Ohio § 5540.10
Full text of Ohio Ohio Revised Code § 5540.10, with citation guidance and answers to common questions.
§ 5540.10.
(A) In the discretion of the board of trustees of a transportation improvement district
any bonds may be secured by a trust agreement between the board and a corporate trustee,
which may be any trust company or bank having the powers of a trust company within
or without the state but authorized to exercise trust powers within this state. (B) Any trust agreement may pledge or assign the revenues to be received, but shall not
convey or mortgage any project or any part thereof. Any such trust agreement or other bond proceedings may contain such provisions for
protecting and enforcing the rights and remedies of the bondholders as are reasonable
and proper and not in violation of law, including covenants setting forth the duties
of the board in relation to the acquisition of property, and the construction, maintenance,
and repair of the project or projects in connection with which such bonds are authorized
and the custody, safeguarding, and application of all moneys, and provisions for the
employment or retention of the services of consulting engineers in connection with
the construction, maintenance, or repair of the project or projects. Any bank or trust company incorporated under the laws of this state which may act
as depository of the proceeds of bonds or of revenues may furnish such indemnifying
bonds or may pledge such securities as are required by the board. Any such trust agreement may set forth the rights and remedies of the bondholders
and of the trustee, may restrict the individual right of action by bondholders as
is customary in revenue bond trust agreements of public bodies, and may contain such
other provisions as the board considers reasonable and proper for the security of
the bondholders. All expenses incurred in entering into or carrying out the provisions of any such
trust agreement may be treated as a part of the cost of the project or projects. Chapter 135. of the Revised Code shall not apply to investments made pursuant to
any such trust agreement.
Frequently Asked Questions About Ohio § 5540.10
What does Ohio Revised Code § 5540.10 cover?
Section 5540.10 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 5540.10?
A common citation format is "Ohio Revised Code § 5540.10" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 5540.10 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.