Ohio Code 133.37 – Refunding special assessment bonds
With the approval of the tax commissioner, the taxing authority of any subdivision at any time may refund any outstanding bonds of the subdivision which have matured or which are about to mature and which were issued in anticipation of the collection of special assessments, together with the amount of the interest coupons due or to become due on such bonds. The commissioner shall approve such issue only to any extent it is found that no other method of payment in whole or in part exists or will exist prior to the maturity date of such bonds which are about to mature from the collection of special assessments in anticipation of which such bonds were issued or from other funds in the bond retirement fund of the subdivision, excluding securities held in the bond retirement fund only when the commissioner finds that the sale of such securities in order to meet the debt charges thereon would necessitate an unwarranted sacrifice of the securities so held, thereby impairing the ability to meet other debt charges in the future. In the order approving such issue, the commissioner shall fix the maturities of the bonds to be issued, which need not be subject to sections 133.20 and 133.21 of the Revised Code. No such bonds shall mature in more than ten years. The debt charges thereon shall have the same status with respect to the limitations imposed by Section 2 of Article XII, Ohio Constitution, as the debt charges which are refunded.
Terms Used In Ohio Code 133.37
- Bond: includes an undertaking. See Ohio Code 1.02
- Bond retirement fund: means the bond retirement fund provided for in section 5705. 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
- 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
- Refund: means to fund and retire outstanding securities, including advance refunding with or without payment or redemption prior to maturity. See Ohio Code 133.01
- 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
The proceeds derived from the sale of such refunding bonds shall be transferred to the bond retirement fund of the subdivision, and shall be used only for the purpose of meeting the debt charges on the bonds to be refunded.
This section supplements section 133.34 of the Revised Code.