Section 1. That sections 133.01, 4504.08, and 4504.09 be | 9 |
amended and sections 4504.22, 5595.01, 5595.02, 5595.03, 5595.04, | 10 |
5595.05, 5595.06, 5595.07, 5595.08, 5595.09, 5595.10, 5595.11, | 11 |
5595.12, 5595.13, and 5595.14 of the Revised Code be enacted to | 12 |
read as follows: | 13 |
(A) "Acquisition" as applied to real or personal property | 19 |
includes, among other forms of acquisition, acquisition by | 20 |
exercise of a purchase option, and acquisition of interests in | 21 |
property, including, without limitation, easements and | 22 |
rights-of-way, and leasehold and other lease interests initially | 23 |
extending or extendable for a period of at least sixty months. | 24 |
(D) "Bond retirement fund" means the bond retirement fund | 34 |
provided for in section 5705.09 of the Revised Code, and also | 35 |
means a sinking fund or any other special fund, regardless of the | 36 |
name applied to it, established by or pursuant to law or the | 37 |
proceedings for the payment of debt charges. Provision may be made | 38 |
in the applicable proceedings for the establishment in a bond | 39 |
retirement fund of separate accounts relating to debt charges on | 40 |
particular securities, or on securities payable from the same or | 41 |
common sources, and for the application of moneys in those | 42 |
accounts only to specified debt charges on specified securities or | 43 |
categories of securities. Subject to law and any provisions in the | 44 |
applicable proceedings, moneys in a bond retirement fund or | 45 |
separate account in a bond retirement fund may be transferred to | 46 |
other funds and accounts. | 47 |
(G) "County auditor" means the county auditor of the county | 54 |
in which the subdivision is located. If the subdivision is located | 55 |
in more than one county, "county auditor" means the county auditor | 56 |
of the county that contains the highest amount of the tax | 57 |
valuation of the subdivision or that otherwise has jurisdiction in | 58 |
practice over and customarily handles property tax matters | 59 |
relating to the subdivision. In the case of a county that has | 60 |
adopted a charter, "county auditor" means the officer who | 61 |
generally has the duties and functions provided in the Revised | 62 |
Code for a county auditor. | 63 |
(H) "Credit enhancement facilities" means letters of credit, | 64 |
lines of credit, stand-by, contingent, or firm securities purchase | 65 |
agreements, insurance, or surety arrangements, guarantees, and | 66 |
other arrangements that provide for direct or contingent payment | 67 |
of debt charges, for security or additional security in the event | 68 |
of nonpayment or default in respect of securities, or for making | 69 |
payment of debt charges to and at the option and on demand of | 70 |
securities holders or at the option of the issuer or upon certain | 71 |
conditions occurring under put or similar arrangements, or for | 72 |
otherwise supporting the credit or liquidity of the securities, | 73 |
and includes credit, reimbursement, marketing, remarketing, | 74 |
indexing, carrying, interest rate hedge, and subrogation | 75 |
agreements, and other agreements and arrangements for payment and | 76 |
reimbursement of the person providing the credit enhancement | 77 |
facility and the security for that payment and reimbursement. | 78 |
(K) "Financing costs" means all costs and expenses relating | 90 |
to the authorization, including any required election, issuance, | 91 |
sale, delivery, authentication, deposit, custody, clearing, | 92 |
registration, transfer, exchange, fractionalization, replacement, | 93 |
payment, and servicing of securities, including, without | 94 |
limitation, costs and expenses for or relating to publication and | 95 |
printing, postage, delivery, preliminary and final official | 96 |
statements, offering circulars, and informational statements, | 97 |
travel and transportation, underwriters, placement agents, | 98 |
investment bankers, paying agents, registrars, authenticating | 99 |
agents, remarketing agents, custodians, clearing agencies or | 100 |
corporations, securities depositories, financial advisory | 101 |
services, certifications, audits, federal or state regulatory | 102 |
agencies, accounting and computation services, legal services and | 103 |
obtaining approving legal opinions and other legal opinions, | 104 |
credit ratings, redemption premiums, and credit enhancement | 105 |
facilities. Financing costs may be paid from any moneys available | 106 |
