As Passed by the House 1
123rd General Assembly 4
Regular Session Sub. H. B. No. 473 5
1999-2000 6
REPRESENTATIVES MYERS-SCHULER-ALLEN-JOLIVETTE-HARTNETT- 8
CLANCY-OLMAN-METZGER-DISTEL-EVANS-VERICH-MAIER-D. MILLER- 9
TIBERI-TERWILLEGER-MEAD-GOODMAN-CORBIN-WINKLER-PATTON-O'BRIEN- 10
WILSON-SALERNO-BUEHRER-HARRIS-CALVERT-WIDENER-BOYD-HOOPS- 11
PETERSON-BARRETT-SULLIVAN-LOGAN-REDFERN-GRENDELL-BRADING- AUSTRIA 13
_________________________________________________________________ 14
A B I L L
To amend sections 9.37, 129.60, 135.12, 135.14, 16
135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 18
307.55, 319.16, 321.15, 321.16, and 321.17 of the
Revised Code to modify the investment authority 20
of counties and political subdivisions relative
to the types of investments made, the collateral 21
requirements applicable to the receipt of public 22
funds, and the investment of public funds in 24
repurchase agreements; to modify the designation 25
period of public depositories by the State Board 26
of Deposit, and by county commissioners, and the 27
designation authority of political subdivisions;
to authorize a political subdivision or a county 28
investment advisory committee to retain the 29
services of an investment advisor meeting certain
requirements; to modify investment recordkeeping 30
requirements of county treasurers and authorize 31
electronic presentment of warrant information to 32
a county treasurer; to permit county auditors to 34
issue, and county treasurers to redeem,
electronic warrants authorizing direct deposit 35
for payment of county obligations in accordance 36
with rules adopted by the Auditor of State; and 37
to make related changes.
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 39
Section 1. That sections 9.37, 129.60, 135.12, 135.14, 41
135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 307.55, 319.16, 42
321.15, 321.16, and 321.17 of the Revised Code be amended to read 44
as follows:
Sec. 9.37. (A) As used in this section, "public official" 53
means any elected or appointed officer, employee, or agent of the 54
state, any state institution of higher education, any political 55
subdivision, board, commission, bureau, or other public body 56
established by law. "State institution of higher education" 57
means any state university or college as defined in division 58
(A)(1) of section 3345.12 of the Revised Code, community college, 59
state community college, university branch, or technical college. 60
(B) Any EXCEPT AS PROVIDED IN DIVISION (F) OF THIS 62
SECTION, ANY public official may make by direct deposit of funds 64
by electronic transfer, if the payee provides a written
authorization designating a financial institution and an account 65
number to which the payment is to be credited, any payment such 66
public official is permitted or required by law in the 67
performance of his OFFICIAL duties to make by issuing a check or 68
warrant. 69
(C) Such public official may contract with a financial 71
institution for the services necessary to make direct deposits 72
and draw lump-sum checks or warrants payable to that institution 73
in the amount of the payments to be transferred. 74
(D) Before making any direct deposit as authorized under 76
this section, the public official shall ascertain that the 77
account from which the payment is to be made contains sufficient 78
funds to cover the amount of the payment. 79
(E) If the issuance of checks and warrants by a public 81
official requires authorization by a governing board, commission, 82
bureau, or other public body having jurisdiction over the public 83
official, the public official may only make direct deposits and 84
contracts under this section pursuant to a resolution of 85
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authorization duly adopted by such governing board, commission, 86
bureau, or other public body. 87
(F) PURSUANT TO SECTIONS 307.55, 319.16, AND 321.15 OF THE 89
REVISED CODE, A COUNTY AUDITOR MAY ISSUE, AND A COUNTY TREASURER 90
MAY REDEEM, ELECTRONIC WARRANTS AUTHORIZING DIRECT DEPOSIT FOR 91
PAYMENT OF COUNTY OBLIGATIONS IN ACCORDANCE WITH RULES ADOPTED BY 92
THE AUDITOR OF STATE PURSUANT TO SECTION 117.20 OF THE REVISED 93
CODE.
Sec. 129.60. (A) As used in sections 129.60 to 129.65 and 102
135.12 of the Revised Code, "notes" include notes whether or not 103
issued in anticipation of bonds. 104
The total debt created as evidenced by bonds and notes 106
issued under Section 2h of Article VIII, Ohio Constitution, shall 107
not exceed two hundred ninety million dollars. No part of such 108
debt shall be contracted after December 31, 1970. 109
For the purposes of the certifications required by section 111
129.63 of the Revised Code there need not be included in 112
determining the amounts required to meet the payments of 113
principal of bonds or notes issued pursuant to Section 2h of 114
Article VIII, Ohio Constitution, and this section, the principal 115
of notes which the commissioners of the sinking fund certify will 116
be retired by the issuance of bonds or renewal notes. 117
(B)(1) All bonds or notes shall mature at such time or 119
times, not exceeding thirty years from the date the debt is first 120
contracted, as may be fixed by the commissioners of the sinking 121
fund in their resolution authorizing the issuance of such bonds 122
or notes. 123
(2) The principal of all bonds or notes and the interest 125
thereon shall be exempt from all taxes levied by the state or any 126
taxing subdivision or district thereof. 127
(3) All bonds or notes shall pass as negotiable 129
instruments, subject to any provisions for registration, and 130
shall possess all the attributes thereof. 131
(C) Accrued interest received from the sale of bonds and 133
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notes and the proceeds of bonds or notes issued to fund or refund 134
bonds or notes shall be paid into the development bond retirement 135
fund created by Section 2h of Article VIII, Ohio Constitution. 136
Sec. 135.12. The (A) BEGINNING IN 2000, THE state board 146
of deposit shall meet on the third Monday of March JUNE in the 147
odd-numbered EVEN-NUMBERED years for the purpose of designating 149
the public depositories of the public moneys of the state, and at 150
such meeting or any adjourned session thereof shall designate 151
such public depositories and award the public moneys of the state 152
to and among the public depositories so designated for the period 153
of two years commencing on the first Monday of April JULY next 154
following.
(B) Each other governing board OTHER THAN THE STATE BOARD 157
OF DEPOSIT shall meet every five years on the third Monday or 159
such regularly scheduled meeting date of the month next preceding 160
the date of the expiration of its designation of depositories for 161
the purpose of designating the public depositories of the public 162
moneys of the subdivision, and at such meeting or any adjourned 163
session thereof, shall designate such public depositories and 164
award the public moneys of the subdivision to and among the 165
public depositories so designated for the period of five years 166
commencing on the date of the expiration of the next preceding 167
designation. Such THE designation and award shall be made in 168
duplicate; one copy shall be retained by the governing board of 169
the subdivision and one copy shall be certified to the treasurer. 170
(C) If a governing board other than the state board of 172
deposit determines, during a designation period, that a public 174
depository designated under this section is insolvent or 175
operating in an unsound or unsafe manner, the governing board may 176
meet and designate a different public depository of the public 177
moneys of the subdivision for the remainder of the designation
period.
(D) IF A GOVERNING BOARD OTHER THAN THE STATE BOARD OF 179
DEPOSIT DETERMINES DURING A DESIGNATION PERIOD THAT IT IS 180
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NECESSARY AND IN THE SUBDIVISION'S BEST INTERESTS TO APPOINT 181
ADDITIONAL DEPOSITORIES, THE GOVERNING BOARD MAY MEET AND 182
DESIGNATE ONE OR MORE ADDITIONAL PUBLIC DEPOSITORIES OF THE
PUBLIC MONEYS OF THE SUBDIVISION FOR THE REMAINDER OF THE 183
DESIGNATION PERIOD.
(E) Whenever, by amendment or enactment of any state or 185
federal law or the amendment or adoption of any valid regulation 186
thereunder, the terms of a designation or award, lawful at the 187
beginning of any designation period, cease to be lawful during 189
such period, and if such THE change of law or regulation 190
requires, the designation period shall be limited so as not to 193
extend beyond the date when such THAT change becomes effective. 194
In such case, the proper governing board shall meet and designate 196
the public depositories of the public moneys of the state or of 197
the subdivision for the remainder of the designation period. 198
Sec. 135.14. (A) As used in this section, "treasurer" 207
does not include the treasurer of state, and "governing board" 208
does not include the state board of deposit. 209
(B) The treasurer or governing board may invest or deposit 211
any part or all of the interim moneys. The following 213
classifications of obligations shall be eligible for such 214
investment or deposit:
(1) United States treasury bills, notes, bonds, or any 216
other obligation or security issued by the United States treasury 217
or any other obligation guaranteed as to principal and interest 218
by the United States.
Nothing in the classification of eligible obligations set 220
forth in division (B)(1) of this section or in the 221
classifications of eligible obligations set forth in divisions 222
(B)(2) to (6)(7) of this section shall be construed to authorize 224
any investment in stripped principal or interest obligations of 225
such eligible obligations.
(2) Bonds, notes, debentures, or any other obligations or 227
securities issued by any federal government agency or 228
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instrumentality, including but not limited to, the federal 229
national mortgage association, federal home loan bank, federal 230
farm credit bank, federal home loan mortgage corporation, 231
government national mortgage association, and student loan
marketing association. All federal agency securities shall be 232
direct issuances of federal government agencies or 233
instrumentalities.
