Ohio § 5748.05 Issuing anticipation notes

Ohio Statutes

§ 5748.05 — Issuing anticipation notes

Ohio § 5748.05

Title 57Taxation

Ch. 5748School District Income Tax

This text of Ohio § 5748.05 (Issuing anticipation notes) 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. § 5748.05 (2026).

Text

After the approval by the electors of a  resolution under section5748.03,5748.08, or5748.09of the  Revised Code to impose a school district income tax to provide an  increase in current operating revenues or in current revenues for  permanent improvements and prior to the time when the first  payment to the district from the tax can be made, a board of  education may anticipate a fraction of the proceeds of the tax and  issue anticipation notes in an amount not exceeding fifty per cent  of the total estimated proceeds of the tax to be collected for its  first year of collection as estimated by the tax commissioner. The  anticipation notes are Chapter 133. securities and shall be issued  as provided in section133.24of the Revised Code as if property  tax anticipation notes. The notes shall 

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After the approval by the electors of a resolution under section5748.03,5748.08, or5748.09of the Revised Code to impose a school district income tax to provide an increase in current operating revenues or in current revenues for permanent improvements and prior to the time when the first payment to the district from the tax can be made, a board of education may anticipate a fraction of the proceeds of the tax and issue anticipation notes in an amount not exceeding fifty per cent of the total estimated proceeds of the tax to be collected for its first year of collection as estimated by the tax commissioner. The anticipation notes are Chapter 133. securities and shall be issued as provided in section133.24of the Revised Code as if property tax anticipation notes. The notes shall have principal payments during each year after their year of issuance over a period not to exceed five years and, if determined by the board of education, during the year of their issuance. The legislation authorizing issuance of the notes may also provide for the annual levy and collection of voted ad valorem property taxes levied for the applicable purpose for which the notes are issued and for the application of the proceeds of the levy to the extent necessary to pay annual debt charges on the notes.