for the purpose, including, unless otherwise provided in the | 107 |
proceedings, from the proceeds of the securities to which they | 108 |
relate and, as to future financing costs, from the same sources | 109 |
from which debt charges on the securities are paid and as though | 110 |
debt charges. | 111 |
(L) "Fiscal officer" means the following, or, in the case of | 112 |
absence or vacancy in the office, a deputy or assistant authorized | 113 |
by law or charter to act in the place of the named officer, or if | 114 |
there is no such authorization then the deputy or assistant | 115 |
authorized by legislation to act in the place of the named officer | 116 |
for purposes of this chapter, in the case of the following | 117 |
subdivisions: | 118 |
(N) "Fractionalized interests in public obligations" means | 166 |
participations, certificates of participation, shares, or other | 167 |
instruments or agreements, separate from the public obligations | 168 |
themselves, evidencing ownership of interests in public | 169 |
obligations or of rights to receive payments of, or on account of, | 170 |
principal or interest or their equivalents payable by or on behalf | 171 |
of an obligor pursuant to public obligations. | 172 |
(Z) "One purpose" relating to permanent improvements means | 217 |
any one permanent improvement or group or category of permanent | 218 |
improvements for the same utility, enterprise, system, or project, | 219 |
development or redevelopment project, or for or devoted to the | 220 |
same general purpose, function, or use or for which | 221 |
self-supporting securities, based on the same or different sources | 222 |
of revenues, may be issued or for which special assessments may be | 223 |
levied by a single ordinance or resolution. "One purpose" | 224 |
includes, but is not limited to, in any case any off-street | 225 |
parking facilities relating to another permanent improvement, and: | 226 |
(3) Securities for the payment, or redemption or purchase for | 243 |
cancellation prior to maturity, of which sufficient moneys or | 244 |
investments, in accordance with the applicable legislation or | 245 |
other proceedings or any applicable law, by mandatory sinking fund | 246 |
redemption requirements, mandatory sinking fund requirements, or | 247 |
otherwise, have been deposited, and credited for the purpose in a | 248 |
bond retirement fund or with a trustee or paying or escrow agent, | 249 |
whether at or prior to their maturity or redemption, and, in the | 250 |
case of securities to be redeemed prior to their stated maturity, | 251 |
notice of redemption has been given or satisfactory arrangements | 252 |
have been made for giving notice of that redemption, or waiver of | 253 |
that notice by or on behalf of the affected security holders has | 254 |
been filed with the subdivision or its agent for the purpose. | 255 |
(CC) "Permanent improvement" or "improvement" means any | 261 |
property, asset, or improvement certified by the fiscal officer, | 262 |
which certification is conclusive, as having an estimated life or | 263 |
period of usefulness of five years or more, and includes, but is | 264 |
not limited to, real estate, buildings, and personal property and | 265 |
interests in real estate, buildings, and personal property, | 266 |
equipment, furnishings, and site improvements, and reconstruction, | 267 |
rehabilitation, renovation, installation, improvement, | 268 |
enlargement, and extension of property, assets, or improvements so | 269 |
certified as having an estimated life or period of usefulness of | 270 |
five years or more. The acquisition of all the stock ownership of | 271 |
a corporation is the acquisition of a permanent improvement to the | 272 |
extent that the value of that stock is represented by permanent | 273 |
improvements. A permanent improvement for parking, highway, road, | 274 |
and street purposes includes resurfacing, but does not include | 275 |
ordinary repair. | 276 |
(EE) "Proceedings" means the legislation, certifications, | 281 |
notices, orders, sale proceedings, trust agreement or indenture, | 282 |
mortgage, lease, lease-purchase agreement, assignment, credit | 283 |
enhancement facility agreements, and other agreements, | 284 |
instruments, and documents, as amended and supplemented, and any | 285 |
election proceedings, authorizing, or providing for the terms and | 286 |
conditions applicable to, or providing for the security or sale or | 287 |
award of, public obligations, and includes the provisions set | 288 |
