Sec. 1724.10. (A) A community improvement corporation may be | 15 |
designated by a county, one or more townships, one or more | 16 |
municipal corporations, two or more adjoining counties, or any | 17 |
combination of the foregoingthose political subdivisions as the | 18 |
agency of each suchdesignating political
subdivision for the | 19 |
industrial, commercial, distribution, and
research development in | 20 |
suchthe political subdivision when the
legislative authority of | 21 |
suchthe political subdivision has
determined that the policy of | 22 |
the political subdivision is to
promote the health, safety, | 23 |
morals, and general welfare of its
inhabitants through the | 24 |
designation of a community improvement
corporation as such an | 25 |
agency. SuchThe designation shall be made by
the legislative | 26 |
authority of the political subdivision by
resolution or ordinance. | 27 |
Any | 28 |
A community improvement corporation may insure
mortgage | 40 |
payments required by a first mortgage on any industrial,
economic, | 41 |
commercial, or civic property for which funds have been
loaned by | 42 |
any person, corporation, bank, or financial or lending
institution | 43 |
upon suchthe terms and conditions as the community
improvement | 44 |
corporation may prescribe. A community improvement
corporation may | 45 |
incur debt, mortgage its property acquired under
this section or | 46 |
otherwise, and issue its obligations, for the
purpose of | 47 |
acquiring, constructing, improving, and equipping
buildings, | 48 |
structures, and other properties, and acquiring sites
thereforfor | 49 |
buildings, structures, and other properties, for lease or sale by | 50 |
the community improvement
corporation in order to carry out its | 51 |
participation in suchthe plan.
Any such debt shall be solely that | 52 |
of the community improvement corporation and shall
not be secured | 53 |
by the pledge of any moneys received or to be
received from any | 54 |
political subdivision. All revenue bonds
issued under sections | 55 |
1724.02 and 1724.10 of the Revised Codethis chapter are
lawful | 56 |
investments of banks, savings and loan associations,
deposit | 57 |
guarantee associations, trust companies, trustees,
fiduciaries, | 58 |
trustees or other officers having charge of sinking
or bond | 59 |
retirement funds of municipal corporations and other
political | 60 |
subdivisions of the state, and of domestic insurance companies | 61 |
notwithstanding sections 3907.14 and 3925.08 of the Revised Code. | 62 |
Not less than two-fifths of the governing board of any community | 63 |
improvement corporation designated as the agency of one or more | 64 |
political subdivisions shall be composed of mayors, members of | 65 |
municipal legislative authorities, members of boards of township | 66 |
trustees, members of boards of county commissioners, or any other | 67 |
appointed or elected officers of such political subdivisions, | 68 |
provided that at least one officer from each political
subdivision | 69 |
shall be a member of the governing board. Membership
on the | 70 |
governing board of a community improvement corporation
does not | 71 |
constitute the holding of a public office or employment
within the | 72 |
meaning of sections 731.02 and 731.12 of the Revised
Code or any | 73 |
other section of the Revised Code. Membership on
such governing | 74 |
boards shall not constitute an interest, either
direct or | 75 |
indirect, in a contract or expenditure of money by any
municipal | 76 |
corporation, township, county, or other political
subdivision. No | 77 |
member of such governing boards shall be
disqualified from holding | 78 |
any public office or employment, nor
shall such member forfeit any | 79 |
such office or employment, by
reason of his membership on the | 80 |
governing board of a community
improvement corporation | 81 |
notwithstanding any law to the contrary. | 82 |
(B)(2) Authorization for the community improvement | 91 |
corporation to sell or to lease any lands or interests in lands | 92 |
owned by the political subdivision determined from time to time
by | 93 |
theits legislative authority thereof not to be required by such | 94 |
the political subdivision for its purposes, for uses determined by | 95 |
the legislative authority as those that will promote the welfare | 96 |
of the people of the political subdivision, stabilize the
economy, | 97 |
provide employment, and assist in the development of
industrial, | 98 |
commercial, distribution, and research activities to
the benefit | 99 |
of the people of the political subdivision, and will
provide | 100 |
additional opportunities for their gainful employment.
The | 101 |
legislative authority shall specify the consideration for
such a | 102 |
sale or lease and any other terms thereofof the sale or lease. | 103 |
Any
determinations made by the legislative authority under this | 104 |
division shall be conclusive. The | 105 |
(C)(3) That the political subdivision executing the agreement | 120 |
will convey or lease to the community improvement corporation | 121 |
lands andor interests in lands owned by the political subdivision | 122 |
and
determined by thethat its legislative authority thereof | 123 |
determines are not to be
required by the political subdivision for | 124 |
its purposes and that
such, the conveyance or lease of such land | 125 |
or interests in landwhich will promote
the welfare of the people | 126 |
of the political subdivision, stabilize
the economy, provide | 127 |
employment, and assist in the development of
industrial, | 128 |
commercial, distribution, and research activities to
the benefit | 129 |
of the people of the political subdivision, and
provide additional | 130 |
opportunities for their gainful employment,
for the consideration | 131 |
and upon the terms established in the
agreement, and further that, | 132 |
as the agency for development, the
community improvement | 133 |
corporation may acquire from others
additional lands or interests | 134 |
in lands, and any lands or
interests in landlands so conveyed or | 135 |
leased to the community improvement corporation may be sold or | 136 |
leased by it for uses that will promote
the welfare of the people | 137 |
of the political subdivision, stabilize
the economy, provide | 138 |
employment, and assist in the development of
industrial, | 139 |
commercial, distribution, and research activities
required for the | 140 |
people of the political subdivision and for
their gainful | 141 |
employment. Any conveyance or lease by the
political subdivision | 142 |
to the community improvement corporation
shall be made without | 143 |
advertising and receipt of bids. If any
lands or interests in land | 144 |
lands conveyed by a political subdivision
under this division are | 145 |
sold by the community improvement
corporation at a price in excess | 146 |
of the consideration received by
the political subdivision from | 147 |
the community improvement
corporation, suchthe excess shall be | 148 |
paid to suchthe political
subdivision after deducting, to the | 149 |
extent and in the manner
provided in the agreement, the costs of | 150 |
such acquisition and
sale, taxes, assessments, costs of | 151 |
maintenance, costs of
improvements to the land by the community | 152 |
improvement
corporation, service fees, and any debt service | 153 |
charges of the
corporation attributable to suchthe land or | 154 |
interests. | 155 |
(C) Not less than two-fifths of the governing board of any | 159 |
community
improvement corporation designated as the agency of one | 160 |
or more
political subdivisions shall be composed of mayors, | 161 |
members of
municipal legislative authorities, members of boards of | 162 |
township
trustees, members of boards of county commissioners, or | 163 |
any other
appointed or elected officers of the designating | 164 |
political subdivisions,
and at least one officer from each | 165 |
designating political
subdivision shall be a member of the | 166 |
governing board. Membership
on the governing board does not | 167 |
constitute the holding of a public office or employment
within the | 168 |
meaning of sections 731.02 and 731.12 or any other section of the | 169 |
Revised Code. Membership on
the governing board also does not | 170 |
constitute an interest, either
direct or indirect, in a contract | 171 |
or expenditure of money by any
municipal corporation, township, | 172 |
county, or other political
subdivision. No member of the governing | 173 |
board shall be
disqualified from holding any public office or | 174 |
employment, or forfeit any public office or employment, by
reason | 175 |
of membership on the governing board notwithstanding any law to | 176 |
the contrary. | 177 |