OH SB362

Creates the Ohio Defense and Space Commission to develop strategies promoting defense and aerospace industries in Ohio, including preparing for federal military base realignment processes and recruiting international defense/aerospace investments

Establishes commission membership of 18 members including the adjutant general, 3 state senators, 3 state representatives, 7 regional representatives, and appointees from the governor's office, JobsOhio, Ohio Chamber of Commerce, and biotechnology sector

Creates the Ohio Defense Fund in the state treasury, funded by legislative appropriations, interest from State of Israel bonds held in the state treasury, grants, and gifts

Authorizes a defense and aerospace industries expansion program to award development grants for facilities including sensitive compartmented information facilities (SCIFs), defense-related government contracts for small businesses, and matching grant programs for military projects

Requires commission to meet monthly, submit annual reports by December 31, and adopt rules governing grant applications, agreements, maximum amounts, and compliance procedures including audit requirements and fund recovery for violations