If a majority of the voters of a county voting upon the question of issuing bonds under section 1711.18 of the Revised Code vote in favor thereof, the board of county commissioners, for the purpose of liquidating the county agricultural society's indebtedness, shall issue and sell bonds of the county in the amount necessary. Such bonds shall bear interest at not more than the rate provided in section 9.95 of the Revised Code, payable semiannually, and shall be issued for a period of not less than ten nor more than twenty years.
From the proceeds arising from the sale of such bonds, the board shall pay off the indebtedness for which such bonds were sold.
Cite as R.C. § 1711.19
History. Effective Date: 05-13-1981