Ohio Code 133.23 – Legislation authorizing issuance of anticipatory securities
(A) If the taxing authority has not determined to issue anticipatory securities in anticipation of bonds under section 133.22 of the Revised Code the taxing authority may, and if the taxing authority has issued such anticipatory securities and they are to be paid in whole or in part at their maturity from the proceeds of bonds the taxing authority shall, pass legislation that:
Terms Used In Ohio Code 133.23
- Anticipatory securities: means securities, including notes, issued in anticipation of the issuance of other securities. See Ohio Code 133.01
- Bond: includes an undertaking. See Ohio Code 1.02
- County auditor: means the county auditor of the county in which the subdivision is located. See Ohio Code 133.01
- Debt charges: means the principal, including any mandatory sinking fund deposits and mandatory redemption payments, interest, and any redemption premium, payable on securities as those payments come due and are payable. See Ohio Code 133.01
- Fiscal officer: means the following, or, in the case of absence or vacancy in the office, a deputy or assistant authorized by law or charter to act in the place of the named officer, or if there is no such authorization then the deputy or assistant authorized by legislation to act in the place of the named officer for purposes of this chapter, in the case of the following subdivisions:
(1) A county, the county auditor;
(2) A municipal corporation, the city auditor or village clerk or clerk-treasurer, or the officer who, by virtue of a charter, has the duties and functions provided in the Revised Code for the city auditor or village clerk or clerk-treasurer;
(3) A school district, the treasurer of the board of education;
(4) A regional water and sewer district, the secretary of the board of trustees;
(5) A joint township hospital district, the treasurer of the district;
(6) A joint ambulance district, the clerk of the board of trustees;
(7) A joint recreation district, the person designated pursuant to section 755. See Ohio Code 133.01
- Fund: means to provide for the payment of debt charges and expenses related to that payment at or prior to retirement by purchase, call for redemption, payment at maturity, or otherwise. See Ohio Code 133.01
- Legislation: means an ordinance or resolution passed by a majority affirmative vote of the then members of the taxing authority unless a different vote is required by charter provisions governing the passage of the particular legislation by the taxing authority. See Ohio Code 133.01
- One purpose: includes , but is not limited to, in any case any off-street parking facilities relating to another permanent improvement, and:
(1) Any number of roads, highways, streets, bridges, sidewalks, and viaducts;
(2) Any number of off-street parking facilities;
(3) In the case of a county, any number of permanent improvements for courthouse, jail, county offices, and other county buildings, and related facilities;
(4) In the case of a school district, any number of facilities and buildings for school district purposes, and related facilities. See Ohio Code 133.01
- Principal amount: means the aggregate of the amount as stated or provided for in the legislation authorizing the public obligations as the amount on which interest or interest equivalent is initially calculated. See Ohio Code 133.03
- Principal payments: means the payments of or on account of the principal amount as defined in division (G)(1) of this section. See Ohio Code 133.03
- Property: means real and personal property. See Ohio Code 1.59
- Securities: means bonds, notes, certificates of indebtedness, commercial paper, and other instruments in writing, including, unless the context does not admit, anticipatory securities, issued by an issuer to evidence its obligation to repay money borrowed, or to pay interest, by, or to pay at any future time other money obligations of, the issuer of the securities, but not including public obligations described in division (GG)(2) of this section. See Ohio Code 133.01
- Subdivision: means any of the following:
(1) A county, including a county that has adopted a charter under Article X, Ohio Constitution;
(2) A municipal corporation, including a municipal corporation that has adopted a charter under Article XVIII, Ohio Constitution;
(3) A school district;
(4) A regional water and sewer district organized under Chapter 6119 of the Revised Code;
(5) A joint township hospital district organized under section 513. See Ohio Code 133.01
- Taxing authority: means in the case of the following subdivisions:
(1) A county, a county library district, or a regional library district, the board or boards of county commissioners, or other legislative authority of a county that has adopted a charter under Article X, Ohio Constitution, but with respect to such a library district acting solely as agent for the board of trustees of that district;
(2) A municipal corporation, the legislative authority;
(3) A school district, the board of education;
(4) A regional water and sewer district, a joint ambulance district, a joint recreation district, a fire and ambulance district, or a joint fire district, the board of trustees of the district;
(5) A joint township hospital district, the joint township hospital board;
(6) A detention facility district or a district organized under section 2151. See Ohio Code 133.01
- Year: means the calendar year. See Ohio Code 133.01
(1) Declares the necessity of the bond issue, and determines whether the bonds are to be issued in one lot or in installments;
(2) States the principal amount or maximum principal amount of the bonds to be issued;
(3) States the purpose of the bond issue, which shall be for one purpose, except as otherwise authorized in division (B) of section 133.30 of the Revised Code;
(4) States or provides for the date of, and the dates and amounts or maximum amounts of maturities or principal payments on, the bonds, which need not be the same as those stated in any prior legislation;
(5) States any provisions for a mandatory sinking fund or mandatory sinking fund redemption or for redemption prior to maturity;
(6) Provides for the rate or rates of interest or maximum rate or rates of interest or, if otherwise authorized, the method for from time to time establishing or determining the rate or rates of interest, to be paid on the bonds;
(7) If the issuance of the bonds has been approved by a vote of the electors, identifies the election at which approved; and
(8) States any provision for a designated officer of the subdivision to determine any of the specific terms required to be stated or provided for in divisions (A)(4) to (6) of this section, subject to any limitations stated in the legislation.
(B) If the taxing authority determines to issue bonds in installments, it shall pass similar legislation whenever a new installment of those bonds is to be issued.
(C) Legislation passed under this section shall identify the source or sources of payment of debt charges on the bonds, which may be any moneys of the subdivision required by law to be used, or lawfully available, for the purpose. If the bonds are general obligations of the subdivision or a property tax is otherwise required to be levied for the purpose, the legislation shall provide for the levying of a property tax sufficient in amount to pay the debt charges on the bonds issued under the legislation, but the amount of that tax to be levied or collected in any year may be reduced by the amount to be available for the purpose from lawfully available special assessments, revenues and surplus funds of public utilities, any surplus in the funds from which such bonds are to be retired, or other moneys specifically assigned by law or by legislation of the taxing authority for payment of such debt charges.
(D) The fiscal officer of the subdivision shall file a copy of the legislation with the county auditor of each county in which any part of the subdivision is located.