Ohio § 755.141

§ 755.141.

If a park or recreational facility owned, operated, or maintained by a joint recreation

district created under division (C) of section 755.14 of the Revised Code is the site where an exhibition sanctioned by the United States Christopher Columbus

quincentenary jubilee commission is being or has been held and the exhibition is or

was sponsored by the organization that is also sponsoring or has sponsored an exhibition

sanctioned by the international association of horticulture producers, the following

provisions shall apply, in addition to the provisions of sections 755.12 to 755.18 of the Revised Code : (A) The governor, speaker of the house of representatives, and president of the senate

shall each appoint one member to the board of trustees of the district.  These members may be members of the general assembly, but any members of the general

assembly appointed to the board of trustees shall be nonvoting members and shall serve

only while they remain members of the general assembly.  Members appointed under this division shall serve terms of three years and serve

without pay, and all vacancies in their positions on the board, whether for an unexpired

term or at the end of a term, shall be filled in the same manner as the original appointments. (B) The board of trustees of a joint recreation district may designate the amounts and

forms of property and casualty insurance protection to be provided.  The expense of providing the protection shall be paid from operating funds of the

joint recreation district. (C) The board of trustees of a joint recreation district may acquire, construct, maintain,

and operate horticultural facilities, public banquet facilities, greenhouses, and

such other facilities as are authorized in section 755.16 of the Revised Code . (D)(1) By resolution of its board of trustees, the joint recreation district may issue revenue

bonds beyond the limit of bonded indebtedness provided by law, for the acquisition,

construction, furnishing, or equipping of any real or personal property, or any combination

thereof which it is authorized to acquire, construct, furnish, or equip, including

all costs in connection with or incidental thereto. (2) The revenue bonds of the joint recreation district shall be secured only by a pledge

of and a lien on the revenues of the joint recreation district that are designated

in the resolution, including, but not limited to, any property to be acquired, constructed,

furnished, or equipped with the proceeds of the bond issue, after provision only for

the reasonable cost of operating, maintaining, and repairing the property of the joint

recreation district so designated.  The bonds may further be secured by the covenant of the joint recreation district

to maintain rates or charges that will produce revenues sufficient to meet the costs

of operating, maintaining, and repairing such property and to meet the interest and

principal requirements of the bonds and to establish and maintain reserves for the

foregoing purposes.  The board of trustees of the joint recreation district, by resolution, may provide

for the issuance of additional revenue bonds from time to time, to be secured equally

and ratably, without preference, priority, or distinction, with outstanding revenue

bonds, but subject to the terms and limitations of any trust agreement described in

this section, and of any resolution authorizing bonds then outstanding.  The board of trustees, by resolution, may designate additional property of the district,

the revenues of which shall be pledged and be subject to a lien for the payment of

the debt charges on revenue bonds theretofore authorized by resolution of the board

of trustees, to the same extent as the revenues above described. (3) In the discretion of the board of trustees, the revenue bonds of the district may

be secured by a trust agreement between the joint recreation district and a corporate

trustee, that may be any trust company or bank having powers of a trust company, within

or without the state. (4) The trust agreement may provide for the pledge or assignment of the revenues to be

received, but shall not pledge the general credit and taxing power of the joint recreation

district.  The trust agreement or the resolution providing for the issuance of revenue bonds

may set forth the rights and remedies of the bondholders and trustees, and may contain

other provisions for protecting and enforcing their rights and remedies that are determined

in the discretion of the board of trustees to be reasonable and proper.  The agreement or resolution may provide for the custody, investment, and disbursement

of all moneys derived from the sale of such bonds, or from the revenues of the joint

recreation district, other than those moneys received from taxes levied pursuant to section 755.171 of the Revised Code , and may provide for the deposit of such funds without regard to Chapter 135. of

the Revised Code. (5) All bonds issued under authority of this section, regardless of form or terms and

regardless of any other law to the contrary, shall have all qualities and incidents

of negotiable instruments, subject to provisions for registration, and may be issued

in coupon, fully registered, or other form, or any combination thereof, as the board

of trustees determines.  Provision may be made for the registration of any coupon bonds as to principal alone

or as to both principal and interest, and for the conversion into coupon bonds of

any fully registered bonds or bonds registered as to both principal and interest. (6) The revenue bonds shall bear interest at such rate or rates, shall bear such date

or dates, and shall mature within thirty years following the date of issuance and

in such amount, at such time or times, and in such number of installments, as may

be provided in or pursuant to the resolution authorizing their issuance.  Any original issue of revenue bonds shall mature not later than thirty years from

their date of issue.  Such resolution also shall provide for the execution of the bonds, which may be

by facsimile signatures unless prohibited by the resolution, and the manner of sale

of the bonds.  The resolution shall provide for, or provide for the determination of, any other

terms and conditions relative to the issuance, sale, and retirement of the bonds that

the board of trustees in its discretion determines to be reasonable and proper. (7) Whenever a joint recreation district considers it expedient, it may issue renewal

notes and refund any bonds, whether the bonds to be refunded have or have not matured.  The final maturity of any notes, including any renewal notes, shall not be later

