Effective: September 29, 2015
Latest Legislation: House Bill 64 - 131st General Assembly
(A) As used in this section:
(1) "Auxiliary facilities" has the same meaning as in section 3345.12 of the Revised Code.
(2) "Conduit entity" means an organization described in section 501(c)(3) of the Internal Revenue Code qualified as a public charity under section 509(a)(2) or 509(a)(3) of the Internal Revenue Code, or any other appropriate legal entity selected by the state institution, whose corporate purpose allows it to perform the functions and obligations of a conduit entity pursuant to the terms of a financing agreement.
(3) "Conveyed property" means auxiliary facilities conveyed by a state institution to a conduit entity pursuant to a financing agreement.
(4) "Financing agreement" means a contract described in division (C) of this section.
(5) "Independent funding source" means a private entity that enters into a financing agreement with a conduit entity and a state institution.
(6) "State institution" means a state institution of higher education as defined in section 3345.011 of the Revised Code.
(B) The board of trustees of a state institution, with the approval of the chancellor of higher education and the controlling board, may enter into a financing agreement with a conduit entity and an independent funding source selected either through a competitive selection process or by direct negotiations, and may convey to the conduit entity title to any auxiliary facilities owned by the state institution pursuant to the terms of a financing agreement.
(C) A financing agreement under this section is a written contract entered into among a state institution, a conduit entity, and an independent funding source that provides for:
(1) The conveyance of auxiliary facilities owned by a state institution to the conduit entity for consideration deemed adequate by the state institution;
(2) The lease of the conveyed property by the conduit entity to the independent funding source and leaseback of the conveyed property to the conduit entity for a term not to exceed ninety-nine years;
(3) Such other terms and conditions that may be negotiated and agreed upon by the parties, including, but not limited to, terms regarding:
(a) Payment to the state institution by the conduit entity of revenues received by it from the operations of the conveyed property in excess of the payments it is required to make to the independent funding source under the lease-leaseback arrangement described in division (C)(2) of this section;
(b) Pledge, assignment, or creation of a lien in favor of the independent funding source by the conduit entity of any revenues derived from the conveyed property;
(c) Reverter or conveyance of title to the conveyed property to the state institution when the conveyed property is no longer subject to a lease with the independent funding source.
(4) Terms and conditions required by the chancellor or the controlling board as a condition of approval of the financing agreement.
(D) The state institution and the conduit entity may enter into such other management agreements or other contracts regarding the conveyed property the parties deem appropriate, including agreements pursuant to which the state institution may maintain or administer the conveyed property and collect and disburse revenues from the conveyed property on behalf of the conduit entity.
(E) The parties may modify or extend the term of the financing agreement with the approval of the chancellor and the controlling board.
(F) The conveyed property shall retain its exemption from property taxes and assessments as though title to the conveyed property were held by the state institution during any part of a tax year that title is held by the state institution or the conduit entity and, if held by the conduit entity, remains subject to the lease-leaseback arrangement described in division (C)(2) of this section. However, as a condition of the continued exemption of the conveyed property during the term of the lease-leaseback arrangement the conduit entity shall apply for and maintain the exemption as provided by law.
(G) Nothing in this section is intended to abrogate, amend, limit, or replace any existing authority state institutions may have with respect to the conveyance, lease, lease-leaseback, finance, or acquisition of auxiliary facilities including, but not limited to, authority granted under sections 3345.07, 3345.11, and 3345.12 of the Revised Code.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3345 | State Universities - General Powers
Section 3345.01 | Tuition Charge for Nonresidents of Ohio.
Section 3345.011 | State University Definitions.
Section 3345.02 | Statement of Student Charges to Include List of Fees.
Section 3345.021 | Control of Use of College Facilities for Speaking Purposes.
Section 3345.022 | Group Legal Services Insurance Plan - Prepaid Legal Services Plan.
Section 3345.023 | Denial of Benefits to Religious Student Group Prohibited.
Section 3345.024 | Higher Education Costs and Postgraduate Outcomes Report.
Section 3345.025 | Textbook Selection Policy.
Section 3345.027 | Prohibition on Withholding Student Transcripts.
Section 3345.028 | Regular Coursework Additional Fee Prohibition.
Section 3345.0211 | Expressive Activities on Campus - Definitions, Supersession.
Section 3345.0212 | Noncommercial Expressive Activities on Campus.
Section 3345.0213 | Outdoor Campus Areas as Public Forums; No Free Speech Zones.
Section 3345.0215 | Campus Free Speech Policy.
Section 3345.03 | Audit of Accounts.
Section 3345.033 | Publication of Rules.
Section 3345.04 | State University Law Enforcement Officers.
Section 3345.06 | Entrance Requirements of High School Graduates - Core Curriculum.
Section 3345.061 | Sunset for State Operating Subsidies for Remedial Courses.
Section 3345.062 | University Remediation Report.
Section 3345.063 | Advanced Computer Science as Unit for Admission.
Section 3345.064 | In-State Resident Admissions at State Universities.
Section 3345.07 | Housing and Dining Facilities.
