(2)
"Bond service fund" means the respective bond service | 32 |
fund
created by section 151.03, 151.04, 151.05, 151.06, 151.07,
| 33 |
151.08, 151.09, 151.10, 151.11, or 151.40 of the
Revised Code, and | 34 |
any accounts in
that fund,
including all
moneys and investments, | 35 |
and earnings from
investments, credited
and to be credited to that | 36 |
fund and accounts
as and to the extent
provided in the applicable | 37 |
bond proceedings. | 38 |
(4)
"Costs of capital facilities" means the costs of | 42 |
acquiring,
constructing, reconstructing, rehabilitating, | 43 |
remodeling,
renovating, enlarging, improving, equipping, or | 44 |
furnishing capital
facilities, and of the financing of those | 45 |
costs.
"Costs of capital
facilities" includes, without
limitation, | 46 |
and in addition to costs
referred to in section
151.03, 151.04, | 47 |
151.05, 151.06, 151.07,
151.08, 151.09, 151.10, 151.11, or 151.40 | 48 |
of the
Revised
Code, the cost of
clearance and preparation of the | 49 |
site
and of any
land to be used
in connection with capital | 50 |
facilities,
the cost of
any indemnity
and surety bonds and | 51 |
premiums on
insurance, all
related direct
administrative expenses | 52 |
and
allocable portions of
direct costs of
the issuing authority, | 53 |
costs
of engineering and
architectural
services, designs, plans, | 54 |
specifications, surveys,
and estimates
of cost, financing costs, | 55 |
interest on obligations
from their date
to the time when interest | 56 |
is to be paid from
sources other than
proceeds of obligations, | 57 |
amounts necessary to
establish any
reserves as required by the | 58 |
bond proceedings, the
reimbursement of
all moneys advanced or | 59 |
applied by or borrowed
from any person or
governmental agency or | 60 |
entity for the payment
of any item of costs
of capital facilities, | 61 |
and all other expenses
necessary or
incident to planning or | 62 |
determining feasibility or
practicability
with respect to capital | 63 |
facilities, and such other
expenses as may
be necessary or | 64 |
incident to the acquisition,
construction,
reconstruction, | 65 |
rehabilitation, remodeling,
renovation,
enlargement, improvement, | 66 |
equipment, and furnishing of
capital
facilities, the financing of | 67 |
those costs, and the placing
of the
capital facilities in use and | 68 |
operation, including any one,
part
of, or combination of those | 69 |
classes of costs and expenses. For purposes of sections 122.085 to | 70 |
122.0820 of the Revised Code, "costs of capital facilities" | 71 |
includes "allowable costs" as defined in section 122.085 of the | 72 |
Revised Code. | 73 |
(6)
"Debt service" means principal, including any mandatory | 77 |
sinking fund or redemption requirements for retirement of | 78 |
obligations, interest and other accreted amounts, interest | 79 |
equivalent, and any redemption premium, payable on obligations.
If | 80 |
not prohibited by the applicable bond proceedings, debt service | 81 |
may
include costs relating to credit enhancement facilities that | 82 |
are
related to and represent, or are intended to provide a source | 83 |
of
payment
of or limitation on, other debt service. | 84 |
(7)
"Issuing authority" means the Ohio public facilities | 85 |
commission created in section 151.02 of the Revised Code
for | 86 |
obligations issued under section 151.03, 151.04, 151.05,
151.07, | 87 |
151.08, 151.09, 151.10, or 151.11
of the
Revised Code, or
the | 88 |
treasurer of state,
or the
officer who
by law performs the | 89 |
functions of
that office,
for
obligations
issued under section | 90 |
151.06 or 151.40
of the
Revised Code. | 91 |
(10)
"Principal amount" means the aggregate of the amount as | 103 |
stated or provided for in the applicable bond proceedings as the | 104 |
amount on which interest or interest equivalent on particular | 105 |
obligations is initially calculated. Principal amount does not | 106 |
include any premium paid to the state by the initial purchaser of | 107 |
the obligations.
