Ohio § 1501.13

§ 1501.13.

In the discretion of the director of natural resources any bonds issued under sections 1501.12 to 1501.15, inclusive, of the Revised Code , may be secured by a trust agreement between the director and a corporate trustee,

which trustee may be any trust company or bank having the powers of a trust company

within or without the state.  Such bonds may also be secured by mortgage on such property wholly acquired through

the proceeds of the sale of bonds. Any such trust agreement may pledge or assign revenues to the payment of the principal

of and interest on such bonds and reserves therefor as provided in section 1501.14 of the Revised Code but shall not convey or mortgage any property of the state, except as provided in sections 1501.07 , 1501.11 , 1501.12 , and 1501.14 of the Revised Code .  Any such trust agreement may contain such provisions for protecting and enforcing

the rights and remedies of the bondholders as are reasonable and proper and not in

violation of law including provisions for issue of additional revenue bonds for the

purposes set forth in section 1501.12 of the Revised Code to be secured ratably with any revenue bonds theretofore or thereafter issued under

said section, covenants setting forth the duties of the director and chief of the

division of parks and watercraft in relation to the acquisition, improvement, maintenance,

operation, repair, and insurance of the lands or interests therein or public service

facilities in connection with which such bonds are authorized, the custody, safeguarding,

and application of all moneys, the insurance of moneys on hand or on deposit, and

the rights and remedies of the trustee and the holders of the bonds, including therein

provisions restricting the individual right of action of bondholders as is customary

in trust agreements respecting bonds and debentures of corporations, and of the security

given by those who contract to construct the project, and by any bank or trust company

in which the proceeds of bonds or revenues shall be deposited, and such other provisions

as the director deems reasonable and proper for the security of the bondholders.  All expenses incurred in carrying out the provisions of any such trust agreement

may be treated as a part of the cost of maintenance, operation, and repair of the

facilities for which the bonds were issued. The director shall covenant and agree to maintain, so long as there are outstanding

any such bonds payable from revenues, adequate fees, charges, and rentals for the

payment of the principal and interest on such bonds and for the creation and maintenance

of reserves therefor and reserves for operation, maintenance, replacement, and renewal.