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2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.50 | State Land Royalty Fund.

Effective:
September 30, 2021
Latest Legislation:
House Bill 110 - 134th General Assembly
(A) There is hereby created in the state treasury the state land royalty fund consisting of money credited to it under section 155.33 of the Revised Code. Any investment proceeds earned on money in the fund shall be credited to the fund.
(B)(1) A state agency is entitled to receive from the fund the amount that the state agency contributed and a share of the investment earnings of the fund in an amount that is equivalent to the proportionate share of contributions made by the state agency to the fund. Regarding the department of natural resources, each division within the department is entitled to receive from the department's proportionate share all amounts received by the department that are attributable to the state-owned land controlled by that division.
(2) The treasurer of state, in consultation with the director of budget and management, shall disburse money from the state land royalty fund to the appropriate fund designated by the state agency not later than thirty days after the deposit of any money into the state land royalty fund. If the state agency is the department of natural resources, the treasurer of state, in consultation with the director of budget and management and the director of natural resources, shall disburse the money to the appropriate fund designated by the applicable division within the department.
(3) A state agency or, as applicable, a division of the department of natural resources, may use the money for any costs and expenses the agency determines are necessary.
(C) As used in this section, "state agency" has the same meaning as in section 155.30 of the Revised Code.
Last updated July 20, 2021 at 10:12 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.51 | Credits to Local Government Funds.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) On or before the seventh day of each month, the director of budget and management shall credit to the local government fund one and seven-tenths per cent of the total tax revenue credited to the general revenue fund during the preceding month. In determining the total tax revenue credited to the general revenue fund during the preceding month, the director shall include amounts transferred from the fund during the preceding month under this division and division (B) of this section. Money shall be distributed from the local government fund as required under sections 5747.50 and 5747.503 of the Revised Code during the same month in which it is credited to the fund.
(B) On or before the seventh day of each month, the director of budget and management shall credit to the public library fund one and seven-tenths per cent of the total tax revenue credited to the general revenue fund during the preceding month. In determining the total tax revenue credited to the general revenue fund during the preceding month, the director shall include amounts transferred from the fund during the preceding month under this division and division (A) of this section. Money shall be distributed from the public library fund as required under section 5747.47 of the Revised Code during the same month in which it is credited to the fund.
(C) The director of budget and management shall develop a schedule identifying the specific tax revenue sources to be used to make the monthly transfers required under divisions (A) and (B) of this section. The director may, from time to time, revise the schedule as the director considers necessary.
Last updated September 21, 2023 at 3:14 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.511 | Credit to Local Government Audit Support Fund.

Effective:
October 17, 2019
Latest Legislation:
House Bill 166 - 133rd General Assembly
(A) In addition to the amounts credited to the local government fund under section 131.51 of the Revised Code, the director of the office of budget and management shall credit monthly to the local government audit support fund a portion of total tax revenue credited to the general revenue fund equal to one-twelfth of the annual fiscal year appropriation from the local government audit support fund.
(B) The director of budget and management shall develop a schedule identifying the specific tax revenue sources to be used to make the monthly transfers required under division (A) of this section. The director may, from time to time, revise the schedule of revenue sources as the director considers necessary.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.55 | Aggregate General Revenue Fund Appropriations Defined.

Effective:
September 5, 2006
Latest Legislation:
Senate Bill 321 - 126th General Assembly
As used in sections 131.55 to 131.58 of the Revised Code, "aggregate general revenue fund appropriations" has the same meaning as under section 107.032 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.56 | Post-2007 Fund Appropriations Not to Exceed Limitations.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
The general assembly shall not make aggregate general revenue fund appropriations for a fiscal year that exceed the state appropriation limitation determined for the respective fiscal year under section 107.033 of the Revised Code.
Last updated November 8, 2023 at 4:10 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.57 | Exceptions to Aggregate General Revenue Fund Appropriation Limitations.