"Principal amount" of a capital appreciation | 108 |
bond, as defined in division (C) of section 3334.01 of the Revised | 109 |
Code, means its face amount, and "principal amount" of a zero | 110 |
coupon bond, as defined in division (J) of section 3334.01 of the | 111 |
Revised Code, means the discounted offering price at which the | 112 |
bond is initially sold to the public, disregarding any purchase | 113 |
price discount to the original purchaser, if provided for pursuant | 114 |
to the bond proceedings. | 115 |
(11)
"Special funds" or
"funds," unless the context
indicates | 116 |
otherwise, means the bond service fund, and any other
funds, | 117 |
including any reserve funds, created under the bond
proceedings | 118 |
and
stated to be special funds in those proceedings,
including | 119 |
moneys
and investments, and earnings from investments,
credited | 120 |
and to be
credited to the particular fund. Special funds
do not | 121 |
include the
school building program assistance fund created
by | 122 |
section 3318.25
of the Revised Code, the higher education | 123 |
improvement fund created
by division (F) of section 154.21 of the | 124 |
Revised Code, the highway
capital improvement bond fund created by | 125 |
section 5528.53 of the Revised Code,
the state parks
and natural | 126 |
resources fund created
by section 1557.02 of the Revised Code, the | 127 |
coal research and
development fund created by section 1555.15 of | 128 |
the Revised Code,
the clean Ohio conservation fund created by | 129 |
section 164.27 of the Revised Code, the clean Ohio revitalization | 130 |
fund created by section 122.658 of the Revised Code, the job ready | 131 |
site development fund created by section 122.0820 of the Revised | 132 |
Code, the third frontier research and development fund created by | 133 |
section 184.19 of the Revised Code, the third frontier research | 134 |
and development taxable bond fund created by section 184.191 of | 135 |
the Revised Code,
or other
funds created by the bond proceedings | 136 |
that are not stated
by those
proceedings to be special funds. | 137 |
(B) Subject to
Section 2l, 2m, 2n,
2o, 2p, 2q, or 15, and | 138 |
Section
17, of
Article VIII, Ohio Constitution, the state, by the | 139 |
issuing
authority, is authorized to issue and sell, as provided in | 140 |
sections 151.03 to
151.11 or 151.40 of the Revised Code,
and in | 141 |
respective
aggregate principal amounts as from time to time | 142 |
provided or
authorized by the general assembly, general | 143 |
obligations of this
state for the purpose of paying costs of | 144 |
capital facilities or
projects identified by or pursuant to | 145 |
general assembly action. | 146 |
(C) Each issue of obligations shall be authorized by | 147 |
resolution
or order of the issuing authority. The bond
proceedings | 148 |
shall provide for
or authorize the manner for
determining the | 149 |
principal amount or
maximum principal amount of
obligations of an | 150 |
issue, the principal
maturity or maturities, the
interest rate or | 151 |
rates, the date of
and the dates of payment of
interest on the | 152 |
obligations, their
denominations, and the place or
places of | 153 |
payment of debt service
which may be within or outside
the state. | 154 |
Unless otherwise
provided by law, the latest principal
maturity | 155 |
may not be later
than the earlier of the thirty-first day
of | 156 |
December of the
twenty-fifth calendar year after the year of | 157 |
issuance of the
particular obligations or of the twenty-fifth | 158 |
calendar year after
the year in which the original obligation to | 159 |
pay was issued or
entered into. Sections 9.96, 9.98, 9.981,
9.982, | 160 |
and 9.983 of the Revised
Code apply to obligations. The
purpose of | 161 |
the obligations
may be stated in the bond proceedings
in general | 162 |
terms, such as,
as applicable,
"financing or assisting
in the | 163 |
financing of
projects as provided in Section 2l of Article
VIII, | 164 |
Ohio
Constitution,"
"financing or assisting in the financing
of | 165 |
highway
capital improvement projects as provided in Section 2m
of | 166 |
Article VIII,
Ohio Constitution,"
"paying costs of capital | 167 |
