US Laws, Codes, Statutes & Cases

§ 3318.44. Means of generating district's portion of basic project cost.
 

(A)  A joint vocational school district board of education may generate the school district's portion of the basic project cost of its project under sections 3318.40 to 3318.45 of the Revised Code using any combination of the following means if lawfully employed for the acquisition of classroom facilities: 

(1) The issuance of securities in accordance with Chapter 133. and section 3311.20 of the Revised Code; 

(2) Local donated contributions as authorized under section 3318.084 [3318.08.4] of the Revised Code; 

(3) A levy for permanent improvements under section 3311.21 or 5705.21 of the Revised Code; 

(4) Bonds issued pursuant to division (B) of this section. 

(B)  By resolution adopted by a majority of all its members, a school district board in order to pay all or part of the school district's portion of its basic project cost may apply the proceeds of a tax levied under section 5705.21 of the Revised Code for general permanent improvements if the proceeds of that levy lawfully may be used for general construction, renovation, repair, or maintenance of classroom facilities to leverage bonds adequate to pay all or part of the school district portion of the basic project cost of the school district's project under sections 3318.40 to 3318.45 of the Revised Code or to generate an amount equivalent to all or part of the amount required under section 3318.43 of the Revised Code to be used for maintenance of classroom facilities acquired under the project. Bonds issued under this division shall be Chapter 133. securities, but the issuance of the bonds shall not be subject to a vote of the electors of the school district as long as the tax proceeds earmarked for payment of the service charges on the bonds may lawfully be used for that purpose. 
 

No state moneys shall be released for a project to which this division applies until the proceeds of any bonds issued under this division that are dedicated for payment of the school district's portion of the basic project cost are first deposited into the school district's project construction fund. 

(C)  A school district board of education may adopt a resolution proposing that any of the following questions be combined with a question specified in section 3318.45 of the Revised Code: 

(1) A bond issue question under section 133.18 of the Revised Code; 

(2) A tax levy question under section 3311.21 of the Revised Code; 

(3) A tax levy question under section 5705.21 of the Revised Code. 

Any question described in divisions (C)(1) to (3) of this section that is combined with a question proposed under section 3318.45 of the Revised Code shall be for the purpose of either paying for any permanent improvement, as defined in section 133.01 of the Revised Code, or generating operating revenue specifically for the facilities acquired under the school district's project under Chapter 3318. of the Revised Code or for both to the extent such purposes are permitted by the sections of law under which each is proposed. 

(D)  The board of education of a joint vocational school district that receives assistance under this section may enter into an agreement for joint issuance of bonds as provided for in section 3318.085 [3318.08.5] of the Revised Code. 
 

HISTORY: 149 v H 675. Eff 3-14-2003; 150 v H 362, § 1, eff. 3-31-05.

 

Effect of Amendments

150 v H 362, effective March 31, 2005, made minor stylistic changes.