Ohio Code § 5540.11
Ohio Code § 5540.11. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 5540.11.
Revenues derived from each project of a transportation improvement district in connection
with which any bonds are outstanding shall be first applied to pay the cost of the
construction, maintenance, and repair of the project and to provide such reserves
therefor as are provided for in the bond proceedings authorizing the issuance of those
outstanding bonds, and otherwise as provided by the board of trustees of the district,
and the balance of the pledged revenues shall be set aside, at such regular intervals
as are provided in the bond proceedings in a bond service fund which is hereby pledged
to and charged with the payment of the bond service charges on any such outstanding
bonds as provided in the applicable bond proceedings. Such pledge shall be valid and binding from the time the pledge is made; the revenues
and the pledged revenues thereafter received by the board shall immediately be subject
to the lien of such pledge without any physical delivery thereof or further act, and
the lien of such pledge shall be valid and binding as against all parties having claims
of any kind in tort, contract, or otherwise against the board, whether or not such
parties have notice thereof. The bond proceedings by which a pledge is created need not be filed or recorded
except in the records of the board. The use and disposition of moneys to the credit of a bond service fund shall be
subject to the applicable bond proceedings. Except as is otherwise provided in such bond proceedings, such a bond service fund
shall be a fund for all such bonds, without distinction or priority of one over another.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 5540.11
- 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 § 5540.11?
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 § 5540.11 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 § 5540.11 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.