Ohio § 3706.05

§ 3706.05.

The Ohio air quality development authority may at any time issue revenue bonds and

notes of the state in such principal amount as, in the opinion of the authority, are

necessary for the purpose of paying any part of the cost of one or more air quality

projects or parts thereof, including one or more payments pursuant to a commodity

contract entered into in connection with the acquisition or construction of air quality

facilities.  The authority may at any time issue renewal notes, issue bonds to pay such notes

and whenever it deems refunding expedient, refund any bonds by the issuance of air

quality revenue refunding bonds of the state, whether the bonds to be refunded have

or have not matured, and issue bonds partly to refund bonds then outstanding, and

partly for any other authorized purpose.  The refunding bonds shall be sold and the proceeds applied to the purchase, redemption,

or payment of the bonds to be refunded.  Except as may otherwise be expressly provided by the authority, every issue of its

bonds or notes shall be obligations of the authority payable solely out of the revenues

of the authority that are pledged for such payment, without preference or priority

of the first bonds issued, subject only to any agreements with the holders of particular

bonds or notes pledging any particular revenues.  Such pledge shall be valid and binding from the time the pledge is made and the

revenues so pledged and thereafter received by the authority shall immediately be

subject to the lien of such pledge without any physical delivery thereof or further

act, and 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 authority, irrespective

of whether such parties have notice thereof.  Neither the resolution nor any trust agreement by which a pledge is created need

be filed or recorded except in the records of the authority. Whether or not the bonds or notes are of such form and character as to be negotiable

instruments, the bonds or notes shall have all the qualities and incidents of negotiable

instruments, subject only to the provisions of the bonds or notes for registration. The bonds and notes shall be authorized by resolution of the authority, shall bear

such date or dates, and shall mature at such time or times, in the case of any such

note or any renewals thereof not exceeding five years from the date of issue of such

original note and in the case of any such bond not exceeding forty years from the

date of issue, as such resolution or resolutions may provide.  The bonds and notes shall bear interest at such rate or rates, be in such denominations,

be in such form, either coupon or registered, carry such registration privileges,

be payable in such medium of payment, at such place or places, and be subject to such

terms of redemption as the authority may authorize.  The bonds and notes of the authority may be sold by the authority, at public or

private sale, at or at not less than such price or prices as the authority determines.  The bonds and notes shall be executed by the chairperson and vice-chairperson of

the authority, either or both of whom may use a facsimile signature, the official

seal of the authority or a facsimile thereof shall be affixed thereto or printed thereon

and attested, manually or by facsimile signature, by the secretary-treasurer of the

authority, and any coupons attached thereto shall bear the signature or facsimile

signature of the chairperson of the authority.  In case any officer whose signature, or a facsimile of whose signature, appears

on any bonds, notes or coupons ceases to be such officer before delivery of bonds

or notes, such signature or facsimile shall nevertheless be sufficient for all purposes

the same as if the officer had remained in office until such delivery, and in case

the seal of the authority has been changed after a facsimile has been imprinted on

such bonds or notes, such facsimile seal will continue to be sufficient for all purposes. Any resolution or resolutions authorizing any bonds or notes or any issue thereof

may contain provisions, subject to such agreements with bondholders or noteholders

as may then exist, which provisions shall be a part of the contract with the holders

thereof, as to:  the pledging of all or any part of the revenues of the authority

to secure the payment of the bonds or notes or of any issue thereof;  the use and

disposition of revenues of the authority;  a covenant to fix, alter, and collect rentals

and other charges so that pledged revenues will be sufficient to pay costs of operation,

maintenance, and repairs, pay principal of and interest on bonds or notes secured

by the pledge of such revenues, and provide such reserves as may be required by the

applicable resolution or trust agreement;  the setting aside of reserve funds, sinking

funds, or replacement and improvement funds and the regulation and disposition thereof;

 the crediting of the proceeds of the sale of bonds or notes to and among the funds

referred to or provided for in the resolution authorizing the issuance of the bonds

or notes;  the use, lease, sale, or other disposition of any air quality project or

any other assets of the authority;  limitations on the purpose to which the proceeds

of sale of bonds or notes may be applied and the pledging of such proceeds to secure

the payment of the bonds or notes or of any issue thereof;  as to notes issued in

anticipation of the issuance of bonds, the agreement of the authority to do all things

necessary for the authorization, issuance, and sale of such bonds in such amounts

as may be necessary for the timely retirement of such notes;  limitations on the issuance

of additional bonds or notes;  the terms upon which additional bonds or notes may

be issued and secured;  the refunding of outstanding bonds or notes;  the procedure,

if any, by which the terms of any contract with bondholders or noteholders may be

amended or abrogated, the amount of bonds or notes the holders of which must consent

thereto, and the manner in which such consent may be given;  limitations on the amount

of moneys to be expended by the authority for operating, administrative, or other

expenses of the authority;  securing any bonds or notes by a trust agreement in accordance

with section 3706.07 of the Revised Code ;  any other matters, of like or different character, that in any way affect the security

or protection of the bonds or notes. Neither the members of the authority nor any person executing the bonds or notes shall

be liable personally on the bonds or notes or be subject to any personal liability

or accountability by reason of the issuance thereof.