Effective:
September 5, 2006
Latest Legislation:
Senate Bill 321 - 126th General Assembly
Notwithstanding section 131.56 of the Revised Code, the general assembly may make aggregate general revenue fund appropriations for a fiscal year that exceed the state appropriation limitation for that fiscal year if either of the following apply:
(A) The excess appropriations are made in response to the governor's proclamation of an emergency concerning such things as an act of God, a pandemic disease, an infestation of destructive organisms, repelling invasion, suppressing insurrection, defending the state in time of war, or responding to terrorist attacks, and can be used only for that emergency.
(B) The general assembly passes a bill by an affirmative vote of two-thirds of the members of each house that does both of the following:
(1) Specifically identifies the purpose of each excess appropriation;
(2) States whether the appropriations are to be included as aggregate general revenue fund appropriations with respect to future determinations of the state appropriation limitation under section 107.033 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.58 | Exclusions From Aggregate General Revenue Fund Appropriations.

Effective:
September 5, 2006
Latest Legislation:
Senate Bill 321 - 126th General Assembly
Neither of the following shall be included as aggregate general revenue fund appropriations with respect to the determination of the state appropriation limitation under section 107.033 of the Revised Code:
(A) Appropriations made under division (A) of section 131.57 of the Revised Code;
(B) Appropriations that are not to be included as aggregate general revenue fund appropriations pursuant to a bill passed under division (B) of section 131.57 of the Revised Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.59 | Obligation to Make Debt Service Payments Unaffected.

Effective:
September 5, 2006
Latest Legislation:
Senate Bill 321 - 126th General Assembly
Nothing in sections 107.032 to 107.035 or 131.55 to 131.58 of the Revised Code shall be construed to affect in any way the state's obligation to make debt service payments.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 131 | Revenues and Funds › Section 131.60 | Appropriations Limitations Do Not Apply to Unexpended Balances.

Effective:
September 5, 2006
Latest Legislation:
Senate Bill 321 - 126th General Assembly
Sections 107.032 to 107.035 and 131.55 to 131.58 of the Revised Code do not apply to reappropriations of the unexpended balances of appropriations that a state agency has encumbered prior to the close of a fiscal year.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.022 | Issuance of School Construction Bonds; Allocations of State Portions; Factors to Be Considered.

