Ohio § 3706.041

§ 3706.041.

(A) With respect to projects, and the financing thereof, for industry, commerce, distribution,

or research, including public utility companies, under agreements whereby the person

to whom the project is to be leased, subleased, or sold, or to whom a loan is to be

made for the project, is to make payments sufficient to pay all of the principal of,

premium, if any, and interest on the air quality revenue bonds issued for the project,

or the counterparty under any related commodity contract agrees to make payments sufficient

in amount to pay all of the principal of, premium, if any, and interest on the related

air quality revenue bonds, the Ohio air quality development authority may, in addition

to other powers under this chapter: (1) Make loans for the acquisition or construction of the project to such person upon

such terms as the authority may determine or authorize, including secured or unsecured

loans, and, in connection therewith, enter into loan agreements and other agreements,

including commodity contracts, accept notes and other forms of obligation to evidence

such indebtedness and mortgages, liens, pledges, assignments, or other security interests

to secure such indebtedness, which may be prior or subordinate to or on a parity with

other indebtedness, obligations, mortgages, pledges, assignments, other security interests,

or liens or encumbrances, and take such actions as may be considered by it appropriate

to protect such security and safeguard against losses, including, without limitation

thereto, foreclosure and the bidding upon and purchase of property upon foreclosure

or other sale. (2) Sell such project under such terms as it may determine, including, without limitation

thereto, sale by conditional sale or installment sale, under which title may pass

prior to or after completion of the project or payment or provisions for payment of

all principal of, premium, if any, and interest on such bonds, or at any other time

provided in such agreement pertaining to such sale, and including sale under an option

to purchase at a price which may be a nominal amount or less than true value at the

time of purchase. (3) Grant a mortgage, lien, or other encumbrance on, or pledge or assignment of, or other

security interest with respect to, all or any part of the project, revenues, reserve

funds, or other funds established in connection with such bonds, or on, of, or with

respect to any lease, sublease, sale, conditional sale or installment sale agreement,

loan agreement, or other agreement pertaining to the lease, sublease, sale, or other

disposition of a project or pertaining to a loan made for a project, or any guaranty

or insurance agreement made with respect thereto, or any interest of the authority

therein, or any other interest granted, assigned, or released to secure payments of

the principal of, premium, if any, or interest on the bonds or to secure any other

payments to be made by the authority, which mortgage, lien, encumbrance, pledge, assignment,

or other security interest may be prior or subordinate to or on a parity with any

other mortgage, assignment, other security interest, or lien or encumbrance. (4) Provide that the interest on such bonds may be at a variable rate or rates changing

from time to time in accordance with a base or formula as authorized by the authority. (5) Contract for the acquisition or construction of such project or any part thereof,

including any related commodity contracts, and for the leasing, subleasing, sale or

other disposition of such project in a manner determined by the authority in its sole

discretion, without necessity for competitive bidding or performance bonds. (B) Property comprising a project shall not be subject to taxes or assessments and so

long as the bonds or notes issued to finance the costs of such project are outstanding,

and the transfer of title to or possession of such property to the person to whom

a loan or installment sale or conditional sale with respect to such project is made

shall not be subject to the taxes levied pursuant to Chapters 5739. and 5741. of the

Revised Code. The authority shall certify the property comprising a project which is exempt from

taxes and assessments pursuant to this section, and shall send, by certified mail,

copies of such certification to the owner of such exempt property, to the tax commissioner,

and to the county auditor of the county or counties in which any such exempt property

is located. Each county auditor shall maintain a separate list of all property exempt pursuant

to this section and sections 6121.044 and 6123.041 of the Revised Code , in addition to the list of exempt property required to be maintained pursuant to section 5713.07 of the Revised Code . (C) The authority, in the lease, sale or loan agreement with respect to a project referred

to in division (A) of this section, shall make appropriate provision for adequate

maintenance of the project. (D) With respect to the projects referred to in this section, the authority granted by

this section is cumulative and supplementary to all other authority granted in this

chapter.  The authority granted by this section does not alter or impair any similar authority

granted elsewhere in this chapter for or with respect to other projects.