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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 5537.11 | Bonds not a debt of state.

Ohio Revised Code
/
Title 55 Roads-Highways-Bridges
/
Chapter 5537 Ohio Turnpike And Infrastructure Commission
 
Effective:
July 1, 2013
Latest Legislation:
House Bill 51 - 130th General Assembly
PDF:
Download Authenticated PDF
 

(A) The bonds do not constitute a debt, or a pledge of the faith and credit, of the state or of any political subdivision of the state. Bond service charges on outstanding bonds are payable solely from the pledged revenues pledged for their payment as authorized by this chapter and as provided in the bond proceedings. All turnpike and infrastructure revenue bonds shall contain on their face a statement to that effect.

(B) All expenses incurred in carrying out this chapter shall be payable solely from revenues provided under this chapter and from state taxes. This chapter does not authorize the Ohio turnpike and infrastructure commission to incur indebtedness or liability on behalf of or payable by the state or any political subdivision of the state.

Available Versions of this Section