forth or incorporated in those public obligations and proceedings. | 289 |
(2) A taxing authority, subdivision, district, or other local | 296 |
public or governmental entity, and any combination or consortium, | 297 |
or public division, district, commission, authority, department, | 298 |
board, officer, or institution, thereof; | 299 |
(KK) "Securities" means bonds, notes, certificates of | 316 |
indebtedness, commercial paper, and other instruments in writing, | 317 |
including, unless the context does not admit, anticipatory | 318 |
securities, issued by an issuer to evidence its obligation to | 319 |
repay money borrowed, or to pay interest, by, or to pay at any | 320 |
future time other money obligations of, the issuer of the | 321 |
securities, but not including public obligations described in | 322 |
division (GG)(2) of this section. | 323 |
(LL) "Self-supporting securities" means securities or | 324 |
portions of securities issued for the purpose of paying costs of | 325 |
permanent improvements to the extent that receipts of the | 326 |
subdivision, other than the proceeds of taxes levied by that | 327 |
subdivision, derived from or with respect to the improvements or | 328 |
the operation of the improvements being financed, or the | 329 |
enterprise, system, project, or category of improvements of which | 330 |
the improvements being financed are part, are estimated by the | 331 |
fiscal officer to be sufficient to pay the current expenses of | 332 |
that operation or of those improvements or enterprise, system, | 333 |
project, or categories of improvements and the debt charges | 334 |
payable from those receipts on securities issued for the purpose. | 335 |
Until such time as the improvements or increases in rates and | 336 |
charges have been in operation or effect for a period of at least | 337 |
six months, the receipts therefrom, for purposes of this | 338 |
definition, shall be those estimated by the fiscal officer, except | 339 |
that those receipts may include, without limitation, payments made | 340 |
and to be made to the subdivision under leases or agreements in | 341 |
effect at the time the estimate is made. In the case of an | 342 |
operation, improvements, or enterprise, system, project, or | 343 |
category of improvements without at least a six-month history of | 344 |
receipts, the estimate of receipts by the fiscal officer, other | 345 |
than those to be derived under leases and agreements then in | 346 |
effect, shall be confirmed by the taxing authority. | 347 |
(OO) "Tax limitation" means the "ten-mill limitation" as | 426 |
defined in section 5705.02 of the Revised Code without diminution | 427 |
by reason of section 5705.313 of the Revised Code or otherwise, | 428 |
or, in the case of a municipal corporation or county with a | 429 |
different charter limitation on property taxes levied to pay debt | 430 |
charges on unvoted securities, that charter limitation. Those | 431 |
limitations shall be respectively referred to as the "ten-mill | 432 |
limitation" and the "charter tax limitation." | 433 |
(PP) "Tax valuation" means the aggregate of the valuations of | 434 |
property subject to ad valorem property taxation by the | 435 |
subdivision on the real property, personal property, and public | 436 |
utility property tax lists and duplicates most recently certified | 437 |
for collection, and shall be calculated without deductions of the | 438 |
valuations of otherwise taxable property exempt in whole or in | 439 |
part from taxation by reason of exemptions of certain amounts of | 440 |
taxable value under division (C) of section 5709.01, tax | 441 |
reductions under section 323.152 of the Revised Code, or similar | 442 |
laws now or in the future in effect. | 443 |
For purposes of section 133.06 of the Revised Code, "tax | 444 |
valuation" shall not include the valuation of tangible personal | 445 |
property used in business, telephone or telegraph property, | 446 |
interexchange telecommunications company property, or personal | 447 |
property owned or leased by a railroad company and used in | 448 |
railroad operations listed under or described in section 5711.22, | 449 |
division (B) or (F) of section 5727.111, or section 5727.12 of the | 450 |
Revised Code. | 451 |
Sec. 4504.08. A resolution, ordinance, or other measure | 462 |
levying a county motor vehicle license tax, municipal motor | 463 |
vehicle license tax, township motor vehicle license tax, or | 464 |
transportation improvement district motor vehicle license tax, or | 465 |
