Ohio § 747.10

§ 747.10.

All rentals, payments, and fees of every description and all other income, earnings,

or revenues received from all persons, firms, and corporations for the use of depots,

terminals, and railways, shall be kept in a separate and distinct fund, and after

paying the expenses of the city for maintaining, conducting, and managing such depots,

terminals, and railways, including the setting aside of a reasonable sum annually

for depreciation to be applied to the repair or replacement of any portion of such

work, from the remainder of such receipts there shall annually be paid into the sinking

fund of the city such sum as is necessary for the payment of accruing interest on

the bonds issued and outstanding for the construction of a rapid transit system, and

to provide a sinking fund for the redemption thereof at maturity.  The city, to the extent that such remainder is not sufficient for the payment of

the interest on such bonds, and for the bonds issued during construction, and for

the accumulation of a sinking fund sufficient for payment thereof at maturity, shall

annually levy a tax sufficient for such purposes, which tax shall not be subject to

any of the limitations provided by law for maximum tax rates on property in the city,

except the combined maximum rate fixed in section 5705.02 of the Revised Code , and in addition thereto one-half mill may be levied. The surplus in any year above such expenses, depreciation charges, interest, and sinking

fund charges shall, up to the amount necessary to equal the deficiencies of previous

years, be paid into the sinking fund of such city until the amounts paid into the

sinking fund from such revenues equal the total accrued interest and sinking fund

charges on such bonds, and any amounts thus paid in on account of such past deficiencies,

may be applied to interest or sinking fund charges on any indebtedness of the city.  Any surplus above such expenses, depreciation charges, current interest, sinking

fund charges, and reimbursement of past deficiencies of interest and sinking fund

charges, may be used for the reconstruction of, improvement of, additions to, or extensions

of such depots, terminals, and railway equipment.