reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.145 | Redeposit of Interim Moneys Moneys.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) In addition to the authority provided in section 135.14 or 135.143 of the Revised Code for the investment or deposit of interim moneys, the treasurer of state or the treasurer or governing board of a political subdivision, upon the deposit of interim moneys with, or the award of active or inactive deposits to, an eligible public depository described in section 135.03 of the Revised Code and designated pursuant to section 135.12 of the Revised Code, may authorize the public depository to arrange for the redeposit of such public moneys in accordance with the following conditions:
(1) The public depository, on or after the date the public moneys are received, arranges for the redeposit of the moneys into deposit accounts in one or more federally insured banks, savings banks, or savings and loan associations that are located in the United States, and acts as custodian of the moneys deposited or redeposited under this section.
(2) If the amount of the public moneys deposited with and held at the close of business by the public depository exceeds the amount insured by the federal deposit insurance corporation, the excess amount is subject to the pledging requirements described in section 135.18, 135.181, or 135.182 of the Revised Code.
(3) The full amount of the public moneys redeposited by the public depository into deposit accounts in banks, savings banks, or savings and loan associations, plus any accrued interest, is insured by the federal deposit insurance corporation.
(4) On the same date the public moneys are redeposited by the public depository, the public depository may, in its sole discretion, choose whether to receive deposits, in any amount, from other banks, savings banks, or savings and loan associations.
(5) The public depository provides to the treasurer of state or the treasurer or governing board of a political subdivision an account statement at least monthly and access to daily reporting that include the amount of its funds deposited and held at each bank, savings bank, or savings and loan association for which the public depository acts as a custodian pursuant to this section.
(B) Except as provided in division (A)(2) of this section, the public moneys deposited in accordance with this section are not subject to the pledging requirements described in section 135.18, 135.181, or 135.182 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.15 | Transferring Funds From One Classification to Another.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
Whenever the governing board, other than the state board of deposit, is of the opinion that the actual amount of active deposits is insufficient to meet the anticipated demands on such active deposits, it shall direct the treasurer to sell interim money investments or deposits or transfer from the inactive deposits to the active deposits an amount sufficient to meet such demands. The board shall designate in such order the depositories from which withdrawals for such purpose shall be made and the amounts to be withdrawn from each. The treasurer shall immediately give appropriate written notice of such withdrawal to each public depository affected thereby, and at the expiration of the period of such notice shall make such withdrawals by presentation of certificates of deposit, or otherwise, in such manner as the board provides by appropriate regulations. In case there are two or more public depositories subject to such withdrawal, the board shall make such withdrawals from the public depositories paying the lowest rates of interest and in proportional amounts as near as is practicable.
Whenever the state board of deposit is of the opinion that the actual amount of active deposits is insufficient to meet the anticipated demands on such active deposits, it shall direct the treasurer of state to sell interim money investments or to redeem negotiated deposits in an amount sufficient to meet such demands. The treasurer of state shall use the treasurer of state's discretion in selecting the instruments to be sold or redeemed.
Last updated September 8, 2023 at 10:50 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.16 | Payment of Interest.

Effective:
March 5, 1987
Latest Legislation:
House Bill 144 - 116th General Assembly
Interest on active deposits shall be paid or credited by the public depository at least quarterly and when the funds are withdrawn, computing the time of payment from the date of deposit. Interest on inactive deposits shall be paid or credited by the public depository to the treasurer according to the terms and conditions of the time certificates of deposit or savings or deposit accounts or when the funds are withdrawn. Interest on interim deposits shall be paid or credited by the public depository to the treasurer according to the terms and conditions of the time certificates of deposit or saving or deposit accounts, or when the funds are withdrawn. No service charge shall be made against any active deposit or collected from or paid by any treasurer unless such service charge is the same as is customarily imposed by institutions receiving money on deposit subject to check, in the municipal corporation in which the public depository of such deposit is located, in which event the treasurer may pay such charge.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.17 | Cash Reserve.

