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Sub. H. B. No. 70As Reported by the Senate Highways and Transportation Committee
As Reported by the Senate Highways and Transportation Committee
124th General Assembly | Regular Session | 2001-2002 |
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REPRESENTATIVES Latell, D. Miller, Redfern, Hartnett, S. Smith, Perry, Metzger, Manning, Lendrum, Hagan, Sferra, Key, Damschroder, Oakar, Schneider, Grendell, Seaver, Sulzer, Ogg, Coates, Distel, Carano, Flowers, Seitz, Sullivan, Roman, Womer Benjamin, Niehaus, R. Miller, Hollister, Cirelli, Calvert, Barrett, Salerno, Wolpert, McGregor, Otterman, Cates, Krupinski, Flannery, Patton, Beatty, Latta
SENATOR Carnes
A BILL
To amend section 164.01 and to enact section 164.16
of
the Revised Code to include appurtenances to
roads
and bridges to enhance the safety of
animal-drawn
vehicles, pedestrians, and bicycles
in the types of
projects for which local
subdivisions may receive
financial assistance
through the Ohio Public Works
Commission.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 164.01 be amended and section 164.16
of the Revised Code be enacted to read as follows:
Sec. 164.01. As used in this chapter: (A) "Capital improvement" or "capital improvement project"
or "project" means the acquisition, construction, reconstruction,
improvement, planning, and equipping of roads and bridges,
appurtenances to roads and bridges to enhance the safety of
animal-drawn vehicles, pedestrians, and bicycles, waste
water
treatment systems, water supply systems, solid waste
disposal
facilities,
flood control systems, and storm water and
sanitary
collection, storage, and treatment facilities, including
real
property, interests in real property, facilities, and
equipment
related or incidental to those facilities. (B) "Local subdivision" means any county, municipal
corporation, township, sanitary district, or regional water and
sewer district. (C) "Bond proceedings" means the resolutions, orders,
trust
agreements, indentures, and other agreements, credit
facilities
and credit enhancement facilities, and amendments and
supplements
to the foregoing, or
any one or more or combination thereof,
authorizing, awarding, or
providing for the terms and conditions
applicable to or providing
for the security or liquidity of
obligations, and the provisions
contained in those obligations. (D) "Bond service charges" means principal, including any
mandatory sinking fund or redemption requirements for retirement
of obligations, interest and other accreted amounts, and any
redemption
premium payable on obligations. If not prohibited by
the applicable bond
proceedings, bond service charges include
costs of credit enhancement
facilities that are related to, and
represent or are intended to provide a
source of payment of or
limitation on, other bond service charges. (E) "Bond service fund" means the fund, and any accounts
in
that fund, created by section 164.10 of the Revised Code,
including all moneys and investments, and earnings from
investments, credited and to be credited to that fund and
accounts
as provided in the bond proceedings. (F) "Cost of capital improvement projects" means the costs
of acquiring, constructing, reconstructing, expanding, improving,
and engineering capital improvement projects, and related
financing costs. (G) "Credit enhancement facilities" means letters of
credit,
lines of credit, stand-by, contingent, or firm securities
purchase
agreements, interest rate hedges including, without limitation,
interest rate swaps, insurance or surety
arrangements, reserve or
guarantee funds, and guarantees, and
other arrangements that
provide for contingent or direct payment
of bond service charges,
for security or additional security in
the event of nonpayment or
default in respect of obligations, or
for making or providing
funds for making payment of bond service
charges to, and at the
option and on demand of, holders of
obligations or at the option
of the issuer under put or similar
arrangements, or for otherwise
supporting the credit or liquidity
of obligations, and includes
credit, reimbursement, marketing,
remarketing, indexing, carrying,
purchase, and subrogation
agreements, and other agreements and
arrangements for
reimbursement of the person providing the credit
enhancement
facility and the security for that reimbursement. As
used in
this division, obligations include debt obligations of
local
subdivisions. (H) "Financing costs" means all costs and expenses
relating
to the authorization, issuance, sale, delivery,
authentication,
deposit, custody, clearing, registration,
transfer, exchange,
fractionalization, replacement, and servicing
of obligations,
including, without limitation, costs and expenses
for or relating
to, or payment obligations under,
publication and printing,
postage and express
delivery, official statements, offering
circulars, and
informational statements, travel and
transportation, paying
agents, bond registrars, authenticating
agents, remarketing
agents, custodians, clearing agencies or
corporations, securities
depositories, financial advisory
services, certifications,
audits, federal or state regulatory
agencies, accounting
services, legal services and obtaining
approving legal opinions
and other legal opinions, credit ratings,
original issue
discount, credit facilities, and credit enhancement
facilities.
Financing costs may be paid from any moneys lawfully
available for the
purpose, including, unless otherwise provided in
the bond proceedings, from
the proceeds of the obligations to
which they relate and from the same sources
from which bond
service charges on the obligations are paid and as though bond
service charges. (I) "Issuer" means the treasurer of state, or the officer
who by law performs the functions of
such
that officer. (J) "Obligations" means bonds, notes, or other evidences
of
obligation of the state, including any interest coupons
pertaining
thereto, issued pursuant to sections 164.09 to 164.12
of the
Revised Code. (K) "Special funds" or "funds" means, except where the
context does not permit, the bond service fund, and any other
funds, including reserve funds, created under the bond
proceedings
and stated to be special funds in those proceedings,
including all
moneys and investments, and earnings from
investments, credited
and to be credited to the particular fund.
Special funds do not
include the state capital improvements fund
created by section
164.08 of the Revised Code or, if so provided
in the bond
proceedings, a rebate fund or account established for
purposes of
federal tax laws. (L) "Net proceeds" means amounts received from the sale of
obligations pursuant to this chapter, excluding amounts used to
refund or retire outstanding obligations, and does not include
amounts required to be deposited in special funds pursuant to the
applicable bond proceedings, or financing costs paid from such
amounts received. (M) "Local debt support and credit enhancements" means a
full or partial pledge of support for any local bond issue, the
payment of all or a part of the premium for bond insurance
obtained from a private insurer, the subsidization of the
interest
rate on a loan obtained by the subdivision, or a source
of revenue
pledged in support of revenue bonds issued by a
subdivision. (N) "Principal amount" refers to the aggregate of the
amount
as stated or provided for in the bond proceedings
authorizing the
obligations as the amount on which interest or
interest equivalent
is initially calculated.
Sec. 164.16. In the acquisition, construction,
reconstruction, improvement, planning, or equipping of
appurtenances to roads and bridges to enhance the safety of
animal-drawn vehicles, pedestrians, and bicycles, eligible
activities include, but are not limited, to the following: (A) Constructing or widening shoulders, including widening
of
bridges and culverts and purchase of rights-of-way, if
necessary; (B) Constructing pull-off lanes for roadways with visibility
issues; (C) Improving vertical and horizontal curvature of roadways; (D) Placement of warning signs for animal-drawn vehicle
traffic, including
automated flashing signs.
Section 2. That existing section 164.01 of the Revised Code
is hereby repealed.
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