Ohio § 1555.05

§ 1555.05.

(A) Subject to any limitations as to aggregate amounts thereof that may from time to

time be prescribed by the general assembly and to other applicable provisions of this

chapter, and subject to the one-hundred-million-dollar limitation provided in Section 15 of Article VIII, Ohio Constitution , the director of the Ohio coal development office, on behalf of this state, 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 enter into contracts to guarantee

the repayment or payment of the unpaid principal amount of loans made to pay the costs

of coal research and development projects. (B) The contract of guarantee may make provision for the conditions of, time for, and

manner of fulfillment of the guarantee commitment, subrogation of this state to the

rights of the parties guaranteed and exercise of such parties' rights by the state,

giving the state the option of making payment of the principal amount guaranteed in

one or more installments and, if deferred, to pay interest thereon from the source

specified in division (A) of this section, and any other terms or conditions customary

to such guarantees and as the director of the office may approve, and may contain

provisions for securing the guarantee in the manner consistent with this section,

covenants on behalf of this state to issue obligations under section 1555.08 of the Revised Code to provide moneys to fulfill such guarantees and covenants, and covenants restricting

the aggregate amount of guarantees that may be contracted under this section and obligations

that may be issued under section 151.07 of the Revised Code , and terms pertinent to either, to better secure the parties guaranteed. (C) The director of the office may fix service charges for making a guarantee.  Such charges shall be payable at such times and place and in such amounts and manner

as may be prescribed by the director.  Moneys received from such charges shall be credited to the coal research and development

bond service fund. (D) Any guaranteed parties under this section, by any suitable form of legal proceedings

and except to the extent that their rights are restricted by the guarantee documents,

may protect and enforce any rights under the laws of this state or granted by such

guarantee or guarantee documents.  Such rights include the right to compel the performance of all duties of the office

required by this section or the guarantee or guarantee documents;  and in the event

of default with respect to the payment of any guarantees, to apply to a court having

jurisdiction of the cause to appoint a receiver to receive and administer the moneys

pledged to such guarantee with full power to pay, and to provide for payment of, such

guarantee, and with such powers, subject to the direction of the court, as are accorded

receivers in general equity cases, excluding any power to pledge or apply additional

revenues or receipts or other income or moneys of this state.  Each duty of the office and its director and employees required or undertaken under

this section or a guarantee made under this section is hereby established as a duty

of the office and of its director and each such employee having authority to perform

such duty, specifically enjoined by the law resulting from an office, trust, or station

within the meaning of section 2731.01 of the Revised Code .  The persons who are at the time the director of the office, or its employees, are

not liable in their personal capacities on any guarantees or contracts to make guarantees

by the director.