H.B. 608 Summary

• Prohibits foreign entities (other states, foreign countries, and their political subdivisions or agencies) from directly or indirectly financing capital improvement projects in Ohio without approval.

• Requires foreign entities to apply to the appropriate local authority: port authority (if project is within its territory), municipal corporation, or county, providing project location, description, and a commitment letter with proposed financing terms.

• Local authorities have 45 days to approve or deny applications; applications are automatically approved if no decision is made within the 45-day period.

• Allows foreign entities denied by local authorities to appeal to the Director of Development Services, who may approve financing notwithstanding the local denial.

• Specifies that approval does not constitute endorsement of the financing's legality and does not create any liability, obligation, or debt pledge for the approving local authority.