Ohio § 761.05

§ 761.05.

Moneys derived from the sale of revenue bonds issued pursuant to sections 761.01 to 761.14, inclusive, of the Revised Code shall be credited to and among the funds established in accordance with sections 761.10 and 761.11 of the Revised Code . The principal of and interest on such revenue bonds shall be payable solely from the

sinking funds established in accordance with section 761.10 of the Revised Code at the times and in the order and manner provided in the ordinance authorizing the

issuance of such revenue bonds and in any trust agreements securing such bonds entered

into pursuant to such ordinance, and shall also be secured by covenants of the municipal

corporation that it will so manage its leases and fix rentals so as to assure net

income and revenue sufficient to provide for the payment of the principal of and the

interest on its revenue bonds. Each issue of revenue bonds issued pursuant to section 1 761.01 to 761.14, inclusive, of the Revised Code , shall be dated, shall bear interest at a rate or rates not to exceed eight per cent

per annum, shall mature at such time or times, not to exceed twenty-five years as

determined by the legislative authority of the municipal corporation issuing such

bonds and may be made redeemable before maturity, at the option of the municipal corporation,

under conditions fixed by the legislative authority of the municipal corporation issuing

such bonds. All revenue bonds issued under sections 761.01 to 761.14, inclusive, of the Revised Code , shall be negotiable instruments.  The bonds may be issued in coupon or in registered form or both as the legislative

authority of the municipal corporation issuing such bonds determines.  Provision may be made for the registration of any coupon bonds as to the principal

alone and also as to both principal and interest. The municipal corporation may sell such bonds in the manner and for the price determined

by the legislative authority of such municipal corporation to be for the best interest

of such municipal corporation, but no such sale shall be made at a price so low as

to require the payment of interest on the money received therefor at more than eight

per cent per annum, computed with relation to the absolute maturity of the bonds in

accordance with standard tables of bond values, excluding from such computation the

amount of any premium to be paid on redemption of any bonds prior to maturity. Prior to the preparation of definitive bonds, the municipal corporation may, under

like restrictions, issue interim receipts, or temporary bonds, with or without coupons,

exchangeable for definitive bonds when such bonds have been executed and are available

for delivery. 1

 Prior and current versions differ although no amendment to this language was indicated

in 1969 S 245;  “section” appeared as “sections” in 131 v H 933.