(3) Interim deposits in the eligible institutions applying 235
for interim moneys as provided in section 135.08 of the Revised 236
Code. The award of interim deposits shall be made in accordance 237
with section 135.09 of the Revised Code and the treasurer or the 238
governing board shall determine the periods for which such 239
interim deposits are to be made and shall award such interim 240
deposits for such periods, provided that any eligible institution 241
receiving an interim deposit award may, upon notification that 242
the award has been made, decline to accept the interim deposit in 243
which event the award shall be made as though such institution 244
had not applied for such interim deposit. 245
(4) Bonds and other obligations of this state; 247
(5) No-load money market mutual funds consisting 249
exclusively of obligations described in division (B)(1) or (2) of 251
this section and repurchase agreements secured by such
obligations, provided that investments in securities described in 253
this division are made only through eligible institutions
mentioned in section 135.03 of the Revised Code; 254
(6) The Ohio subdivision's fund as provided in section 256
135.45 of the Revised Code; 257
(7) UP TO TWENTY-FIVE PER CENT OF INTERIM MONEYS AVAILABLE 259
FOR INVESTMENT IN EITHER OF THE FOLLOWING: 260
(a) COMMERCIAL PAPER NOTES ISSUED BY AN ENTITY THAT IS 262
DEFINED IN DIVISION (D) OF SECTION 1705.01 OF THE REVISED CODE 263
AND THAT HAS ASSETS EXCEEDING FIVE HUNDRED MILLION DOLLARS, TO 265
WHICH NOTES ALL OF THE FOLLOWING APPLY: 266
(i) THE NOTES ARE RATED AT THE TIME OF PURCHASE IN THE 268
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HIGHEST CLASSIFICATION ESTABLISHED BY AT LEAST TWO NATIONALLY 269
RECOGNIZED STANDARD RATING SERVICES. 270
(ii) THE AGGREGATE VALUE OF THE NOTES DOES NOT EXCEED TEN 272
PER CENT OF THE AGGREGATE VALUE OF THE OUTSTANDING COMMERCIAL 274
PAPER OF THE ISSUING CORPORATION. 275
(iii) THE NOTES MATURE NOT LATER THAN ONE HUNDRED EIGHTY 277
DAYS AFTER PURCHASE. 279
(b) BANKERS ACCEPTANCES OF BANKS THAT ARE INSURED BY THE 281
FEDERAL DEPOSIT INSURANCE CORPORATION AND TO WHICH BOTH OF THE 282
FOLLOWING APPLY: 283
(i) THE OBLIGATIONS ARE ELIGIBLE FOR PURCHASE BY THE 285
FEDERAL RESERVE SYSTEM. 286
(ii) THE OBLIGATIONS MATURE NOT LATER THAN ONE HUNDRED 288
EIGHTY DAYS AFTER PURCHASE. 290
NO INVESTMENT SHALL BE MADE PURSUANT TO DIVISION (B)(7) OF 292
THIS SECTION UNLESS THE TREASURER OR GOVERNING BOARD HAS 293
COMPLETED ADDITIONAL TRAINING FOR MAKING THE INVESTMENTS 294
AUTHORIZED BY DIVISION (B)(7) OF THIS SECTION. THE TYPE AND 295
AMOUNT OF ADDITIONAL TRAINING SHALL BE APPROVED BY THE AUDITOR OF 296
STATE AND MAY BE CONDUCTED BY OR PROVIDED UNDER THE SUPERVISION 298
OF THE AUDITOR OF STATE.
(C) Nothing in the classifications of eligible obligations 300
set forth in divisions (B)(1) to (6)(7) of this section shall be 301
construed to authorize any investment in a derivative, and no 303
treasurer or governing board shall invest in a derivative. For 304
purposes of this division, "derivative" means a financial 305
instrument or contract or obligation whose value or return is 306
based upon or linked to another asset or index, or both, separate 307
from the financial instrument, contract, or obligation itself.
Any security, obligation, trust account, or other instrument that 308
is created from an issue of the United States treasury or is 309
created from an obligation of a federal agency or instrumentality 310
or is created from both is considered a derivative instrument. 311
An eligible investment described in this section with a variable 312
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interest rate payment, based upon a single interest payment or 313
single index comprised of other eligible investments provided for 314
in division (B)(1) or (2) of this section, is not a derivative, 315
provided that such variable rate investment has a maximum
maturity of two years. 316
(D) Any EXCEPT AS PROVIDED IN DIVISION (E) OF THIS 318
SECTION, ANY investment made pursuant to this section must mature 319
within five years from the date of settlement, unless the 320
investment is matched to a specific obligation or debt of the 321
subdivision. 322
(E) The treasurer or governing board may also enter into a 324
written repurchase agreement with any eligible institution 325
mentioned in section 135.03 of the Revised Code or any eligible 326
dealer pursuant to division (M) of this section, under the terms 327
of which agreement the treasurer or governing board purchases, 328
and such institution or dealer agrees unconditionally to 329
repurchase any of the securities listed in division DIVISIONS 330
(B)(1) or (2) TO (5), EXCEPT LETTERS OF CREDIT DESCRIBED IN 331
DIVISION (B)(2), of this section 135.18 OF THE REVISED CODE. The 334
market value of securities subject to an overnight WRITTEN
repurchase agreement must exceed the principal value of the 335
overnight WRITTEN repurchase agreement by at least two per cent. 336
A term WRITTEN repurchase agreement shall not exceed thirty days 338
and the market value of securities subject to a term WRITTEN 339
repurchase agreement must exceed the principal value of the term 340
WRITTEN repurchase agreement by at least two per cent and be 341
marked to market daily. All securities purchased pursuant to 343
this division shall be delivered into the custody of the
treasurer or governing board or an agent designated by the 344
treasurer or governing board. A WRITTEN repurchase agreement 345
with an eligible securities dealer shall be transacted on a 347
delivery versus payment basis. The agreement shall contain the 348
requirement that for each transaction pursuant to the agreement 349
the participating institution or dealer shall provide all of the 350
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following information:
(1) The par value of the securities; 352
(2) The type, rate, and maturity date of the securities; 354
(3) A numerical identifier generally accepted in the 356
securities industry that designates the securities. 357
No treasurer or governing board shall enter into a written 359
repurchase agreement under the terms of which the treasurer or 360
governing board agrees to sell securities owned by the 361
subdivision to a purchaser and agrees with that purchaser to 362
unconditionally repurchase those securities.
(F) No treasurer or governing board shall make an 364
investment under this section, unless the treasurer or governing 365
board, at the time of making the investment, reasonably expects 366
that the investment can be held until its maturity. 367
(G) No treasurer or governing board shall pay interim 369
moneys into a fund established by another subdivision, treasurer, 370
governing board, or investing authority, if that fund was 371
established for the purpose of investing the public moneys of 372
other subdivisions. This division does not apply to the payment 373
of public moneys into either of the following:
(1) The Ohio subdivision's fund pursuant to division 376
(B)(6) of this section;
(2) A fund created solely for the purpose of acquiring, 378
constructing, owning, leasing, or operating municipal utilities 379
pursuant to the authority provided under section 715.02 of the 380
Revised Code or Section 4 of Article XVIII, Ohio Constitution. 381
For purposes of division (G) of this section, "subdivision" 383
includes a county. 384
(H) The use of leverage, in which the treasurer or 386
governing board uses its current investment assets as collateral 387
for the purpose of purchasing other assets, is prohibited. The 388
issuance of taxable notes for the purpose of arbitrage is 389
prohibited. Contracting to sell securities that have not yet 390
been acquired by the treasurer or governing board, for the
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purpose of purchasing such securities on the speculation that 391
bond prices will decline, is prohibited. 392
(I) Whenever, during a period of designation, the 394
treasurer classifies public moneys as interim moneys, the 395
treasurer shall notify the governing board of such action. Such 396
THE notification shall be given within thirty days after such 397
classification and in the event the governing board does not 398
concur in such classification or in the investments or deposits 399
made under this section, the governing board may order the 400
treasurer to sell or liquidate any of such investments or 401
deposits, and any such order shall specifically describe the 402
investments or deposits and fix the date upon which they are to 403
be sold or liquidated. Investments or deposits so ordered to be 404
sold or liquidated shall be sold or liquidated for cash by the 405
treasurer on the date fixed in such order at the then current 406
market price. Neither the treasurer nor the members of the board 407
shall be held accountable for any loss occasioned by sales or 408
liquidations of investments or deposits at prices lower than 409
their cost. Any loss or expense incurred in making such sales or 410
liquidations is payable as other expenses of the treasurer's 411
office.
(J) If any investments or deposits purchased under the 413
authority of this section are issuable to a designated payee or 414
to the order of a designated payee, the name of the treasurer and 415
the title of the treasurer's office shall be so designated. If 416
any such securities are registrable either as to principal or 417
interest, or both, then such securities shall be registered in 418
the name of the treasurer as such. 419
(K) The treasurer is responsible for the safekeeping of 421
all documents evidencing a deposit or investment acquired by the 422
treasurer under this section. Any securities may be deposited 423
for safekeeping with a qualified trustee as provided in section 424
135.18 of the Revised Code, except the delivery of securities 425
acquired under any repurchase agreement under this section shall 426
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be made to a qualified trustee, provided, however, that the 427
qualified trustee shall be required to report to the treasurer, 428
governing board, auditor of state, or an authorized outside 429
auditor at any time upon request as to the identity, market 430
value, and location of the document evidencing each security, and 431
that if the participating institution is a designated depository 432
of the subdivision for the current period of designation, the 433
securities that are the subject of the repurchase agreement may 434
be delivered to the treasurer or held in trust by the 435
participating institution on behalf of the subdivision. Interest 436
earned on any investments or deposits authorized by this section 437
shall be collected by the treasurer and credited by the treasurer 439
to the proper fund of the subdivision.
