The exercise of the powers granted by this chapter is in all respects for the benefit of the people of the state, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and as the construction, maintenance, and repair of projects by a transportation improvement district constitute the performance of essential governmental functions, the district shall not be required to pay any state or local taxes or assessments upon any project, or upon revenues or any property acquired or used by the district under this chapter, or upon the income therefrom. The bonds issued under this chapter, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation within the state.

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Terms Used In Ohio Code 5540.14

  • Bonds: means bonds, notes, including notes anticipating bonds or other notes, commercial paper, certificates of participation, or other evidences of obligation, including any interest coupons pertaining thereto, issued pursuant to this chapter. See Ohio Code 5540.01
  • district: means a transportation improvement district designated pursuant to section 5540. See Ohio Code 5540.01
  • Project: includes a qualifying project. See Ohio Code 5540.01
  • Property: includes interests in property. See Ohio Code 5540.01
  • Revenues: means all moneys received by a district with respect to the lease, sublease, or sale, including installment sale, conditional sale, or sale under a lease-purchase agreement, of a project, all moneys received by a district under an agreement pursuant to Section 515. See Ohio Code 5540.01
  • state: means the state of Ohio. See Ohio Code 1.59

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