Effective:
September 29, 2017
Latest Legislation:
House Bill 49 - 132nd General Assembly
(A) As used in this section:
(1) "Large local educational agency" and "qualified school construction bond" have the same meaning as in section 54F of the Internal Revenue Code, 26 U.S.C. 54F.
(2) "National limit" means, as applicable, the limitation on the aggregate amount of qualified school construction bonds that may be issued by the states each calendar year under section 54F of the Internal Revenue Code.
(3) "State portion" means the portion of the national limit allocated to this state pursuant to section 54F of the Internal Revenue Code.
(B)(1) To provide for the orderly and prompt issuance of qualified school construction bonds, the Ohio facilities construction commission, in consultation with the director of budget and management, shall allocate the state portion among those issuers authorized to issue qualified school construction bonds. The Ohio facilities construction commission may also accept from any large local educational agency the allocation received by that agency under section 54F(d)(2) of the Internal Revenue Code and reallocate it to any issuer or issuers authorized to issue obligations, including any large local educational agency.
(2) The factors to be considered when making allocations of the state portion or reallocations of any amounts received by a large local educational agency include the following:
(a) The interests of the state with regard to education and economic development;
(b) The need and ability of each issuer to issue obligations.
(3) The Ohio facilities construction commission, in consultation with the director of budget and management, shall establish procedures for making allocations, including those from any carryover of the state portion, and shall adopt guidelines to carry out the purposes of this section.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.03 | Public Securities Are Lawful Investments.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
(A) Chapter 133. securities are:
(1) Lawful investments for banks, savings and loan associations, credit union share guaranty corporations, trust companies, trustees, fiduciaries, insurance companies, including domestic for life and domestic not for life, trustees or other officers having charge of sinking and bond retirement or other funds of the state, subdivisions, and taxing districts, the commissioners of the sinking fund of the state, the administrator of workers' compensation, the state teachers, public employees, and school employees retirement systems, and the Ohio police and fire pension fund, notwithstanding any other provisions of the Revised Code or rules adopted pursuant to those provisions by any agency of the state with respect to investments by them;
(2) Eligible as security for the repayment of the deposit of public moneys.
(B) Section 9.96 of the Revised Code applies to Chapter 133. securities notwithstanding any other provision in this chapter.
(C) A subdivision may enter into an agreement with an agency, including a commission, officer, board, authority, or other instrumentality, of the state or of the federal government for the issuance and sale of Chapter 133. securities to that agency for purposes for which the subdivision is otherwise authorized to issue those securities, and may issue and sell those securities under procedures and having terms, other than those provided in other sections of this chapter, that comply with that agreement and the rules of that agency.
(D) A subdivision may not issue securities for the purpose of paying current expenses except for securities authorized to be issued for that purpose by this chapter or other laws.
(E) The purpose of Chapter 133. securities may be stated in general terms, such as "street improvements," or "park improvements," or "extension and improvement of the waterworks system," or "school improvements." Any legislation submitting to the electors the question of issuing securities and the published notice of that election, and the legislation specifically authorizing securities, shall generally identify the permanent improvements included in the purpose.
(F) Securities issued pursuant to section 133.13 of the Revised Code may include amounts to pay financing costs relating to those securities.
(G) As used in this chapter, with respect to public obligations:
(1) "Principal amount" means the aggregate of the amount as stated or provided for in the legislation authorizing the public obligations as the amount on which interest or interest equivalent is initially calculated.
(2) "Principal payments" means the payments of or on account of the principal amount as defined in division (G)(1) of this section.
(H) Interest or interest equivalent on public obligations may be paid or compounded at such time as shall be provided in the legislation authorizing the public obligations.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.061 | Net Securities Indebtedness of School District.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) This section applies only to a school district that satisfies all of the following conditions:
(1) The district, prior to June 30, 2007, undertook a classroom facilities project under section 3318.37 of the Revised Code.
(2) The district will undertake a subsequent classroom facilities project under section 3318.37 of the Revised Code that will consist of a single building housing grades six through twelve.
(3) The district's project described in division (A)(2) of this section will include locally funded initiatives that are not required by the Ohio facilities construction commission.
(4) The district's project described in division (A)(2) of this section will commence within two years after June 30, 2007.
(B) Notwithstanding any other provision of law to the contrary, a school district to which this section applies may incur net indebtedness by the issuance of securities in accordance with the provisions of this chapter in excess of the limit specified in division (B) or (C) of section 133.06 of the Revised Code when necessary to raise the school district portion of the basic project cost and any additional funds necessary to participate in the classroom facilities project described in division (A)(2) of this section, including the cost of items designated by the Ohio facilities construction commission as required locally funded initiatives, the cost for site acquisition, and the cost of the locally funded initiatives that are not required by the commission described in division (A)(3) of this section, as long as the district's total net indebtedness after the issuance of those securities does not exceed one hundred twenty-five per cent of the limit prescribed in division (B) of section 133.06 of the Revised Code and the electors of the district approve the issuance of those securities.
The facilities construction commission shall notify the director of education and workforce whenever a school district will exceed either limit pursuant to this section.
Last updated September 5, 2023 at 5:12 PM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.09 | Net Indebtedness of Township - Certain Securities Not Considered in Calculation.

