Ohio § 725.05

§ 725.05.

A municipal corporation creating an urban renewal debt retirement fund pursuant to section 725.03 of the Revised Code , may: (A) Issue unvoted urban renewal bonds, which pledge and are payable solely from all or

any portion of the revenues as defined in division (D) of section 725.01 of the Revised Code .  The revenues pledged shall be placed in the urban renewal debt retirement fund established

for such urban renewal bonds and applied to the payment of interest on, principal

of and redemption premium for such urban renewal bonds, trustee's fees, and costs

and expenses of providing credit facilities, put arrangements, and interest rate hedges,

and for fees and expenses of agents, and other fees, costs, and expenses, in connection

with arrangements under sections 9.98 to 9.983 of the Revised Code . (B) Issue unvoted urban renewal bonds, which pledge the full faith and credit of the

municipal corporation and that may also pledge and be payable from all or any portion

of the revenues as defined in division (D) of section 725.01 of the Revised Code . For bonds issued pursuant to this division, the ordinance provided for in section 725.06 of the Revised Code shall provide for the levying of a tax on real and tangible personal property, within

the ten-mill limitation, sufficient in amount to pay the interest on and to provide

a sinking fund for all of the principal of the urban renewal bonds authorized by that

ordinance for their final redemption at maturity;  but the amount of the tax to be

levied in any year may be reduced by the amount available for such purposes from revenues,

and any available moneys in the applicable urban renewal debt retirement fund.  The ordinance providing for the levy of a tax pursuant to this division shall provide

both of the following: (1) That the first principal maturity of the urban renewal bonds or the first mandatory

sinking fund deposit therefor shall not be later than seven years following the issuance

of the bonds; (2) That no principal maturity, mandatory sinking fund requirement, or combination thereof,

shall be more than one and one-half times the amount of the next preceding principal

maturity, mandatory sinking fund requirement, or combination thereof. A copy of such ordinance levying such tax shall be certified by the fiscal officer

of the municipal corporation to the county auditor of the county in which the municipal

corporation is located.  The revenues pledged and the moneys derived from the levy of such tax shall be placed

in the urban renewal debt retirement fund established for such urban renewal bonds

and applied to the payment of interest on, principal of, and redemption premium for

such urban renewal bonds, trustee's fees, and costs and expenses of providing credit

facilities, put arrangements, and interest rate hedges, and for fees and expenses

of agents, and other fees, costs, and expenses, in connection with arrangements under sections 9.98 to 9.983 of the Revised Code . (C) Issue unvoted urban renewal bonds pursuant to Article VIII, Section 13, Ohio Constitution , to create and preserve jobs and employment opportunities and to improve the economic

welfare of the people of the municipal corporation, which pledge and are payable from

revenues as defined in division (D) of section 725.01 of the Revised Code and from any moneys selected by the municipal corporation that are not moneys raised

by taxation. For bonds issued pursuant to this division, the urban renewal project and the ordinance

provided for in section 725.06 of the Revised Code shall provide for the acquisition, construction, enlargement, improvement, or equipment

of property, structures, equipment or facilities for industry, commerce, distribution,

or research and for the obligating and pledging of moneys not raised by taxation as

selected by the legislative authority of the municipal corporation sufficient in amount

to pay all or any portion of the interest on and to provide a sinking fund for all

or any portion of the principal of the urban renewal bonds authorized by the ordinance

for their final redemption at maturity.  The revenues pledged and the moneys so obligated and pledged shall be deposited

in the urban renewal debt retirement fund established for such urban renewal bonds

and applied to the payment of interest on, principal of, and redemption premium for

such urban renewal bonds, trustee's fees, and costs and expenses of providing credit

facilities, put arrangements, and interest rate hedges, and for fees and expenses

of agents, and other fees, costs, and expenses, in connection with arrangements under sections 9.98 to 9.983 of the Revised Code .  The amount of the moneys so deposited in any year may be reduced by the amount available

for such purposes from revenues as defined in division (D) of section 725.01 of the Revised Code , and any available moneys in the applicable urban renewal debt retirement fund. (D) Make and enter into all contracts and agreements necessary or incidental to the exercise

of its powers under sections 725.01 to 725.11 of the Revised Code .