Ohio § 5537.01

§ 5537.01.

As used in this chapter: (A) “ Commission ” means the Ohio turnpike and infrastructure commission created by section 5537.02 of the Revised Code or, if that commission is abolished, the board, body, officer, or commission succeeding

to the principal functions thereof or to which the powers given by this chapter to

the commission are given by law. (B) “ Turnpike project ” means any express or limited access highway, super highway, or motorway constructed,

operated, or improved, under the jurisdiction of the commission and pursuant to this

chapter and approved by the governor, including all bridges, tunnels, overpasses,

underpasses, interchanges, entrance plazas, approaches, those portions of connecting

public roads that serve interchanges and are determined by the commission and the

director of transportation to be necessary for the safe merging of traffic between

the turnpike project and those public roads, toll booths, service facilities, and

administration, storage, and other buildings, property, and facilities that the commission

considers necessary for the operation or policing of the turnpike project, together

with all property and rights which may be acquired by the commission for the construction,

maintenance, or operation of the turnpike project, and includes any sections or extensions

of a turnpike project designated by the commission as such for the particular purpose.  Each turnpike project shall be separately designated, by name or number, and may

be constructed, improved, or extended in such sections as the commission may from

time to time determine.  Construction includes the improvement and renovation of a previously constructed

turnpike project, including additional interchanges, whether or not the turnpike project

was initially constructed by the commission. (C) “ Infrastructure project ” means any public express or limited access highway, super highway, or motorway,

including all bridges, tunnels, overpasses, underpasses, interchanges, entrance plazas,

approaches, and those portions of connecting public roads that serve interchanges,

that is constructed or improved, in whole or in part, with infrastructure funding

approved pursuant to criteria established under section 5537.18 of the Revised Code . (D) “ Cost ,” as applied to construction of a turnpike project or an infrastructure project,

includes the cost of construction, including bridges over or under existing highways

and railroads, acquisition of all property acquired either by the commission or by

the owner of the infrastructure project for the construction, demolishing or removing

any buildings or structures on land so acquired, including the cost of acquiring any

lands to which the buildings or structures may be moved, site clearance, improvement,

and preparation, diverting public roads, interchanges with public roads, access roads

to private property, including the cost of land or easements therefor, all machinery,

furnishings, and equipment, communications facilities, financing expenses, interest

prior to and during construction and for one year after completion of construction,

traffic estimates, indemnity and surety bonds and premiums on insurance, title work

and title commitments, insurance, and guarantees, engineering, feasibility studies,

and legal expenses, plans, specifications, surveys, estimates of cost and revenues,

other expenses necessary or incident to determining the feasibility or practicability

of constructing or operating a turnpike project or an infrastructure project, administrative

expenses, and any other expense that may be necessary or incident to the construction

of the turnpike project or an infrastructure project, the financing of the construction,

and the placing of the turnpike project or an infrastructure project in operation.  Any obligation or expense incurred by the department of transportation with the

approval of the commission for surveys, borings, preparation of plans and specifications,

and other engineering services in connection with the construction of a turnpike project

or an infrastructure project, or by the federal government with the approval of the

commission for any public road projects which must be reimbursed as a condition to

the exercise of any of the powers of the commission under this chapter, shall be regarded

as a part of the cost of the turnpike project or an infrastructure project and shall

be reimbursed to the state or the federal government, as the case may be, from revenues,

state taxes, or the proceeds of bonds as authorized by this chapter. (E) “ Owner ” includes all persons having any title or interest in any property authorized to

be acquired by the commission for turnpike projects under this chapter, or the public

entity for whom an infrastructure project is funded, in whole or in part, by the commission

under this chapter. (F) “ Revenues ” means all tolls, service revenues, investment income on special funds, rentals,

gifts, grants, and all other moneys coming into the possession of or under the control

of the commission by virtue of this chapter, except the proceeds from the sale of

bonds.  “ Revenues ” does not include state taxes. (G) “ Public roads ” means all public highways, roads, and streets in the state, whether maintained by

a state agency or any other governmental agency. (H) “ Public utility facilities ” means tracks, pipes, mains, conduits, cables, wires, towers, poles, and other equipment

and appliances of any public utility. (I) “ Financing expenses ” means all costs and expenses relating to the authorization, issuance, sale, delivery,

authentication, deposit, custody, clearing, registration, transfer, exchange, fractionalization,

replacement, payment, and servicing of bonds including, without limitation, costs

and expenses for or relating to publication and printing, postage, delivery, preliminary

and final official statements, offering circulars, and informational statements, travel

and transportation, underwriters, placement agents, investment bankers, paying agents,

registrars, authenticating agents, remarketing agents, custodians, clearing agencies

or corporations, securities depositories, financial advisory services, certifications,

audits, federal or state regulatory agencies, accounting and computation services,

legal services and obtaining approving legal opinions and other legal opinions, credit

ratings, redemption premiums, and credit enhancement facilities. (J) “ Bond proceedings ” means the resolutions, trust agreements, certifications, notices, sale proceedings,

leases, lease-purchase agreements, assignments, credit enhancement facility agreements,

and other agreements, instruments, and documents, as amended and supplemented, or

any one or more or any combination thereof, authorizing, or authorizing or providing