Upon the expiration of the term of office of a treasurer or 441
in the event of a vacancy in the office of treasurer by reason of 442
death, resignation, removal from office, or otherwise, the 443
treasurer or the treasurer's legal representative shall transfer 444
and deliver to the treasurer's successor all documents evidencing 445
a deposit or investment held by the treasurer. For the 446
investments and deposits so transferred and delivered, such 447
treasurer shall be credited with and the treasurer's successor 448
shall be charged with the amount of money held in such
investments and deposits. 449
(L) Whenever investments or deposits acquired under this 451
section mature and become due and payable, the treasurer shall 452
present them for payment according to their tenor, and shall 453
collect the moneys payable thereon. The moneys so collected 454
shall be treated as public moneys subject to sections 135.01 to 455
135.21 of the Revised Code. 456
(M)(1) All investments, except for investments in 458
securities described in divisions (B)(5) and (6) of this section 459
and for investments by a municipal corporation in the issues of 460
such municipal corporation, shall be made only through a member 461
of the national association of securities dealers, through a 462
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bank, savings bank, or savings and loan association regulated by 463
the superintendent of financial institutions, or through an 464
institution regulated by the comptroller of the currency, federal 465
deposit insurance corporation, or board of governors of the 466
federal reserve system.
(2) Payment for investments shall be made only upon the 468
delivery of securities representing such investments to the 469
treasurer, governing board, or qualified trustee. If the 470
securities transferred are not represented by a certificate, 471
payment shall be made only upon receipt of confirmation of 472
transfer from the custodian by the treasurer, governing board, or 473
qualified trustee. 474
(N)(1) IN MAKING INVESTMENTS AUTHORIZED BY THIS SECTION, A 476
TREASURER OR GOVERNING BOARD MAY RETAIN THE SERVICES OF AN 478
INVESTMENT ADVISOR, PROVIDED THE ADVISOR IS LICENSED BY THE 480
DIVISION OF SECURITIES UNDER SECTION 1707.141 OF THE REVISED CODE 481
OR IS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND 483
POSSESSES EXPERIENCE IN PUBLIC FUNDS INVESTMENT MANAGEMENT, 484
SPECIFICALLY IN THE AREA OF STATE AND LOCAL GOVERNMENT INVESTMENT 485
PORTFOLIOS, OR THE ADVISOR IS AN ELIGIBLE INSTITUTION MENTIONED 486
IN SECTION 135.03 OF THE REVISED CODE. 487
(O)(1) Except as otherwise provided in divisions (N)(O)(2) 490
and (3) of this section, no treasurer or governing board shall 491
make an investment or deposit under this section, unless there is 493
on file with the auditor of state a written investment policy 494
approved by the treasurer or governing board. The policy shall 495
require that all entities conducting investment business with the 496
treasurer or governing board shall sign the investment policy of 497
that subdivision. All brokers, dealers, and financial 498
institutions, described in division (M)(1) of this section, 499
initiating transactions with the treasurer or governing board by 500
giving advice or making investment recommendations shall sign the 501
treasurer's or governing board's investment policy thereby
acknowledging their agreement to abide by the policy's contents. 502
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All brokers, dealers, and financial institutions, described in 503
division (M)(1) of this section, executing transactions initiated 504
by the treasurer or governing board, having read the policy's 505
contents, shall sign the investment policy thereby acknowledging 506
their comprehension and receipt.
(2) If a written investment policy described in division 508
(N)(O)(1) of this section is not filed on behalf of the 510
subdivision with the auditor of state, the treasurer or governing 511
board of that subdivision shall invest the subdivision's interim 512
moneys only in interim deposits pursuant to division (B)(3) of 513
this section or the Ohio subdivision's fund pursuant to division 514
(B)(6) of this section.
(3) Divisions (N)(O)(1) and (2) of this section do not 516
apply to a treasurer or governing board of a subdivision whose 518
average annual portfolio of investments held pursuant to this 519
section is one hundred thousand dollars or less, provided that 520
the treasurer or governing board certifies, on a form prescribed 521
by the auditor of state, that the treasurer or governing board 522
will comply and is in compliance with the provisions of sections 523
135.01 to 135.21 of the Revised Code. 524
(O)(P) A treasurer or governing board may enter into a 527
written investment or deposit agreement that includes a provision 528
under which the parties agree to submit to nonbinding arbitration 529
to settle any controversy that may arise out of the agreement, 530
including any controversy pertaining to losses of public moneys 531
resulting from investment or deposit. The arbitration provision 532
shall be set forth entirely in the agreement, and the agreement 533
shall include a conspicuous notice to the parties that any party 535
to the arbitration may apply to the court of common pleas of the 536
county in which the arbitration was held for an order to vacate,
modify, or correct the award. Any such party may also apply to 537
the court for an order to change venue to a court of common pleas 538
located more than one hundred miles from the county in which the 539
treasurer or governing board is located. 540
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For purposes of this division, "investment or deposit 542
agreement" means any agreement between a treasurer or governing 543
board and a person, under which agreement the person agrees to 544
invest, deposit, or otherwise manage a subdivision's interim 545
moneys on behalf of the treasurer or governing board, or agrees 546
to provide investment advice to the treasurer or governing board.
(P)(Q) An investment made by the treasurer or governing 548
board pursuant to this section prior to the effective date of 549
this amendment SEPTEMBER 27, 1996, that was a legal investment 551
under the law as it existed before the effective date of this 553
amendment SEPTEMBER 27, 1996, may be held until maturity, or if 554
the investment does not have a maturity date, it may be held 555
until five years from the effective date of this amendment 557
SEPTEMBER 27, 1996, regardless of whether the investment would 558
qualify as a legal investment under the terms of this section as 559
amended.
Sec. 135.18. (A) The treasurer, before making the initial 568
deposit in a public depository pursuant to an award made under 569
sections 135.01 to 135.21 of the Revised Code, shall require the 570
institution designated as a public depository to pledge to and 571
deposit with the treasurer, as security for the repayment of all 572
public moneys to be deposited in the public depository during the 573
period of designation pursuant to the award, eligible securities 574
of aggregate market value equal to the excess of the amount of 575
public moneys to be at the time so deposited, over and above such 576
portion or amount of such moneys as is at such time insured by 577
the federal deposit insurance corporation or by any other agency 578
or instrumentality of the federal government, or the treasurer 579
may require the institution to deposit with the treasurer surety 580
company bonds which, when executed, shall be for an amount equal 581
to such excess amount. In the case of any deposit other than the 582
initial deposit made during the period of designation, the amount 583
of the aggregate market value of securities required to be 584
pledged and deposited, or of the surety company bonds required to 585
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be deposited, shall be equal to the difference between the amount 586
of public moneys on deposit in such public depository plus the 587
amount to be so deposited, minus the portion or amount of the 588
aggregate as is at the time insured as provided in this section. 589
The treasurer may require additional eligible securities to be 590
deposited to provide for any depreciation which may occur in the 591
market value of any of the securities so deposited. 592
(B) The following securities shall be eligible for the 594
purposes of this section: 595
(1) Bonds, notes, or other obligations of the United 597
States; or bonds, notes, or other obligations guaranteed as to 598
principal and interest by the United States or those for which 599
the faith of the United States is pledged for the payment of 600
principal and interest thereon, by language appearing in the 601
instrument specifically providing such guarantee or pledge and 602
not merely by interpretation or otherwise; 603
(2) Bonds, notes, debentures, letters of credit, or other 605
obligations or securities issued by any federal government agency 606
or instrumentality, or the export-import bank of Washington; 607
bonds, notes, or other obligations guaranteed as to principal and 608
interest by the United States or those for which the faith of the 609
United States is pledged for the payment of principal and 610
interest thereon, by interpretation or otherwise and not by 611
language appearing in the instrument specifically providing such 612
guarantee or pledge;
(3) Obligations of or fully insured or fully guaranteed by 614
the United States or any federal government agency or 615
instrumentality;
(4) Obligations partially insured or partially guaranteed 617
by any federal agency or instrumentality; 618
(5) Obligations of or fully guaranteed by the federal 620
national mortgage association, federal home loan mortgage 621
corporation, federal farm credit bank, or student loan marketing 622
association;
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(6) Bonds and other obligations of this state; 624
(7) Bonds and other obligations of any county, township, 626
school district, municipal corporation, or other legally 627
constituted taxing subdivision of this state, which is not at the 628
time of such deposit, in default in the payment of principal or 629
interest on any of its bonds or other obligations, for which the 630
full faith and credit of the issuing subdivision is pledged; 632
(8) Bonds of other states of the United States which have 634
not during the ten years immediately preceding the time of such 635
deposit defaulted in payments of either interest or principal on 636
any of their bonds; 637
(9) Shares of no-load money market mutual funds consisting 640
exclusively of obligations described in division (B)(1) or (2) of
this section and repurchase agreements secured by such 641
obligations; 642
(10) A SURETY BOND ISSUED BY A CORPORATE SURETY LICENSED BY 644
THE STATE AND AUTHORIZED TO ISSUE SURETY BONDS IN THIS STATE 645
PURSUANT TO CHAPTER 3929. OF THE REVISED CODE, AND QUALIFIED TO 646
PROVIDE SURETY BONDS TO THE FEDERAL GOVERNMENT PURSUANT TO 96 648
STAT. 1047 (1982), 31 U.S.C.A. 9304. 649
(C) If the public depository fails to pay over any part of 651
the public deposit made therein as provided by law, the treasurer 652
shall sell at public sale any of the bonds or other securities 653
deposited with the treasurer pursuant to this section or section 654
131.09 of the Revised Code, or shall draw on any letter of credit 655
to the extent of such failure to pay. Thirty days' notice of 656
such sale shall be given in a newspaper of general circulation at 657
Columbus, in the case of the treasurer of state, and at the 658
county seat of the county in which the office of the treasurer is 659
located, in the case of any other treasurer. When a sale of 660
bonds or other securities has been so made and upon payment to 661
the treasurer of the purchase money, the treasurer shall transfer 662
such bonds or securities whereupon the absolute ownership of such 663
bonds or securities shall pass to the purchasers. Any surplus 664
17
remaining after deducting the amount due the state or subdivision 665
and expenses of sale shall be paid to the public depository. 666
(D) An institution designated as a public depository may, 668
by written notice to the treasurer, designate a qualified trustee 669
and deposit the eligible securities required by this section with 670
the trustee for safekeeping for the account of the treasurer and 671
the institution as a public depository, as their respective 672
rights to and interests in such securities under this section may 673
appear and be asserted by written notice to or demand upon the 674
trustee. In such case, the treasurer shall accept the written 675
receipt of the trustee describing the securities which have been 676
deposited with the trustee by the public depository, a copy of 677
which shall also be delivered to the public depository. 678
Thereupon all such securities so deposited with the trustee are 679
deemed to be pledged with the treasurer and to be deposited with 680
the treasurer, for all the purposes of this section. 681
(E) The governing board may make provisions for the 683
exchange and release of securities and the substitution of other 684
eligible securities therefor except where the public depository 685
