Ohio § 3737.942 Securing revenue bonds

Ohio Statutes

§ 3737.942 — Securing revenue bonds

Ohio § 3737.942

Title 37Health-Safety-Morals

Ch. 3737Fire Marshal; Fire Safety

This text of Ohio § 3737.942 (Securing revenue bonds) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 3737.942 (2026).

Text

(A)The petroleum underground storage tank release compensation board may secure any revenue bonds issued under sections3737.90to3737.948of the Revised Code by a trust agreement between the board and a corporate trustee, which trustee may be any trust company or bank having the powers of a trust company within or without the state.

(B)Any trust agreement may:

(1)Pledge or assign revenues of the board to be received;

(2)Set forth the rights and remedies of the bondholders and of the trustee and restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing similar bonds;

(3)Contain such other provisions as the board considers reasonable and proper for the security of the bondholders.

(C)Any trust agreement or any resolution

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(A) The petroleum underground storage tank release compensation board may secure any revenue bonds issued under sections3737.90to3737.948of the Revised Code by a trust agreement between the board and a corporate trustee, which trustee may be any trust company or bank having the powers of a trust company within or without the state.

(B) Any trust agreement may:

(1) Pledge or assign revenues of the board to be received;

(2) Set forth the rights and remedies of the bondholders and of the trustee and restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing similar bonds;

(3) Contain such other provisions as the board considers reasonable and proper for the security of the bondholders.

(C) Any trust agreement or any resolution providing for the issuance of bonds may contain provisions for protecting and enforcing the rights and remedies of the bondholders as are reasonable and proper and not in violation of law, including the custody, safeguarding, and application of all moneys.

(D) All expenses incurred in carrying out the provisions of any trust agreement may be treated as a part of the cost of the operation of the petroleum underground storage tank financial assurance fund.