Laws may be passed authorizing the state to borrow money and to issue bonds and other obligations for the purpose of making grants and making or guaranteeing loans for research and development of coal technology that will encourage the use of Ohio coal, to any individual, association, or corporation doing business in this state, or to any educational or scientific institution located in this state, notwithstanding the requirements, limitations, or prohibitions of any other section of article VIII or of sections 6 and 11 of article XII of the constitution. The aggregate principal amount of the money borrowed and bonds and other obligations issued by the state pursuant to laws passed under this section shall not exceed one hundred million dollars outstanding at any time. The full faith and credit of the state may be pledged for the payment of bonds or other obligations issued or guarantees made pursuant to laws passed under this section.
Laws passed pursuant to this section also may provide for the state to share in any royalties, profits, or other financial gain resulting from the research and development.
(Adopted November 5, 1985.)