2006 Ohio Revised Code - 3318.49. Terms of loan agreements; approval by controlling board.

§ 3318.49. Terms of loan agreements; approval by controlling board.
 

The Ohio school facilities commission shall enter into a loan agreement with each school district it approves for a loan under section 3318.48 of the Revised Code. The agreement shall specify the amount of the loan, the purposes for which it is to be used, the duration of the loan, and the repayment schedule. Every such agreement shall contain a provision directing the state board of education, upon the request of the executive director of the commission, to deduct from payments due to the district under Chapter 3317. of the Revised Code or from any other funds appropriated to the district by the general assembly, the amount of any scheduled loan payment due but not paid by the district and, within ten days, to transfer that amount to the commission. 
 

A copy of each loan agreement shall be furnished to the controlling board. No money shall be released from the career-technical school building assistance fund without the approval of the controlling board. 
 

HISTORY: 145 v H 715. Eff 7-22-94; 151 v H 66, § 101.01, eff. 6-30-05.
 

The effective date is set by § 612.12 of 151 v H 66. 

 

Effect of Amendments

151 v H 66, effective June 30, 2005, in the first paragraph, substituted "Ohio school facilities commission" for "state board of education" and "directing" for "authorizing", inserted "of education, upon the request of the executive director of the commission", added "and, within ten days, to transfer that amount to the commission" to the end, and corrected internal references; and substituted "career-technical" for "vocational" in the second paragraph.