Effective:
June 11, 1968
Latest Legislation:
Senate Bill 321 - 107th General Assembly
Each treasurer may at all times keep in the vaults of his office such amount, as a cash reserve, as is prescribed by the proper governing board, which amount shall not be required to be deposited pursuant to sections 135.01 to 135.21, inclusive, of the Revised Code. Each treasurer shall deposit or invest all the remaining public moneys in his possession in accordance with sections 135.01 to 135.21, inclusive, of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.19 | Failure of Public Depository.

Effective:
March 17, 1989
Latest Legislation:
House Bill 584 - 117th General Assembly
(A) A treasurer and his bondsmen or surety shall be relieved from any liability for the loss of any public moneys deposited by him in a public depository in compliance with sections 135.01 to 135.21 of the Revised Code, if occasioned by the failure of the public depository.
(B) In addition to the relief from liability provided in division (A) of this section, the treasurer of state, deputy treasurer of state, and any executive director, director, or other person employed by the treasurer of state or a bondsman or surety of any of these are relieved from any liability for the loss of any public moneys deposited or invested pursuant to law by the treasurer of state, deputy treasurer of state, and any executive director, director, or other person employed by the treasurer of state; but, in no event, shall liability attach to the treasurer of state, deputy treasurer of state, or any executive director, director, or other person employed by the treasurer of state, or a bondsman or surety of any of these when the proximate cause of loss is due to any investment transaction made pursuant to law or to any risk arising from any investment transaction or investment made pursuant to law.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.20 | Proportion of Deposits in Various Banks Subject to Reasonable Variation.

Effective:
June 11, 1968
Latest Legislation:
Senate Bill 321 - 107th General Assembly
Except as regards initial deposits at the beginning of a period of designation, the requirements of sections 135.01 to 135.21, inclusive, of the Revised Code, respecting the proportions in which deposits in more than one public depository of the state or of the same subdivision are to be made and maintained, are subject to such reasonable variations as the exigencies of public business require.
Any public depository deeming itself aggrieved by reason of discrimination against it and in favor of any other such public depository may complain thereof to the proper governing board. Such board after giving one week's notice to such treasurer and to such other public depositories as are specified in such complaint, shall hear such complaint. If it finds that there has been and is such discrimination, it shall direct the treasurer to transfer public deposits among such public depositories by making withdrawals and deposits as specified in the order of the board. The treasurer shall comply with such order.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.21 | Investment Earnings Apportionment and Crediting.

