(A) As used in this section and sections 167.101 to 167.105 of the Revised Code:
(1) "Qualifying council" means a regional council established under section 167.01 of the Revised Code to which both of the following requirements apply:
(a) The council's membership is composed primarily of city, local, and exempted village school districts, or any combination of such districts;
(b) The council is an information technology center approved under section 3301.075 of the Revised Code.
(2) "Securities" means bonds, notes, or other evidence of obligation issued in temporary or permanent form, including book-entry securities.
(B) A qualifying council may acquire, construct, and otherwise improve real and personal property to be used by or for the benefit of the qualifying council or one or more of its members. The acquisition, construction, and improvement may be financed by cash, installment payments with or without a mortgage, lease-purchase agreements, leases with an option to purchase, or securities issued pursuant to section 167.101 of the Revised Code.