Loading chat...
OH SB70
Bill
Status
3/10/2009
Primary Sponsor
Dale Miller
Click for details
AI Summary
-
Amends section 725.07 of the Revised Code to allow municipalities to use funds from urban renewal bond sales for demolishing buildings on tax delinquent property that constitute public nuisances due to blight.
-
Permits urban renewal bond proceeds to be used for demolition activities in addition to existing authorized uses for urban renewal projects and bond refunding.
-
Maintains existing provisions regarding bond terms, maturity dates (not to exceed 30 years), and redemption options determined by municipal legislative authority.
-
Retains requirements that bond principal and interest be payable according to section 725.05 and the terms established in the authorizing ordinance and trust agreements.
Legislative Description
To allow municipalities to use the money derived from the sale of urban renewal bonds for the demolition of buildings located on tax delinquent property that constitute a public nuisance due to blight.
Municipalities-urban renewal bond money to demolish tax delinquent blighted properties
Last Action
To Ways & Means & Economic Development
3/10/2009