The bill amends the Revised Code concerning state institutions of higher education, focusing on the issuance and management of financial obligations and liens on facilities. It deletes section 154.25 and introduces new sections 3345.123 and 3345.741, which clarify definitions related to "housing and dining facilities," "auxiliary facilities," and "education facilities." The bill stipulates that obligations issued by state universities or colleges must be authorized by their boards of trustees and can be secured by a pledge of available receipts. It also emphasizes that holders of these obligations will not have the right to levy taxes for bond service charges and establishes that all pledged receipts are considered trust funds.

Additionally, the bill outlines a new governance framework for state universities and colleges, including the appointment of conservators and governance authorities. The chancellor will set conservator compensation, and a governance authority appointed by the governor will oversee institutions once a conservator is in place. This authority will consist of five members with relevant expertise and will take over management from the conservator and board of trustees. The bill mandates regular reporting from both the conservator and governance authority to higher education committees, enhancing transparency and accountability while streamlining existing governance structures.

Statutes affected:
As Introduced: 154.07, 3345.12, 3345.74, 3345.75, 154.25, 3333.59