Effective:
March 30, 1999
Latest Legislation:
House Bill 674 - 122nd General Assembly
All investment earnings on money included within a public deposit of a subdivision and belonging to undivided tax funds shall, except as otherwise expressly provided by law, be apportioned by the auditor pro rata among the separate funds or taxing districts in the proportions in which they are entitled to receive distribution of such undivided tax funds, due allowance being made for sums transferred in advance of settlements. All investment earnings from other moneys deposited by a treasurer, which by reason of being custodial funds, or funds belonging in the treasury of a taxing, assessment, or other district of which the treasurer is acting as ex officio treasurer, or for any other reason, do not belong in the treasury of the state or subdivision shall, except as provided in section 135.351 of the Revised Code, be apportioned among and credited to the funds to which the principal sums of such deposits or investments belong. All other investment earnings, except as provided in section 135.351 of the Revised Code and by resolution adopted pursuant to section 3315.01 or 3375.391 of the Revised Code, shall be credited to the general fund of the county, municipal corporation, township, taxing district, assessment district, or other local authority to which the principal sum thereof belongs.
All investment earnings on money included within the state treasury shall be credited as provided in section 113.09 of the Revised Code.
The director of budget and management shall inform the treasurer of state in writing of the amount apportioned by the director to each fund or account in the state treasury. The auditor of a subdivision shall inform the treasurer of the subdivision in writing of the amount apportioned by the auditor to each fund, district, or account.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.31 | County Depository Definitions.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
As used in sections 135.31 to 135.40 of the Revised Code:
(A) "Active moneys" means an amount of public moneys in public depositories determined to be necessary to meet current demands upon a county treasury, and deposited in any of the following:
(1) A commercial account and withdrawable, in whole or in part, on demand;
(2) A negotiable order of withdrawal account as authorized in the "Consumer Checking Account Equity Act of 1980," 94 Stat. 146, 12 U.S.C.A. 1832(a);
(3) A money market deposit account as authorized in the "Garn-St. Germain Depository Institutions Act of 1982," 96 Stat. 1501, 12 U.S.C. 3503.
(B) "Inactive moneys" means all public moneys in public depositories in excess of the amount determined to be needed as active moneys.
(C) "Investing authority" means the treasurer, except as provided in section 135.34 of the Revised Code.
(D) "Public deposits" means public moneys deposited in a public depository pursuant to sections 135.31 to 135.40 of the Revised Code.
(E) "Public moneys" means all moneys in the treasury of a county or moneys coming lawfully into the possession or custody of the treasurer.
(F) "Treasurer" means the county treasurer.
(G) "No-load money market mutual fund" means a no-load money market mutual fund that is registered as an investment company under the "Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-1 to 80a-64, and that has the highest letter or numerical rating provided by at least one nationally recognized statistical rating organization.
Last updated September 8, 2023 at 10:52 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.32 | Institutions Eligible as County Public Depositories.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) Any national bank, any bank doing business under authority granted by the superintendent of financial institutions, or any bank doing business under authority granted by the regulatory authority of another state of the United States, located in this state, is eligible to become a public depository, subject to sections 135.31 to 135.40 of the Revised Code. No bank shall receive or have on deposit at any one time public moneys, including public moneys as defined in section 135.01 of the Revised Code, in an aggregate amount in excess of thirty per cent of its total assets, as shown in its latest report to the comptroller of the currency, the superintendent of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system.
(B) Any federal savings association or any savings and loan association or savings bank doing business under authority granted by the regulatory authority of another state of the United States, located in this state, and authorized to accept deposits is eligible to become a public depository, subject to sections 135.31 to 135.40 of the Revised Code. No savings association, savings and loan association, or savings bank shall receive or have on deposit at any one time public moneys, including public moneys as defined in section 135.01 of the Revised Code, in an aggregate amount in excess of thirty per cent of its total assets, as shown in its latest report to the former office of thrift supervision, the comptroller of the currency, the superintendent of financial institutions, the federal deposit insurance corporation, or the board of governors of the federal reserve system.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.321 | Disqualification as County Depository.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
No institution mentioned in section 135.32 of the Revised Code is eligible to become a public depository or to receive any new public deposits pursuant to sections 135.31 to 135.40 of the Revised Code, if the institution or any of its directors, officers, employees, or controlling shareholders or persons is currently a party to an active final or temporary cease-and-desist order issued to ensure the safety and soundness of the institution.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.34 | Review of Investment Procedures Semiannually.

Effective:
March 17, 1987
Latest Legislation:
Senate Bill 317 - 116th General Assembly
The board of county commissioners may review semiannually the investment procedures of the investing authority and the investing authority shall provide the necessary information to accomplish such review. When it is determined that the investing authority has failed to invest the inactive moneys of the county as provided by law, or in documented substantial, material, and continuing disregard of the advice or written policies of the county investment advisory committee pursuant to section 135.341 of the Revised Code, the board shall inform, by written notice, the investing authority of its finding. When, at the time of the next succeeding semiannual review, the board finds that such procedures, as included in the written notice, have not been corrected, the board may designate, by resolution, the board as a whole, one of its members, or one of its employees as the investing authority, and thereafter, until such action is rescinded by resolution of the board, the investing authority shall be as designated by the board.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.351 | Crediting Interest.

Effective:
April 7, 2009
Latest Legislation:
Senate Bill 353 - 127th General Assembly
(A) Except as provided in sections 135.352 and 1545.22 of the Revised Code, all interest earned on money included within the county treasury shall be credited to the general fund of the county.
(B) Unless otherwise provided by law, with respect to moneys belonging to another political subdivision, taxing district, or special district that are deposited or invested by the county, the county shall pay and distribute such moneys in accordance with division (B)(1), (2), or (3) of this section, as appropriate:
(1) On or before the tenth day of the month following the month in which the county received such moneys or on or before such later date authorized by the legislative authority or other governing body of the other political subdivision or district, pay and distribute all such moneys to the treasurer or other appropriate officer of the other political subdivision or district.
(2) With respect to moneys due to boards and subdivisions under section 321.31 of the Revised Code, pay and distribute such moneys within five business days after the final date prescribed by law for such settlement, or if the settlement date is lawfully extended, within five business days after the date of such lawful extension.
(3) With respect to moneys for which any advance authorized by section 321.34 or 321.342 of the Revised Code has been requested, pay and distribute such moneys within five business days after the request for the advance is delivered to the county auditor.
(C) If the county fails to make any payment and distribution required by division (B) of this section within the time periods prescribed by that division, the county shall pay to the appropriate other political subdivision, taxing district, or special district any interest that the county has received or will receive on any moneys or advance described in that division which accrues after the date such moneys or advance should have been distributed, together with the principal amount of such moneys or advance. The county shall make this payment of principal and interest within five business days after the treasurer or other appropriate officer of such other political subdivision or district files a written demand for payment with the county auditor.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.352 | County Library and Local Government Support Fund.

