Ohio § 511.30

§ 511.30.

(A) In addition to any power granted to township park districts to issue securities under

other provisions of the Revised Code, a township park district may issue revenue securities

as authorized in this section.  For purposes of this section, “ securities ” has the same meaning as in division (KK) of section 133.01 of the Revised Code . (B) A township park district may issue revenue securities to fund or refund revenue securities

previously issued, or to raise money to pay for and improve parks or recreational

facilities. (C) A township park district shall establish rates, charges, or rents for the use, availability,

or rental of the facilities to which the financing relates, which rates, charges,

or rents shall be designed to provide revenues to the park district sufficient to

pay the costs of all current expenses of the facilities payable by the park district,

to pay the debt charges on the securities, and to establish and maintain any contractually

required special funds relating to the securities or the facilities. (D) Revenue securities issued under this section shall not be general obligations of

the township park district.  The revenue securities shall be secured only by a pledge of and lien upon the revenues

of the park district derived from its ownership or operation of the facilities, including

the rates, charges, or rents referred to in division (C) of this section and any interest

subsidies or debt charges, grants, or other payments by federal or state agencies

available for this purpose, and the covenants of the park district to maintain sufficient

rates, charges, and rents to produce revenues sufficient to pay all current expenses

of the facilities payable by the park district, to pay the debt charges on the securities,

and to establish and maintain any contractually required special funds relating to

the securities or the facilities, and, if the securities are anticipatory securities,

to issue the revenue securities in anticipation of the issuance of which the securities

are issued.  Revenue securities also may be secured by a pledge of and lien on the proceeds of

any securities issued to fund or refund those revenue securities. (E) The township park district officers authorized by the board of park commissioners

shall execute the necessary documents, including, but not limited to, trust agreements

and leases, to provide for the pledge, protection, and disposition of the pledged

revenues from which debt charges and any special fund deposits are to be paid. (F) As long as any of these revenue securities, in either original or refunded form,

remain outstanding, except as otherwise provided in the documents referred to in division

(E) of this section, all parts of the facilities the revenues from which are pledged

shall remain under the control of the board of park commissioners, whether any parts

of the facilities are leased to or operated by others or are in or thereafter come

within the boundaries of any municipal corporation, and the facilities shall remain

subject to the power and duty of the board of park commissioners to fix and collect

rates, charges, or rents for the use of facilities. (G) Sections 9.98 to 9.983 of the Revised Code apply to revenue securities issued under this section. (H) Revenue securities issued under this section, their transfer, and any income from

them, including any profit made on their sale, shall at all times be free from taxation

within the state. (I) The appointing authority of the board of park commissioners of any township park

district that proposes to issue revenue securities under this section shall approve

that proposal by resolution before the park district issues the revenue securities.