OH HB615

Creates the Ohio bond bank as a separate body corporate and instrumentality of the state (not a state agency) to provide low-cost financial assistance to political subdivisions and nonprofit corporations authorized to issue securities on their behalf.

Establishes a board of directors composed of the treasurer of state (chairperson), director of budget and management, and five governor-appointed residents with expertise in public securities, administration, or facilities management serving three-year terms.

Grants the bank powers to buy and sell bonds and notes from qualified entities, loan money, purchase and lease property, issue its own bonds and notes, charge fees for services, and accept gifts or grants.

Authorizes qualified entities to sell securities to the bank at negotiated prices without public bidding requirements, issue bond anticipation notes to the bank, and allows the bank to enforce collection through state revenue withholding in case of default.

Makes bank property tax-exempt and public property devoted to public purpose; bank bonds are negotiable instruments under state law but not obligations of the state; bank expenses are payable only from bank revenues, creating no state liability.