has deposited eligible securities with a trustee for safekeeping 686
as provided in this section. 687
(F) When the public depository has deposited eligible 689
securities described in division (B)(1) of this section with a 690
trustee for safekeeping, the public depository may at any time 691
substitute or exchange eligible securities described in division 692
(B)(1) of this section having a current market value equal to or 693
greater than the current market value of the securities then on 694
deposit and for which they are to be substituted or exchanged, 695
without specific authorization from any governing board, boards, 696
or treasurer of any such substitution or exchange. 697
(G) When the public depository has deposited eligible 699
securities described in divisions (B)(2) to (9) of this section 701
with a trustee for safekeeping, the public depository may at any
time substitute or exchange eligible securities having a current 702
18
market value equal to or greater than the current market value of 703
the securities then on deposit and for which they are to be 704
substituted or exchanged without specific authorization of any 705
governing board, boards, or treasurer of any such substitution or 706
exchange only if: 707
(1) The treasurer has authorized the public depository to 709
make such substitution or exchange on a continuing basis during a 710
specified period without prior approval of each substitution or 711
exchange. Such authorization may be effected by the treasurer 712
sending to the trustee a written notice stating that substitution 713
may be effected on a continuing basis during a specified period 714
which shall not extend beyond the end of the period of 715
designation during which the notice is given. The trustee may 716
rely upon such notice and upon the period of authorization stated 717
therein and upon the period of designation stated therein. 718
(2) No continuing authorization for substitution has been 720
given by the treasurer, the public depository notifies the 721
treasurer and the trustee of an intended substitution or 722
exchange, and the treasurer fails to object to the trustee as to 723
the eligibility or market value of the securities being 724
substituted within ten calendar days after the date appearing on 725
the notice of proposed substitution. The notice to the treasurer 726
and to the trustee shall be given in writing and delivered 727
personally or by certified or registered mail with a return 728
receipt requested. The trustee may assume in any case that the 729
notice has been delivered to the treasurer. In order for 730
objections of the treasurer to be effective, receipt of the 731
objections must be acknowledged in writing by the trustee. 732
(3) The treasurer gives written authorization for a 734
substitution or exchange of specific securities. 735
(H) The public depository shall notify any governing 737
board, boards, or treasurer of any such substitution or exchange 738
under division (G)(1) or (2) of this section. Upon request from 739
the treasurer, the trustee shall furnish a statement of the 740
19
securities pledged against such public deposits. 741
(I) Any federal reserve bank or branch thereof located in 743
this state, without compliance with Chapter 1111. of the Revised 744
Code and without becoming subject to any other law of this state 747
relative to the exercise by corporations of trust powers 748
generally, is qualified to act as trustee for the safekeeping of 749
securities, under this section. Any institution mentioned in 750
section 135.03 of the Revised Code that holds a certificate of 751
qualification issued by the superintendent of financial 752
institutions or any institution complying with sections 1111.04,
1111.05, and 1111.06 of the Revised Code, is qualified to act as 754
trustee for the safekeeping of securities, other than those 755
belonging to itself, under this section. Upon application to the 756
superintendent in writing by any such institution, the
superintendent shall investigate the applicant and ascertain 758
whether or not it has been authorized to execute and accept 759
trusts in this state and has safe and adequate vaults and 760
efficient supervision thereof for the storage and safekeeping 761
within this state of such securities. If the superintendent 762
finds that the applicant has been so authorized and does have 763
such vaults and supervision thereof, the superintendent shall 764
approve the application and issue a certificate to that effect, 765
the original or any certified copy of which shall be conclusive 766
evidence that the institution therein named is qualified to act 767
as trustee for the purposes of this section with respect to 768
securities other than those belonging to itself.
Notwithstanding the fact that a public depository is 770
required to pledge eligible securities in certain amounts to 771
secure deposits of public moneys, a trustee shall have no duty or 772
obligation to determine the eligibility, market value, or face 773
value of any securities deposited with the trustee by a public 774
depository. This applies in all situations including, without 775
limitation, a substitution or exchange of securities. 776
Any charges or compensation of a designated trustee for 778
20
acting as such under this section shall be paid by the public 779
depository and in no event shall be chargeable to the state or 780
the subdivision or to the treasurer or to any officer of the 781
state or subdivision. Such THE charges or compensation shall not 783
be a lien or charge upon the securities deposited for safekeeping 784
prior or superior to the rights to and interests in such 785
securities of the state or the subdivision or of the treasurer. 786
The treasurer and the treasurer's bonders or surety shall be 788
relieved from any liability to the state or the subdivision or to
the public depository for the loss or destruction of any 789
securities deposited with a qualified trustee pursuant to this 790
section.
Sec. 135.181. (A) As used in this section: 799
(1) "Public depository" means that term as defined in 801
section 135.01 of the Revised Code, but also means an institution 802
which receives or holds any public deposits as defined in section 803
135.31 of the Revised Code. 804
(2) "Public deposits," "public moneys," and "treasurer" 806
mean those terms as defined in section 135.01 of the Revised 807
Code, but also have the same meanings as are set forth in section 808
135.31 of the Revised Code. 809
(3) "Subdivision" means that term as defined in section 811
135.01 of the Revised Code, but also includes a county. 812
(B) In lieu of the pledging requirements prescribed in 814
sections 135.18 and 135.37 of the Revised Code, an institution 815
designated as a public depository at its option may pledge a 816
single pool of eligible securities to secure the repayment of all 817
public moneys deposited in the institution and not otherwise 818
secured pursuant to law, provided that at all times the total 819
MARKET value of the securities so pledged, based on the 820
valuations prescribed in division (C) of this section, is at 821
least equal to one hundred ten FIVE per cent of the total amount 822
of all public deposits to be secured by the pooled securities, 823
including the portion of such deposits covered by any federal 824
21
deposit insurance. Each such institution shall carry in its 825
accounting records at all times a general ledger or other 826
appropriate account of the total amount of all public deposits to 827
be secured by the pool, as determined at the opening of business 828
each day, and the total MARKET value of securities pledged to 829
secure such deposits. 830
(C) The following securities, at the specified valuations, 832
DESCRIBED IN DIVISION (B) OF SECTION 135.18 OF THE REVISED CODE 833
shall be eligible as collateral for the purposes of division (B) 834
of this section, provided no such securities pledged as 835
collateral are at any time in default as to either principal or 836
interest: 837
(1) Obligations of or fully insured or fully guaranteed by 839
the United States or any federal government agency or 840
instrumentality: at face value; 841
(2) Obligations partially insured or partially guaranteed 843
by any federal government agency or instrumentality: at face 844
value;
(3) Obligations of or fully guaranteed by the federal 846
national mortgage association, federal home loan mortgage 847
corporation, federal farm, credit bank, or student loan marketing 848
association: at face value; 849
(4) Obligations of any state, county, municipal 851
corporation, or other legally constituted authority of any state, 852
or any instrumentality of any state, county, municipal 853
corporation, or other authority, which are secured as to the 854
payment of principal and interest by the holding in escrow of 855
obligations of the United States for which the full faith and 856
credit of the United States is pledged: at face value; 857
(5) Obligations of this state, or any county or other 859
legally constituted authority of this state, or any 860
instrumentality of this state, or such county or other authority: 861
at face value; 862
(6) Obligations of any other state: at ninety per cent of 864
22
face value; 865
(7) Obligations of any county, municipal corporation, or 867
other legally constituted authority of any other state, or any 868
instrumentality of such county, municipal corporation, or other 869
authority: at eighty per cent of face value; 870
(8) Notes representing loans made to persons attending or 872
planning to attend eligible institutions of education and to 873
their parents, and insured or guaranteed by the United States or 874
any agency, department, or other instrumentality thereof: at 875
face value;
(9) Any other obligations the treasurer of state approves: 877
at the percentage of face value the treasurer of state 878
prescribes;
(10) Shares of no-load money market mutual funds 880
consisting exclusively of obligations described in division 881
(C)(1), (2), or (3) of this section and repurchase agreements 882
secured by such obligations: at face value. 883
(D) The state and each subdivision shall have an undivided 885
security interest in the pool of securities pledged by a public 886
depository pursuant to division (B) of this section in the 887
proportion that the total amount of the state's or subdivision's 888
public moneys secured by the pool bears to the total amount of 889
public deposits so secured. 890
(E) An institution designated as a public depository shall 892
designate a qualified trustee and deposit with the trustee for 893
safekeeping the eligible securities pledged pursuant to division 894
(B) of this section. The institution shall give written notice 895
of the qualified trustee to any treasurer or treasurers 896
depositing public moneys for which such securities are pledged. 897
The treasurer shall accept the written receipt of the trustee 898
describing the pool of securities so deposited by the depository, 899
a copy of which also shall be delivered to the depository. 900
(F) Any federal reserve bank or branch thereof located in 902
this state, without compliance with Chapter 1111. of the Revised 903
23
Code and without becoming subject to any other law of this state 906
relative to the exercise by corporations of trust powers 907
generally, is qualified to act as trustee for the safekeeping of 908
securities, under this section. Any institution mentioned in 909
section 135.03 or 135.32 of the Revised Code which holds a
certificate of qualification issued by the superintendent of 910
financial institutions or any institution complying with sections 912
1111.04, 1111.05, and 1111.06 of the Revised Code is qualified to 913
act as trustee for the safekeeping of securities under this 914
section, other than those belonging to itself or to an affiliate 915
as defined in division (A) of section 1101.01 of the Revised 916
Code. Upon application to the superintendent in writing by any 917
such institution, the superintendent shall investigate the 919
applicant and ascertain whether or not it has been authorized to 920
execute and accept trusts in this state and has safe and adequate 921
vaults and efficient supervision thereof for the storage and 922
safekeeping of such securities. If the superintendent finds that 923
the applicant has been so authorized and does have such vaults 924
and supervision thereof, the superintendent shall approve the 925
application and issue a certificate to that effect, the original 927
or any certified copy of which shall be conclusive evidence that 928
the institution named therein is qualified to act as trustee for 929
the purposes of this section with respect to securities other 930
than those belonging to itself or to an affiliate. 931
(G) The public depository at any time may substitute, 933
exchange, or release eligible securities deposited with a 934
qualified trustee pursuant to this section, provided that such 935
substitution, exchange, or release does not reduce the total 936
MARKET value of the securities, based on the valuations 937
prescribed in division (C) of this section, to an amount that is 939
less than one hundred ten FIVE per cent of the total amount of 940
public deposits as determined pursuant to division (B) of this 942
section.
