Ohio § 4981.12

§ 4981.12.

(A) The general assembly hereby finds and declares that increasing requirements for rail

service for the people of the state and escalating costs of providing such rail service

have created inordinate demands upon the financial resources of the state, qualifying

subdivisions, private corporations and organizations, and local and regional transportation

authorities necessitating legislation to enable the people of the state to attain

a more competitive position in capital markets to provide rail service. (B) The general assembly hereby finds and declares further that it is in the public interest

and is the responsibility of the state to foster and promote by all lawful means the

provision of adequate capital markets and facilities for borrowing money for the financing

of rail service and the fulfillment of public purposes, and to make it possible for

the commission, qualifying subdivisions, private corporations or organizations, and

local or regional transportation authorities to obtain new or additional sources of

capital funds at acceptable interest costs, including activities to encourage investor

interest in the purchase of bonds, notes or other obligations of the commission, or

issued by the commission to fund loans it may make to private corporations or organizations

under sections 4981.01 to 4981.26 of the Revised Code , as sound and preferred securities for investments. (C) The general assembly hereby finds and declares further that it is in the public interest

and is the responsibility of the state to encourage qualifying subdivisions, local

or regional transportation authorities, and other persons to continue their independent

undertakings of rail service and fulfillment of public purposes and the financing

thereof and to improve or enhance the possibilities of qualifying subdivisions, local

or regional transportation authorities, and other persons obtaining funds, to the

extent possible, at reduced interest costs, for the orderly financing of rail service

projects and fulfillment of public purposes. (D) The general assembly hereby finds and declares further that it is in the public interest,

in order to implement and aid in the discharge of these responsibilities, that a state

instrumentality, having been created as a public body corporate with full powers to

borrow money and issue its bonds, notes, and other obligations to the end that funds

obtained thereby may be used or made available to franchisees to provide capital facilities

for rail service by the commission or for the purposes of making loans to qualifying

subdivisions, local or regional transportation authorities, private corporations or

organizations, and other persons for rail service projects, that such state instrumentality

be granted all powers necessary or appropriate to accomplish and carry out these essential

public purposes and responsibilities of the state in a manner to make it possible

to sell bonds and borrow funds at as low an interest rate as the instrumentality finds

and determines to be feasible. (E) The general assembly further finds and declares that in accomplishing these purposes,

the commission, created and established by this chapter, will be acting in all respects

for the benefit of the people of the state to serve the public purposes of improving

and otherwise promoting their health, education, welfare, safety, and prosperity,

and that the commission may act on behalf of the state and its people in serving the

essential public purposes described in this section for the benefit of the general

public of the state.