Effective:
September 29, 2011
Latest Legislation:
House Bill 153 - 129th General Assembly
(A) Unless it is a township that has adopted a limited home rule government under Chapter 504. of the Revised Code, a township shall not incur net indebtedness that exceeds an amount equal to five per cent of its tax valuation and, except as specifically authorized by section 505.262 of the Revised Code or other laws, shall not incur any net indebtedness unless authorized by vote of the electors.
(B) A township that has adopted a limited home rule government under Chapter 504. of the Revised Code shall not incur net indebtedness that exceeds an amount equal to ten and one-half per cent of its tax valuation, or incur without a vote of the electors net indebtedness that exceeds an amount equal to five and one-half per cent of that tax valuation. In calculating the net indebtedness of a township that has adopted a limited home rule government, none of the following securities shall be considered:
(1) Self-supporting securities issued for any purpose;
(2) Securities issued for the purpose of purchasing, constructing, improving, or extending water or sanitary or surface and storm water sewerage systems or facilities, or a combination of those systems or facilities, to the extent that an agreement entered into with another subdivision requires the other subdivision to pay to the township amounts equivalent to debt charges on the securities;
(3) Securities that are not general obligations of the township;
(4) Voted securities issued for the purposes of redevelopment to the extent that their principal amount does not exceed an amount equal to two per cent of the tax valuation of the township;
(5) Securities issued for the purpose of acquiring or constructing roads, highways, bridges, or viaducts, or for the purpose of acquiring or making other highway permanent improvements, to the extent that the resolution of the board of township trustees authorizing the issuance of the securities includes a covenant to appropriate from money distributed to the township under Chapter 4501., 4503., 4504., or 5735. of the Revised Code a sufficient amount to cover debt charges on and financing costs relating to the securities as they become due;
(6) Securities issued for energy conservation measures under section 505.264 of the Revised Code.
(C) In calculating the net indebtedness of any township, no obligation incurred under division (B) of section 513.17 or under section 505.261, 505.264, 505.265, 505.267, or 505.37 of the Revised Code, or in connection with a project undertaken pursuant to Section 515.03 of H.B. 66 of the 126th general assembly, Section 555.10 of H.B. 67 of the 127th general assembly, or Section 755.20 of H.B. 153 of the 129th general assembly shall be considered.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.11 | Issuing General Obligation Securities of County.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
If the taxing authority of a county determines that the funds allocated for current expenses of the county are insufficient to pay those current expenses for the current fiscal year and the cost of the county auditor's assessment of real estate required by section 5713.01 of the Revised Code, the taxing authority may issue general obligation securities of the county in an amount necessary to pay the total estimated cost of that assessment. The proceeds of the principal of those securities shall be appropriated only for the cost of the assessment and financing costs. The last maturity of those securities shall not be later than seventy-two months from the date of initial issuance of securities for the purpose.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.12 | Issuing General Obligation Securities to Meet Emergencies.

Effective:
June 30, 2006
Latest Legislation:
House Bill 530 - 126th General Assembly
(A) If the tax commissioner determines that funds are not otherwise available for the purpose, the taxing authority of a subdivision having general property taxing power may issue general obligation securities in case of any of the following:
(1) An epidemic or threatened epidemic, or during an unusual prevalence of a dangerous communicable disease, to defray those expenses that the board of health having jurisdiction within the subdivision considers necessary to prevent the spread of the epidemic or disease;
(2) The destruction of an essential permanent improvement by fire, flood, or extraordinary catastrophe, to provide temporary necessary facilities in place of that permanent improvement;
(3) A special election called after the adoption of the annual appropriation measure, to pay the costs of that election payable by the subdivision;
(4) Within a quarantined area, the outbreak or infestation of the pest for which the quarantined area was established, to defray those expenses that the subdivision considers necessary to combat the pest, including removal or complete destruction of plants that are dead or dying from the pest.
(B) One-half of the principal amount of the securities issued under this section prior to the effective date of this amendment shall mature on the first day of June next following the next February tax settlement at which, in accordance with the statutory tax budget procedure, a property tax to pay the debt charges on the securities can be included in the budget, and the other one-half of the principal amount shall mature on the next following first day of December. The last maturity of the securities issued under this section on and after the effective date of this amendment shall be not later than the last day of December of the tenth year following the year in which the securities are first issued. A property tax shall be levied to pay debt charges on any of those securities.
(C) As used in this section:
(1) "Pest" has the same meaning as in section 927.51 of the Revised Code.
(2) "Quarantined area" has the same meaning as in section 927.39 of the Revise Code.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.13 | Issuing Securities in Anticipation of Levy or Collection of Special Assessments to Pay Costs of Lighting, Sprinkling, Sweeping, Cleaning, Providing Related or Similar Services.