Effective:
June 20, 2008
Latest Legislation:
Senate Bill 185 - 127th General Assembly
The investment authority shall invest all moneys in the county public library fund that are not distributed due to an appeal of the budget commission's allocation of such fund. Interest earned on such investments shall be credited to the fund and distributed in accordance with section 5747.48 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.353 | County May Invest Inactive Moneys in Linked Deposits.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) In addition to the investments specified in section 135.35 of the Revised Code, the investing authority of a county may do all of the following:
(1) Invest inactive or public moneys in linked deposits as authorized by resolution adopted pursuant to section 135.80 or 135.801 of the Revised Code;
(2) Invest inactive or public moneys in linked deposits as authorized by resolution adopted pursuant to section 135.805 of the Revised Code for a term considered appropriate by the investing authority, but not exceeding fifteen years, which investment may be renewed for up to two additional terms with each additional term not exceeding fifteen years.
(3) Invest inactive moneys in certificates of deposit in accordance with all of the following:
(a) The inactive moneys initially are deposited with an eligible public depository described in section 135.32 of the Revised Code and selected by the investing authority.
(b) For the investing authority depositing the inactive moneys pursuant to division (A)(3)(a) of this section, the eligible public depository selected pursuant to that division invests the inactive moneys in certificates of deposit of one or more federally insured banks, savings banks, or savings and loan associations, wherever located. The full amount of principal and any accrued interest of each certificate of deposit invested in pursuant to division (A)(3)(b) of this section shall be insured by federal deposit insurance.
(c) For the investing authority depositing the inactive moneys pursuant to division (A)(3)(a) of this section, the eligible public depository selected pursuant to that division acts as custodian of the certificates of deposit described in division (A)(3)(b) of this section.
(d) On the same date the public moneys are redeposited by the public depository, the public depository may, in its sole discretion, choose whether to receive deposits, in any amount, from other banks, savings banks, or savings and loan associations.
(e) The public depository provides to the investing authority a monthly account statement that includes the amount of its funds deposited and held at each bank, savings bank, or savings and loan association for which the public depository acts as a custodian pursuant to this section.
(B) Inactive moneys deposited or invested in accordance with division (A)(3) of this section are not subject to any pledging requirements described in section 135.181, 135.182, or 135.37 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.354 | Redeposit of Inactive Moneys.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) In addition to the authority provided in section 135.35 of the Revised Code for the investment or deposit of inactive moneys, the investing authority of a county, upon the deposit of active or inactive moneys with an eligible public depository described in section 135.32 of the Revised Code and selected by the investing authority, may authorize the public depository to arrange for the redeposit of such public moneys in accordance with the following conditions:
(1) The public depository, on or after the date the public moneys are received, arranges for the redeposit of the moneys into deposit accounts in one or more federally insured banks, savings banks, or savings and loan associations that are located in the United States, and acts as custodian of the moneys deposited or redeposited under this section.
(2) If the amount of the public moneys deposited with and held at the close of business by the public depository exceeds the amount insured by the federal deposit insurance corporation, the excess amount is subject to the pledging requirements described in section 135.181, 135.182, or 135.37 of the Revised Code.
(3) The full amount of the public moneys redeposited by the public depository into deposit accounts in banks, savings banks, or savings and loan associations, plus any accrued interest, is insured by the federal deposit insurance corporation.
(4) On the same date the public moneys are redeposited by the public depository, the public depository may, in its sole discretion, choose whether to receive deposits, in any amount, from other banks, savings banks, or savings and loan associations.
(5) The public depository provides to the investing authority an account statement at least monthly and access to daily reporting that include the amount of its funds deposited and held at each bank, savings bank, or savings and loan association for which the public depository acts as a custodian pursuant to this section.
(B) Except as provided in division (A)(2) of this section, public moneys deposited in accordance with this section are not subject to the pledging requirements described in section 135.181, 135.182, or 135.37 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.36 | Transferring County Funds From One Classification to Another.

