Ohio § 5540.11
Full text of Ohio Ohio Revised Code § 5540.11, with citation guidance and answers to common questions.
§ 5540.11.
Revenues derived from each project of a transportation improvement district in connection
with which any bonds are outstanding shall be first applied to pay the cost of the
construction, maintenance, and repair of the project and to provide such reserves
therefor as are provided for in the bond proceedings authorizing the issuance of those
outstanding bonds, and otherwise as provided by the board of trustees of the district,
and the balance of the pledged revenues shall be set aside, at such regular intervals
as are provided in the bond proceedings in a bond service fund which is hereby pledged
to and charged with the payment of the bond service charges on any such outstanding
bonds as provided in the applicable bond proceedings. Such pledge shall be valid and binding from the time the pledge is made; the revenues
and the pledged revenues thereafter received by the board shall immediately be subject
to the lien of such pledge without any physical delivery thereof or further act, and
the lien of such pledge shall be valid and binding as against all parties having claims
of any kind in tort, contract, or otherwise against the board, whether or not such
parties have notice thereof. The bond proceedings by which a pledge is created need not be filed or recorded
except in the records of the board. The use and disposition of moneys to the credit of a bond service fund shall be
subject to the applicable bond proceedings. Except as is otherwise provided in such bond proceedings, such a bond service fund
shall be a fund for all such bonds, without distinction or priority of one over another.
Frequently Asked Questions About Ohio § 5540.11
What does Ohio Revised Code § 5540.11 cover?
Section 5540.11 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 § 5540.11?
A common citation format is "Ohio Revised Code § 5540.11" (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 § 5540.11 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.