regional transportation improvement project motor vehicle license | 466 |
tax shall not be applicable to motor vehicle registrations for a | 467 |
registration year beginning at the time established in section | 468 |
4503.10 of the Revised Code unless a copy of such resolution or | 469 |
ordinance is certified to the registrar of motor vehicles not | 470 |
later than the first day of July of the year preceding that in | 471 |
which such registration year begins. | 472 |
Sec. 4504.09. Any county, township, municipal, or | 473 |
transportation improvement district, or regional transportation | 474 |
improvement project motor vehicle license tax shall be paid to the | 475 |
registrar of motor vehicles or to a deputy registrar at the time | 476 |
application for registration of a motor vehicle as provided in | 477 |
sections 4503.10 and 4503.102 of the Revised Code is made and no | 478 |
certificate of registration, numbered license plates and | 479 |
validation stickers, or validation stickers alone, shall be issued | 480 |
to the owner of a motor vehicle for which any amount of county, | 481 |
township, municipal, or transportation improvement district, or | 482 |
regional transportation improvement project motor vehicle license | 483 |
tax due thereon has not been paid. Payment of the tax shall be | 484 |
evidenced by a stamp on the certificate of registration by the | 485 |
official issuing such certificate. | 486 |
Upon the transfer of ownership of a motor vehicle, the | 487 |
registrar or deputy registrar shall collect any additional county, | 488 |
township, municipal, or transportation improvement district, or | 489 |
regional transportation improvement project motor vehicle license | 490 |
tax due thereon, computed in the manner provided in section | 491 |
4503.12 of the Revised Code. | 492 |
Sec. 4504.22. (A) Subject to division (B) of this section | 493 |
and for the purposes of paying the costs and expenses of enforcing | 494 |
and administering the tax provided for in this section; paying the | 495 |
costs of transportation improvements as defined in section 5595.01 | 496 |
of the Revised Code; paying debt service charges on obligations | 497 |
issued for those purposes; and to supplement revenue already | 498 |
available for those purposes, the board of county commissioners of | 499 |
a county that is participating in a regional transportation | 500 |
improvement project in accordance with Chapter 5595. of the | 501 |
Revised Code may levy an annual license tax upon the operation of | 502 |
motor vehicles on the public roads and highways in the county. | 503 |
The board of county commissioners shall levy the tax at a | 504 |
rate from one dollar to fifteen dollars per motor vehicle in whole | 505 |
dollar increments as determined by the governing board of the | 506 |
regional transportation improvement project. However, for each | 507 |
commercial car and each commercial trailer and semitrailer that is | 508 |
subject to the tax in that county the board of county | 509 |
commissioners shall levy the tax at a rate of either one dollar or | 510 |
any whole multiple of ten dollars not exceeding one hundred | 511 |
dollars as determined by the governing board of the regional | 512 |
transportation improvement project. The owner of each such motor | 513 |
vehicle who resides in the county or a portion of the county | 514 |
subject to the tax shall pay the tax levied by the board of county | 515 |
commissioners. The tax is in addition to all other taxes levied | 516 |
under this chapter, subject to reduction in the manner provided in | 517 |
division (B)(2) of section 4503.11 of the Revised Code. | 518 |
(B) Upon written request of the governing board of a regional | 519 |
transportation improvement project, the board of county | 520 |
commissioners of a county in which any part of that project is | 521 |
located may propose that a motor vehicle license tax be levied | 522 |
under this section. The board of county commissioners, via a | 523 |
resolution, shall put the question of the tax to the electors of | 524 |
the county or of that portion of the county in which the tax would | 525 |
be levied. The board of county commissioners shall specify in the | 526 |
resolution the rate of the tax, the date on which the tax will | 527 |
terminate, and, if the request of the governing board of the | 528 |
regional transportation improvement project indicates that a | 529 |
portion of the revenue will be used for supplemental | 530 |
transportation improvements not described in the cooperative | 531 |
