The board of trustees of a district may acquire real property in fee simple in the name of the district in connection with, but in excess of that needed for, a project by any method other than appropriation and hold the property for such period of time as the board determines. All right, title, and interest of the district in the property may be sold at public auction or otherwise, as the board considers in the best interests of the district; but in no event shall the property be sold for less than two-thirds of its appraised value. Sale at public auction shall be undertaken only after the board advertises the sale in a newspaper of general circulation in the district for two weeks or as provided in section 7.16 of the Revised Code, prior to the date set for the sale.

Terms Used In Ohio Code 5540.05

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • district: means a transportation improvement district designated pursuant to section 5540. See Ohio Code 5540.01
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Project: includes a qualifying project. See Ohio Code 5540.01
  • Property: includes interests in property. See Ohio Code 5540.01
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

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