Ohio § 4981.13

§ 4981.13.

To accomplish the public policies and purposes and to meet the responsibility of the

state as set forth in this chapter, the Ohio rail development commission may directly

undertake and implement and make loans to qualifying subdivisions, local or regional

transportation authorities, and other persons for the acquisition, renovation, repair,

refunding, or construction of rail service projects by such qualifying subdivisions

and local or regional transportation authorities, and may issue bonds, payable solely

from revenues, to pay the cost of, or finance, in whole or in part, rail service projects

of the commission or loans to any person, qualifying subdivision, or local or regional

transportation authority.  A project shall not be undertaken unless it has been determined by the commission,

based upon information provided to it by the qualifying subdivision, local or regional

transportation authority, or other person or agency charged or empowered by law with

the responsibility of reporting, to be consistent with any applicable requirements

of law.  Any resolution of the commission providing for making a loan for any permitted loan

purpose or execution of any participation agreement pursuant to this chapter shall

include a finding by the commission that such determinations have been made.  A participation agreement may be entered into between the commission and each qualifying

subdivision, local or regional transportation authority, or other person to which

a loan is made or from which bonds are purchased for the acquisition, renovation,

repair, or construction of a rail service project, which participation agreement shall

include, without limitation, all of the following provisions: (A) The cost of such project, the amount of the loan or bond purchase, the terms of repayment

of such loan or bond purchase and the security therefor; (B) The specific purposes for which the proceeds of the loan or bond purchase shall be

expended, the procedures as to the disbursements of loan or bond purchase proceeds,

and the duties and obligations imposed upon the qualifying subdivision, local or regional

transportation authority, or other person in regard to the construction, renovation,

repair, refunding, or acquisition of the project; (C) The agreement of the qualifying subdivision, local or regional transportation authority,

or other person to raise the funds or provide sufficient credit or guarantee for repayment,

through levy, pursuant to an election, contract, lease, fee charges, or otherwise; (D) The agreement of the qualifying subdivision, local or regional authority, or other

person to provide the opinion of its counsel that the obligations of the qualifying

subdivision, local or regional transportation authority, or other person comply with

all applicable laws, rules, and regulations issued by the commission or other state,

federal, or local bodies in regard to the construction, repair, renovation, funding,

refunding, or acquisition of the project.