Ohio Code § 4981.22

§ 4981.22.

The Ohio rail development commission may issue refunding bonds to refund any bonds

it previously issued under sections 4981.11 to 4981.26 of the Revised Code , for any of the following purposes: (A) Refunding bonds which have matured or are about to mature when the rentals, revenues,

and other income, charges, and moneys pledged for the payment of such bonds are insufficient

to pay bonds which have matured or are about to mature or to make payments to other

funds required by the bond proceedings; (B) Refunding any bonds as an incident to providing funds for reconstructing, enlarging,

improving, or providing additional furnishings or equipment for the pledged facilities

as to bonds originally issued under sections 4981.11 to 4981.26 of the Revised Code ; (C) Refunding all of the outstanding bonds of any issue, both matured and unmatured,

when the rentals, revenues, or other income, charges, or moneys pledged for the payment

of such bonds are insufficient to pay bonds which have matured or are about to mature

or to make payments to other funds required by the bond proceedings, if such outstanding

bonds can be retired by call, at maturity, or with the consent of the holders thereof,

whether from the proceeds of the sale of the refunding bonds or by exchange for the

refunding bonds, provided that the principal amount of refunding bonds shall not exceed

in amount the aggregate of the par value of the bonds to be retired, any redemption

premium, past due and future interest to the date of maturity or proposed redemption

that cannot otherwise be paid, and funds, if any, to reconstruct, enlarge, improve,

furnish, or equip, or any combination thereof, the pledged facilities as to bonds

originally issued under sections 4981.11 to 4981.26 of the Revised Code ; (D) Refunding any bonds of the issuer previously issued when the refunding bonds will

bear interest at a lower rate than the bonds to be refunded, or when the interest

cost of the refunding bonds computed to absolute maturity will be less than the interest

cost of the bonds to be refunded, or when the average life of the refunding bonds

will be greater than the remaining average life of the bonds to be refunded. Refunding bonds issued pursuant to this section shall mature not later than thirty

years from date of issue.  Except as provided in this section, the terms of the issuance and sale of refunding

bonds shall be as provided in sections 4981.11 to 4981.26 of the Revised Code for an original issue of bonds.