Ohio Revised Code Title XLV. Motor Vehicles Aeronautics Watercraft § 4582.73

(A) As used in this section:

(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.

(E) This section provides additional optional authority for the establishment of a common bond fund program.  Nothing in this section shall impair or affect any common bond fund program created prior to the effective date of this section.  This section does not apply to any common bond fund program created prior to the effective date of this section unless the port authority elects to apply this section to its common bond fund program by one or more resolutions of its board of directors.