All net earnings and income from the lease of a railway established under the Ferguson Act of 1869 shall be paid into the treasury of the municipal corporation that established the railway, to the credit of the sinking fund or bond retirement fund.

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Terms Used In Ohio Code 746.07

  • Bond: includes an undertaking. See Ohio Code 1.02
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Railway: means any railroad built under and governed by the Ferguson Act of 1869, and does not include property, land, right-of-way, or easements which are a part of the railroad line but are no longer necessary for the operation of the railroad, as determined by the railway board of trustees. See Ohio Code 746.01

Last updated May 11, 2023 at 5:37 PM