agreement, the portion of the tax revenue that will be used for | 532 |
such supplemental improvements. The board of elections shall | 533 |
submit the question of the tax to the electors at the primary or | 534 |
general election to be held not less than ninety days after the | 535 |
board of county commissioners certifies to the county board of | 536 |
elections its resolution proposing the tax. The secretary of state | 537 |
shall prescribe the form of the ballot for the election. If | 538 |
approved by a majority of the electors voting on the question of | 539 |
the tax in that county or portion of that county, as applicable, | 540 |
the board of county commissioners of that county shall levy the | 541 |
tax as provided in the resolution. However, the board may make | 542 |
implementation of the tax contingent upon the approval of tax | 543 |
measures under this section in one or more of the other counties | 544 |
participating in the regional transportation improvement project. | 545 |
(D) The registrar of motor vehicles shall deposit money from | 550 |
a tax levied under this section that is received by the registrar | 551 |
under section 4504.09 of the Revised Code in the local motor | 552 |
vehicle license tax fund created by section 4501.031 of the | 553 |
Revised Code. The registrar shall distribute the money to the | 554 |
board of county commissioners levying such tax. The registrar may | 555 |
assign to that board of county commissioners a unique code to | 556 |
facilitate the distribution of such money, which may be the same | 557 |
unique code assigned to that county under section 4501.03 of the | 558 |
Revised Code. The board of county commissioners then shall pay the | 559 |
money to the governing board of the regional transportation | 560 |
improvement project that requested that the question of the | 561 |
levying of the tax be placed on the ballot. | 562 |
(B) "Transportation improvement" or "improvement" means the | 567 |
construction, repair, maintenance, or expansion of streets, | 568 |
highways, parking facilities, rail tracks and necessarily related | 569 |
rail facilities, bridges, tunnels, overpasses, underpasses, | 570 |
interchanges, approaches, culverts, and other means of | 571 |
transportation, and the erection and maintenance of traffic signs, | 572 |
markers, lights, and signals. | 573 |
(B) The cooperative agreement shall provide for the creation | 580 |
of a governing board consisting of one county commissioner from | 581 |
each county that is a party to the agreement or a designee | 582 |
appointed by the board of county commissioners of the county for | 583 |
the purpose of serving on the governing board, and the county | 584 |
engineer of each such county or a designee appointed by the county | 585 |
engineer for the purpose of serving on the governing board. | 586 |
Membership on the board is not a direct or indirect interest in a | 587 |
contract or expenditure of money by the county. The board is a | 588 |
public body for the purposes of section 121.22 of the Revised Code | 589 |
and a public office for the purposes of section 149.43 of the | 590 |
Revised Code. Chapter 2744. of the Revised Code applies to the | 591 |
board. | 592 |
(B) A board of county commissioners that intends to undertake | 626 |
a regional transportation improvement project shall hold at least | 627 |
one public hearing on the proposed cooperative agreement before | 628 |
adopting a resolution approving the agreement. The board of county | 629 |
commissioners shall provide at least thirty days' public notice of | 630 |
the time and place of the public hearing in a newspaper of general | 631 |
circulation in the county. During the thirty-day period before the | 632 |
public hearing, the proposed cooperative agreement shall be made | 633 |
available for public inspection at the offices of each county that | 634 |
will be a party to the agreement. | 635 |
(C) If the cooperative agreement is approved by each county | 636 |
that will be a party to the agreement, one of the participating | 637 |
counties shall send a copy of the agreement to the director of | 638 |
transportation. The director shall evaluate the agreement and | 639 |
determine if the transportation improvements specified in the | 640 |
agreement are in the best interest of the transportation | 641 |
facilities of this state, as defined in section 5501.01 of the | 642 |
Revised Code. If the director approves the agreement, the director | 643 |
shall send notice of approval to each county that is a party to | 644 |