Effective:
March 15, 1982
Latest Legislation:
House Bill 230 - 114th General Assembly
Whenever any deposit or investment acquired under section 135.35 of the Revised Code matures and becomes due and payable, the investing authority shall present it for payment according to its terms and shall collect the moneys payable thereon, provided that the principal may be reinvested without withdrawal. The money so collected shall be public moneys.
Whenever the board of county commissioners, county treasurer, or the investing authority determines that the actual amount of active moneys available is insufficient to meet the anticipated demands upon the treasury, the investing authority shall sell or liquidate such deposits or investments in an amount sufficient to meet such demands, and deposit such moneys in an active moneys deposit account. No deposit or investment so sold may be sold for less than the current market value. Neither the investing authority nor members of the board shall be held accountable for any loss occasioned by sale or liquidation of deposits or investments. Any loss or expense caused by such sale is payable as other expenses of the county.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.38 | Exemption of County Officials From Prohibition Against Interest in Contract.

Effective:
March 15, 1982
Latest Legislation:
House Bill 230 - 114th General Assembly
An officer, director, stockholder, employee, or owner of any interest in a public depository receiving public deposits pursuant to sections 135.31 to 135.40 of the Revised Code shall not be deemed to be interested, either directly or indirectly, as a result of such relationship, in the deposit of such public moneys for the purpose of any law of this state prohibiting an officer of any county from being interested in any contract of the county.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.39 | Exemption of County Officials From Liability.

Effective:
March 15, 1982
Latest Legislation:
House Bill 230 - 114th General Assembly
A county treasurer, county deputy treasurer, or members of a board of county commissioners, when acting as investing authorities, and their bondsmen or sureties shall be relieved from any liability for the loss of any public moneys deposited or invested by them when they have acted pursuant to law or an ordinance or resolution adopted by a county pursuant to a charter adopted under Article X, Ohio Constitution, but in no event shall liability attach to a treasurer, deputy treasurer, or member of a board where the proximate cause of the loss is due to a risk arising from an investment reasonably made under their authority as investing authorities.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.40 | County Cash Reserve.

Effective:
March 15, 1982
Latest Legislation:
House Bill 230 - 114th General Assembly
A county treasurer may keep at all times in the vaults of his office such amount of public moneys, as a cash reserve, as he deems to be necessary to transact the business of his office, which amount shall not be required to be deposited in public depositories. All the remaining public moneys in his possession shall be deposited in public depositories in accordance with sections 135.31 to 135.40 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.451 | Investments of History Connection and Capitol Square Review and Advisory Board.