Effective:
May 17, 2021
Latest Legislation:
House Bill 2 - 134th General Assembly
If the special assessments are to be paid in one annual installment, the taxing authority of a subdivision may issue securities in anticipation of its levy or collection of special assessments to pay the costs of the subdivision's broadband funding gap portion for an eligible project under sections 122.40 to 122.4077 of the Revised Code, lighting, sprinkling, sweeping, cleaning, providing related or similar services or the services described in section 727.011 of the Revised Code, or of removing snow, ice, and debris from, or treating the surface of, streets, alleys, and public ways and places.
Such securities shall not be general obligations of the issuing subdivision, and shall not pledge to the payment of debt charges any receipts other than the special assessments anticipated, except that a municipal corporation, without incurring debt subject to direct or indirect debt limitations, may also pledge and apply proceeds of its municipal income tax to pay those debt charges. No property tax shall be levied or pledged for the payment of debt charges on the securities. The securities shall mature no later than the last day of December of the year in which the special assessments anticipated are scheduled to be collected.
The legislation authorizing the securities shall appropriate the special assessments anticipated, and such special assessments shall be deemed to be pledged and appropriated, first to the payment of the debt charges on the securities. After provision has been made for the payment in full of those debt charges, the balance of the special assessments may be appropriated and applied for the purposes for which they were levied.
Last updated June 9, 2021 at 10:45 AM
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.14 | Issuance of Securities to Pay Final Judgment.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) The taxing authority of a subdivision may issue securities for the purpose of providing funds with which to pay one or more final judgments rendered against the subdivision, including settlements of claims approved by a court, if the fiscal officer of the subdivision certifies to the taxing authority that the subdivision is unable, within the limits of its other funds that have been appropriated and are available for the purpose, to pay the final judgment or judgments. The principal amount of the securities issued may not exceed the aggregate of the judgments plus interest on the judgments to the approximate date on which the proceeds of the securities will become available, costs and expenses assessed or taxed against and defense costs of the subdivision, and other costs, including financing costs, permitted by this chapter to be paid from the proceeds of securities.
(B) Securities issued under division (A) of this section may as determined by the taxing authority be either:
(1) General obligation securities;
(2) Special obligation securities that are payable only out of the particular taxes and revenues pledged, other than ad valorem property taxes, and that are not general obligations of the subdivision.
(C) The last maturity of bonds issued pursuant to this section shall be not later than the last day of December of the twenty-fifth year following the year in which securities for the purpose are first issued.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.16 | Capitalized Interest May Be Included in the Principal Amount of Securities.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) Capitalized interest may be included in the principal amount of Chapter 133. securities to pay the interest that the fiscal officer or taxing authority estimates will become due and payable on the securities prior to the receipt of sufficient taxes, special assessments, or other revenues or receipts from which the interest is generally to be paid. Capitalized interest shall be deposited, as determined by the taxing authority or the fiscal officer, in the bond retirement fund or in a separate account in the special improvement or construction fund, and applied to interest on those securities. The amount of capitalized interest may not exceed an amount estimated by the fiscal officer to be twenty-four months' interest on the securities, except:
(1) In the case of securities issued in anticipation of the levy or of the collection of special assessments, the amount of capitalized interest may not exceed the greater of twenty-four months' interest on the securities or the interest that the fiscal officer or taxing authority estimates will become due and payable on those securities prior to the receipt by the subdivision of the first installment of those special assessments.
(2) In the case of securities issued for or relating to the purpose of permanent improvements described in division (B)(1) of section 133.05, in division (C) of section 133.07, or in section 133.08 of the Revised Code, the amount of capitalized interest may not exceed the interest that the fiscal officer or the taxing authority estimates will become due and payable on those securities during the period of construction of the permanent improvement plus one year or during three years, whichever is longer.
(B) Whenever any part of the principal amount of an issue of Chapter 133. securities deposited in a special improvement or construction fund, other than an amount for capitalized interest, is used for the payment of interest on the securities, the amount so used, which amount, together with any amount of any capitalized interest, may not exceed the amount of capitalized interest permitted under division (A) of this section, at the direction of the taxing authority or the fiscal officer may be repaid into that special fund from moneys available for the purpose, including the proceeds of any taxes or special assessments otherwise levied and collected to pay the debt charges on the securities, and the taxing authority may levy and collect those taxes or special assessments for that purpose.
(C) The amount of capitalized interest authorized by this section to be included in the principal amount of an issue of Chapter 133. securities shall be reduced by the amount of any capitalized interest included in any prior issue of securities, whether anticipatory securities or otherwise, that is to be or was retired by the issuance of the securities or prior securities.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.17 | Anticipation Securities for Special Assessments.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) The taxing authority of a subdivision may issue securities in anticipation of the collection of unpaid special assessments in an amount sufficient to pay that portion of the cost of the permanent improvement or service for which the special assessments have been levied. Proceeds of the annual collections of the special assessments shall be applied first to pay the debt charges on the securities payable from those special assessments and then, after the payment in full of those debt charges, to pay any other permitted costs.
(B) The taxing authority of a subdivision may issue anticipatory securities in anticipation of the levy of special assessments and of the issuance of securities under division (A) of this section. The anticipatory securities shall mature not later than the last day of December of the fifth year following the year in which the first such anticipatory securities are issued, except that the anticipatory securities may be renewed thereafter from time to time until the final disposition of any litigation that prevents or delays the delivery of the securities to be issued under division (A) of this section. The principal amount of those anticipatory securities issued shall not exceed that portion of the estimated cost of the permanent improvement for which the special assessments are to be levied. When anticipatory securities are issued, the proceeds of any securities thereafter issued in anticipation of the levy or of the collection of the same special assessments and all of the special assessments collected for the purpose shall be applied first to the extent necessary to the payment of the debt charges on the anticipatory securities. After the debt charges on the anticipatory securities have been paid or provided for in full, all of the special assessments shall be applied first to the payment of the debt charges on subsequent outstanding securities.
(C) In addition to authority for combination in other provisions of this chapter, securities authorized to be issued under either division (A) or (B) of this section may be combined for all purposes of this chapter in a single issue composed of securities issued under the applicable division (A) or (B) of this section and of securities to pay the subdivision's share of the cost of the permanent improvements for which the special assessment securities are issued, which combined issue shall be considered to be for one purpose.
(D) Securities issued under this section in anticipation of the levy or of the collection of special assessments are general obligations of the issuing subdivision.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.19 | Fiscal Officer of Subdivision to Certify Estimate of Maximum Maturity.

