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To amend sections 4582.72, 5739.02, and 5739.03 of the Revised Code to allow a sales and use tax exemption for materials and services purchased for certain projects when a port authority or county refuses to endorse an agreement concerning the project.
To amend sections 5739.02 and 5739.03 of the Revised Code to exempt from sales and use tax building materials sold to a contractor under a contract valued at $25 million or more for projects in areas with a port authority.
SB 15 allows Ohio port authorities to create a "Common Bond Fund Program" to finance port facilities. This program enables port authorities to pool funds, use credit enhancements (like financial guarantees), and manage cash reserves to improve the creditworthiness of their bonds. The bill directly affects port authorities by giving them a new tool to secure financing for infrastructure projects like docks and warehouses. It requires board resolutions to establish the program and governs how funds are managed through bond proceedings, without changing existing port authority powers.