Ohio Revised Code Title I. State Government § 129.42

All moneys received from the sale of any certificates of obligation issued pursuant to section 129.41 of the Revised Code, and all moneys required by the terms of agreements under section 5501.36 of the Revised Code to be paid by the director of transportation to the commissioners of the sinking fund shall be paid into a special fund hereby designated as “special highway acquisition fund _____” (designation to be provided) and said special fund shall be applied solely to the payment of the cost of acquiring real property as provided in section 5501.36 of the Revised Code or to the payment of principal and interest of said certificates of obligation.  There shall be a separate such special fund for each issue of certificates of obligation.  There is hereby created a lien upon each such fund and such real property in favor of holders of such certificates of obligation.  Moneys in any such special fund may be invested in direct obligations of the United States government prior to the anticipated need for such moneys and the commissioners shall be guided in the investment of such moneys by the instructions of the director.

The clerk of the commissioners of the sinking fund shall be paid from the several respective special highway acquisition funds, suitable compensation in addition to that prescribed by section 129.01 of the Revised Code.  All the other expenses of the commissioners of the sinking fund in connection with this section and sections 129.41, 5501.36, and 5501.38 of the Revised Code, not otherwise provided for, shall be paid from the appropriate special highway acquisition fund.

Out of the proceeds of sale of an issue of certificates of obligation issued pursuant to section 129.41 of the Revised Code, or from the additional consideration running from the director to the commissioners of the sinking fund under an agreement contemplated by section 5501.36 of the Revised Code, or from both, there shall be set aside into a certificate of obligation redemption account in the said special fund the sum required to pay interest coming due during the life of said certificates of obligation in the then current biennium, which amount shall be used only for that purpose.  In the event an issue of certificates of obligation is renewed for a biennium beyond the biennium of original issue, the agreement securing said renewal issue shall provide in like manner for the setting aside of the sum to pay interest coming due in the then current biennium to the extent that such amounts are not otherwise provided for in said account.  As provided in section 5501.36 of the Revised Code, direct obligations of the United States government may be substituted in whole or in part for the sum or sums otherwise required under this section.  Such agreements under section 5501.36 of the Revised Code shall define the circumstances under which moneys to be paid by the director to the commissioners of the sinking fund as purchase price must be paid into the appropriate special fund, with restrictions on its use to acquire additional real property thereunder, so as to avoid any possibility of default in the payment of interest on certificates of obligation or in the payment of principal thereof at maturity or prior redemption.

In a single biennium, more than one issue of certificates of obligation may be authorized and secured by a single agreement and supplements thereto under section 5501.36 of the Revised Code notwithstanding that such certificates of obligation may be issued, sold, and delivered at different times, with different dates and bearing different rates of interest.