Effective:
September 17, 1991
Latest Legislation:
House Bill 207 - 119th General Assembly
(A) Before the taxing authority passes the initial legislation under section 133.22 or 133.23 of the Revised Code providing for the issuance of Chapter 133. securities for purposes of permanent improvements, and any subsequent legislation for the purpose if the certification is changed, the fiscal officer of the subdivision shall certify to the taxing authority the estimate of the maximum maturity of the bonds, and, if applicable, of anticipatory securities, calculated in accordance with section 133.20 and division (C) of section 133.22 of the Revised Code, and that all the permanent improvements have an estimated life or period of usefulness of at least five years.
(B) The taxing authority may not authorize or issue securities:
(1) With maximum maturities extending beyond the maturities as thus certified by the fiscal officer, whose estimate and certification is conclusive;
(2) In the case of bonds approved at an election under section 133.18 of the Revised Code, bonds with a latest maturity exceeding the maximum number of years over which principal of the bonds may be paid as approved at that election;
(3) In the case of acquisition of property by lease or of permanent improvements to leased property, with maximum maturities extending beyond the term of the lease or the estimated life or period of usefulness of the permanent improvement being financed, whichever is shorter.
(C) If the proposed securities are subject to division (D) of section 133.20 of the Revised Code, the fiscal officer's certification shall also contain a schedule of the respective amounts of proceeds of the proposed securities that are to be used for permanent improvements included under categories set forth in either or both of divisions (B) and (C) of that section. The amount expended from the proceeds of the securities for any permanent improvements falling within any such category shall not exceed the amount allotted in the schedule to permanent improvements falling within that category. The taxing authority may, whenever it considers it to be necessary for carrying out the purpose of the securities issue, expend any unexpended portion of the amount previously allotted to any permanent improvements within any of those categories for any permanent improvements having a longer maturity under those categories. No expenditure may be made of amounts allotted to permanent improvements within any category for permanent improvements within another category having a shorter maturity.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.21 | Paying Principal Amount of Securities in Installments.

