Ohio § 505.262

§ 505.262.

(A) Notwithstanding division (D) of section 505.37 of the Revised Code or any other statute of this state, the board of township trustees of any township,

by unanimous vote, may adopt a resolution allowing the township to contract for the

purchase of equipment, buildings, and sites, or for the construction of buildings,

for any lawful township purpose.  The board may issue, by resolution adopted by unanimous vote, securities of the

township to finance purchases and construction made pursuant to this division.  The securities shall be signed by the board and attested by the signature of the

township fiscal officer, and the maximum maturity of those securities is subject to

the limitations in section 133.20 of the Revised Code .  The securities shall bear interest not to exceed the rate determined as provided

in section 9.95 of the Revised Code and shall not be subject to Chapter 133. of the Revised Code.  The resolution authorizing the issuance of the securities shall provide for levying

and collecting annually by taxation, amounts sufficient to pay the interest on and

principal of the securities.  The securities may contain a clause permitting prepayment at the option of the board.  Securities shall be offered for sale on the open market or given to the vendor or

contractor if no sale is made. (B) No purchase or construction pursuant to division (A) of this section shall be undertaken

unless the county auditor certifies that, if the purchase or construction is undertaken,

the debt service charge for the purchase or construction in the first year, together

with the debt service charge for that same year for any other purchase or construction

already undertaken pursuant to division (A) of this section, does not exceed one-tenth

of the township's total revenue from all sources.  If the county auditor so certifies, in every year of the debt after the first year,

the county budget commission shall include a debt charge in the township's annual

tax budget submitted pursuant to sections 5705.01 to 5705.47 of the Revised Code sufficient to meet the annual debt incurred pursuant to division (A) of this section,

if the debt charge is omitted from the budget.