Ohio § 5593.12

§ 5593.12.

In the discretion of the bridge commission of any county or city, any bonds issued

under sections 5593.01 to 5593.24 of the Revised Code may be secured by a trust agreement between the commission and a corporate trustee,

which trustee may be any trust company or bank having the powers of a trust company

within or without the state.  Any such trust agreement may pledge or assign the fees and other revenue to be received,

but shall not convey or mortgage the bridge involved or any part thereof.  Any such trust agreement or any resolution providing for the issuance of such bonds

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 commission in relation to the acquisition

of property, and the construction, improvement, maintenance, operation, repair, and

insurance of the bridge in connection with which such bonds are authorized, the rates

of fees to be charged, and the custody, safeguarding, and application of all moneys,

and provisions for the employment of consulting engineers in connection with the construction

or operation of such bridge.  Any bank or trust company incorporated under the laws of this state which may act

as depository of the proceeds of bonds or of revenue may furnish such indemnifying

bonds or may pledge such securities as are required by the commission.  Any such trust agreement may set forth the rights and remedies of the bondholders

and of the trustee, and may restrict the individual right of action by bondholders

as is customary in trust agreements or trust indentures securing bonds or debentures

of corporations. Such trust agreement may contain such other provisions as the commission determines

reasonable and proper for the security of the bondholders.  All expenses incurred in carrying out the provisions of any such trust agreement

may be treated as a part of the cost of the operation of such bridge.  Any such trust agreement may provide the method whereby general administrative overhead

expense of the commission shall be allocated among the several bridges constructed

or acquired by it as a factor of the operation expense of each such bridge.