Effective:
October 16, 2009
Latest Legislation:
House Bill 1 - 128th General Assembly
(A) Except as provided in divisions (B) and (C) of this section, the principal amount of securities issued by any subdivision shall be payable in semiannual or annual installments, as serial securities or by mandatory sinking fund or mandatory sinking fund redemption requirements, in:
(1) Substantially equal principal installments; or
(2) In such principal installments that the total principal and interest payments on those securities in any fiscal year in which principal is payable is:
(a) Not more than three times the amount of those payments in any other fiscal year; or
(b) Substantially equal; or
(c) In the case of self-supporting securities, those payments on the securities and on other securities, except anticipatory securities, issued for the self-supporting purpose, substantially equal.
(B) Except for refunding securities issued pursuant to section 133.34 of the Revised Code, and except for securities issued to fund or refund anticipatory securities to the extent required to comply with division (C)(2) or (3) of section 133.22 of the Revised Code, the first principal payment of securities issued with semiannual payments shall not be later than the first day of the second February following the fifteenth day of July next following the passage of the legislation that authorized the issue of the securities and of securities issued with annual payments shall not be later than the first day of the third August next following the fifteenth day of July next following such passage.
(C) Divisions (A) and (B) of this section do not apply to any of the following:
(1) Anticipatory securities;
(2) Securities that are not general obligation securities;
(3) General obligation securities issued for the purpose of the acquisition of real property and the clearance and preparation thereof for redevelopment as an urban development project, which may mature or be payable in annual or semiannual installments and in such amounts as may be determined by the taxing authority of the municipal corporation issuing the securities, and which may have a first principal payment date set at any date not later than sixty months from the date the securities are issued.
(D) For purposes of this section, payments of principal, in the case of principal payable in accordance with mandatory sinking fund or mandatory sinking fund redemption requirements, means the sinking fund deposits on account of principal; and, in the case of securities issued in multiple installments or series for the same purpose, the principal payment requirement of division (A) of this section may be met either with respect to each installment or series of the securities or with respect to all installments or series on a consolidated basis.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.24 | Tax Anticipation Notes Anticipating Collection of Proceeds of Voted Property Tax Levy.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) This section applies to tax anticipation notes authorized by the law applying to the particular levy and issued in anticipation of the collection of the proceeds of a voted property tax levy. Those notes are Chapter 133. securities.
(B) After approval of the levy by the electors, the taxing authority may anticipate that portion of the proceeds of the levy and issue tax anticipation notes, either from time to time during the life of the levy or prior to the time when the first collection and distribution from the levy can be made, as provided in the law applying to that levy. The aggregate outstanding principal amount of tax anticipation notes may not exceed the amount of the levy proceeds that may be anticipated, as provided in that applicable law by a statement of percentage or by a limitation on the amount of annual maturities. Tax anticipation notes shall mature no later than the last day of December of the last year authorized by the applicable law or of the last year of collection of the anticipated tax levy, whichever is earlier.
(C) As a supplemental procedure to, and unless and to the extent expressly prohibited in, the law applying to the particular levy, tax anticipation notes may be authorized, issued, and sold at public or private sale, may mature or be payable, and the proceeds shall be deposited and applied, as provided in division (A)(1) or (2)(b) of section 133.21, division (A) of section 133.22 to the extent applicable, section 133.27, divisions (A) and (C) of section 133.30, and sections 133.31 and 133.33 of the Revised Code. The proceeds of the notes, if authorized in the legislation, may be applied to pay related financing costs.
(D) Except for capitalized interest, debt charges on tax anticipation notes shall be payable only from the proceeds of the tax levy anticipated. The amount necessary to pay debt charges on the notes in a particular year or fiscal year shall be deemed appropriated for that purpose from the proceeds in that year of the levy anticipated, and appropriations from the proceeds of that levy by the subdivision in each fiscal year shall be limited to the balance available after deducting the amount to be applied to pay those debt charges. The amount to be applied to those debt charges shall be deposited, to an account for the purpose in the bond retirement fund, from collections and distributions of the tax levy to the taxing authority, in the amounts and at the times required to pay those debt charges as provided in the legislation authorizing the tax anticipation notes. Any amount so deposited and not needed for the purpose in the particular fiscal year may, without compliance with any other law or approval by any other agency, be transferred to the special fund established for the proceeds of the tax levy.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.26 | Securities to Contain Statement of Purposes and Authorization.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) Securities issued by a subdivision shall state on their face the purposes, stated in summary terms, for which, and identify the legislation under which, they are issued. They shall bear interest at a rate or rates as provided for in that legislation.
In the case of voted general obligation bonds to be payable from sources other than property taxes or special assessments pursuant to provision for payment from such other sources made by covenant or otherwise in the legislation authorizing the bonds, the interest may be determined as a variable rate or rates, which may change from time to time in accordance with a base, formula, or standard, including determination at whatever rate is required to sell the securities on the open market at par, or other floating rate interest structure, identified or approved by the taxing authority.
(B) The taxing authority of a subdivision may issue Chapter 133. securities subject to call or redemption prior to maturity at par, or at a premium or premiums as determined by the taxing authority.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.27 | Signing Securities.

