As Reported by the Senate Finance and 2
Financial Institutions Committee 2
123rd General Assembly 5
Regular Session Sub. H. B. No. 473 6
1999-2000 7
REPRESENTATIVES MYERS-SCHULER-ALLEN-JOLIVETTE-HARTNETT- 9
CLANCY-OLMAN-METZGER-DISTEL-EVANS-VERICH-MAIER-D. MILLER- 10
TIBERI-TERWILLEGER-MEAD-GOODMAN-CORBIN-WINKLER-PATTON-O'BRIEN- 11
WILSON-SALERNO-BUEHRER-HARRIS-CALVERT-WIDENER-BOYD-HOOPS- 12
PETERSON-BARRETT-SULLIVAN-LOGAN-REDFERN-GRENDELL-BRADING- AUSTRIA 14
_________________________________________________________________ 15
A B I L L
To amend sections 9.37, 129.60, 135.12, 135.14, 17
135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 19
307.55, 319.16, 321.15, 321.16, and 321.17 of the
Revised Code to modify the investment authority 21
of counties and political subdivisions relative
to the types of investments made, the collateral 22
requirements applicable to the receipt of public 23
funds, and the investment of public funds in 25
repurchase agreements; to modify the designation 26
period of public depositories by the State Board 27
of Deposit, and by county commissioners, and the 28
designation authority of political subdivisions;
to authorize a political subdivision or a county 29
investment advisory committee to retain the 30
services of an investment advisor meeting certain
requirements; to modify investment recordkeeping 31
requirements of county treasurers and authorize 32
electronic presentment of warrant information to 33
a county treasurer; to permit county auditors to 35
issue, and county treasurers to redeem,
electronic warrants authorizing direct deposit 36
for payment of county obligations in accordance 37
with rules adopted by the Auditor of State; and 38
2
to make related changes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 40
Section 1. That sections 9.37, 129.60, 135.12, 135.14, 42
135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 307.55, 319.16, 43
321.15, 321.16, and 321.17 of the Revised Code be amended to read 45
as follows:
Sec. 9.37. (A) As used in this section, "public official" 54
means any elected or appointed officer, employee, or agent of the 55
state, any state institution of higher education, any political 56
subdivision, board, commission, bureau, or other public body 57
established by law. "State institution of higher education" 58
means any state university or college as defined in division 59
(A)(1) of section 3345.12 of the Revised Code, community college, 60
state community college, university branch, or technical college. 61
(B) Any EXCEPT AS PROVIDED IN DIVISION (F) OF THIS 63
SECTION, ANY public official may make by direct deposit of funds 65
by electronic transfer, if the payee provides a written
authorization designating a financial institution and an account 66
number to which the payment is to be credited, any payment such 67
public official is permitted or required by law in the 68
performance of his OFFICIAL duties to make by issuing a check or 69
warrant. 70
(C) Such public official may contract with a financial 72
institution for the services necessary to make direct deposits 73
and draw lump-sum checks or warrants payable to that institution 74
in the amount of the payments to be transferred. 75
(D) Before making any direct deposit as authorized under 77
this section, the public official shall ascertain that the 78
account from which the payment is to be made contains sufficient 79
funds to cover the amount of the payment. 80
(E) If the issuance of checks and warrants by a public 82
official requires authorization by a governing board, commission, 83
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bureau, or other public body having jurisdiction over the public 84
official, the public official may only make direct deposits and 85
contracts under this section pursuant to a resolution of 86
authorization duly adopted by such governing board, commission, 87
bureau, or other public body. 88
(F) PURSUANT TO SECTIONS 307.55, 319.16, AND 321.15 OF THE 90
REVISED CODE, A COUNTY AUDITOR MAY ISSUE, AND A COUNTY TREASURER 91
MAY REDEEM, ELECTRONIC WARRANTS AUTHORIZING DIRECT DEPOSIT FOR 92
PAYMENT OF COUNTY OBLIGATIONS IN ACCORDANCE WITH RULES ADOPTED BY 93
THE AUDITOR OF STATE PURSUANT TO SECTION 117.20 OF THE REVISED 94
CODE.
