Loading chat...
OH SB159
Bill
Status
4/28/2011
Primary Sponsor
Timothy Grendell
Click for details
AI Summary
-
Permits state institution boards of trustees to enter into financing agreements with conduit entities (501(c)(3) organizations) and independent funding sources to convey auxiliary facilities.
-
Requires approval from the Ohio Board of Regents chancellor and the controlling board before a state institution can convey property or enter into a financing agreement.
-
Allows lease-leaseback arrangements for conveyed property with terms not exceeding 99 years, including terms for revenue sharing and liens in favor of the independent funding source.
-
Maintains property tax exemption status for conveyed auxiliary facilities during periods held by the state institution or conduit entity while subject to the lease-leaseback arrangement, provided the conduit entity applies for and maintains the exemption.
-
Allows state institutions and conduit entities to enter into management agreements regarding the conveyed property and permits modification or extension of financing agreements with chancellor and controlling board approval.
Legislative Description
To permit the board of trustees of a state institution of higher education to enter into an agreement to convey certain property to a conduit entity which will enter into a lease-leaseback arrangement with an independent funding source.
State higher education institutions-conveyances to conduit entities
Last Action
To Finance
4/28/2011