(H) Notwithstanding the fact that a public depository is 944
24
required to pledge eligible securities in certain amounts to 945
secure deposits of public moneys, a trustee shall have no duty or 946
obligation to determine the eligibility, market value, or face 947
value of any securities deposited with the trustee by a public 948
depository. This applies in all situations including, but not 949
limited to, a substitution or exchange of securities, but 950
excluding those situations effectuated by division (I) of this 951
section in which the trustee is required to determine face and 952
market value. 953
(I) If the public depository fails to pay over any part of 955
the public deposits made therein as provided by law and secured 956
pursuant to division (B) of this section, the treasurer shall 957
give written notice of this failure to the qualified trustee 958
holding the pool of securities pledged against public moneys 959
deposited in the depository, and at the same time shall send a 960
copy of this notice to the depository. Upon receipt of such 961
notice, the trustee shall transfer to the treasurer for public 962
sale such of the pooled securities as may be necessary to produce 963
an amount equal to the deposits made by the treasurer and not 964
paid over, less the portion of such deposits covered by any 965
federal deposit insurance, plus any accrued interest due on such 966
deposits; however, such THE amount shall not exceed the state's 967
or subdivision's proportional security interest in the market 969
value of the pool as of the date of the depository's failure to 970
pay over the deposits, as such interest and value are determined 971
by the trustee. The treasurer shall sell at public sale any of 972
the bonds or other securities so transferred. Thirty days' 973
notice of such sale shall be given in a newspaper of general 974
circulation at Columbus, in the case of the treasurer of state, 975
and at the county seat of the county in which the office of the 976
treasurer is located, in the case of any other treasurer. When a 977
sale of bonds or other securities has been so made and upon 978
payment to the treasurer of the purchase money, the treasurer 979
shall transfer such bonds or securities whereupon the absolute 980
25
ownership of such bonds or securities shall pass to the 981
purchasers. Any surplus after deducting the amount due the state 982
or subdivision and expenses of sale shall be paid to the public 983
depository.
(J) Any charges or compensation of a designated trustee 985
for acting as such under this section shall be paid by the public 986
depository and in no event shall be chargeable to the state or 987
subdivision or to the treasurer or to any officer of the state or 988
subdivision. Such THE charges or compensation shall not be a 989
lien or charge upon the securities deposited for safekeeping 991
prior or superior to the rights to and interests in such 992
securities of the state or subdivision or of the treasurer. The 993
treasurer and the treasurer's bonders or surety shall be relieved 994
from any liability to the state or subdivision or to the public 995
depository for the loss or destruction of any securities 996
deposited with a qualified trustee pursuant to this section. 997
(K) In lieu of placing its unqualified endorsement on each 999
security, a public depository pledging securities pursuant to 1,000
division (B) of this section that are not negotiable without its 1,001
endorsement or assignment may furnish to the qualified trustee 1,002
holding the securities an appropriate resolution and irrevocable 1,003
power of attorney authorizing the trustee to assign the 1,004
securities. The resolution and power of attorney shall conform 1,005
to such terms and conditions as the trustee prescribes. 1,006
(L) Upon request of a treasurer no more often than four 1,008
times per year, a public depository shall report the amount of 1,009
public moneys deposited by the treasurer and secured pursuant to 1,010
division (B) of this section, and the total MARKET value, based 1,011
on the valuations prescribed in division (C) of this section, of 1,013
the pool of securities pledged to secure public moneys held by 1,014
the depository, including those deposited by the treasurer. Upon 1,015
request of a treasurer no more often than four times per year, a 1,016
qualified trustee shall report such THE total MARKET value of the 1,018
pool of securities deposited with it by the depository and shall 1,020
26
provide an itemized list of the securities in the pool. These 1,021
reports shall be made as of the date the treasurer specifies. 1,022
Sec. 135.33. (A) The board of county commissioners shall 1,031
meet every two FOUR years in the month next preceding the date of 1,033
the expiration of its current period of designation for the 1,034
purpose of designating its public depositories of active moneys 1,035
for the next succeeding two-year FOUR-YEAR period commencing on 1,036
the date of expiration of the preceding period. 1,038
At least sixty days before such THE meeting, the county 1,040
treasurer shall submit to the board an estimate of the aggregate 1,041
amount of public moneys that might be available for deposit as 1,042
active moneys at any one time during the next two-year FOUR-YEAR 1,043
period. Upon receipt of such estimate, the board shall 1,044
immediately notify all eligible institutions that might desire to 1,045
be designated as such public depositories of the date on which 1,046
the designation is to be made; the amount that has been estimated 1,047
to be available for deposit; and the date fixed as the last date 1,048
on which applications may be submitted, that shall not be more 1,049
than thirty days or less than ten days prior to the date set for 1,050
the meeting designating public depositories. 1,051
(B) Any eligible institution described in division (A) of 1,053
section 135.32 of the Revised Code that has an office located 1,054
within the territorial limits of the county is eligible to become 1,055
a public depository of the active moneys of the county. Each 1,056
eligible institution desiring to be a public depository of such 1,057
active moneys shall, not more than thirty days or less than ten 1,058
days prior to the date fixed by this section, make application 1,059
therefor in writing to the board of county commissioners. Such 1,060
THE application may specify the maximum amount of such public 1,061
moneys that the applicant desires to receive and have on deposit 1,062
at any time during the period covered by the designation. Each 1,063
application shall be accompanied by a financial statement of the 1,064
applicant, under oath of its cashier, treasurer, or other officer 1,065
as of the date of its latest report to the superintendent of 1,066
27
banks or comptroller of the currency, and adjusted to show any 1,067
changes therein prior to the date of the application, that shall 1,068
include a statement of its public and nonpublic deposits. 1,069
(C) The board of county commissioners, upon recommendation 1,071
of the treasurer, shall designate, by resolution, one or more 1,072
eligible institutions as public depositories for active moneys. 1,073
In case the aggregate amount of active moneys applied for by 1,074
institutions within the county is less than the amount estimated 1,075
to be available for deposit, the board may designate as a public 1,076
depository one or more eligible institutions that are 1,077
conveniently located. The original resolution of designation 1,078
shall be certified to the treasurer and any institution 1,079
designated as a public depository. 1,080
(D) No service charge shall be made against any deposit of 1,082
active moneys, or collected or paid, unless such service charge 1,083
is the same as is customarily imposed by institutions receiving 1,084
money on deposit subject to check, in which event the charge may 1,085
be paid. 1,086
(E) Notwithstanding division (C) of this section, the 1,088
board of county commissioners may authorize, by resolution, the 1,089
treasurer to deposit money necessary to pay the principal and 1,090
interest on bonds and notes, and any fees incident thereto, in 1,091
any bank within this state. 1,092
Moneys so deposited shall be transferred by the treasurer 1,094
according to the terms of the agreement with the bank but shall 1,095
remain as public moneys until such time as they are actually paid 1,096
out by the bank. Until such time as payments become due and 1,097
payable on such principal or interest, the bank shall invest any 1,098
moneys in the account in interest-bearing obligations at the 1,099
highest, reasonable rate of interest obtainable. 1,100
So long as moneys remain in the account, the bank shall 1,102
deliver to the treasurer, at the end of each month, a statement 1,103
showing an accounting of all activities in the account during the 1,104
preceding month including, but not limited to, all payments made, 1,105
28
all interest earned, and the beginning and ending balances, 1,106
together with any coupons redeemed since the preceding statement 1,107
was issued. 1,108
Sec. 135.341. (A) There shall be a county investment 1,117
advisory committee consisting of three members: two county 1,118
commissioners to be designated by the board of county 1,120
commissioners, and the county treasurer. 1,121
Notwithstanding the preceding sentence, the board of county 1,123
commissioners may declare that all three county commissioners 1,124
shall serve on the county investment advisory committee. If the 1,125
board so declares, the county investment advisory committee shall 1,126
consist of five members: the three county commissioners, the 1,127
county treasurer, and the clerk of the court of common pleas of 1,128
the county.