Sec. 129.60. (A) As used in sections 129.60 to 129.65 and 103
135.12 of the Revised Code, "notes" include notes whether or not 104
issued in anticipation of bonds. 105
The total debt created as evidenced by bonds and notes 107
issued under Section 2h of Article VIII, Ohio Constitution, shall 108
not exceed two hundred ninety million dollars. No part of such 109
debt shall be contracted after December 31, 1970. 110
For the purposes of the certifications required by section 112
129.63 of the Revised Code there need not be included in 113
determining the amounts required to meet the payments of 114
principal of bonds or notes issued pursuant to Section 2h of 115
Article VIII, Ohio Constitution, and this section, the principal 116
of notes which the commissioners of the sinking fund certify will 117
be retired by the issuance of bonds or renewal notes. 118
(B)(1) All bonds or notes shall mature at such time or 120
times, not exceeding thirty years from the date the debt is first 121
contracted, as may be fixed by the commissioners of the sinking 122
fund in their resolution authorizing the issuance of such bonds 123
or notes. 124
(2) The principal of all bonds or notes and the interest 126
thereon shall be exempt from all taxes levied by the state or any 127
taxing subdivision or district thereof. 128
(3) All bonds or notes shall pass as negotiable 130
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instruments, subject to any provisions for registration, and 131
shall possess all the attributes thereof. 132
(C) Accrued interest received from the sale of bonds and 134
notes and the proceeds of bonds or notes issued to fund or refund 135
bonds or notes shall be paid into the development bond retirement 136
fund created by Section 2h of Article VIII, Ohio Constitution. 137
Sec. 135.12. The (A) BEGINNING IN 2000, THE state board 147
of deposit shall meet on the third Monday of March JUNE in the 148
odd-numbered EVEN-NUMBERED years for the purpose of designating 150
the public depositories of the public moneys of the state, and at 151
such meeting or any adjourned session thereof shall designate 152
such public depositories and award the public moneys of the state 153
to and among the public depositories so designated for the period 154
of two years commencing on the first Monday of April JULY next 155
following.
(B) Each other governing board OTHER THAN THE STATE BOARD 158
OF DEPOSIT shall meet every five years on the third Monday or 160
such regularly scheduled meeting date of the month next preceding 161
the date of the expiration of its designation of depositories for 162
the purpose of designating the public depositories of the public 163
moneys of the subdivision, and at such meeting or any adjourned 164
session thereof, shall designate such public depositories and 165
award the public moneys of the subdivision to and among the 166
public depositories so designated for the period of five years 167
commencing on the date of the expiration of the next preceding 168
designation. Such THE designation and award shall be made in 169
duplicate; one copy shall be retained by the governing board of 170
the subdivision and one copy shall be certified to the treasurer. 171
(C) If a governing board other than the state board of 173
deposit determines, during a designation period, that a public 175
depository designated under this section is insolvent or 176
operating in an unsound or unsafe manner, the governing board may 177
meet and designate a different public depository of the public 178
moneys of the subdivision for the remainder of the designation
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period.
(D) IF A GOVERNING BOARD OTHER THAN THE STATE BOARD OF 180
DEPOSIT DETERMINES DURING A DESIGNATION PERIOD THAT IT IS 181
NECESSARY AND IN THE SUBDIVISION'S BEST INTERESTS TO APPOINT 182
ADDITIONAL DEPOSITORIES, THE GOVERNING BOARD MAY MEET AND 183
DESIGNATE ONE OR MORE ADDITIONAL PUBLIC DEPOSITORIES OF THE
PUBLIC MONEYS OF THE SUBDIVISION FOR THE REMAINDER OF THE 184
DESIGNATION PERIOD.
(E) Whenever, by amendment or enactment of any state or 186
federal law or the amendment or adoption of any valid regulation 187
thereunder, the terms of a designation or award, lawful at the 188
beginning of any designation period, cease to be lawful during 190
such period, and if such THE change of law or regulation 191
requires, the designation period shall be limited so as not to 194
extend beyond the date when such THAT change becomes effective. 195
In such case, the proper governing board shall meet and designate 197
the public depositories of the public moneys of the state or of 198
the subdivision for the remainder of the designation period. 199
Sec. 135.14. (A) As used in this section, "treasurer" 208
does not include the treasurer of state, and "governing board" 209
does not include the state board of deposit. 210
(B) The treasurer or governing board may invest or deposit 212
any part or all of the interim moneys. The following 214
classifications of obligations shall be eligible for such 215
investment or deposit:
(1) United States treasury bills, notes, bonds, or any 217
other obligation or security issued by the United States treasury 218
or any other obligation guaranteed as to principal and interest 219
by the United States.
