(a) In the event of the effective continued conversion of the municipal University to a State University by assumption of the educational functions of the municipal University by such State University and transfer or grant of use of substantially all of the assets of the municipal University to such State University pursuant to Sections 3349.27 et seq. of the Revised Code of Ohio, and any amendments thereof and supplemental provisions of law pertaining thereto, the Board of Directors referred to in Section 8(u) of this Charter shall continue to exist for the limited purposes set forth below and members thereof shall be appointed and vacancies filled as provided in the general laws of Ohio for boards of directors of municipal universities, but the power and duties of said Board of Directors shall be limited to those necessary or appropriate to winding up the operations of the municipal University, including the delivery of instruments of further assurance and the taking of any other actions for the final completion of such conversion, and to providing for the proper application of assets retained, if any, and requesting, receiving and distributing funds to become available under subsection (c) of this section, and toward such ends the Board of Directors may exercise those powers and duties provided for in any agreement pertaining to such conversion and in this Charter and the laws and duties, and subject to the receipt by the Council of the written declaration of the Board of Trustees of such State University that no further action will be required of said Board of Directors under any such agreement, the Council of the City may by ordinance dissolve the Board of Directors of the municipal University.
(b) Notwithstanding any other provision of this Charter or ordinances and resolutions of the Council, the transfer or grant of use to a State University of all or any part of the estate, property and funds under the control of the Board of Directors of the municipal University or otherwise held for the use or benefit of or in connection with the conduct of the municipal University, whether held in trust or otherwise, may be accomplished in the manner provided in Revised Code Sections 3349.27 et seq. and any agreement entered into pursuant thereto, and any deeds, conveyances, assignments and other instruments shall be executed on behalf of such Board of Directors and the City by such person or persons as shall be authorized by the Board of Directors whether such property be held in the name of the Board of Directors, the municipal University, or the City of Toledo.
(c) If on or before July 15, 1967 the educational functions of the municipal University are assumed by, and the transfer or grant of use of substantially all of its assets is made to, a State University pursuant to the provisions of Sections 3349.27 et seq., of the Revised Code of Ohio, so long as such assumption and such transfer or grant continue in effect, the additional two (2) mill levy provided for by Section 8(u) of this Charter shall not be levied on the tax duplicate for 1968 or for any subsequent year, provided that so long as any general obligation bonds of the City heretofore issued for the benefit of the municipal University shall remain outstanding the tax provided for in Section 8(u) shall be levied solely for the purpose of paying the principal and interest, thereon but only if and to the extent that other funds provided to the City for such purpose or otherwise available and appropriated therefor are not sufficient for such payments, and any proceeds of such tax levied on the 1966 and 1967 tax duplicates and distributed after July 1, 1967 shall, to the extent not required for such bonds, be distributed to the Board of Directors of the municipal University and shall be made available by the Board of Directors to pay any operating deficit of the University as of July, 1, 1967 and for paying costs of land and facilities of said State University in the City of Toledo acquired or constructed by the municipal University before July 1, 1967, or acquired and constructed by the State University after July 1, 1967 and approved by the Board of Directors, including repaying moneys borrowed, advanced, or made available from other funds therefor and paying any interest thereon. As used in this subsection, the tax duplicate for a given year means the general tax list and duplicate on the basis of which ad valorem taxes are levied in such year for distribution in the next year.
(Added by electors 5-3-66)