the agreement. Unless otherwise provided in the cooperative | 645 |
agreement, the agreement is effective immediately upon approval by | 646 |
the director. If the director does not approve the agreement, the | 647 |
director shall send notice of denial to each county that is a | 648 |
party to the agreement. The notice of denial shall include the | 649 |
reason or reasons for the denial and recommendations for ways in | 650 |
which the agreement may be changed to meet the approval of the | 651 |
director. If the director does not make a determination within | 652 |
ninety days after receiving a cooperative agreement under this | 653 |
section, the director is deemed to have approved the agreement | 654 |
and, unless otherwise provided in the agreement, the agreement is | 655 |
effective immediately. No cooperative agreement is effective | 656 |
without actual or constructive approval by the director under this | 657 |
section. | 658 |
(A) Make and enter into all contracts and agreements | 667 |
necessary or incidental to the performance of its functions and | 668 |
the execution of its powers under this chapter and in accordance | 669 |
with the cooperative agreement. The procuring of goods and | 670 |
awarding of contracts with a cost in excess of fifty thousand | 671 |
dollars shall be done in accordance with the competitive bidding | 672 |
procedures established for boards of county commissioners by | 673 |
sections 307.86 to 307.91 of the Revised Code. | 674 |
(B) Sue and be sued in its own name, plead and be impleaded, | 675 |
provided any actions against the governing board or the regional | 676 |
transportation improvement project shall be brought in the court | 677 |
of common pleas of a county that is a party to the cooperative | 678 |
agreement or in the court of common pleas of the county in which | 679 |
the cause of action arose, and all summonses, exceptions, and | 680 |
notices shall be served on the governing board by leaving a copy | 681 |
thereof at its principal office with a member of the governing | 682 |
board or an employee or agent thereof; | 683 |
(D) Acquire by purchase, lease, lease-purchase, lease with | 687 |
option to purchase, appropriation, or otherwise any property | 688 |
necessary, convenient, or proper for the construction, | 689 |
maintenance, repair, or operation of one or more transportation | 690 |
improvements. The governing board may pledge net revenues, to the | 691 |
extent permitted by this chapter with respect to bonds, to secure | 692 |
payments to be paid by the governing board under such a lease, | 693 |
lease-purchase agreement, or lease with option to purchase. Title | 694 |
to real and personal property shall be held in the name of the | 695 |
governing board. In any proceedings for appropriation under this | 696 |
section, the procedure to be followed shall be in accordance with | 697 |
that provided in sections 163.01 to 163.22 of the Revised Code. | 698 |
Except as otherwise agreed to by the owner of the property, full | 699 |
compensation shall be paid for public property so taken. | 700 |
Sec. 5595.05. The governing board of a regional | 703 |
transportation improvement project may provide for the issuance of | 704 |
securities for the purpose of paying costs of transportation | 705 |
improvements. The securities are Chapter 133. securities, and the | 706 |
issuance of the securities, the maturities and other details | 707 |
thereof, the rights of the holders thereof, and the rights, | 708 |
duties, and obligations of the governing board in respect to the | 709 |
securities is governed by the applicable bond proceedings, section | 710 |
133.22 or 133.23, and other applicable sections of Chapter 133. of | 711 |
the Revised Code, notwithstanding that the transportation | 712 |
improvements may result in permanent improvements for more than | 713 |
one purpose under that chapter. | 714 |
Sec. 5595.06. (A) The governing board of a regional | 723 |
transportation improvement project, pursuant to the cooperative | 724 |
agreement, may request and receive pledges of revenue from the | 725 |
state, the counties that are parties to the agreement, and any | 726 |
political subdivision or taxing unit located within any of those | 727 |
counties. Except as provided in division (B) of this section, the | 728 |
pledged revenues shall be used solely for the purpose of funding | 729 |
the transportation improvements prescribed by the cooperative | 730 |
agreement, the debt charges on any securities issued by the | 731 |