facilities for
a system of common schools throughout the state as | 168 |
authorized by
Section 2n of Article VIII, Ohio Constitution," | 169 |
"paying
costs of capital facilities for state-supported and | 170 |
state-assisted
institutions of higher education as authorized by | 171 |
Section
2n of Article VIII, Ohio Constitution,"
"paying costs of | 172 |
coal research and development as authorized by Section 15 of | 173 |
Article
VIII, Ohio Constitution,"
"financing or
assisting in
the | 174 |
financing of local subdivision capital improvement
projects as | 175 |
authorized by Section 2m of Article VIII,
Ohio Constitution," | 176 |
"paying costs of conservation projects as authorized by Section | 177 |
Sections 2o and 2q
of Article VIII, Ohio Constitution,"
"paying | 178 |
costs of
revitalization projects as
authorized by SectionSections | 179 |
2o and 2q
of Article
VIII, Ohio Constitution," "paying costs of | 180 |
preparing sites for industry, commerce, distribution, or research | 181 |
and development as authorized by Section 2p of Article VIII, Ohio | 182 |
Constitution," or "paying costs of research and development as | 183 |
authorized by Section 2p of Article VIII, Ohio Constitution." | 184 |
(D) The issuing authority may appoint or provide for the | 185 |
appointment of paying agents, bond registrars, securities | 186 |
depositories, clearing corporations, and transfer agents, and may | 187 |
without need for any other approval retain or contract for the | 188 |
services of
underwriters, investment
bankers, financial advisers, | 189 |
accounting experts, marketing,
remarketing, indexing, and | 190 |
administrative agents, other
consultants, and independent | 191 |
contractors, including printing
services, as are necessary in the | 192 |
judgment of the issuing
authority to carry out
the issuing | 193 |
authority's functions under
this
chapter.
When the issuing | 194 |
authority
is
the Ohio public facilities
commission, the issuing | 195 |
authority
also
may without need for any
other approval retain or | 196 |
contract for the
services of attorneys
and other professionals for | 197 |
that purpose.
Financing costs are
payable, as may be provided in | 198 |
the bond
proceedings, from the
proceeds of the obligations, from | 199 |
special
funds, or from other
moneys available for the purpose. | 200 |
(3) The establishment, deposit, investment, and application | 210 |
of
special funds, and the safeguarding of moneys on hand or on | 211 |
deposit,
in lieu of the applicability of provisions of Chapter | 212 |
131. or 135.
of the Revised Code, but subject to any special | 213 |
provisions of
sections 151.01 to
151.11 or 151.40 of the
Revised | 214 |
Code with
respect to the
application of particular funds
or | 215 |
moneys. Any
financial
institution that acts as a depository of
any | 216 |
moneys in
special
funds or other funds under the bond
proceedings | 217 |
may
furnish
indemnifying bonds or pledge securities as
required by | 218 |
the
issuing
authority. | 219 |
(F) The great seal of the state or a facsimile of it may be | 254 |
affixed to or printed on the obligations. The obligations | 255 |
requiring
execution by or for the issuing authority shall be | 256 |
signed as
provided in the bond proceedings. Any obligations may
be | 257 |
signed
by the individual who on the date of execution is the | 258 |
authorized
signer although on the date of these obligations that | 259 |
individual
is not an authorized signer. In case the individual | 260 |
whose
signature or facsimile signature appears on any obligation | 261 |
ceases
to be an authorized signer before delivery of the | 262 |
obligation, that
signature or facsimile is nevertheless valid and | 263 |
sufficient for
all purposes as if that individual had remained the | 264 |
authorized
signer until delivery. | 265 |
(G) Obligations are investment securities under Chapter
1308. | 266 |
of the Revised Code. Obligations may be issued in bearer or
in | 267 |
registered form, registrable as to principal alone or as to
both | 268 |
principal and interest, or both, or in certificated or | 269 |
uncertificated form, as the issuing authority determines.
