Bill Text: OH HB608 | 2011-2012 | 129th General Assembly | Introduced
Bill Title: 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.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-11-21 - To Finance & Appropriations [HB608 Detail]
Download: Ohio-2011-HB608-Introduced.html
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Representative Amstutz
Cosponsor:
Representative Barnes
| To enact section 122.015 of the Revised Code to | 1 |
| prohibit governmental authorities outside Ohio | 2 |
| from financing various kinds of capital projects | 3 |
| in Ohio without the consent of local authorities | 4 |
| or the Director of Development Services. | 5 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
| Section 1. That section 122.015 of the Revised Code be | 6 |
| enacted to read as follows: | 7 |
| Sec. 122.015. (A) As used in this section: | 8 |
| (1) "Foreign entity" means a foreign country or a state other | 9 |
| than this state, or a political subdivision or governmental agency | 10 |
| created by, or under the authority of the laws of, another state | 11 |
| or foreign country. | 12 |
| (2) "Eligible project" means any capital improvement project | 13 |
| located in this state that is designed to enhance, aid, provide, | 14 |
| or promote transportation, economic development, housing, | 15 |
| recreation, education, government operations, culture, or | 16 |
| research. | 17 |
| (B) A foreign entity may directly or indirectly provide | 18 |
| financing for an eligible project, through bonded indebtedness or | 19 |
| otherwise, only as provided in this section. | 20 |
| (C) A foreign entity that intends to finance an eligible | 21 |
| project shall apply for approval of the proposed financing to the | 22 |
| appropriate office or department of one of the following entities: | 23 |
| (1) If the eligible project will be located within the | 24 |
| territory of a port authority, the port authority; | 25 |
| (2) If the eligible project will not be located within the | 26 |
| territory of a port authority, but will be located within a | 27 |
| municipal corporation, the municipal corporation; | 28 |
| (3) If the eligible project will not be located within the | 29 |
| territory of a port authority or a municipal corporation, the | 30 |
| county within which the eligible project will be located. | 31 |
| The application shall state the location of the eligible | 32 |
| project, a general description of the purpose and use of the | 33 |
| eligible project, and the name, address, and contact information | 34 |
| of the project owner and the foreign entity. The application shall | 35 |
| include a commitment letter executed by the foreign entity that | 36 |
| describes the proposed financing terms for the eligible project. | 37 |
| (D) The port authority, municipal corporation, or county | 38 |
| shall review an application received under division (C) of this | 39 |
| section and shall take one of the following actions within | 40 |
| forty-five days after receipt of the application: | 41 |
| (1) Approve the application, if the project proposed in the | 42 |
| application is an eligible project and if the port authority, | 43 |
| municipal corporation, or county determines that it cannot provide | 44 |
| financing for the eligible project on terms similar to or better | 45 |
| than those described in the foreign entity's commitment letter; | 46 |
| (2) Deny the application. | 47 |
| The port authority, municipal corporation, or county shall | 48 |
| provide notice to a foreign entity of its decision to approve or | 49 |
| deny an application. If the port authority, municipal corporation, | 50 |
| or county does not approve or deny an application or fails to | 51 |
| notify the applicant of its approval or denial within forty-five | 52 |
| days after receiving the application, the application shall be | 53 |
| considered to have been approved. | 54 |
| If a port authority, municipal corporation, or county denies | 55 |
| an application, the foreign entity may seek approval to provide | 56 |
| the proposed financing directly from the director of development | 57 |
| services. The director may approve the financing notwithstanding a | 58 |
| prior denial by the port authority, municipal corporation, or | 59 |
| county. | 60 |
| (E) The approval of an application to provide financing under | 61 |
| this section shall not be considered to be an endorsement of the | 62 |
| validity, sufficiency, or legality of the proposed financing. The | 63 |
| port authority, municipal corporation, or county that approves an | 64 |
| application under this section shall not incur any liability or | 65 |
| continuing obligation for the proposed financing, and such | 66 |
| financing shall not constitute a general obligation or debt, or a | 67 |
| pledge of the general credit, of the port authority, municipal | 68 |
| corporation, or county. | 69 |