Section 3345.08 | Temporary Dwelling Accommodations.
Section 3345.09 | American Sign Language Recognized as Foreign Language - Courses.
Section 3345.10 | Competitive Bidding - Contracts for Printed Material.
Section 3345.11 | Auxiliary or Education Facilities.
Section 3345.12 | State University Additional Definitions - Issuance of Obligations.
Section 3345.122 | Immunity of Trustees From Civil Action.
Section 3345.13 | Duplication of Keys Prohibited.
Section 3345.15 | Attorney General to Be Attorney and Legal Advisor.
Section 3345.17 | Property Exempt From Taxation.
Section 3345.18 | Grant or Transfer of Lands by Boards of Trustees.
Section 3345.181 | Contracts or Leases to Mine Minerals.
Section 3345.19 | Anti-Hazing Policy.
Section 3345.201 | Purchase of Liability Insurance for Hospital Services.
Section 3345.202 | Board of Trustees May Provide Liability Insurance Coverage.
Section 3345.203 | Joint Self-Insurance Pool.
Section 3345.24 | Duty and Authority of College Administrators.
Section 3345.241 | Student Discipline Due Process Procedures.
Section 3345.25 | Dismissed or Suspended Person Not to Enter College Premises.
Section 3345.26 | Board of Trustees or President May Declare State of Emergency.
Section 3345.27 | Attendance by Senior Citizens.
Section 3345.28 | Faculty Improvement Program - Establishment and Administration.
Section 3345.29 | Office of Contract Compliance - Duties.
Section 3345.30 | Liability Insurance for Students.
Section 3345.31 | Boards of Trustees May Establish Compensation Plans.
Section 3345.311 | Excess Benefits Prohibited.
Section 3345.32 | Student Noncompliance With Selective Service Law.
Section 3345.33 | Removing Armed Forces Training Unit or Class.
Section 3345.34 | Student Trustee Not to Receive Special Treatment or Benefits.
Section 3345.35 | Course Evaluation Based on Enrollment and Duplication With Other Institutions.
Section 3345.351 | Review of Student Records for Associate Degree Eligibility.
Section 3345.36 | Establishment and Development of Entrepreneurial Projects.
Section 3345.37 | Policies Regarding Availability of Suicide Prevention Programs.
Section 3345.381 | Credit for Online Coursework.
Section 3345.39 | Report on Increased Auxiliary Fees.
Section 3345.40 | Limits on Damages for Wrongful Death or Injury to Person or Property.
Section 3345.41 | Warning Concerning Anabolic Steroids to Be Conspicuously Posted.
Section 3345.42 | Definitions.
Section 3345.422 | Priority Course Registration for Veterans.
Section 3345.423 | Appeals Process for Resolution of Disputes Over Credit for Military Experience.
Section 3345.46 | Overload Fees.
Section 3345.461 | Tuition and Fees for Online Courses.
Section 3345.47 | Requirements to Live in On-Campus Housing.
Section 3345.48 | Undergraduate Tuition Guarantee Program.
Section 3345.481 | Required Course Registration Accommodations.
Section 3345.49 | Rights of Student Who Is Victim of Dissemination of Image.
Section 3345.51 | Administration of Capital Facilities Project - State Appropriations Immaterial.
Section 3345.53 | Military Leave of Absence for Student on Active Duty.
Section 3345.54 | Conveyance of Auxiliary Facilities to Conduit Entity.
Section 3345.55 | Lease Agreements for Campus Housing Facilities.
Section 3345.56 | Student's Not Employee's Based Upon Athletic Participation.
Section 3345.57 | Paid Leave Donation Programs.
Section 3345.59 | Workforce Education and Efficiency Compacts.
Section 3345.61 | Energy Conservation Measures Definitions.
Section 3345.63 | Procedure for Contracts Other Than Installment Payment Contracts.
Section 3345.64 | Procedure for Installment Payment Contracts.
Section 3345.65 | Request for Proposals - Awarding of Contract.
Section 3345.66 | Issuance of Notes.
Section 3345.69 | Committee to Develop Guidelines for Energy Efficiency.
Section 3345.691 | Purchase of Biobased Products.
Section 3345.692 | Annual Reports on Purchases of Biobased Products.
Section 3345.70 | Powers and Duties of Board Where Fiscal Exigency Declared.
Section 3345.71 | Fiscal Watch Definitions.
Section 3345.72 | Rules for Fiscal Watches.
Section 3345.73 | Financial Indicators and Standards for Using Indicators.
Section 3345.74 | Determination That Appointment of Conservator Is Warranted.
Section 3345.75 | Appointment of Governance Authority.
Section 3345.76 | Termination of Governance Authority.
Section 3345.77 | Employment Contracts With President or Chief Executive Officer.
Section 3345.81 | Strategic Completion Plan.
Section 3345.82 | Electronic Attendance of Board of Trustees' Meetings.
Section 3345.85 | Meningitis and Hepatitis B Vaccination.
Section 3345.86 | Enrollment in Program to Earn High School Diploma.