governing board under section 5595.05 of the Revised Code, and the | 732 |
expenses of the governing board. The state, the counties, and any | 733 |
political subdivision or taxing unit located within such a county | 734 |
may pledge revenue to the governing board from any of the | 735 |
following sources: | 736 |
(B) The governing board shall use license tax revenue pledged | 759 |
to the project under division (A)(2) of this section for the | 760 |
purpose of funding transportation improvements described in the | 761 |
cooperative agreement and any other supplemental transportation | 762 |
improvements necessary to complete the project. If the board | 763 |
intends to use any of the license tax revenue for supplemental | 764 |
improvements not described in the agreement, the board, before | 765 |
submitting a request for license tax revenue to a board of county | 766 |
commissioners under section 4504.22 of the Revised Code, shall | 767 |
adopt a resolution allocating the revenue among the improvements | 768 |
described in the agreement and such supplemental improvements not | 769 |
described in the agreement. The amount used for supplemental | 770 |
improvements may not exceed five dollars for each motor vehicle on | 771 |
which the motor vehicle license tax is collected. If the motor | 772 |
vehicle license tax is approved, the governing board shall | 773 |
allocate the revenue only in accordance with the resolution. The | 774 |
allocation may not be changed unless a proposition to change the | 775 |
allocation is approved by the majority of electors voting on the | 776 |
proposition in each county that is a party to the cooperative | 777 |
agreement. Such a proposition may be proposed by resolution of the | 778 |
governing board certified to the board of county commissioners of | 779 |
each county, and, upon receiving such a certified resolution, each | 780 |
board of county commissioners shall certify identical resolutions | 781 |
to the respective county board of elections for placement on the | 782 |
questions and issues ballot at the next succeeding election | 783 |
occurring at least ninety days after the resolution is certified | 784 |
to the board of elections. | 785 |
Sec. 5595.07. The governing board of a regional | 786 |
transportation improvement project may submit a written request to | 787 |
the director of transportation for the assistance of the | 788 |
department of transportation in any or all aspects, components, or | 789 |
phases of that project. Upon receipt of such a request, the | 790 |
director may require the board to submit documentation to | 791 |
substantiate that the board has sufficient resources to fund the | 792 |
board's share of the project. If the director determines that the | 793 |
board has sufficient resources, the director may make available to | 794 |
the board resources of the department as may be necessary to | 795 |
fulfill the request. The director, in the director's discretion, | 796 |
may elect to assign any or all of any post-construction management | 797 |
responsibilities for the project back to the governing board. | 798 |
Sec. 5595.08. All money, funds, properties, and assets | 803 |
acquired by the governing board of a regional transportation | 804 |
improvement project under this chapter, whether as proceeds from | 805 |
the sale of securities, as revenues, or otherwise, shall be held | 806 |
by it in trust for the purpose of carrying out its powers and | 807 |
duties, shall be used and reused as provided in this chapter, and | 808 |
shall at no time be part of other public funds. Such funds, except | 809 |
as otherwise provided in bond proceedings or in any trust | 810 |
agreement securing such securities, or except when invested | 811 |
pursuant to section 5595.09 of the Revised Code, shall be kept in | 812 |
depositories selected by the governing board in the manner | 813 |
provided in Chapter 135. of the Revised Code for the selection of | 814 |
eligible public depositories, and the deposits shall be secured as | 815 |
provided in that chapter. Bond proceedings or the trust agreement | 816 |
securing securities shall provide that any officer to whom, or any | 817 |
bank or trust company to which, such money is paid shall act as | 818 |
trustee of the money and hold and apply the money for the purposes | 819 |
for which the securities are issued, subject to such conditions as | 820 |
Chapter 133. or 135. of the Revised Code and such proceedings or | 821 |
trust agreement provide. | 822 |
Sec. 5595.09. Except as otherwise provided in any bond | 823 |