(B) The committee shall elect its own chairperson, and 1,130
committee members shall receive no additional compensation for 1,131
the performance of their duties as committee members. 1,132
(C) The committee shall establish written county 1,135
investment policies and shall meet at least once every three 1,136
months, to review or revise its policies and to advise the 1,137
investing authority on the county investments in order to ensure 1,138
the best and safest return of funds available to the county for 1,139
deposit or investment. Any member of the county investment 1,140
advisory committee, upon giving five days' notice, may call a 1,141
meeting of the committee. The committee's policies may establish 1,142
a limit on the period of time that moneys may be invested in any 1,143
particular type of investment.
(D) The committee is authorized to retain the services of 1,145
an investment advisor, provided that the advisor is LICENSED BY 1,146
THE DIVISION OF SECURITIES UNDER SECTION 1707.141 OF THE REVISED 1,147
CODE OR IS registered with the securities and exchange 1,148
commission, and possesses public funds investment management 1,150
experience, specifically in the area of state and local
government investment portfolios, or the advisor is an eligible 1,151
29
institution mentioned in section 135.03 of the Revised Code. 1,152
(E) Nothing in this section affects the authority of any 1,154
of the officers mentioned in section 325.27 of the Revised Code 1,155
to contract for the services of fiscal and management consultants 1,156
pursuant to section 325.17 of the Revised Code. 1,157
Sec. 135.35. (A) The investing authority shall deposit or 1,166
invest any part or all of the county's inactive moneys and shall 1,167
invest all of the money in the county library and local 1,168
government support fund when required by section 135.352 of the 1,169
Revised Code. The following classifications of securities and 1,170
obligations are eligible for such deposit or investment: 1,171
(1) United States treasury bills, notes, bonds, or any 1,173
other obligation or security issued by the United States treasury 1,174
or any other obligation guaranteed as to principal or interest by 1,175
the United States.
Nothing in the classification of eligible securities and 1,177
obligations set forth in division (A)(1) of this section or in 1,178
the classifications of eligible securities and obligations set 1,179
forth in divisions (A)(2) to (9)(8) of this section shall be 1,181
construed to authorize any investment in stripped principal or 1,182
interest obligations of such eligible securities and obligations.
(2) Bonds, notes, debentures, or any other obligations or 1,184
securities issued by any federal government agency or 1,185
instrumentality, including but not limited to, the federal 1,186
national mortgage association, federal home loan bank, federal 1,187
farm credit bank, federal home loan mortgage corporation, 1,188
government national mortgage association, and student loan 1,189
marketing association. All federal agency securities shall be 1,190
direct issuances of federal government agencies or
instrumentalities. 1,191
(3) Time certificates of deposit or savings or deposit 1,193
accounts, including, but not limited to, passbook accounts, in 1,194
any eligible institution mentioned in section 135.32 of the 1,195
Revised Code; 1,196
30
(4) Bonds and other obligations of this state or the 1,198
political subdivisions of this state, provided that such 1,199
political subdivisions are located wholly or partly within the 1,200
same county as the investing authority;
(5) No-load money market mutual funds consisting 1,202
exclusively of obligations described in division (A)(1) or (2) of 1,203
this section and repurchase agreements secured by such 1,204
obligations, provided that investments in securities described in 1,206
this division are made only through eligible institutions
mentioned in section 135.32 of the Revised Code; 1,207
(6) The Ohio subdivision's fund as provided in section 1,209
135.45 of the Revised Code.; 1,210
(7) Securities lending agreements with any eligible 1,212
institution mentioned in section 135.32 of the Revised Code that 1,213
is a member of the federal reserve system or federal home loan 1,214
bank, under the terms of which agreements the investing authority 1,216
lends securities and the eligible institution agrees to 1,217
simultaneously exchange either securities described in division
(A)(1) or (2) of this section or cash or both securities and 1,218
cash, equal value for equal value; 1,219
(8) Commercial paper issued by any corporation 1,221
incorporated under the laws of the United States or a state if 1,222
both of the following conditions apply: 1,223
(a) Two nationally recognized rating agencies rank the 1,225
commercial paper in either of their two highest categories; 1,226
(b) The total amount invested in commercial paper at any 1,228
time does not exceed five per cent of the county's total average 1,230
portfolio, as determined and calculated by the investing 1,231
authority.
(9) Bankers acceptances, if the following conditions are 1,233
met:
(a) The acceptances mature in two hundred seventy days or 1,235
fewer from the date of settlement; 1,236
(b) The acceptances are eligible for purchase by the 1,238
31
federal reserve system; 1,239
(c) The total amount invested in bankers acceptances at 1,241
any time does not exceed ten per cent of the county's total 1,242
average portfolio, as determined and calculated by the investing 1,243
authority UP TO TWENTY-FIVE PER CENT OF THE COUNTY'S TOTAL 1,245
AVERAGE PORTFOLIO IN EITHER OF THE FOLLOWING INVESTMENTS: 1,246
(a) COMMERCIAL PAPER NOTES ISSUED BY AN ENTITY THAT IS 1,248
DEFINED IN DIVISION (D) OF SECTION 1705.01 OF THE REVISED CODE 1,250
AND THAT HAS ASSETS EXCEEDING FIVE HUNDRED MILLION DOLLARS, TO 1,252
WHICH NOTES ALL OF THE FOLLOWING APPLY: 1,253
(i) THE NOTES ARE RATED AT THE TIME OF PURCHASE IN THE 1,255
HIGHEST CLASSIFICATION ESTABLISHED BY AT LEAST TWO NATIONALLY 1,256
RECOGNIZED STANDARD RATING SERVICES. 1,257
(ii) THE AGGREGATE VALUE OF THE NOTES DOES NOT EXCEED TEN 1,259
PER CENT OF THE AGGREGATE VALUE OF THE OUTSTANDING COMMERCIAL 1,261
PAPER OF THE ISSUING CORPORATION. 1,262
(iii) THE NOTES MATURE NOT LATER THAN ONE HUNDRED EIGHTY 1,264
DAYS AFTER PURCHASE. 1,266
(b) BANKERS ACCEPTANCES OF BANKS THAT ARE INSURED BY THE 1,268
FEDERAL DEPOSIT INSURANCE CORPORATION AND TO WHICH BOTH OF THE 1,269
FOLLOWING APPLY: 1,270
(i) THE OBLIGATIONS ARE ELIGIBLE FOR PURCHASE BY THE 1,272
FEDERAL RESERVE SYSTEM. 1,273
(ii) THE OBLIGATIONS MATURE NOT LATER THAN ONE HUNDRED 1,275
EIGHTY DAYS AFTER PURCHASE. 1,277
NO INVESTMENT SHALL BE MADE PURSUANT TO DIVISION (A)(8) OF 1,279
THIS SECTION UNLESS THE INVESTING AUTHORITY HAS COMPLETED 1,280
ADDITIONAL TRAINING FOR MAKING THE INVESTMENTS AUTHORIZED BY 1,281
DIVISION (A)(8) OF THIS SECTION. THE TYPE AND AMOUNT OF 1,282
ADDITIONAL TRAINING SHALL BE APPROVED BY THE AUDITOR OF STATE AND 1,284
MAY BE CONDUCTED BY OR PROVIDED UNDER THE SUPERVISION OF THE
AUDITOR OF STATE. 1,285
(B) Nothing in the classifications of eligible obligations 1,287
and securities set forth in divisions (A)(1) to (9)(8) of this 1,288
32
section shall be construed to authorize investment in a 1,290
derivative, and no investing authority shall invest any county 1,291
inactive moneys or any moneys in a county library and local 1,292
government support fund in a derivative. For purposes of this 1,293
division, "derivative" means a financial instrument or contract 1,294
or obligation whose value or return is based upon or linked to
another asset or index, or both, separate from the financial 1,295
instrument, contract, or obligation itself. Any security, 1,296
obligation, trust account, or other instrument that is created 1,297
from an issue of the United States treasury or is created from an 1,298
obligation of a federal agency or instrumentality or is created 1,299
from both is considered a derivative instrument. An eligible 1,300
investment described in this section with a variable interest 1,301
rate payment, based upon a single interest payment or single
index comprised of other eligible investments provided for in 1,302
division (A)(1) or (2) of this section, is not a derivative, 1,303
provided that such variable rate investment has a maximum 1,304
maturity of two years.
