(A) Municipal corporations, counties, and townships may not use revenue raised under section 5735.29 of the Revised Code to repay loans made by the state infrastructure bank under section 5531.09 of the Revised Code if both of the following apply:
(1) The loans were made for highway, road, or street projects begun prior to March 31, 2003.
(2) The revenue:
(a) Results from the increase in the tax imposed under section 5735.29 of the Revised Code pursuant to the amendment of the section by Am. Sub. H.B. 87 of the 125th General Assembly; and
(b) Is distributed under section 5735.291 of the Revised Code.
(B) While the loans described in division (A)(1) of this section are outstanding, the tax commissioner shall notify municipal corporations, counties, and townships receiving the revenue described in division (A)(2) of this section of the amount that cannot be used for the loan repayments.
Effective Date: 03-30-2006
Section: Previous 5531.04 5531.05 5531.06 5531.07 5531.08 5531.09 5531.10 5531.101 5531.11 5531.12 5531.13 5531.14 5531.141 5531.142 5531.143 NextLast modified: October 10, 2016