OH SB369

Railway boards of trustees created under the Ferguson Act of 1869 may sell all or part of a railroad after approval by municipal voters, with the resolution certified to the board of elections at least 90 days before the election

Sale proceeds must be deposited into a railway proceeds trust fund managed by the board of trustees, with the municipal corporation as sole beneficiary; trust funds are exempt from certain state investment restrictions

The board must disburse funds annually to the municipal corporation by September 30, in an amount no less than the voter-approved minimum, paid primarily from investment earnings

Disbursed funds may only be used for rehabilitation, modernization, or replacement of existing infrastructure (streets, bridges, municipal buildings, parks, recreation facilities) and cannot fund new construction or debt service

Board trustees must be municipal residents, must retain independent financial advisors, and are prohibited from having direct or indirect interest in investment gains or borrowing from the trust fund