(C) Any EXCEPT AS PROVIDED IN DIVISION (D) OF THIS 1,306
SECTION, ANY investment made pursuant to this section must mature 1,307
within five years from the date of settlement, unless the 1,309
investment is matched to a specific obligation or debt of the 1,310
county, and the investment is specifically approved by the 1,311
investment advisory committee. 1,312
(D) The investing authority may also enter into a written 1,314
repurchase agreement with any eligible institution mentioned in 1,316
section 135.32 of the Revised Code or any eligible securities
dealer pursuant to division (J) of this section, under the terms 1,317
of which agreement the investing authority purchases and the 1,318
eligible institution or dealer agrees unconditionally to 1,320
repurchase any of the securities listed in division (A)(1) or (2) 1,321
DIVISIONS (B)(1) TO (5), EXCEPT LETTERS OF CREDIT DESCRIBED IN 1,322
DIVISION (B)(2), of this section 135.18 OF THE REVISED CODE. The 1,323
market value of securities subject to an overnight WRITTEN 1,324
33
repurchase agreement must exceed the principal value of the 1,326
overnight WRITTEN repurchase agreement by at least two per cent. 1,328
A term WRITTEN repurchase agreement must exceed the principal 1,329
value of the overnight WRITTEN repurchase agreement, by at least 1,331
two per cent. A term WRITTEN repurchase agreement shall not 1,334
exceed thirty days, and the market value of securities subject to 1,335
a term WRITTEN repurchase agreement must exceed the principal 1,337
value of the term WRITTEN repurchase agreement by at least two 1,338
per cent and be marked to market daily. All securities purchased 1,339
pursuant to this division shall be delivered into the custody of 1,341
the investing authority or the qualified custodian of the
investing authority or an agent designated by the investing 1,342
authority. A WRITTEN repurchase agreement with an eligible 1,344
securities dealer shall be transacted on a delivery versus 1,345
payment basis. The agreement shall contain the requirement that 1,346
for each transaction pursuant to the agreement the participating 1,347
institution shall provide all of the following information: 1,348
(1) The par value of the securities; 1,350
(2) The type, rate, and maturity date of the securities; 1,352
(3) A numerical identifier generally accepted in the 1,354
securities industry that designates the securities. 1,355
No investing authority shall enter into a written 1,357
repurchase agreement under the terms of which the investing 1,358
authority agrees to sell securities owned by the county to a 1,360
purchaser and agrees with that purchaser to unconditionally
repurchase those securities. 1,361
(E) No investing authority shall make an investment under 1,364
this section, unless the investing authority, at the time of
making the investment, reasonably expects that the investment can 1,365
be held until its maturity. The investing authority's written 1,366
investment policy shall specify the conditions under which an 1,367
investment may be redeemed or sold prior to maturity. 1,368
(F) No investing authority shall pay a county's inactive 1,370
moneys or moneys of a county library and local government support 1,371
34
fund into a fund established by another subdivision, treasurer, 1,372
governing board, or investing authority, if that fund was 1,373
established by the subdivision, treasurer, governing board, or 1,374
investing authority for the purpose of investing or depositing 1,375
the public moneys of other subdivisions. This division does not
apply to the payment of public moneys into either of the 1,376
following:
(1) The Ohio subdivision's fund pursuant to division 1,378
(A)(6) of this section;
(2) A fund created solely for the purpose of acquiring, 1,380
constructing, owning, leasing, or operating municipal utilities 1,381
pursuant to the authority provided under section 715.02 of the 1,382
Revised Code or Section 4 of Article XVIII, Ohio Constitution. 1,383
For purposes of division (F) of this section, "subdivision" 1,385
includes a county. 1,386
(G) The use of leverage, in which the county uses its 1,388
current investment assets as collateral for the purpose of 1,389
purchasing other assets, is prohibited. The issuance of taxable 1,390
notes for the purpose of arbitrage is prohibited. Contracting to 1,391
sell securities not owned by the county, for the purpose of 1,392
purchasing such securities on the speculation that bond prices
will decline, is prohibited. 1,393
(H) Any securities, certificates of deposit, deposit 1,395
accounts, or any other documents evidencing deposits or 1,396
investments made under authority of this section shall be issued 1,397
in the name of the county with the county treasurer or investing 1,398
authority as the designated payee. If any such deposits or 1,399
investments are registrable either as to principal or interest, 1,400
or both, they shall be registered in the name of the treasurer. 1,401
(I) The investing authority shall be responsible for the 1,403
safekeeping of all documents evidencing a deposit or investment 1,404
acquired under this section including, but not limited to, 1,405
safekeeping receipts evidencing securities deposited with a 1,406
qualified trustee, as provided in section 135.37 of the Revised 1,407
35
Code, and documents confirming the purchase of securities under 1,408
any repurchase agreement under this section shall be deposited 1,409
with a qualified trustee, provided, however, that the qualified 1,410
trustee shall be required to report to the investing authority, 1,411
auditor of state, or an authorized outside auditor at any time 1,412
upon request as to the identity, market value, and location of 1,413
the document evidencing each security, and that if the 1,414
participating institution is a designated depository of the 1,415
county for the current period of designation, the securities that 1,416
are the subject of the repurchase agreement may be delivered to 1,417
the treasurer or held in trust by the participating institution 1,418
on behalf of the investing authority. 1,419
Upon the expiration of the term of office of an investing 1,421
authority or in the event of a vacancy in the office for any 1,422
reason, the officer or the officer's legal representative shall 1,424
transfer and deliver to the officer's successor all documents
mentioned in this division for which the officer has been 1,425
responsible for safekeeping. For all such documents transferred 1,427
and delivered, such officer shall be credited with, and the 1,428
officer's successor shall be charged with, the amount of moneys 1,429
so evidenced by such documents.
(J)(1) All investments, except for investments in 1,431
securities described in divisions (A)(5) and (6) of this section, 1,433
shall be made only through a member of the national association 1,434
of securities dealers, through a bank, savings bank, or savings 1,435
and loan association regulated by the superintendent of financial 1,437
institutions, or through an institution regulated by the 1,438
comptroller of the currency, federal deposit insurance 1,439
corporation, or board of governors of the federal reserve system. 1,440
(2) Payment for investments shall be made only upon the 1,442
delivery of securities representing such investments to the 1,444
treasurer, investing authority, or qualified trustee. If the 1,445
securities transferred are not represented by a certificate, 1,446
payment shall be made only upon receipt of confirmation of 1,447
36
transfer from the custodian by the treasurer, governing board, or 1,448
qualified trustee.
(K)(1) Except as otherwise provided in division (K)(2) of 1,450
this section, no investing authority shall make an investment or 1,451
deposit under this section, unless there is on file with the 1,452
auditor of state a written investment policy approved by the 1,453
investing authority. The policy shall require that all entities 1,454
conducting investment business with the investment authority 1,455
shall sign the investment policy of that investment authority.
All brokers, dealers, and financial institutions, described in 1,456
division (J)(1) of this section, initiating transactions with the 1,458
investment authority by giving advice or making investment 1,459
recommendations shall sign the investment authority's investment 1,460
policy thereby acknowledging their agreement to abide by the
policy's contents. All brokers, dealers, and financial 1,461
institutions, described in division (J)(1) of this section, 1,462
executing transactions initiated by the investment authority, 1,463
having read the policy's contents, shall sign the investment 1,464
policy thereby acknowledging their comprehension and receipt.
(2) If a written investment policy described in division 1,466
(K)(1) of this section is not filed on behalf of the county with 1,467
the auditor of state, the investing authority of that county 1,468
shall invest the county's inactive moneys and moneys of the 1,469
county library and local government support fund only in time 1,470
certificates of deposits or savings or deposit accounts pursuant 1,471
to division (A)(3) of this section or the Ohio subdivision's fund 1,472
pursuant to division (A)(6) of this section.
(L)(1) The investing authority shall establish and 1,474
maintain an inventory of all obligations and securities acquired 1,475
by the investing authority pursuant to this section. The 1,476
inventory shall include a description of each obligation or 1,477
security, including type, cost, par value, maturity date, 1,478
settlement date, and any coupon rate.
(2) The investing authority shall also keep a complete 1,480
37
record of all purchases and sales of the obligations and 1,481
securities made pursuant to this section. 1,482
(3) The investing authority shall maintain a monthly 1,484
portfolio report and issue a quarterly investment COPY OF THE 1,485
MONTHLY PORTFOLIO report describing such investments to the 1,486
county investment advisory committee, detailing the current 1,487
inventory of all obligations and securities, all transactions 1,488
during the month that affected the inventory, any income received 1,489
from the obligations and securities, and any investment expenses 1,490
paid, and stating the names of any persons effecting transactions 1,491
on behalf of the investing authority.
(4) The monthly portfolio report and the quarterly 1,493
investment report shall be A public records RECORD and available 1,495
for inspection under section 149.43 of the Revised Code. 1,496
(5) The inventory, AND the monthly portfolio report, and 1,498
the quarterly investment report shall be on standard forms 1,500
approved by the auditor of state and shall be filed with the 1,501
board of county commissioners.