| 270 |
Provision may be made for the exchange, conversion, or transfer of | 271 |
obligations and for reasonable charges for registration, exchange, | 272 |
conversion, and transfer. Pending preparation of final | 273 |
obligations, the issuing authority may provide for the issuance of | 274 |
interim instruments to be exchanged for the final obligations. | 275 |
(I) Except to the extent that rights are restricted by the | 280 |
bond
proceedings, any owner of obligations or provider of a credit | 281 |
enhancement facility may by any suitable form of legal proceedings | 282 |
protect and enforce any rights relating to obligations or that | 283 |
facility under the laws of this state or granted by the bond | 284 |
proceedings. Those rights include the right to compel the | 285 |
performance of all applicable duties of the issuing authority and | 286 |
the state. Each duty of the issuing authority and that
authority's | 287 |
officers, staff, and employees, and of each state
entity or | 288 |
agency, or using district or using institution, and its
officers, | 289 |
members, staff, or employees, undertaken pursuant to the
bond | 290 |
proceedings, is hereby established as a duty of the entity or | 291 |
individual having authority to perform that duty, specifically | 292 |
enjoined by law and resulting from an office, trust, or station | 293 |
within the meaning of section 2731.01 of the Revised Code. The | 294 |
individuals who are from time to time the issuing authority, | 295 |
members or
officers of the
issuing authority, or those members' | 296 |
designees acting pursuant to
section 151.02 of the Revised Code, | 297 |
or the issuing authority's officers,
staff, or employees, are not | 298 |
liable in their personal capacities on any
obligations or | 299 |
otherwise under the bond proceedings. | 300 |
(a) Obligations in the form of bond anticipation notes, and | 307 |
may
provide for the renewal of those notes from time to time by | 308 |
the
issuance of new notes. The holders of notes or appertaining | 309 |
interest coupons have the right to have debt service on those | 310 |
notes paid solely from the moneys and special funds that are or | 311 |
may be pledged to that payment, including the proceeds of bonds or | 312 |
renewal notes or both, as the issuing authority provides in the | 313 |
bond proceedings authorizing the notes. Notes may be additionally | 314 |
secured by covenants of the issuing authority to the effect that | 315 |
the issuing authority and the state will do all things necessary | 316 |
for the issuance of bonds or renewal notes in such principal | 317 |
amount and upon such terms as may be necessary to provide moneys | 318 |
to pay when due the debt service on the notes, and apply their | 319 |
proceeds to the extent necessary, to make full and timely payment | 320 |
of debt service on the notes as provided in the applicable bond | 321 |
proceedings.
In the bond proceedings authorizing the issuance of | 322 |
bond
anticipation notes the issuing authority shall set forth for | 323 |
the
bonds anticipated an estimated schedule of annual principal | 324 |
payments
the latest of which shall be no later than provided in | 325 |
division
(C) of this section. While the notes are outstanding | 326 |
there shall
be deposited, as shall be provided in the bond | 327 |
proceedings for
those notes, from the sources authorized for | 328 |
payment of debt
service on the bonds, amounts sufficient to pay | 329 |
the principal of
the bonds anticipated as set forth in that | 330 |
estimated schedule
during the time the notes are outstanding, | 331 |
which amounts shall be
used solely to pay the principal of those | 332 |
notes or of the bonds
anticipated. | 333 |
(b) Obligations for the refunding, including funding and | 334 |
retirement, and advance refunding with or without payment or | 335 |
redemption prior to maturity, of any obligations previously | 336 |
issued.
