OH SB259

Amends sections 133.021 and 3351.07 of the Revised Code regarding allocation of the state's unified volume ceiling for private activity bonds under the Tax Reform Act of 1986.

Creates a joint select committee on volume cap consisting of 8 members (2 from House, 2 from Senate, 4 appointed by Governor) to allocate and reallocate the unified volume ceiling among governmental units authorized to issue tax-exempt private activity bonds.

Committee must reserve portion of unified volume ceiling for multi-family rental housing projects and consider state economic development, housing, education, job creation, and political subdivision needs when making allocations.

Changes designation of student loan secondary market agency from one designated under section 3351.07(B) to a nonprofit corporation organized at Governor's request on February 3, 2005, or a replacement entity authorized to issue qualified scholarship funding bonds under Internal Revenue Code section 150(d).

Extends designation expiration date from December 31, 2009 to June 30, 2015 and increases validity period for future designations from one year to five years, with all subsequent designations made through competitive selection.