(M) An investing authority may enter into a written 1,504
investment or deposit agreement that includes a provision under 1,505
which the parties agree to submit to nonbinding arbitration to 1,506
settle any controversy that may arise out of the agreement, 1,507
including any controversy pertaining to losses of public moneys 1,508
resulting from investment or deposit. The arbitration provision 1,509
shall be set forth entirely in the agreement, and the agreement 1,510
shall include a conspicuous notice to the parties that any party 1,512
to the arbitration may apply to the court of common pleas of the 1,513
county in which the arbitration was held for an order to vacate,
modify, or correct the award. Any such party may also apply to 1,514
the court for an order to change venue to a court of common pleas 1,515
located more than one hundred miles from the county in which the 1,516
investing authority is located.
For purposes of this division, "investment or deposit 1,518
agreement" means any agreement between an investing authority and 1,519
38
a person, under which agreement the person agrees to invest, 1,520
deposit, or otherwise manage, on behalf of the investing 1,521
authority, a county's inactive moneys or moneys in a county
library and local government support fund, or agrees to provide 1,522
investment advice to the investing authority. 1,523
(N) An investment held in the county portfolio on the 1,525
effective date of this amendment SEPTEMBER 27, 1996, that was a 1,527
legal investment under the law as it existed before the effective 1,528
date of this amendment SEPTEMBER 27, 1996, may be held until 1,529
maturity, or if the investment does not have a maturity date the 1,530
investment may be held until five years from the effective date 1,531
of this amendment SEPTEMBER 27, 1996, regardless of whether the 1,533
investment would qualify as a legal investment under the terms of
this section as amended. 1,534
Sec. 135.37. (A) Any institution described in section 1,543
135.32 of the Revised Code shall, at the time it receives a 1,544
deposit of public moneys under section 135.33 or 135.35 of the 1,545
Revised Code, pledge to and deposit with the investing authority, 1,546
as security for the repayment of all public moneys to be 1,547
deposited, eligible securities of aggregate market value equal to 1,548
or in excess of the amount of public moneys to be at the time so 1,549
deposited. Any securities listed in division (B) of section 1,550
135.18 of the Revised Code are eligible for such purpose. The 1,551
collateral so pledged or deposited may be in an amount that when 1,552
added to the portion of the deposit insured by the federal 1,553
deposit insurance corporation or any other agency or 1,554
instrumentality of the federal government will, in the aggregate, 1,555
equal or exceed the amount of public moneys so deposited; 1,556
provided that, when an investment of inactive moneys consists of 1,557
the purchase of one or more of the type of securities listed in 1,558
division (A)(1) or (2) of section 135.35 of the Revised Code, no 1,559
additional collateral need be pledged or deposited. 1,560
The investing authority also may require or accept surety 1,562
company bonds as collateral for public deposits, subject to the 1,563
39
provisions of divisions (A) to (E) of this section, and may 1,564
require that additional eligible securities be pledged or 1,565
deposited when depreciation occurs in the market value of any 1,566
securities pledged or deposited. 1,567
(B) The public depository may, at any time, provide for 1,569
the exchange or substitution of securities for other eligible 1,570
securities or the release of securities when the amount of public 1,571
moneys on deposit does not require that they be pledged or 1,572
deposited, by notifying the investing authority of its intent to 1,573
take such action. 1,574
Upon proper notification of the public depository's desire 1,576
for release of securities, the investing authority may sign a 1,577
release of such securities provided that the aggregate amount of 1,578
collateral remaining pledged or deposited meets the requirements 1,579
of divisions (A) to (E) of this section. 1,580
When a public depository desires to exchange or substitute 1,582
securities for other eligible securities, the investing authority 1,583
may release the securities pledged or deposited after the deposit 1,584
of other securities having a current market value equal to or 1,585
greater than the current market value of securities then on 1,586
deposit or after a safekeeping receipt has been received 1,587
evidencing the deposit and pledge of such securities. 1,588
(C) Upon request from the investing authority, the trustee 1,590
or the public depository shall furnish a statement of the 1,591
securities pledged against the public moneys deposited in the 1,592
public depository. 1,593
(D) If a public depository fails to pay over any part of 1,595
any public deposit made as provided by law, the investing 1,596
authority shall sell any pledged or deposited securities, as 1,597
prescribed in division (C) of section 135.18 of the Revised Code. 1,598
(E) A public depository may designate, in accordance with 1,600
the provisions of division (D) of section 135.18 of the Revised 1,601
Code, a trustee for the safekeeping of any pledged securities. 1,602
Such trustee shall be any bank or other institution eligible as a 1,603
40
trustee under division (I) of section 135.18 of the Revised Code, 1,604
except that, for the purposes of this section, a bank to which a 1,605
certificate of qualification is issued shall be an institution 1,606
mentioned in division (A) of section 135.32 of the Revised Code. 1,607
(F) In lieu of the pledging requirements prescribed in 1,609
divisions (A) to (E) of this section, an institution designated 1,610
as a public depository may pledge securities pursuant to section 1,611
135.181 of the Revised Code. 1,612
Sec. 307.55. (A) No claims against the county shall be 1,621
paid otherwise than upon the allowance of the board of county 1,623
commissioners, upon the warrant, INCLUDING AN ELECTRONIC WARRANT 1,624
AUTHORIZING DIRECT DEPOSIT FOR PAYMENT OF A COUNTY OBLIGATION IN 1,625
ACCORDANCE WITH DIVISION (F) OF SECTION 9.37 OF THE REVISED CODE, 1,626
of the county auditor, except in those cases in which the amount 1,627
due is fixed by law or is authorized to be fixed by some other 1,629
person or tribunal, in which case it shall be paid upon the 1,630
warrant of the auditor upon the proper certificate of the person 1,631
or tribunal allowing the claim.
(B) No public money shall be disbursed by the board or any 1,633
of its members, but shall be disbursed by the county treasurer, 1,635
upon the warrant, INCLUDING AN ELECTRONIC WARRANT AUTHORIZING 1,636
DIRECT DEPOSIT FOR PAYMENT OF A COUNTY OBLIGATION IN ACCORDANCE 1,637
WITH DIVISION (F) OF SECTION 9.37 OF THE REVISED CODE, of the 1,638
auditor specifying the name of the party entitled to such money, 1,639
on what account, and upon whose allowance, if not fixed by law. 1,640
Sec. 319.16. The county auditor shall issue warrants, 1,649
INCLUDING ELECTRONIC WARRANTS AUTHORIZING DIRECT DEPOSIT FOR 1,650
PAYMENT OF COUNTY OBLIGATIONS IN ACCORDANCE WITH DIVISION (F) OF 1,651
SECTION 9.37 OF THE REVISED CODE, on the county treasurer for all 1,653
moneys payable from the county treasury, upon presentation of the 1,654
proper order or voucher and evidentiary matter for the moneys, 1,655
and keep a record of all such warrants showing the number, date 1,656
of issue, amount for which drawn, in whose favor, for what 1,657
purpose, and on what fund. The auditor shall not issue a warrant 1,658
41
for the payment of any claim against the county, unless it is 1,659
allowed by the board of county commissioners, except where the 1,660
amount due is fixed by law or is allowed by an officer or 1,661
tribunal, including a county board of mental health or county 1,662
board of mental retardation and developmental disabilities, so 1,663
authorized by law. If the auditor questions the validity of an 1,664
expenditure that is within available appropriations and for which 1,665
a proper order or voucher and evidentiary matter is presented, 1,666
the auditor shall notify the board, officer, or tribunal who 1,667
presented the voucher. If the board, officer, or tribunal 1,668
determines that the expenditure is valid and the auditor 1,669
continues to refuse to issue the appropriate warrant on the 1,670
county treasury, a writ of mandamus may be sought. The court 1,671
shall issue a writ of mandamus for issuance of the warrant if the 1,672
court determines that the claim is valid. 1,673
Evidentiary matter includes original invoices, receipts, 1,675
bills and checks, and legible copies of contracts. 1,676
Sec. 321.15. No money shall be paid from the county 1,685
treasury, or transferred to any person for disbursement, except 1,686
on the warrant of the county auditor, INCLUDING AN ELECTRONIC 1,687
WARRANT AUTHORIZING DIRECT DEPOSIT, IN ACCORDANCE WITH DIVISION 1,688
(F) OF SECTION 9.37 OF THE REVISED CODE, FOR PAYMENT OF COUNTY 1,689
OBLIGATIONS.
Sec. 321.16. (A) When a warrant drawn on him as THE 1,698
county treasurer by the county auditor is presented for payment, 1,701
if there is money in the county treasury or depository to the 1,702
credit of the fund on which it is drawn, and the warrant is
endorsed by the payee thereof, the treasurer shall redeem it by 1,703
payment of cash or by check on the depository. 1,704
(B) THE WARRANT, AND ALL INFORMATION RELATED TO THE 1,706
PRESENTMENT OF THE WARRANT, MAY BE PROVIDED ELECTRONICALLY TO THE 1,707
COUNTY TREASURER.
Sec. 321.17. When a warrant is presented to the county 1,716
treasurer for payment, and is not paid, for want of money 1,717
42
belonging to the particular fund on which it is drawn, the 1,718
treasurer shall indorse RECORD the warrant, "Not AS NOT paid for 1,719
want of funds," with the date of its presentation, and sign his 1,720
name to the warrant. Such THE warrant shall thereafter bear 1,722
interest at the rate of six per cent per annum YEAR. A 1,724
memorandum of all such warrants shall be kept by the treasurer in 1,725
a book for that purpose. 1,726
Section 2. That existing sections 9.37, 129.60, 135.12, 1,728
135.14, 135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 307.55, 1,729
319.16, 321.15, 321.16, and 321.17 of the Revised Code are hereby 1,731
repealed.