Ohio § 5705.199

§ 5705.199.

(A) At any time before the effective date of this amendment the board of education of

a city, local, exempted village, cooperative education, or joint vocational school

district, by a vote of two-thirds of all its members, may declare by resolution that

the revenue that will be raised by all tax levies that the district is authorized

to impose, when combined with state and federal revenues, will be insufficient to

provide for the necessary requirements of the school district, and that it is therefore

necessary to levy a tax in excess of the ten-mill limitation for the purpose of providing

for the necessary requirements of the school district.  Such a levy shall be proposed as a substitute for all or a portion of one or more

existing levies imposed under section 5705.194 of the Revised Code or under this section, by levying a tax as follows: (1) In the initial year the levy is in effect, the levy shall be in a specified amount

of money equal to the aggregate annual dollar amount of proceeds derived from the

levy or levies, or portion thereof, being substituted. (2) In each subsequent year the levy is in effect, the levy shall be in a specified amount

of money equal to the sum of the following: (a) The dollar amount of the proceeds derived from the levy in the prior year;  and (b) The dollar amount equal to the product of the total taxable value of all taxable

real property in the school district in the then-current year, excluding carryover

property as defined in section 319.301 of the Revised Code , multiplied by the annual levy, expressed in mills for each one dollar of taxable

value, that was required to produce the annual dollar amount of the levy under this

section in the prior year;  provided, that the amount under division (A)(2)(b) of

this section shall not be less than zero. (B) If a majority of the electors voting on the question so submitted in an election

vote in favor of the levy, the board of education may make the necessary levy within

the school district at the rate and for the purpose stated in the resolution.  The tax levy shall be included in the next tax budget that is certified to the county

budget commission. (C) A levy for a continuing period of time may be decreased pursuant to section 5705.261 of the Revised Code . (D) After the approval of a levy on the current tax list and duplicate, and prior to

the time when the first tax collection from the levy can be made, the board of education

may anticipate a fraction of the proceeds of the levy and issue anticipation notes

in a principal amount not exceeding fifty per cent of the total estimated proceeds

of the levy to be collected during the first year of the levy.  The notes shall be issued as provided in section 133.24 of the Revised Code , shall have principal payments during each year after the year of their issuance

over a period not to exceed five years, and may have a principal payment in the year

of their issuance.