Refunding obligations may be issued in amounts sufficient | 337 |
to pay
or to provide for repayment of the principal amount, | 338 |
including
principal amounts maturing prior to the redemption of | 339 |
the
remaining prior obligations, any redemption premium, and | 340 |
interest
accrued or to accrue to the maturity or redemption date | 341 |
or dates,
payable on the prior obligations, and related financing | 342 |
costs and
any expenses incurred or to be incurred in connection | 343 |
with that
issuance and refunding. Subject to the applicable bond | 344 |
proceedings, the portion of the proceeds of the sale of refunding | 345 |
obligations issued under division (J)(1)(b) of this
section to be | 346 |
applied to
debt service on the prior obligations shall be credited | 347 |
to an
appropriate separate account in the bond service fund and | 348 |
held in
trust for the purpose by the issuing authority or by a | 349 |
corporate
trustee. Obligations authorized under this division | 350 |
shall be
considered to be issued for those purposes for which the | 351 |
prior
obligations were issued. | 352 |
(K) Obligations are lawful investments for banks, savings
and | 363 |
loan associations, credit union share guaranty corporations,
trust | 364 |
companies, trustees, fiduciaries, insurance companies,
including | 365 |
domestic for life and domestic not for life, trustees or
other | 366 |
officers having charge of sinking and bond retirement or
other | 367 |
special funds of the state and political subdivisions and
taxing | 368 |
districts of this state, the sinking fund, the
administrator of | 369 |
workers' compensation subject to the approval of
the workers' | 370 |
compensation board, the state teachers retirement
system, the | 371 |
public employees retirement system, the school
employees | 372 |
retirement system, and the Ohio police and fire
pension
fund, | 373 |
notwithstanding any other provisions of the Revised Code or
rules | 374 |
adopted pursuant to those provisions by any state
agency
with | 375 |
respect to investments by them, and are also
acceptable as | 376 |
security for the repayment of the deposit of public
moneys. The | 377 |
exemptions from taxation in Ohio as provided for in
particular | 378 |
sections of the Ohio Constitution and section
5709.76 of the | 379 |
Revised Code apply to the obligations. | 380 |
(M) The full faith and credit, revenue, and taxing power of | 391 |
the
state are and shall be pledged to the timely payment of debt | 392 |
service on outstanding obligations as it comes due, all in | 393 |
accordance with Section
2k, 2l, 2m, 2n,
2o, 2p, 2q, or 15 of | 394 |
Article VIII,
Ohio
Constitution, and section 151.03, 151.04, | 395 |
151.05, 151.06,
151.07,
151.08, 151.09, 151.10, or 151.11 of the | 396 |
Revised Code. Moneys referred
to in Section
5a
of Article XII, | 397 |
Ohio Constitution, may not be
pledged or used
for
the payment of | 398 |
debt service except on
obligations referred to
in
section 151.06 | 399 |
of the Revised Code.
Net
state lottery proceeds, as provided for | 400 |
and referred to in section
3770.06 of the Revised Code, may not be | 401 |
pledged or used for the
payment of debt service except on | 402 |
obligations referred to in
section 151.03 of the Revised Code.
The | 403 |
state covenants, and
that
covenant shall be controlling | 404 |
notwithstanding any other
provision
of law, that the state and the | 405 |
applicable officers and
agencies of
the state, including the | 406 |
general assembly, shall, so
long as any
obligations are | 407 |
outstanding in accordance with their
terms,
maintain statutory | 408 |
authority for and cause to be levied,
collected
and applied | 409 |
sufficient pledged excises, taxes, and
revenues of the
state so | 410 |
that the revenues shall be sufficient in
amounts to pay
debt | 411 |
service when due, to establish and maintain
any reserves and
other | 412 |
requirements, and to pay financing costs,
including costs of
or | 413 |
relating to credit enhancement facilities,
all as provided for
in | 414 |
the bond proceedings. Those excises,
taxes, and revenues are
and | 415 |
shall be deemed to be levied and
collected, in addition to the | 416 |
purposes otherwise provided for by
law, to provide for the payment | 417 |
of debt service and financing
costs in accordance with sections | 418 |
151.01 to
151.11 of the Revised Code and the
bond
proceedings. | 419 |
(N) The general assembly may from time to time repeal or | 420 |
reduce
any excise, tax, or other source of revenue pledged to the | 421 |
payment
of the debt service pursuant to Section
2k, 2l, 2m, 2n, | 422 |
2o, 2p, 2q, or
15
of
Article VIII, Ohio Constitution, and sections | 423 |
151.01
to
151.11 or 151.40
of the Revised Code, and may levy, | 424 |
collect
and
apply
any
new or
increased excise, tax, or revenue to | 425 |
meet the
pledge,
to
the
payment of debt service on outstanding | 426 |
obligations,
of the
state's
full faith and credit, revenue and | 427 |
taxing power,
or
of designated revenues and receipts, except
fees, | 428 |
excises or taxes
referred to in Section 5a of
Article XII,
Ohio | 429 |
Constitution, for
other than obligations referred to in
section
| 430 |
151.06 of the
Revised Code and except net state lottery
proceeds | 431 |
for other than
obligations referred to in section 151.03
of the | 432 |
Revised Code.
