Ohio Revised Code
Chapter 5540 | Transportation Improvement Districts
Section 5540.09 | Bonds Not a Debt of State.

Effective: June 30, 2005
Latest Legislation: House Bill 66 - 126th General Assembly
(A) The bonds do not constitute a debt, or a pledge of the faith and credit, of the state or of any political subdivision of the state. Bond service charges on outstanding bonds are payable solely from the pledged revenues pledged for their payment as authorized by this chapter and as provided in the bond proceedings. All bonds shall contain on their face a statement to that effect.
(B) All expenses incurred in carrying out this chapter shall be payable solely from revenues provided under this chapter. Except as provided in Section 515.03 of H.B. 66 of the 126th General Assembly, this chapter does not authorize the board of trustees of a district to incur indebtedness or liability on behalf of or payable by the state or any political subdivision of the state.

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Structure Ohio Revised Code

Ohio Revised Code

Title 55 | Roads-Highways-Bridges

Chapter 5540 | Transportation Improvement Districts

Section 5540.01 | Transportation Improvement District Definitions.

Section 5540.02 | Creation of Transportation Improvement District.

Section 5540.03 | Powers of Transportation Improvement District.

Section 5540.031 | Special Assessments for Improvements.

Section 5540.04 | Acquiring and Disposing of Property.

Section 5540.05 | Acquiring Excess Real Property in Connection With Project.