(A) Securities issued by a subdivision shall state on their face the purposes, stated in summary terms, for which, and identify the legislation under which, they are issued. They shall bear interest at a rate or rates as provided for in that legislation.

Terms Used In Ohio Code 133.26

  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • state: means the state of Ohio. See Ohio Code 1.59
  • 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

  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.

In the case of voted general obligation bonds to be payable from sources other than property taxes or special assessments pursuant to provision for payment from such other sources made by covenant or otherwise in the legislation authorizing the bonds, the interest may be determined as a variable rate or rates, which may change from time to time in accordance with a base, formula, or standard, including determination at whatever rate is required to sell the securities on the open market at par, or other floating rate interest structure, identified or approved by the taxing authority.

(B) The taxing authority of a subdivision may issue Chapter 133. securities subject to call or redemption prior to maturity at par, or at a premium or premiums as determined by the taxing authority.

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