Nothing in the classification of eligible obligations set 221
forth in division (B)(1) of this section or in the 222
classifications of eligible obligations set forth in divisions 223
(B)(2) to (6)(7) of this section shall be construed to authorize 225
any investment in stripped principal or interest obligations of 226
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such eligible obligations.
(2) Bonds, notes, debentures, or any other obligations or 228
securities issued by any federal government agency or 229
instrumentality, including but not limited to, the federal 230
national mortgage association, federal home loan bank, federal 231
farm credit bank, federal home loan mortgage corporation, 232
government national mortgage association, and student loan
marketing association. All federal agency securities shall be 233
direct issuances of federal government agencies or 234
instrumentalities.
(3) Interim deposits in the eligible institutions applying 236
for interim moneys as provided in section 135.08 of the Revised 237
Code. The award of interim deposits shall be made in accordance 238
with section 135.09 of the Revised Code and the treasurer or the 239
governing board shall determine the periods for which such 240
interim deposits are to be made and shall award such interim 241
deposits for such periods, provided that any eligible institution 242
receiving an interim deposit award may, upon notification that 243
the award has been made, decline to accept the interim deposit in 244
which event the award shall be made as though the institution had 246
not applied for such interim deposit.
(4) Bonds and other obligations of this state; 248
(5) No-load money market mutual funds consisting 250
exclusively of obligations described in division (B)(1) or (2) of 252
this section and repurchase agreements secured by such
obligations, provided that investments in securities described in 254
this division are made only through eligible institutions
mentioned in section 135.03 of the Revised Code; 255
(6) The Ohio subdivision's fund as provided in section 257
135.45 of the Revised Code; 258
(7) UP TO TWENTY-FIVE PER CENT OF INTERIM MONEYS AVAILABLE 260
FOR INVESTMENT IN EITHER OF THE FOLLOWING: 261
(a) COMMERCIAL PAPER NOTES ISSUED BY AN ENTITY THAT IS 263
DEFINED IN DIVISION (D) OF SECTION 1705.01 OF THE REVISED CODE 264
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AND THAT HAS ASSETS EXCEEDING FIVE HUNDRED MILLION DOLLARS, TO 266
WHICH NOTES ALL OF THE FOLLOWING APPLY: 267
(i) THE NOTES ARE RATED AT THE TIME OF PURCHASE IN THE 269
HIGHEST CLASSIFICATION ESTABLISHED BY AT LEAST TWO NATIONALLY 270
RECOGNIZED STANDARD RATING SERVICES. 271
(ii) THE AGGREGATE VALUE OF THE NOTES DOES NOT EXCEED TEN 273
PER CENT OF THE AGGREGATE VALUE OF THE OUTSTANDING COMMERCIAL 275
PAPER OF THE ISSUING CORPORATION. 276
(iii) THE NOTES MATURE NOT LATER THAN ONE HUNDRED EIGHTY 278
DAYS AFTER PURCHASE. 280
(b) BANKERS ACCEPTANCES OF BANKS THAT ARE INSURED BY THE 282
FEDERAL DEPOSIT INSURANCE CORPORATION AND TO WHICH BOTH OF THE 283
FOLLOWING APPLY: 284
(i) THE OBLIGATIONS ARE ELIGIBLE FOR PURCHASE BY THE 286
FEDERAL RESERVE SYSTEM. 287
(ii) THE OBLIGATIONS MATURE NOT LATER THAN ONE HUNDRED 289
EIGHTY DAYS AFTER PURCHASE. 291
NO INVESTMENT SHALL BE MADE PURSUANT TO DIVISION (B)(7) OF 293
THIS SECTION UNLESS THE TREASURER OR GOVERNING BOARD HAS 294
COMPLETED ADDITIONAL TRAINING FOR MAKING THE INVESTMENTS 295
AUTHORIZED BY DIVISION (B)(7) OF THIS SECTION. THE TYPE AND 296
AMOUNT OF ADDITIONAL TRAINING SHALL BE APPROVED BY THE AUDITOR OF 297
STATE AND MAY BE CONDUCTED BY OR PROVIDED UNDER THE SUPERVISION 299
OF THE AUDITOR OF STATE.
