2023 Ohio Revised Code › Title 33 | Education-Libraries › Chapter 3318 | School Facilities › Section 3318.45 | Election on Issuing Securities to Generate District's Portion of Basic Project Cost.

Effective:
September 13, 2022
Latest Legislation:
House Bill 140 - 134th General Assembly
(A) Unless division (B) of section 3318.44 of the Revised Code applies, if a joint vocational school district board of education proposes to issue securities to generate all or part of the school district's portion of the basic project cost of the school district's project under sections 3318.40 to 3318.45 of the Revised Code, the school district board shall adopt a resolution in accordance with Chapter 133. and section 3311.20 of the Revised Code. Unless the school district board seeks authority to issue securities in more than one series, the school district board shall adopt the form of the ballot prescribed in section 133.18 of the Revised Code.
(B) If authority is sought to issue bonds in more than one series, the form of the ballot shall be:
"Shall bonds be issued by the __________ (here insert name of joint vocational school district) joint vocational school district to pay the local share of school construction under the State of Ohio Joint Vocational School Facilities Assistance Program in the total principal amount of $__________ (total principal amount of the bond issue), to be issued in ______ (number of series) series, each series to be repaid annually over not more than ______ (maximum number of years over which the principal of each series may be paid) years, and an annual levy of property taxes be made outside the ten-mill limitation to pay the annual debt charges on the bonds and on any notes issued in anticipation of the bonds, at a rate estimated by the county auditor to average over the repayment period of each series as follows: __________ [insert the following for each series: "the __________ series, in a principal amount of $__________ dollars, that the county auditor estimates will require ______ mills for each $1 of taxable value, which amounts to $______ for each $100,000 of the county auditor's appraised value, commencing in __________ and first payable in __________"]?
For the bond issue
Against the bond issue
"
(C) If it is necessary for the school district to acquire a site for the classroom facilities to be acquired pursuant to sections 3318.40 to 3318.45 of the Revised Code, the district board may propose either to issue bonds of the board or to levy a tax to pay for the acquisition of such site and may combine the question of doing so with the question specified by reference in division (A) of this section or the question specified in division (B) of this section. Bonds issued under this division for the purpose of acquiring a site are a general obligation of the school district and are Chapter 133. securities.
The form of that portion of the ballot to include the question of either issuing bonds or levying a tax for site acquisition purposes shall be one of the following:
(1) "Shall bonds be issued by the ____________ (here insert name of the joint vocational school district) joint vocational school district to pay costs of acquiring a site for classroom facilities under the State of Ohio Joint Vocational School Facilities Assistance Program in the principal amount of $__________ (here insert principal amount of the bond issue), to be repaid annually over a maximum period of __________ (here insert maximum number of years over which the principal of the bonds may be paid) years, and an annual levy of property taxes be made outside the ten-mill limitation, estimated by the county auditor to average over the repayment period of the bond issue __________ mills for each $1 of taxable value, which amounts to $__________ for each $100,000 of the county auditor's appraised value, to pay the annual debt charges on the bonds and to pay debt charges on any notes issued in anticipation of the bonds?"
(2) "Shall an additional levy of taxes outside the ten-mill limitation be made for the benefit of the __________ (here insert name of the joint vocational school district) joint vocational school district for the purpose of acquiring a site for classroom facilities in the sum of $_________ (here insert annual amount the levy is to produce) estimated by the county auditor to collect $_____ annually and to average ________ mills for each $1 of taxable value, which amounts to $_________ for each $100,000 of the county auditor's appraised value, for a period of _________ (here insert number of years the millage is to be imposed) years?"
Where it is necessary to combine the question of issuing bonds of the joint vocational school district as described in division (A) of this section with the question of issuing bonds of the school district for acquisition of a site, the question specified in that division to be voted on shall be "For the bond issues" and "Against the bond issues."
Where it is necessary to combine the question of issuing bonds of the joint vocational school district as described in division (A) of this section with the question of levying a tax for the acquisition of a site, the question specified in that division to be voted on shall be "For the bond issue and the tax levy" and "Against the bond issue and the tax levy."
(D) Where the school district board chooses to combine a question specified in this section with any of the additional questions described in division (C) of section 3318.44 of the Revised Code, the question to be voted on shall be "For the bond issues and the tax levies" and "Against the bond issues and the tax levies."
(E) If a majority of those voting upon a proposition prescribed in this section which includes the question of issuing bonds vote in favor of that issuance and if the agreement prescribed in section 3318.08 of the Revised Code has been entered into, the school district board may proceed under Chapter 133. of the Revised Code with the issuance of bonds or bond anticipation notes in accordance with the terms of the agreement.
Last updated July 15, 2022 at 10:42 AM