The state Senate approved a bill, sponsored by state Sen. Michael Rulli, R-Salem, to allow the Ohio Treasurer’s office to make investment reforms that will assist colleges and universities, hospitals and agricultural businesses when borrowing money.

Called Ohio Gains, the program would invest more of the state’s tax dollars in Ohio and create costs savings for Ohio-based businesses and institutions.

The Senate approved the bill Wednesday. It goes to the Ohio House for consideration.

The bill eliminates the $150,000 cap on individual loans issued to farmers under the Agricultural Linked Deposit program.

“In working on this bill, I have heard from local farmers about the rising costs of agricultural resources,” said Rulli, who represents Mahoning and Columbiana counties.

He said: “Responsibly utilizing tax dollars in Ohio is something we can all agree on, and this bill will significantly reduce the costs for farmers and bolster investments for the state.”

The bill’s other main sponsor was state Sen. Jerry C. Cirino, R-Kirtland.

The bill also expands the types of obligations in which the state treasury can invest interim funds.

This will allow hospitals in Ohio to borrow money at a lower rate and enhance credit for public universities that chose to utilize a partnership with the state treasurer, according to Rulli and Cirino.