proceedings or in any trust agreement securing securities, money | 824 |
in the funds of the governing board of a regional transportation | 825 |
improvement project in excess of current needs may be invested as | 826 |
permitted by sections 135.01 to 135.21 of the Revised Code. Income | 827 |
from all investments of moneys in any fund shall be credited to | 828 |
funds as the governing board determines, subject to the provisions | 829 |
of any such proceedings or trust agreement, and the investments | 830 |
may be sold at any time the governing board determines. | 831 |
Sec. 5595.10. The county auditor of the county with the | 832 |
greatest population, according to the most recent federal | 833 |
decennial census, that is a party to the cooperative agreement | 834 |
shall be the fiscal officer for the governing board of the | 835 |
project. The county prosecutor of the county with the greatest | 836 |
population, according to the most recent federal decennial census, | 837 |
that is participating in the project shall be the legal advisor of | 838 |
the governing board of the project and shall prosecute and defend | 839 |
all suits and actions that the governing board directs or to which | 840 |
it is a party. | 841 |
Sec. 5595.11. The exercise of the powers granted by this | 842 |
chapter is in all respects for the benefit of the people of the | 843 |
state, for the increase of their commerce and prosperity, and for | 844 |
the improvement of their health and living conditions, and, as the | 845 |
completion of transportation improvements by a regional | 846 |
transportation improvement project constitute the performance of | 847 |
essential governmental functions, neither the project nor the | 848 |
governing board may be required to pay any state or local taxes or | 849 |
assessments upon any improvement, or upon revenue or any property | 850 |
acquired or used by the governing board of the project under this | 851 |
chapter, or upon the income therefrom. The securities issued under | 852 |
this chapter, their transfer, and the income therefrom, including | 853 |
any profit made on the sale thereof, shall at all times be free | 854 |
from taxation within the state. | 855 |
Sec. 5595.12. Notwithstanding any other section of the | 856 |
Revised Code to the contrary, the approval, consent, or | 857 |
cooperation of a political subdivision is not required for a | 858 |
transportation improvement that involves constructing or improving | 859 |
a street or highway that runs through the territory of the | 860 |
political subdivision, connects to a highway that is part of the | 861 |
interstate system, and has been journalized by the director of | 862 |
transportation prior to the effective date of the enactment of | 863 |
this section. | 864 |
Sec. 5595.13. The governing board of a regional | 865 |
transportation improvement project shall not use any amount | 866 |
pledged or allocated to the board under this chapter for | 867 |
administrative expenses of the board without prior approval of the | 868 |
director of transportation. The director may approve expenses | 869 |
individually by line item or may approve an aggregate amount to be | 870 |
allocated for administrative expenses over a period of time not | 871 |
exceeding twelve months. The director may prescribe rules pursuant | 872 |
to Chapter 119. of the Revised Code necessary to implement this | 873 |
section. | 874 |
Sec. 5595.14. Upon completion of the transportation | 875 |
improvements listed in the cooperative agreement, fulfillment of | 876 |
all contractual duties assumed by the governing board, and | 877 |
repayment of all bonds issued by the governing board, the regional | 878 |
transportation improvement project and the governing board shall | 879 |
dissolve by operation of law. Upon dissolution of the regional | 880 |
transportation improvement project, the boards of county | 881 |
commissioners that created the regional transportation improvement | 882 |
project shall assume title to all real and personal property | 883 |
acquired by the board in the fulfillment of its duties under this | 884 |
chapter. The property shall be divided and distributed in | 885 |
accordance with the cooperative agreement. Unless otherwise | 886 |
provided by contract, pledges of revenue to the governing board | 887 |
from the state or a political subdivision or taxing unit shall | 888 |
terminate by operation of law upon the dissolution of the regional | 889 |
transportation improvement project. | 890 |