Nothing in division (N) of this section
authorizes | 433 |
any
impairment
of the obligation of this state to levy
and collect | 434 |
sufficient
excises, taxes, and revenues to pay debt
service on | 435 |
obligations
outstanding in accordance with their terms. | 436 |
(Q)
The issuing authority shall by the
fifteenth day of
July | 454 |
of each fiscal year, certify or cause to
be certified to the | 455 |
office of budget and
management the total
amount of moneys | 456 |
required during the current
fiscal year to meet
in full all debt | 457 |
service on the respective
obligations and any
related financing | 458 |
costs payable from the
applicable bond service
fund and not from | 459 |
the proceeds of
refunding or renewal
obligations. The issuing | 460 |
authority
shall make or cause to be made
supplemental | 461 |
certifications to the
office of budget and management
for each | 462 |
debt service payment date
and at such other times during
each | 463 |
fiscal year as may be provided
in the bond proceedings or | 464 |
requested by that office. Debt
service, costs of credit | 465 |
enhancement facilities, and other
financing costs shall be set | 466 |
forth separately in each
certification. If and so long as the | 467 |
moneys to
the credit of the bond service fund, together with any | 468 |
other
moneys available for the purpose, are insufficient to meet | 469 |
in full
all payments when due of the amount required as stated in | 470 |
the
certificate or otherwise, the office of budget and management | 471 |
shall at the times as provided in the bond proceedings, and | 472 |
consistent with any particular provisions in sections 151.03 to
| 473 |
151.11 and 151.40 of the Revised Code, transfer a sufficient | 474 |
amount to
the
bond service fund from the pledged revenues in the | 475 |
case of obligations issued pursuant to section 151.40 of the | 476 |
Revised Code, and in the case of other obligations from the | 477 |
revenues derived from excises,
taxes,
and other revenues, | 478 |
including net state lottery proceeds in
the
case of obligations | 479 |
referred to in section 151.03 of the
Revised
Code. | 480 |
(B)(1) The issuing authority shall issue general
obligations | 519 |
of the state to pay
costs of conservation projects
pursuant to | 520 |
division (B)(1) of
Section 2o of Article VIII, Ohio
Constitution, | 521 |
division (B)(1) of Section 2q of Article VIII, Ohio Constitution, | 522 |
section 151.01 of
the Revised Code, and this
section. The issuing | 523 |
authority, upon
the certification to it by
the Ohio public works | 524 |
commission of amounts needed in and for the
purposes of the clean | 525 |
Ohio conservation
fund created by section
164.27 of the Revised | 526 |
Code, the clean
Ohio agricultural easement
fund created by
section | 527 |
901.21 of the
Revised Code, and the clean
Ohio trail fund
created | 528 |
by section
1519.05 of the Revised Code,
shall issue
obligations in | 529 |
the amount determined by the
issuing
authority to
be required for | 530 |
those purposes. Not more than twofour hundred million dollars | 531 |
principal
amount of
obligations issued under this section for | 532 |
conservation purposes may be outstanding at any one time. Not more | 533 |
than fiftyone hundred million dollars principal amount of | 534 |
obligations, plus
the principal amount of obligations that in any | 535 |
prior fiscal year
could have been, but were not issued within the | 536 |
fiftyone hundred-million-dollar fiscal year limit, may be issued | 537 |
in any
fiscal year. | 538 |
(D) There is hereby created in the state treasury the | 554 |
conservation projects bond service fund. All moneys received by | 555 |
the
state and required by the bond proceedings, consistent with | 556 |
section 151.01 of the Revised Code and this section, to be | 557 |
deposited,
transferred, or credited to the bond service fund, and | 558 |
all other
moneys transferred or allocated to or received for the | 559 |
purposes of
that fund, shall be deposited and credited to the bond | 560 |
service
fund, subject to any applicable provisions of the bond | 561 |
proceedings, but without necessity for any act of appropriation. | 562 |
During the period beginning with the date of the first issuance of | 563 |
obligations and continuing during the time that any obligations | 564 |
are outstanding in accordance with their terms, so long as moneys | 565 |
in the bond service fund are insufficient to pay debt service when | 566 |
due on those obligations payable from that fund, except the | 567 |
principal amounts of bond anticipation notes payable from the | 568 |
proceeds of renewal notes or bonds anticipated, and due in the | 569 |