than five years from the date of issue of the original issue of notes.  The final maturity of any refunding bonds shall not be later than the later of thirty

years from the date of issue of the original issue of bonds or the date by which it

is expected, at the time of issuance of the refunding bonds, that the useful life

of all of the property, other than interests in land, refinanced with proceeds of

the bonds will have expired.  The refunding bonds shall be sold and the proceeds applied to the purchase, redemption,

or payment of the bonds to be refunded and the costs of issuance of the refunding

bonds.  The bonds and notes issued under this section, their transfer, and the income therefrom,

shall at all times be free from taxation within the state. (E) A joint recreation district described in this section may do all of the following: (1) Operate or appoint agents to operate, or otherwise provide for the operation of,

its properties and its facilities, activities, and programs and to enter into agreements

and arrangements related thereto, and to receive and apply the net proceeds thereof

solely to the management, operation, development, maintenance, and repair of its properties,

its buildings, facilities, improvements, and grounds; (2) Impose and collect a charge for admission for selective events, exhibits, and facilities; (3) Offer memberships of various denominations for selective activities or facilities; (4) Form advisory and other support committees to the board of trustees to provide counsel

and assistance to the board in the management, operation, and development of its properties,

buildings, facilities, improvements, and grounds; (5) Grant licenses, or enter into leases or contracts, for the use of any part of its

properties, facilities, buildings, and grounds for such length of time and upon such

terms and conditions as the board of trustees deems appropriate and necessary, and

grant easements in, through, or over its property; (6) Receive and accept from any federal, state, county, municipal, or local government

or agency, any grant or contribution of money, property, labor, or other things of

value, to be held, used, and applied for the purpose for which such grants and contributions

are made;  and (7) Accept and expend gifts, grants, devises, and bequests of money and property on behalf

of the board of trustees and hold, use, and apply such gifts, grants, devises, and

bequests according to the terms thereof. (F)(1) For purposes of division (F)(2) of this section, “bank” has the same meaning as in section 1101.01 of the Revised Code . (2) The board of trustees may enter into a contract for a secured line of credit with

a bank if the contract meets all of the following requirements: (a) The term of the contract does not exceed one year, except that the contract may provide

for the automatic renewal of the contract for up to four additional one-year periods. (b) The contract provides that the bank shall not commence a civil action against the

board, any member of the board, or the county or the municipal corporation to recover

the principal, interest, or any charges or other amounts that remain outstanding on

the secured line of credit at the time of any default by the board. (c) The contract provides that no assets other than those of the joint recreation district

can be used to secure the line of credit. (d) The terms and conditions of the contract comply with all state and federal statutes

and rules governing the extension of a secured line of credit. (3) Any obligation incurred by a board of trustees of a joint recreation district pursuant

to division (B) of this section is an obligation of that board only and not a general

obligation of the board of county commissioners, the county, or the municipal corporation

within the meaning of division (Q) of section 133.01 of the Revised Code . (G)(1) For purposes of division (G)(2) of this section, “lease-purchase agreement” has the

same meaning as a lease with an option to purchase. (2) For any purpose for which a board of trustees of a joint recreation district described

in this section is authorized to acquire real or personal property, that board may

enter into a lease-purchase agreement in accordance with this section to acquire the

property. The lease-purchase agreement shall provide for a series of terms in which no term

extends beyond the end of the fiscal year of the joint recreation district in which

that term commences.  In total, the terms provided for in the agreement shall be for not more than the

useful life of the real or personal property that is the subject of the agreement.  A property's useful life shall be determined either by the maximum number of installment

payments permitted under the statute that authorizes the board to acquire the property

or, if there is no such provision, by the maximum number of years to maturity provided

for the issuance of bonds in division (B) of section 133.20 of the Revised Code if bonds were to be issued by a subdivision under that section to finance such facilities.  If the useful life cannot be determined under either of those statutes, it shall

be estimated as provided in division (C) of section 133.20 of the Revised Code . The lease-purchase agreement shall provide that, at the end of the final term in the

agreement, if all obligations of the joint recreation district have been satisfied,

the title to the leased property shall vest in the joint recreation district if that

title has not vested in the joint recreation district before or during the lease terms;

 except that the lease-purchase agreement may require the joint recreation district

to pay an additional lump sum payment as a condition of obtaining that title. (3) A board of trustees of a joint recreation district that enters into a lease-purchase

agreement under this section may do any of the following with the property that is

the subject of the agreement: (a) If the property is personal property, assign the board's rights to that property; (b) Grant the lessor a security interest in the property; (c) If the property is real property, grant leases, easements, or licenses for underlying

land or facilities under the board's control for terms not exceeding five years beyond

the final term of the lease-purchase agreement. (4) The authority granted in division (G) of this section is in addition to and not in

derogation of, any other financing authority provided by law. (H) The board of trustees of a joint recreation district described in this section may

exercise such other powers as shall have been granted to it in the agreement between

the municipal corporation and the board of county commissioners establishing the joint

recreation district entered into pursuant to division (C) of section 755.14 of the Revised Code .