Effective:
September 29, 2015
Latest Legislation:
House Bill 141 - 131st General Assembly
The Ohio history connection and the capitol square review and advisory board shall be eligible to pay any of their moneys into the Ohio subdivision's fund, to be invested by the treasurer of state in the same manner and subject to the same terms and conditions as public moneys of subdivisions paid into the fund under section 135.45 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.47 | Securities Lending Program - Fund.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) There is hereby created the securities lending program.
(B) There is hereby created in the state treasury the securities lending program fund. Income from the interest earnings of the securities lending program in an amount calculated pursuant to division (D) of this section shall be credited to the fund. All other such income shall be credited to the general revenue fund.
(C) The treasurer of state may use the securities lending program fund for operations of the office of the treasurer of state or may transfer unexpended amounts in the fund to the treasurer's information technology reserve fund created under section 113.22 of the Revised Code.
(D) The amount of income from the interest earnings of the securities lending program that shall be paid into the securities lending program fund shall not exceed an amount based on an annual rate of one-quarter of one per cent of the total average daily par value of assets in the securities lending program, as determined and calculated by the treasurer of state. Such income shall be paid on a monthly basis.
Last updated September 8, 2023 at 10:57 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.51 | Bank Defaulting as Public Depository; Retention and Disposition of Securities.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
In case of any default on the part of a bank in its capacity as depository of the money of any county, municipal corporation, township, or school district, the board of county commissioners, the legislative authority of such municipal corporation, the board of township trustees, and the board of education of such school district, in lieu of immediately selling the securities received and held as security for the deposit of such money under authority of any section of the Revised Code, may retain the same, collect the interest and any installments of principal thereafter falling due on such securities, and refund, exchange, sell, or otherwise dispose of any of them, at such times and in such manner as such board of county commissioners, legislative authority, board of township trustees, or board of education determines to be advisable with a view to conserving the value of such securities for the benefit of such county, municipal corporation, township, or school district, and for the benefit of the depositors, creditors, and stockholders or other owners of such bank.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.52 | Bonds May Be Used in Anticipation of Collections - Maturity - Limitation - Distribution of Proceeds From Sale.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
In anticipation of the collection of the principal and interest of securities, or other disposition of them, as authorized by section 135.51 of the Revised Code, and of the payment of dividends in the liquidation of the depository bank, and for the purpose of providing public money immediately available for the needs of the county, municipal corporation, township, or school district, the taxing authority may issue bonds of the county, municipal corporation, township, or school district, in an amount not exceeding the moneys on deposit in the depository bank, the payment of which is secured by such securities, after crediting to such moneys the amount realized from the sale or other disposition of any other securities pledged or deposited for such moneys, or in an amount not exceeding the value or amount ultimately to be realized from such securities to be determined by valuation made under oath by two persons who are conversant with the value of the assets represented by such securities, whichever amount is the lesser, plus an amount equal to the interest accruing on such securities during one year from and after the date of default of such bank in its capacity as a depository. The maturity of such bonds shall not exceed ten years and they shall bear interest at a rate not exceeding the rate determined as provided in section 9.95 of the Revised Code. Such bonds shall be the general obligations of the county, municipal corporation, township, or school district issuing them. The legislation under which such bonds are issued shall comply with Section 11 of Article XII, Ohio Constitution. The amount of such bonds issued or outstanding shall not be considered in ascertaining any of the limitations on the net indebtedness of such county, municipal corporation, township, or school district prescribed by law. In all other respects, the issuance, maturities, and sale of such bonds shall be subject to Chapter 133. of the Revised Code.
A sufficient amount of the moneys received from principal on the sale of such bonds to cover the interest accruing on such securities for one year, to the extent determined by the authority issuing such bonds in the resolution or ordinance of issuance under this section, shall be paid into the bond retirement fund from which the bonds are to be redeemed, together with premiums and accrued interest. The balance of such principal shall be credited to the funds to which the moneys represented by such depository balance belong, and in the respective amounts of such funds.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.53 | Surplus Assigned and Delivered to Defaulting Bank or Building and Loan Association.

Effective:
January 1, 2018
Latest Legislation:
House Bill 49 - 132nd General Assembly
All principal and interest collected by the proper officer or agent of the county, municipal corporation, township, or school district, on account of the securities mentioned in section 135.51 of the Revised Code, the proceeds of any sale or other disposition of any of such securities, and any dividends received from the liquidation of the defaulting bank, shall be paid into the bond retirement fund from which the bonds provided for in section 135.52 of the Revised Code are to be redeemed, until the aggregate of such payments equals the requirements of such fund, whereupon such securities, and any remaining depository balance, not anticipated by such bonds, to the extent then retained by such county, municipal corporation, township, or school district, shall be assigned and delivered to the defaulting bank, to its liquidating officer, or to its successor or assignee, together with a release or other instrument showing full satisfaction of the claim of such county, municipal corporation, township, or school district against such bank or officer.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.54 | Possession and Control of Securities Vested in Authorized Agent - Powers.