particular fiscal year, a sufficient amount of revenues of the | 570 |
state is committed and, without necessity for further act of | 571 |
appropriation, shall be paid to the bond service fund for the | 572 |
purpose of paying that debt service when due. | 573 |
(5) "Pledged liquor profits" means all receipts of the
state | 587 |
representing the gross profit on the sale of spirituous
liquor, as | 588 |
referred to in division (B)(4) of section 4301.10 of
the Revised | 589 |
Code, after paying all costs and expenses of the
division of | 590 |
liquor control and providing an adequate working
capital reserve | 591 |
for the division of liquor control as provided in
that division, | 592 |
but excluding the sum required by the second
paragraph of section | 593 |
4301.12 of the Revised Code, as it was in
effect on May 2, 1980, | 594 |
to be paid into the state treasury. | 595 |
(B)(1) The issuing authority shall issue obligations of the | 614 |
state to pay
costs of revitalization projects pursuant to division | 615 |
(B)(2) of
Section 2o of Article VIII, Ohio Constitution, division | 616 |
(B)(2) of Section 2q of Article VIII, Ohio Constitution, section | 617 |
151.01 of
the Revised Code as applicable to this section, and this | 618 |
section. The issuing authority, upon
the certification to it by | 619 |
the clean Ohio council of the amount of
moneys needed in and for | 620 |
the purposes of the clean Ohio revitalization
fund created by | 621 |
section 122.658 of the Revised Code, shall issue
obligations in | 622 |
the
amount determined by the issuing
authority to be required for | 623 |
those purposes. Not more than twofour hundred million dollars | 624 |
principal amount of obligations issued
under this section for | 625 |
revitalization purposes may be outstanding at any one time. Not | 626 |
more than fiftyone hundred million dollars principal amount of | 627 |
obligations,
plus the principal amount of obligations that in any | 628 |
prior fiscal
year could have been, but were not issued within the | 629 |
fiftyone hundred-million-dollar fiscal year limit, may be issued | 630 |
in any
fiscal year. | 631 |
(D) There is hereby created the
revitalization projects
bond | 639 |
service fund, which shall be in the custody of the treasurer
of | 640 |
state, but shall be separate and apart from and not a part of
the | 641 |
state treasury. All money received by
the state and required
by | 642 |
the bond proceedings, consistent with
section 151.01 of the | 643 |
Revised Code and this section, to be
deposited, transferred, or | 644 |
credited to the bond service fund, and
all other money transferred | 645 |
or allocated to or received for the
purposes of that fund, shall | 646 |
be deposited and credited to the bond
service fund, subject to any | 647 |
applicable provisions of the bond
proceedings, but without | 648 |
necessity for any act of appropriation.
During the period | 649 |
beginning with the date of the first issuance of
obligations and | 650 |
continuing during the time that any obligations
are outstanding in | 651 |
accordance with their terms, so long as moneys
in the bond service | 652 |
fund are insufficient to pay debt service when
due on those | 653 |
obligations payable from that fund, except the
principal amounts | 654 |
of bond anticipation notes payable from the
proceeds of renewal | 655 |
notes or bonds anticipated, and due in the
particular fiscal year, | 656 |
a sufficient amount of pledged receipts is
committed and, without | 657 |
necessity for further act of appropriation,
shall be paid to the | 658 |
bond service fund for the purpose of paying
that debt service when | 659 |
due. | 660 |
(F) The issuing authority may covenant in the bond | 670 |
proceedings, and such covenants shall be controlling | 671 |
notwithstanding any other provision of law, that the state and | 672 |
applicable officers and state agencies, including the general | 673 |
assembly, so long as any obligations issued under this section are | 674 |
outstanding, shall maintain statutory authority for and cause to | 675 |
be charged and collected wholesale or retail prices for spirituous | 676 |
liquor sold by the state or its agents so that the available | 677 |
pledged receipts are sufficient in time and amount to meet debt | 678 |
service payable from pledged liquor profits and for the | 679 |
establishment and maintenance of any reserves and other | 680 |
requirements provided for in the bond proceedings. | 681 |
(G) Obligations
may be further secured, as determined by
the | 682 |
issuing authority, by a trust agreement between
the state and
a | 683 |
corporate trustee, which may be
any trust company
or bank having
a | 684 |
place of business
within the state.