Effective:
December 20, 2005
Latest Legislation:
Senate Bill 107 - 126th General Assembly
(A) Chapter 133. securities shall be signed on behalf of the subdivision as follows:
(1) In the case of a municipal corporation, by the mayor or other chief executive officer and by the fiscal officer, or by any other officers who are designated to sign by the charter or legislation of its taxing authority;
(2) In the case of a county, by at least two members of its taxing authority and by the county auditor, or, in the case of a charter county, by those officers of the county who are designated to sign by the charter or legislation of its taxing authority;
(3) In the case of a school district, by the president or vice-president of the board of education and by its fiscal officer;
(4) In the case of a township, by at least two township trustees and by the township fiscal officer;
(5) In the case of a subdivision not referred to in divisions (B)(1) to (4) of this section, by the officer of the subdivision or taxing authority designated to sign by other law or, if there is no other law designating an officer, by the legislation authorizing the securities.
(B) If an officer designated to sign securities or interest coupons pursuant to division (A) or (E) of this section is for any reason unable or unavailable to so sign, another officer of the subdivision or taxing authority, designated by legislation passed by the taxing authority, may sign instead of that officer.
(C) All signatures required by this section may be facsimile signatures as provided for by sections 9.10, 9.11, and 9.96 of the Revised Code, unless the securities are issued in other than fully registered form, in which case at least one signature shall be a manual signature.
(D) If an officer who has signed, manually or by facsimile signature, any securities of a subdivision ceases to be such officer before the securities so signed have been actually delivered, the securities may nevertheless be issued and delivered as though the person who has so signed the securities had not ceased to be such officer. Any securities may be signed as provided in this section, on behalf of the subdivision, by an officer who is the proper officer of the subdivision or taxing authority on the actual date of signing of the securities, notwithstanding the fact that at the date of the securities or on the date of delivery of the securities that person was or is not the proper officer of the subdivision.
(E) Securities, other than fully registered securities, may, in the discretion of the taxing authority, have interest coupons attached or otherwise appertaining. The interest coupons shall be signed on behalf of the subdivision by the manual or facsimile signature of its fiscal officer.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.29 | Offering of Securities to Officers of Bond Investment Fund or Treasury Investment Board.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) Before a taxing authority sells any securities of the subdivision to others, the taxing authority may offer the securities at their purchase price and accrued interest to the officer or officers who have charge of the bond retirement fund of the subdivision, or in the case of a municipal corporation to the treasury investment board for investment under section 731.56 of the Revised Code, or an officer or similar treasury investment board having the authority under a charter.
(B) Any securities sold under this section shall bear interest at a rate or rates that is a fair market rate or rates for such securities at the time of the sale, and a certificate of the fiscal officer that the interest rate or rates borne by the securities is the fair market rate or rates is binding and conclusive as to the statements set forth.
2023 Ohio Revised Code › Title 1 | State Government › Chapter 133 | Uniform Public Securities Law › Section 133.31 | Delivering Securities.

Effective:
October 30, 1989
Latest Legislation:
House Bill 230 - 118th General Assembly
(A) Unless otherwise provided in the proceedings, a subdivision that sells an issue of securities shall deliver the securities for payment within the state to the purchaser, or to a bank or trust company or other agent of the purchaser designated by the purchaser, without charge to the purchaser. The subdivision may agree to deliver the securities to any other place at the request of the purchaser, at the expense of the purchaser unless otherwise provided in the proceedings for sale. The expense of delivery to be paid by the subdivision shall not be considered in determining the best bid for securities sold at public sale.
(B) The subdivision or its paying agent or registrar shall not deduct any amount from the debt charges payable on any securities as any registration, transfer, exchange, collection, payment, or other service charge.