Effective:
March 15, 1982
Latest Legislation:
House Bill 230 - 114th General Assembly
Immediately upon the issuance and sale of bonds as authorized by section 135.52 of the Revised Code, the possession, management, and control of the securities mentioned in section 135.51 of the Revised Code, subject to the further disposition of such securities pursuant to sections 135.51 and 135.53 of the Revised Code, shall be transferred to and vested in the authority of the county, municipal corporation, township, or school district having charge of the administration of the bond retirement fund of such subdivision. Such authority shall have and exercise all the powers, rights, privileges, and immunities of an owner with respect to such securities, subject to the control of the board of county commissioners, the legislative authority of the municipal corporation, the board of township trustees, and the board of education, and unless otherwise specified in any resolution of such board of county commissioners, legislative authority, board of township trustees, or board of education, may, in case such securities consist of first mortgages accepted pursuant to section 131.09 of the Revised Code, pay taxes, insurance premiums, and repairs and maintenance of property covered by any such mortgage from the proceeds of such securities, in case of default in any such respect on the part of the mortgagor or owner of the property. Such payments shall be made, subject in all cases to reimbursement by the person primarily liable for such taxes, insurance premiums, and repairs and maintenance, from the fund for the retirement of such bonds.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.61 | Linked Deposit Program Investments and Rules.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) The treasurer of state may invest in linked deposits under this chapter, provided that at the time any such linked deposits are placed, purchased, or designated, the combined amount of investments of public money of the state in linked deposits of any kind is not more than twelve per cent of the state's total average investment portfolio, as determined by the treasurer of state. When deciding whether to invest in any linked deposits, the treasurer of state shall give priority to the investment, liquidity, and cash flow needs of the state.
(B) The treasurer of state may, in accordance with section 111.15 of the Revised Code, adopt rules necessary for the implementation and administration of linked deposits under this chapter, including, but not limited to, the manner in which an eligible lending institution, as defined in section 135.62 of the Revised Code, or eligible savings institution, as defined in section 135.70 of the Revised Code, is designated, and the manner in which linked deposits are placed, purchased, designated, held, and collateralized.
(C) Notwithstanding any contrary provision of the Revised Code, the treasurer of state may require an eligible credit union, as defined in section 135.62 of the Revised Code, that holds linked deposits under this chapter to pay interest at a rate not lower than the product of the prevailing interest rate multiplied by the sum of one plus the treasurer of state's assessment rate. The treasurer of state may, in accordance with section 119.03 of the Revised Code, adopt rules necessary for the implementation of this division.
Last updated October 5, 2023 at 4:56 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.621 | Submission of Linked Deposit Loan Package.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) An eligible lending institution that desires to receive a linked deposit shall accept and review applications for loans from eligible borrowers for linked deposit programs in which the eligible lending institution participates. The eligible lending institution shall apply all usual lending standards to determine the credit worthiness of each eligible borrower. No loan shall exceed the amount determined by the treasurer of state.
(B) An eligible borrower shall certify on its loan application that the reduced rate loan will be used exclusively for the purposes of the applicable linked deposit program, as described in section 135.63, 135.64, 135.65, or 135.66 of the Revised Code. Whoever knowingly makes a false statement concerning such application is guilty of the offense of falsification under section 2921.13 of the Revised Code.
(C) The eligible lending institution shall forward to the treasurer of state a linked deposit loan package, in the form and manner prescribed by the treasurer of state. The package shall include such information as required by the treasurer of state, including the amount of each loan requested by each eligible borrower and all other information as described in section 135.63, 135.64, 135.65, or 135.66 of the Revised Code for the applicable linked deposit program. The institution shall certify both of the following:
(1) That each applicant is an eligible borrower and, for each such eligible borrower, the present borrowing rate;
(2) That the eligible lending institution applied all of its usual lending standards to determine the credit worthiness of each eligible borrower.
(D) No fee shall be charged to any party for the preparation, processing, or reporting of any application to an eligible lending institution or the treasurer of state for participation in a linked deposit program.
Last updated September 11, 2023 at 3:52 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.622 | Accepting or Rejecting a Linked Deposit Loan Package.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) The treasurer of state may accept or reject a linked deposit loan package, or any portion of it, based on the treasurer of state's evaluation of the eligible borrowers included in the package, the amount of individual loans in the package, and the amount of state funds to be deposited with an eligible lending institution.
