Bill > HB694

This bill modifies laws concerning state universities and colleges, primarily by establishing a new lien process for facilities funded by the state and by refining the procedures for appointing a conservator to manage a financially distressed institution. Specifically, it introduces a lien for the Ohio Facilities Construction Commission on state-funded or state-financed higher education facilities, which will take priority over other liens if the facility closes or is sold. The bill also updates the process for appointing a conservator, requiring input from legislative committees and clarifying the conservator's powers and responsibilities, including the suspension of the board of trustees and the president's authority, and the establishment of a governance authority to oversee the institution's operations. Additionally, it repeals existing sections related to credit enhancement agreements and state appropriations for bond service charges, and clarifies that the new lien process takes precedence over existing financial arrangements for facilities.

Education

https://www.legislature.ohio.gov/legislation/136/hb694