for the terms and conditions applicable to, or providing for the security or sale

or award or liquidity of, bonds, and includes the provisions set forth or incorporated

in those bonds and bond proceedings. (K) “ Bond service charges ” means principal, including any mandatory sinking fund or mandatory redemption requirements

for the retirement of bonds, and interest and any redemption premium payable on bonds,

as those payments come due and are payable to the bondholder or to a person making

payment under a credit enhancement facility of those bond service charges to a bondholder. (L) “ Bond service fund ” means the applicable fund created by the bond proceedings for and pledged to the

payment of bond service charges on bonds provided for by those proceedings, including

all moneys and investments, and earnings from investments, credited and to be credited

to that fund as provided in the bond proceedings. (M) “ Bonds ” means bonds, notes, including notes anticipating bonds or other notes, commercial

paper, certificates of participation, or other evidences of obligation, including

any interest coupons pertaining thereto, issued by the commission pursuant to this

chapter. (N) “ Infrastructure fund ” means the applicable fund or funds created by the bond proceedings, which shall

be used to pay or defray the cost of infrastructure projects recommended by the director

of transportation and evaluated and approved by the commission. (O) “ Net revenues ” means revenues lawfully available to pay both current operating expenses of the

commission and bond service charges in any fiscal year or other specified period,

less current operating expenses of the commission and any amount necessary to maintain

a working capital reserve for that period. (P) “ Pledged revenues ” means net revenues, moneys and investments, and earnings on those investments, in

the applicable bond service fund and any other special funds, and the proceeds of

any bonds issued for the purpose of refunding prior bonds, all as lawfully available

and by resolution of the commission committed for application as pledged revenues

to the payment of bond service charges on particular issues of bonds. (Q) “ Service facilities ” means service stations, restaurants, and other facilities for food service, roadside

parks and rest areas, parking, camping, tenting, rest, and sleeping facilities, hotels

or motels, and all similar and other facilities providing services to the traveling

public in connection with the use of a turnpike project and owned, leased, licensed,

or operated by the commission. (R) “ Service revenues ” means those revenues of the commission derived from its ownership, leasing, licensing,

or operation of service facilities. (S) “ Special funds ” means the applicable bond service fund and any accounts and subaccounts in that

fund, any other funds or accounts permitted by and established under, and identified

as a “special fund” or “special account” in, the bond proceedings, including any special

fund or account established for purposes of rebate or other requirements under federal

income tax laws. (T) “ State agencies ” means the state, officers of the state, and boards, departments, branches, divisions,

or other units or agencies of the state. (U) “ State taxes ” means receipts of the commission from the proceeds of state taxes or excises levied

and collected, or appropriated by the general assembly to the commission, for the

purposes and functions of the commission.  State taxes do not include tolls, or investment earnings on state taxes except on

those state taxes referred to in Section 5a of Article XII, Ohio Constitution . (V) “ Tolls ” means tolls, special fees or permit fees, or other charges by the commission to

the owners, lessors, lessees, or operators of motor vehicles for the operation of

or the right to operate those vehicles on a turnpike project. (W) “ Credit enhancement facilities ” means letters of credit, lines of credit, standby, contingent, or firm securities

purchase agreements, insurance, or surety arrangements, guarantees, and other arrangements

that provide for direct or contingent payment of bond service charges, for security

or additional security in the event of nonpayment or default in respect of bonds,

or for making payment of bond service charges and at the option and on demand of bondholders

or at the option of the commission or upon certain conditions occurring under put

or similar arrangements, or for otherwise supporting the credit or liquidity of the

bonds, and includes credit, reimbursement, marketing, remarketing, indexing, carrying,

interest rate hedge, and subrogation agreements, and other agreements and arrangements

for payment and reimbursement of the person providing the credit enhancement facility

and the security for that payment and reimbursement. (X) “Person” has the same meaning as in section 1.59 of the Revised Code and, unless the context otherwise provides, also includes any governmental agency

and any combination of those persons. (Y) “ Refund ” means to fund and retire outstanding bonds, including advance refunding with or

without payment or redemption prior to stated maturity. (Z) “ Governmental agency ” means any state agency, federal agency, political subdivision, or other local, interstate,

or regional governmental agency, and any combination of those agencies. (AA) “Property” has the same meaning as in section 1.59 of the Revised Code , and includes interests in property. (BB) “Administrative agent,” “agent,” “commercial paper,” “floating rate interest structure,”

“indexing agent,” “interest rate hedge,” “interest rate period,” “put arrangement,”

and “remarketing agent” have the same meanings as in section 9.98 of the Revised Code . (CC) “ Outstanding ,” as applied to bonds, means outstanding in accordance with the terms of the bonds

and the applicable bond proceedings. (DD) “ Ohio turnpike system ” or “ system ” means all existing and future turnpike projects constructed, operated, and maintained

under the jurisdiction of the commission. (EE) “ Ohio turnpike and infrastructure system ” means turnpike projects and infrastructure projects funded by the commission existing

on and after July 1, 2013, that facilitate access to, use of, and egress from the

Ohio turnpike system, and also facilitate access to and from areas of population,

commerce, and industry that are connected to the Ohio turnpike system.