To enact section 306.55 of the Revised Code to allow a subdivision that is a member of a regional transit authority to withdraw from the authority.

Section 1. That section 306.55 of the Revised Code be enacted to read as follows:

Sec. 306.55. Any county, municipal corporation, or township that has created or joined a regional transit authority may withdraw from the regional transit authority in the manner provided in this section. The board of county commissioners, legislative authority of the municipal corporation, or board of township trustees of the township proposing to withdraw shall adopt a resolution to submit the question of withdrawing from the regional transit authority to the electors of the territory to be withdrawn and shall certify the proposal to the board of elections for the purpose of having the proposal placed on the ballot at the next general election or at a special election conducted on the day of the next primary election that occurs not less than seventy-five days after the resolution is certified to the board of elections.

Upon certification of a proposal to the board of elections pursuant to this section, the board of elections shall make the necessary arrangements for the submission of the question to the electors of the territory to be withdrawn from the regional transit authority qualified to vote on the question, and the election shall be held, canvassed, and certified in the same manner as regular elections for the election of officers of the subdivision proposing to withdraw from the regional transit authority, except that the question appearing on the ballot shall read:

"Shall the territory within the ......................... (Name of political subdivision to be withdrawn) be withdrawn from ......................... ......... (Name) regional transit authority?"

If the question is approved by at least a majority of the electors voting on the question, the withdrawal is effective two years from the date of the certification of its passage.

The board of elections to which the resolution was certified shall certify the results of the election to the board or legislative authority of the subdivision that submitted the resolution to withdraw and to the board of trustees of the regional transit authority from which the subdivision proposed to withdraw.

If the question of withdrawing from the regional transit authority is approved, the power of the regional transit authority to levy and collect any ad valorem or sales and use taxes that it was authorized to levy and collect within the territory of the withdrawing subdivision terminates, except that the authority shall continue to levy and collect taxes for the payment of indebtedness within the territory of the regional transit authority as it existed at the time the indebtedness was incurred.

Upon the passage of the question proposing the withdrawal of any subdivision from a regional transit authority, the board of trustees of the regional transit authority shall ascertain, apportion, and order a division of the funds on hand, credits, moneys, and taxes in the process of collection, except for taxes levied for the payment of indebtedness, and real and personal property, either in money or in kind, between the authority and the withdrawing subdivision on any equitable basis consistent with the resolutions creating the authority and any agreements between the withdrawing subdivision and the authority, taking into consideration the prior contributions of the withdrawing subdivision.