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S. B. No. 338 As IntroducedAs Introduced
127th General Assembly | Regular Session | 2007-2008 |
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Cosponsors:
Senators Miller, D., Smith, Kearney, Miller, R., Seitz
A BILL
To amend section 725.07 of the Revised Code to allow
municipalities to use the money derived from the
sale of urban renewal bonds for the demolition of
buildings located on tax delinquent property that
constitute a public nuisance due to blight.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 725.07 of the Revised Code be amended
to read as follows:
Sec. 725.07. Moneys derived from the sale of urban renewal
bonds issued pursuant to sections 725.01 to 725.11 of the Revised
Code shall be used for an urban renewal project or projects, or
any part thereof, including the refunding of urban renewal bonds
previously issued. The funds also may be used for the demolition
of buildings located on tax delinquent property that constitute a
public nuisance due to blight. The principal of and interest on
such urban
renewal bonds shall be payable as provided in section
725.05 of
the Revised Code. Such principal and interest shall be
payable
at the times and in the order and manner provided in the
ordinance authorizing the issuance of such urban renewal bonds
and
in any trust agreements securing such bonds entered into
pursuant
to such ordinance.
Each issue of urban renewal bonds issued pursuant to
sections
725.01 to 725.11 of the Revised Code shall be dated,
shall mature
at such time or times, not to exceed thirty years,
as determined
by the legislative authority of the municipal
corporation issuing
such bonds and may be made redeemable before
maturity, at the
option of the municipal corporation, under
conditions fixed by the
legislative authority of the municipal
corporation issuing such
bonds.
All bonds issued under sections 725.01 to 725.11 of the
Revised Code shall be negotiable instruments. The bonds may be
issued in coupon or in registered form or both as the legislative
authority of the municipal corporation issuing such bonds
determines. Provision may be made for the registration of any
coupon bonds as to the principal alone and also to both principal
and interest.
Prior to the preparation of definitive bonds, the municipal
corporation may, under like restrictions, issue interim receipts,
or temporary bonds, with or without coupons, exchangeable for
definitive bonds when such bonds have been executed and are
available for delivery.
The municipal corporation, whenever it determines refunding
to be expedient, including funding and retirement and advance
refunding with or without payment or redemption prior to
maturity,
may refund any urban renewal bonds by the issuance of
urban
renewal refunding bonds, and issue bonds partly to refund
bonds
then outstanding and partly for any other authorized
purpose for
urban renewal bonds. The refunding bonds may be
issued in amounts
sufficient for the payment of the principal
amount of the bonds to
be so refunded, any redemption premiums
thereon, interest accrued
or to accrue to the maturity dates or
dates of redemption of such
bonds, and any expenses incurred or
to be incurred in connection
with the refunding, funding, and
retirement and the issuance of
the urban renewal refunding bonds.
The ordinance authorizing urban
renewal refunding bonds may
provide for the levying of a tax on
real and tangible personal
property, within the ten-mill
limitation, pursuant to division
(B) of section 725.05 of the
Revised Code whether or not such a
tax was provided for the bonds
being refunded or for the
obligating and pledging of moneys not
raised by taxation pursuant
to division (C) of section 725.05 of
the Revised Code whether or
not such moneys were obligated and
pledged for the bonds being
refunded.
Section 2. That existing section 725.07 of the Revised Code
is hereby repealed.
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