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S. B. No. 82 As Reported by the Senate Finance CommitteeAs Reported by the Senate Finance Committee
130th General Assembly | Regular Session | 2013-2014 |
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Senators Balderson, Gentile
Cosponsor:
Senator Sawyer
A BILL
To enact section 307.933 of the Revised Code to
authorize a corrections commission of a
multicounty, municipal-county, or
multicounty-municipal correctional center to issue
securities of the commission to pay the costs
associated with certain improvements of the
center.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 307.933 of the Revised Code be
enacted to read as follows:
Sec. 307.933. (A) A corrections commission formed under
section 307.93 of the Revised Code may issue securities of the
commission, in an amount determined by the commission, to pay for
all or part of the cost of the acquisition, construction,
enlargement, modification, or repair of any improvements for a
multicounty, municipal-county, or multicounty-municipal
correctional center that is provided for in section 307.93 of the
Revised Code and for which a county may issue securities under
section 133.15 of the Revised Code.
(B) The commission may issue securities of the commission to
fund or refund the securities issued under division (A) of this
section. The commission may also issue securities of the
commission in anticipation of the proceeds of the securities
issued pursuant to this section.
(C) Securities issued under this section, including
securities issued to fund or refund securities issued under this
section and securities issued in anticipation of the proceeds of
the securities to be issued under this section, shall be subject
to the maximum maturity requirements provided in division (B) or
(C) of section 133.20 of the Revised Code. The fiscal agent of the
commission shall serve as its fiscal officer for purposes of
division (C) of section 133.20 of the Revised Code.
(D) The securities issued under this section shall not
constitute general obligations of the commission or a county or
municipal corporation that has contracted for the creation of a
center, and the general credit or taxing power of a contracting
county or municipal corporation shall not be pledged for payment
of any part of the principal of or interest on these securities.
The holder or owner of securities issued under this section shall
have no right to have money raised by taxation by a county or
municipal corporation that has contracted for the creation of a
center obligated or pledged, and money so raised shall not be
obligated or pledged, for the payment of principal or interest on
such securities. The securities under this section shall not
constitute debt of the commission or a county or municipal
corporation that has contracted for the creation of a center.
Money received by the commission from a county or municipal
corporation pursuant to section 307.93 of the Revised Code shall
not be considered money raised by taxation.
(E) The securities issued under this section shall be secured
by the revenues the commission receives:
(1) From the counties or municipal corporations that have
contracted to create the center, as provided in section 307.93 of
the Revised Code; and
(2) For the services the center provides.
(F) The commission shall authorize the issuance of securities
under this section by adopting a resolution that includes all of
the following:
(1) A statement that the securities issued under this section
are not general obligations of either the commission or a county
or municipal corporation that has contracted to create a center.
(2) A statement that the commission pledges to fix rates or
charges for the services of the center and payments under the
contract between or among participating counties or municipal
corporations sufficient to provide adequate funds and reserves to
pay the debt incurred by the issuance of the securities, after
payment of the cost of management, maintenance, and operation of
the center or other correctional facilities under the commission's
control.
(3) A description of the fund or funds to which the proceeds
of the sale of securities under this section shall be credited and
a description of the fund or funds to which any pledged revenue
for the retirement of the debt from the securities shall be
credited.
(G) The resolution authorizing the issuance of securities may
contain provisions governing the following subjects, which
provisions shall be a part of the contract with the holders of
such securities:
(1) The sale and execution of the securities, pledging all or
any part of the revenues and contract payments to secure the
payment of the securities;
(2) The use and disposition of revenues and contract
payments;
(3) The crediting of the proceeds of the sale of the
securities to and among the funds referred to or provided for in
the resolution;
(4) The use, lease, sale, or other disposition of the center
or any correctional facilities under the commission's control;
(5) Limitations on the purpose to which the proceeds of the
sale of securities may be applied to refund previously issued
securities;
(6) As to securities issued in anticipation of the issuance
of securities, the agreement of the commission to do all things
necessary for the authorization, issuance, and sale of securities
in such amounts as may be necessary for the timely retirement of
such anticipation securities;
(7) Limitations on the issuance of additional securities;
(8) The terms on which additional securities may be issued
and secured;
(9) The refunding of outstanding securities;
(10) The procedure by which the terms of any contract with
holders of securities may be amended or abrogated, the amount of
securities the holders of which are required to consent thereto,
and the manner in which such consent may be given;
(11) Limitations on the amount of moneys to be expended by
the commission for operation, administration, or other expenses of
the center;
(12) Any other provisions related to the security or
protection of the securities, as determined by the commission.
(H) Any surplus of pledged revenues received by a commission
in any year, in excess of the amount of principal and interest
payable in that year, and any additional amount as is provided in
the resolution authorizing the securities to be held as a reserve
for debt service, may be used for the enlargement and replacement
of the center or other correctional facilities under a
commission's control.
(I) A corrections commission who issues securities under this
section may appoint or provide for the appointment of agents,
consultants, independent contractors, or any other type of
administrative, investment, financial, or accounting experts as
are necessary, in the judgment of the commission, to carry out the
commission's duties under this section.
(J) The issuance of securities under this section need not
comply with any other law applicable to the issuance of
securities.
(K) A pledge under this section shall be valid and binding
from the time the pledge is made. The revenues so pledged, and
thereafter received by the commission, shall immediately be
subject to the lien of such pledge without any physical delivery
thereof or further act. The lien of any such pledge is valid and
binding as against all parties having claims of any kind in tort,
contract, or otherwise against the commission or a contracting
county or municipal corporation, irrespective of whether such
parties have notice thereof. The resolution by which a pledge is
created need not be filed or recorded except in the records of the
commission. Neither the members of the commission nor any person
executing the securities shall be liable personally on the
securities or be subject to any personal liability or
accountability by reason of the issuance thereof.
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