Ohio § 1555.02

§ 1555.02.

It is hereby declared to be the public policy of this state through the operations

of the Ohio coal development office under this chapter to contribute toward one or

more of the following:  to provide for the comfort, health, safety, and general welfare

of all employees and other inhabitants of this state through research and development

directed toward the discovery of new technologies or the demonstration or application

of existing technologies to enable the conversion or use of Ohio coal as a fuel or

chemical feedstock in an environmentally acceptable manner thereby enhancing the marketability

and fostering the use of this state's vast reserves of coal, to assist in the financing

of coal research and development and coal research and development projects or facilities

for persons doing business in this state and educational and scientific institutions

located in this state, to create or preserve jobs and employment opportunities or

improve the economic welfare of the people of this state, or to assist and cooperate

with such persons and educational and scientific institutions in conducting coal research

and development.  In furtherance of this public policy, the Ohio coal development office, with the

advice of the technical advisory committee created in section 1551.35 of the Revised Code and the approval of the director of development, may make loans, guarantee loans,

and make grants to persons doing business in this state or to educational or scientific

institutions located in this state for coal research and development projects by such

persons or educational or scientific institutions;  may, with the advice of the technical

advisory committee and the approval of the director of development, request the issuance

of coal research and development general obligations under section 151.07 of the Revised Code to provide funds for making such loans, loan guarantees, and grants;  and may, with

the advice of the technical advisory committee and the approval of the director of

development, expend moneys credited to the coal research and development fund created

in section 1555.15 of the Revised Code for the purpose of making such loans, loan guarantees, and grants.  Determinations by the director of the Ohio coal development office that coal research

and development or a coal research and development facility is a coal research and

development project under this chapter and is consistent with the purposes of Section 15 of Article VIII, Ohio Constitution , and this chapter shall be conclusive as to the validity and enforceability of the

coal research and development general obligations issued to finance such project and

of the authorizations, trust agreements or indentures, loan agreements, loan guarantee

agreements, or grant agreements, and other agreements made in connection therewith,

all in accordance with their terms.