Any trust
agreement may | 685 |
contain the
resolution or
order authorizing the
issuance of the | 686 |
obligations,
any provisions
that may be contained
in any bond | 687 |
proceedings, and
other
provisions that are customary
or | 688 |
appropriate in an agreement
of that type, including, but not | 689 |
limited to: | 690 |
(H) The obligations shall not be
general obligations of the | 703 |
state and the full faith and credit, revenue, and taxing power of | 704 |
the state shall not be pledged to the payment of debt service on | 705 |
them. The holders
or owners of the obligations shall have no right | 706 |
to have any moneys obligated or
pledged for the payment of debt | 707 |
service except as provided in
this section and in the applicable | 708 |
bond proceedings. The rights
of the holders and owners to payment | 709 |
of debt service are limited
to all or that portion of the pledged | 710 |
receipts, and those special
funds, pledged to the payment of debt | 711 |
service pursuant to the bond
proceedings in accordance with this | 712 |
section, and each obligation
shall bear on its face a statement to | 713 |
that effect. | 714 |
The Treasurer of State is hereby authorized to issue and | 766 |
sell, in accordance with SectionSections 2o and 2q of Article | 767 |
VIII, Ohio
Constitution, and pursuant to sections 151.01 and | 768 |
151.40 of the
Revised Code, original obligations in an aggregate | 769 |
principal
amount not to exceed $40,000,000$90,000,000 in | 770 |
addition to the original
issuance of obligations heretofore | 771 |
authorized by prior acts of the
General Assembly. These | 772 |
authorized obligations shall be issued
and sold from time to | 773 |
time, subject to applicable constitutional
and statutory | 774 |
limitations, as needed to ensure sufficient moneys
to the credit | 775 |
of the Clean Ohio Revitalization Fund (Fund 7003) to
pay costs of | 776 |
revitalization projects. | 777 |
The foregoing appropriation item C15060, Clean Ohio | 786 |
Conservation, shall be used in accordance with sections 164.20 to | 787 |
164.27 of the Revised Code. If the Public Works Commission | 788 |
receives refunds due to project overpayments that are discovered | 789 |
during the post-project audit, the Director of the Public Works | 790 |
Commission may certify to the Director of Budget and Management | 791 |
that refunds have been received. If the Director of Budget and | 792 |
Management determines that the project refunds are available to | 793 |
support additional appropriations, such amounts are hereby | 794 |
appropriated. | 795 |
Sec. 243.11. The Ohio Public Facilities Commission is
hereby | 814 |
authorized to issue and sell, in accordance with SectionSections | 815 |
2o and 2q of
Article VIII, Ohio Constitution, and pursuant to | 816 |
sections
151.01
and 151.09 of the Revised Code, original | 817 |
obligations of
the state
in an aggregate principal amount not to | 818 |
exceed
$40,000,000$90,000,000 in
addition to the original | 819 |
issuance of obligations
heretofore
authorized by prior acts of | 820 |
the General Assembly.
These
authorized
obligations shall be | 821 |
issued and sold from time
to
time, subject to
applicable | 822 |
constitutional and statutory
limitations, as needed to
ensure | 823 |
sufficient moneys to the credit
of the Clean Ohio
Conservation | 824 |
Fund (Fund 7056), the Clean Ohio
Agricultural
Easement Fund | 825 |
(Fund 7057), and the Clean Ohio Trail
Fund (Fund
7061) to pay | 826 |
costs of conservation projects. | 827 |