Ohio Code § 5540.10
Ohio Code § 5540.10. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 5540.10.
(A) In the discretion of the board of trustees of a transportation improvement district
any bonds may be secured by a trust agreement between the board and a corporate trustee,
which may be any trust company or bank having the powers of a trust company within
or without the state but authorized to exercise trust powers within this state. (B) Any trust agreement may pledge or assign the revenues to be received, but shall not
convey or mortgage any project or any part thereof. Any such trust agreement or other bond proceedings may contain such provisions for
protecting and enforcing the rights and remedies of the bondholders as are reasonable
and proper and not in violation of law, including covenants setting forth the duties
of the board in relation to the acquisition of property, and the construction, maintenance,
and repair of the project or projects in connection with which such bonds are authorized
and the custody, safeguarding, and application of all moneys, and provisions for the
employment or retention of the services of consulting engineers in connection with
the construction, maintenance, or repair of the project or projects. Any bank or trust company incorporated under the laws of this state which may act
as depository of the proceeds of bonds or of revenues may furnish such indemnifying
bonds or may pledge such securities as are required by the board. Any such trust agreement may set forth the rights and remedies of the bondholders
and of the trustee, may restrict the individual right of action by bondholders as
is customary in revenue bond trust agreements of public bodies, and may contain such
other provisions as the board considers reasonable and proper for the security of
the bondholders. All expenses incurred in entering into or carrying out the provisions of any such
trust agreement may be treated as a part of the cost of the project or projects. Chapter 135. of the Revised Code shall not apply to investments made pursuant to
any such trust agreement.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 5540.10
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 5540.10?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 5540.10 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 5540.10 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.