Ohio Code § 709.12

§ 709.12.

When proceedings have been commenced to annex a portion of a township, or portions

of more than one township, to a municipal corporation upon which the tax levies made

by the board of township trustees for the payment of the township debt do not apply,

the county auditor shall ascertain and apportion the amount of existing net indebtedness

of the township which shall be assumed and paid by the municipal corporation.  The apportionment shall be made in the proportion of the total duplicate for the

annexed territory transferred to the municipal corporation to the total tax duplicate

remaining in and for the unannexed portion of the township.  The auditor shall ascertain, adjust, and divide between the municipal corporation

and the unannexed portion of the township any unencumbered balance on hand to the

credit of any fund of such township, in the same proportion as is provided in this

section for the division and apportionment of indebtedness.  No division shall be made of a balance in any fund of a township that is required

for the retirement of its indebtedness.  In case any net indebtedness is assumed by the municipal corporation as provided

in this section, the legislative authority of such municipal corporation shall provide

for the payment of such indebtedness by the levy of taxes therefor, or by the appropriation

from an appropriate fund.  The proceeds of such levy or appropriation shall be transferred to the proper authorities

of the township for the final redemption of its indebtedness.