Allow port authorities to establish a Common Bond Fund Program

As Introduced

136th
General Assembly

Regular
Session
S. B. No. 15

2025-2026

Senators Brenner, Wilson

A
BILL

To
enact section 4582.72 of the Revised Code
to
allow port authorities to establish a Common Bond Fund Program to
finance port authority facilities.

BE
IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section
1.
That
section 4582.72 of the Revised Code be enacted to read as follows:

Sec.
4582.72.
(A)
As used in this section:

(1)
"Credit enhancement facilities" has the same meaning as in
section 133.01 of the Revised Code.

(2)
"Common bond fund program" means any program authorized by
a port authority for the purpose of financing port authority
facilities and enhancing the credit of port authority obligations
using credit enhancement facilities, cash reserves, or other moneys
available for such purpose.

(3)
"Obligations" means bonds, notes, or other forms or
evidences of obligation constituting revenue bonds as that term is
used in division (A)(4) of section 4582.06 of the Revised Code, or
port authority revenue bonds as that term is used in section 4582.48
and division (A)(8) of section 4582.31 of the Revised Code, issued by
a port authority.

(4)
"Port authority" means a body corporate and politic created
pursuant to the authority of this chapter.

(5)
"Port authority facilities" and "port authority
facility" have the same meaning as in division (D) of section
4582.01 or in division (E) of section 4582.21 of the Revised Code, as
applicable.

(B)
A port authority may, by one or more resolutions of its board of
directors, establish and maintain a common bond fund program. A port
authority that has established a common bond fund program may operate
and manage such program, authorize agreements and other documents for
such program, and appropriate funds of the port authority for the
support of such program. A port authority, as part of a common bond
fund program, may authorize the use of one or more credit enhancement
facilities and cash reserves or other money available for the purpose
of financing port authority facilities, all as authorized in the bond
proceedings associated with the obligations issued as part of the
common bond fund program.

Any
obligations issued by a port authority and secured by a trust
agreement between the port authority and a corporate trustee under
division (A)(4) of section 4582.06 or section 4582.50 may, in the
discretion of the port authority, be issued as part of a common bond
fund program. Any trust agreement used in a common bond fund program,
and the establishment, deposit, investment and application of special
funds, and the safeguarding of money, shall be governed by the bond
proceedings associated with the obligations and by this chapter. More
than one obligation may be secured by a trust agreement used in a
common bond fund program.

(C)
All terms, provisions, and authorizations in this chapter as
applicable to a port authority, and the terms, provisions, and
authorizations of sections 9.96, 9.98, 9.981, 9.982, and 9.983 of the
Revised Code, apply to obligations issued as part of a common bond
fund program and the associated bond proceedings, except as otherwise
provided in this section, or except as otherwise provided in those
obligations and associated bond proceedings.

(D)
This section shall be liberally construed to effect the purpose of
authorizing common bond fund programs. The powers and authorizations
granted in this section may be exercised jointly or separately by one
or more port authorities and are in addition to and supplemental to
the powers and authorizations otherwise granted to port authorities
under the applicable provisions of this chapter and shall not be
construed as a limitation on any such powers or authorizations.