university, is public property used exclusively for a public	394
purpose, and such property and the income therefrom is exempt	395
from all taxation and assessment within this state, including ad	396
valorem and excise taxes. The obligations or assurances, the	397
transfer thereof, and the income therefrom, including any profit	398
made on the sale thereof, are at all times free from taxation	399
within the state. The transfer of tangible personal property by	400
lease under authority of this section or section 3345.07, 3345.11,	401
3345.36, 3354.121, 3355.091, 3357.112, or 3358.10 of the Revised	402
Code is not a sale as used in Chapter 5739. of the Revised Code.	403

(N) The authority granted by this section is cumulative with	404
the authority granted to institutions of higher education under	405
Chapter 154. of the Revised Code, and nothing in this section	406
impairs or limits the authority granted by Chapter 154. of the	407
Revised Code. In any lease, agreement, or commitment made by an	408
institution of higher education under Chapter 154. of the Revised	409
Code, it may agree to restrict or subordinate any pledge it may	410
thereafter make under authority of this section.	411

(O) Title to lands acquired under this section and sections	412
3345.07 and 3345.11 of the Revised Code by a state university or	413
college shall be taken in the name of the state.	414

(P) Except where costs of facilities or entrepreneurial	415
projects are to be paid in whole or in part from funds	416
appropriated by the general assembly, section 125.81 of the	417
Revised Code and the requirement for certification with respect	418
thereto under section 153.04 of the Revised Code do not apply to	419
such facilities or entrepreneurial projects.	420

(Q) A state university or college may sell or lease lands or	421
interests in land owned by it or by the state for its use, or	422
facilities authorized to be acquired or constructed by it under	423
section 3345.07 or 3345.11 of the Revised Code, to permit the	424
purchasers or lessees thereof to acquire, construct, equip,	425
furnish, reconstruct, alter, enlarge, remodel, renovate,	426
rehabilitate, improve, maintain, repair, or maintain and operate	427
thereon and to provide by lease or otherwise to such institution,	428
facilities authorized in section 3345.07 or 3345.11 of the Revised	429
Code or entrepreneurial projects authorized under section 3345.36	430
of the Revised Code. Such land or interests therein shall be sold	431
for such appraised value, or leased, and on such terms as the	432
board of trustees determines. All deeds or other instruments	433
relating to such sales or leases shall be executed by such	434
officer of the state university or college as the board of	435
trustees designates. The state university or college shall hold,	436
invest, or use the proceeds of such sales or leases for the same	437
purposes for which proceeds of borrowings may be used under	438
sections 3345.07 and 3345.11 of the Revised Code or, if the	439
proceeds relate to the sale or lease of entrepreneurial projects,	440
for purposes of section 3345.36 of the Revised Code.	441

(R) An institution of higher education may pledge available	442
receipts, to the extent permitted by division (C) of this section	443
with respect to obligations, to secure the payments to be made by	444
it under any lease, lease with option to purchase, or	445
lease-purchase agreement authorized under this section or section	446
3345.07, 3345.11, 3345.36, 3354.121, 3355.091, 3357.112, or	447
3358.10 of the Revised Code.	448

Sec. 3345.36.  (A) For purposes of this section:

449

(1) "Entrepreneurial project" means an effort to develop or	450
commercialize technology through research or technology transfer	451
or investment of real or personal property, or both, including	452
undivided and other interests therein, acquired by gift or	453
purchase, constructed, reconstructed, enlarged, improved,	454
furnished, or equipped, or any combination thereof, by an	455
institution of higher education or by others.	456

(2) "Governmental agency" has the same meaning as in section	457
166.01 of the Revised Code.	458

(3) "Person" means individuals or entities engaged in	459
industry, commerce, distribution, or research.	460

(4) "Institution of higher education" has the same meaning as	461
in section 3345.12 of the Revised Code.	462

(5) "Stock or other ownership" means equity or other	463
ownership rights held or received in return for the grant of	464
rights to intellectual property developed by an institution of	465
higher education. "Stock or other ownership" excludes equity or	466
other ownership rights held or received in return for the	467
investment of money.	468

(B) To create or preserve jobs and employment opportunities	469
and to improve the economic welfare of the people of the state	470
pursuant to Section 13 of Article VIII, Ohio Constitution, it is	471
hereby declared to be the public policy of the state for	472
institutions of higher education to facilitate and assist with	473
establishing and developing entrepreneurial projects or to assist	474
and cooperate with any governmental agency in achieving such	475
purpose. An entrepreneurial project is hereby determined to	476
qualify as property, structures, equipment, and facilities	477
described in Section 13 of Article VIII, Ohio Constitution.	478

In furtherance of such public policy, and pursuant to Section	479
13 of Article VIII, Ohio Constitution, a board of trustees of an	480
institution of higher education may do any of the following by	481
resolution:	482

(1) Enter into an agreement with persons and with	483
governmental agencies to induce such persons to acquire,	484
construct, reconstruct, rehabilitate, renovate, enlarge, improve,	485
equip, furnish, or otherwise develop entrepreneurial projects;	486

(2) Acquire stock or other ownership in an entrepreneurial	487
project or a legal entity formed in connection with an	488
entrepreneurial project;	489

(3) Make or guarantee loans and borrow money and issue bonds,	490
notes, or other evidence of indebtedness to provide moneys for the	491
acquisition, construction, enlargement, improvement, equipment,	492
maintenance, repair, or operation of entrepreneurial projects,	493
provided that such bonds, notes, or other evidence of indebtedness	494
shall not constitute debt for which the full faith and credit of	495
the state or an instrumentality or political subdivision of the	496
state may be pledged and moneys raised by taxation shall not be	497
obligated or pledged for their repayment.	498

Section 2. That existing section 3345.12 of the Revised Code	499
is hereby repealed.	500