Ohio § 5501.312

§ 5501.312.

(A) The director of transportation may do all of the following: (1) Contract in the manner provided by this section with one or more persons, a transportation

improvement district, one or more governmental agencies, or any combination thereof,

desiring the use or service of a transportation facility, and fix the terms, conditions,

rentals, or other charges for such use or services.  Such contract may provide for acquisition by such person or governmental agency

of all or any part of the facility for such consideration payable over the period

of the contract or otherwise as the director in the director's sole discretion determines

to be appropriate. (2) Make loans from any available source, including the federal share of a project, for

the planning, acquisition, or construction of transportation facilities upon such

terms as the director may determine or authorize, including secured or unsecured loans,

and in connection therewith, enter into loan agreements, subordination agreements,

and other agreements, accept notes and other forms of obligation to evidence the indebtedness

and mortgages, liens, pledges, assignments, or other security interests to secure

the indebtedness, which may be prior or subordinate to or on a parity with other indebtedness,

obligations, mortgages, pledges, assignments, other security interests, or liens or

encumbrances, and take such actions as are appropriate to protect the security and

safeguard against losses, including foreclosure and the bidding upon and purchase

of property upon foreclosure or other sale.  Repayments of a federal share loan may be obligated by the director for any transportation

purpose, including the reloaning of such repaid funds for other projects.  Reloaned funds would be considered state loans, not federal share loans. (3) Sell transportation facilities under such terms as the director may determine, including

conditional sale or installment sale, under which title may pass prior to or after

completion of the facility, or at any time provided in the agreement pertaining to

the sale, including sale under an option to purchase at a price which may be a nominal

amount or less than true value at the time of the purchase; (4) Grant a mortgage, lien, or other encumbrance on, or pledge or assignment of, or other

security interest with respect to, all or any part of a transportation facility, or

on, of, or with respect to any lease, sublease, sale, conditional sale or installment

sale agreement, loan agreement, or other agreement pertaining to the lease, sublease,

sale, or other disposition of a facility or pertaining to a loan made for a facility,

or any guaranty or insurance agreement made with respect thereto, or any interest

of the department of transportation therein, or any other interest granted, assigned,

or released to secure payments to be made by the department, which mortgage, lien,

encumbrance, pledge, assignment, or other security interest may be prior or subordinate

to or on a parity with any other mortgage assignment, or other security interest,

lien, or encumbrance; (5) Contract for the acquisition or construction of a transportation facility or any

part thereof and for the leasing, subleasing, sale, or other disposition of the facility

in a manner determined by the director. (B) All money received by the department under this section shall be deposited into the

state treasury to the credit of the highway operating fund.