(A) As used in this section, a bankrupt taxpayer is a taxpayer to which both of the following apply:
(1) The taxpayer is charged with delinquent taxes on personal property or on real property that is classified as nonresidential/agricultural under section 5713.041 of the Revised Code;
(2) The taxpayer is the subject of a case in bankruptcy commenced in accordance with section 301 or 303 of the "Bankruptcy Reform Act of 1978," 92 Stat. 2558, 2559; 11 U.S.C. 301, as amended.
(B) A school district is eligible for a loan from the lottery profits education fund if the total amount of the school district's real and personal property taxes remaining unpaid on the previous year's tax lists and duplicates on the date of the settlement required by division (D) of section 321.24 of the Revised Code and charged to one or more bankrupt taxpayers equals or exceeds ten per cent of the total amount of the school district's taxes charged on such tax lists and duplicates.
(C) Each loan request shall be submitted to the superintendent of public instruction, and may be accompanied by a request that the school district be made subject to section 3313.488 of the Revised Code. The request shall state how the board of education intends to repay the loan. A district whose board of education requests that it be made subject to section 3313.488 of the Revised Code is subject to such section.
(D) Under this section and sections 3317.63 and 3317.64 of the Revised Code, "board of education" or "district board" includes the financial planning and supervision commission of a school district declared to be under a fiscal emergency pursuant to Chapter 3316. of the Revised Code where such commission chooses to exercise the powers and duties otherwise required of the district board of education under this section and sections 3317.63 and 3317.64 of the Revised Code.
Effective Date: 06-20-1996