(B) Upon acceptance of the linked deposit loan package or any portion of it, the treasurer of state may place, purchase, or designate a linked deposit with the eligible lending institution at the discount interest rate, and in accordance with the deposit agreement required under section 135.623 of the Revised Code and the procedures established by the treasurer of state.
(C) Eligible lending institutions shall fully comply with this chapter.
Last updated September 11, 2023 at 3:57 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.623 | Deposit Agreement.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) An eligible lending institution shall enter into a deposit agreement with the treasurer of state, which shall include requirements necessary to carry out the purposes of sections 135.62 to 135.66 of the Revised Code.
(B) The deposit agreement shall specify the maturity period of the linked deposit considered appropriate by the treasurer of state, which shall not exceed five years, as well as any other information, terms, or conditions the treasurer of state may require. Interest shall be paid by the eligible lending institution at times determined by the treasurer of state.
Last updated September 11, 2023 at 3:57 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.624 | Loan Rates.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Upon the treasurer of state placing, purchasing, or designating a linked deposit, the eligible lending institution shall lend the corresponding funds to each approved eligible borrower listed in the accepted linked deposit loan package, and in accordance with the deposit agreement required by section 135.623 of the Revised Code. Unless otherwise specified in the deposit agreement, the interest rates on the loans to such eligible borrowers shall be at a rate equal to or greater than the present borrowing rate applicable to each specific eligible borrower in the accepted linked deposit loan package minus the difference between the prevailing interest rate and the discount interest rate at which the linked deposits were placed, made, or designated.
(B) The eligible lending institution shall provide to the treasurer of state a certificate of compliance with division (A) of this section, in the form and manner prescribed by the treasurer of state.
(C) Upon the conclusion of the maturity period, the treasurer of state may allow for the renewal of an application for a linked deposit program with the same terms for one or more additional maturity periods if certain requirements are met, as determined by the treasurer of state. In the event the treasurer of state does not allow for renewal, the requirements are not met, or the eligible borrower is not eligible for a renewal, an eligible borrower may submit a new application to participate in a linked deposit program.
(D) At the time of maturity or upon the repayment of a loan in its entirety, whichever is earlier, the eligible lending institution shall return the amount of the corresponding linked deposit to the treasurer of state in a timely manner, as prescribed by the treasurer of state.
(E) The treasurer of state shall take any and all steps necessary to implement and administer the linked deposit programs, including the development of guidelines as necessary.
Last updated September 11, 2023 at 3:57 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.625 | State Not Liable to Borrowers or Lenders.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) The state and the treasurer of state are not liable to any eligible lending institution or any eligible borrower in any manner for payment of the principal or interest on a loan to an eligible borrower. Any delay in payments, default on the part of an eligible borrower, or misuse or misconduct on the part of an eligible lending institution or eligible borrower does not in any manner affect the deposit agreement required by section 135.623 of the Revised Code between the eligible lending institution and the treasurer of state.
(B) If an eligible lending institution changes the terms of a loan to an eligible borrower because of a delay in payments or default, the amount of the linked deposit associated with the loan plus applicable interest and without early withdrawal penalties shall be returned to the treasurer of state by the eligible lending institution in a timely manner as prescribed by the treasurer of state.
Last updated September 11, 2023 at 3:58 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 135 | Uniform Depository Act › Section 135.63 | Adoption Linked Deposit Program.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) The general assembly finds that strengthening families across Ohio is critical toward ensuring the long-term prosperity of the state. However, the upfront financial costs associated with adoption often deter families from pursuing the adoption process. Accordingly, it is declared to be the public policy of the state through the adoption linked deposit program to create the availability of reduced rate loans to reduce the financial burden of adoption and to strengthen families in this state.
(B) An eligible borrower for the adoption linked deposit program is an individual who is a resident of this state and to whom either of the following applies:
(1) The individual completes a home study pursuant to section 3107.031 of the Revised Code and is approved to adopt.
(2) The individual is pursuing an adoption through the public foster care system and meets the requirements set by the department of job and family services.
(C) An eligible lending institution for the adoption linked deposit program must be able to make secured or unsecured personal loans.
(D) An eligible borrower shall certify on the loan application that the reduced rate loan will be used exclusively to pay for qualifying adoption expenses.
Last updated February 8, 2024 at 3:30 PM