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OH HB140
Bill
Status
4/22/2009
Primary Sponsor
Jay Goyal
Click for details
AI Summary
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Amends section 3345.12 and enacts section 3345.36 of the Ohio Revised Code to permit institutions of higher education to facilitate entrepreneurial projects for economic development and job creation.
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Allows boards of trustees to enter into agreements with persons and governmental agencies to induce development of entrepreneurial projects, including acquiring, constructing, or improving technology-based ventures.
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Authorizes institutions to acquire stock or other ownership interests in entrepreneurial projects or related legal entities formed to develop technology through research and technology transfer.
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Permits institutions to make or guarantee loans and issue bonds, notes, or other evidence of indebtedness to fund entrepreneurial projects, provided such debt obligations do not pledge the state's full faith and credit or tax revenues.
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Defines "entrepreneurial project" as efforts to develop or commercialize technology through research, technology transfer, or investment of real or personal property by institutions of higher education or others.
Legislative Description
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.
Higher education institutions-assist entrepreneurial projects
Last Action
To Ways & Means
4/22/2009