Effective: October 26, 1999
Latest Legislation: House Bill 19 - 123rd General Assembly
The state or any political subdivision, taxing district, or other public body of this state may, without competitive bidding, convey or exchange with the Ohio higher educational facility commission, for use in connection with a project, any or all of its interests in real or personal property, or both, not needed by the grantor. Any conveyance by the state shall be authorized by the director, board, or commission having control of such property and approved by the general assembly. The interest in such property to be conveyed shall be appraised at its fair market value and such appraisal value shall be the conveyance price. The appraised fair market value of any property exchanged under the provisions of this section shall be substantially equal to the aggregate of the appraised fair market value of the property for which it is exchanged and any moneys paid to the grantor in consideration of such exchange. The political subdivision, taxing district, or other public body shall prescribe the form of its deed, and any deed from the state shall be prepared and recorded as provided in sections 5301.13 to 5301.17 of the Revised Code. Any educational institution which has the qualifications to acquire property under section 3333.08 of the Revised Code may acquire property under such section in order to provide real estate or interests in real estate needed for a project and to make the same available to the commission by conveyance, lease, or otherwise.
Any instrument by which the state or an agency of the state acquires real property pursuant to this section shall identify the agency of the state that has the use and benefit of the real property as specified in section 5301.012 of the Revised Code.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3377 | Ohio Higher Educational Facility Commission
Section 3377.01 | Ohio Higher Educational Facility Commission Definitions.
Section 3377.02 | Ohio Higher Educational Facility Commission.
Section 3377.03 | Appointment of Members of Commission - Annual Report.
Section 3377.04 | Commission - Powers and Duties.
Section 3377.05 | Issuance and Sale of Bonds.
Section 3377.06 | Anticipation Notes.
Section 3377.07 | Provisions of Contract With Bondholders.
Section 3377.08 | Bonds May Be Secured by Pledge, Trust Agreement or Indenture of Mortgage.
Section 3377.09 | Protection and Enforcement of Rights of Bondholder and Trustees.
Section 3377.10 | Issuance of Refunding Bonds.
Section 3377.11 | Bonds Are Lawful Investments.
Section 3377.12 | Tax Exemption.
Section 3377.13 | Special Assessments - Installments.
Section 3377.14 | Property May Be Conveyed or Exchanged.
Section 3377.15 | Bonds Not Debt of State.
Section 3377.16 | Project Exemptions.
Section 3377.17 | Chancellor to Provide Analyses and Information on Project.