184.25 Ohio bioproducts development program.

There is hereby created the Ohio bioproducts development program to be administered by the third frontier commission. The commission shall provide loans, loan guarantees, or grants to for-profit or not-for-profit entities to promote, provide for and enable innovation, development and commercialization of bioproducts, including biopolymers, chemicals, and advanced materials that use biomaterials and renewable agriculture resources, through efforts including, but not limited to, agribusiness and the agricultural industry in Ohio, state and local government entities and agencies, educational institutions, or research organizations and institutions.

Any assistance made pursuant to this section shall be evidenced by an agreement, which shall contain such terms as the commission determines necessary or appropriate, including performance measures and reporting requirements. The commission may take actions necessary or appropriate to collect or otherwise deal with any assistance made under this section, including requiring a recipient of assistance to repay the amount of the assistance plus interest at a rate of three per cent above the federal short term interest rate or any other rate determined by the commission.

Amended by 129th General AssemblyFile No.39, SB 171, §3, eff. 6/30/2011.

Prior History: (Effective Date: 2008 HB554 06-12-2008 )