(C) Nothing in the classifications of eligible obligations 301
set forth in divisions (B)(1) to (6)(7) of this section shall be 302
construed to authorize any investment in a derivative, and no 304
treasurer or governing board shall invest in a derivative. For 305
purposes of this division, "derivative" means a financial 306
instrument or contract or obligation whose value or return is 307
based upon or linked to another asset or index, or both, separate 308
from the financial instrument, contract, or obligation itself.
Any security, obligation, trust account, or other instrument that 309
is created from an issue of the United States treasury or is 310
8
created from an obligation of a federal agency or instrumentality 311
or is created from both is considered a derivative instrument. 312
An eligible investment described in this section with a variable 313
interest rate payment, based upon a single interest payment or 314
single index comprised of other eligible investments provided for 315
in division (B)(1) or (2) of this section, is not a derivative, 316
provided that such variable rate investment has a maximum
maturity of two years. 317
(D) Any EXCEPT AS PROVIDED IN DIVISION (E) OF THIS 319
SECTION, ANY investment made pursuant to this section must mature 320
within five years from the date of settlement, unless the 321
investment is matched to a specific obligation or debt of the 322
subdivision. 323
(E) The treasurer or governing board may also enter into a 325
written repurchase agreement with any eligible institution 326
mentioned in section 135.03 of the Revised Code or any eligible 327
dealer pursuant to division (M) of this section, under the terms 328
of which agreement the treasurer or governing board purchases, 329
and such institution or dealer agrees unconditionally to 330
repurchase any of the securities listed in division DIVISIONS 331
(B)(1) or (2) TO (5), EXCEPT LETTERS OF CREDIT DESCRIBED IN 332
DIVISION (B)(2), of this section 135.18 OF THE REVISED CODE. The 335
market value of securities subject to an overnight WRITTEN 336
repurchase agreement must exceed the principal value of the 337
overnight WRITTEN repurchase agreement by at least two per cent. 338
A term WRITTEN repurchase agreement shall not exceed thirty days 340
and the market value of securities subject to a term WRITTEN 341
repurchase agreement must exceed the principal value of the term 342
WRITTEN repurchase agreement by at least two per cent and be 343
marked to market daily. All securities purchased pursuant to 345
this division shall be delivered into the custody of the
treasurer or governing board or an agent designated by the 346
treasurer or governing board. A WRITTEN repurchase agreement 347
with an eligible securities dealer shall be transacted on a 349
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delivery versus payment basis. The agreement shall contain the 350
requirement that for each transaction pursuant to the agreement 351
the participating institution or dealer shall provide all of the 352
following information:
(1) The par value of the securities; 354
(2) The type, rate, and maturity date of the securities; 356
(3) A numerical identifier generally accepted in the 358
securities industry that designates the securities. 359
No treasurer or governing board shall enter into a written 361
repurchase agreement under the terms of which the treasurer or 362
governing board agrees to sell securities owned by the 363
subdivision to a purchaser and agrees with that purchaser to 364
unconditionally repurchase those securities.
(F) No treasurer or governing board shall make an 366
investment under this section, unless the treasurer or governing 367
board, at the time of making the investment, reasonably expects 368
that the investment can be held until its maturity. 369
(G) No treasurer or governing board shall pay interim 371
moneys into a fund established by another subdivision, treasurer, 372
governing board, or investing authority, if that fund was 373
established for the purpose of investing the public moneys of 374
other subdivisions. This division does not apply to the payment 375
of public moneys into either of the following:
(1) The Ohio subdivision's fund pursuant to division 378
(B)(6) of this section;
(2) A fund created solely for the purpose of acquiring, 380
constructing, owning, leasing, or operating municipal utilities 381
pursuant to the authority provided under section 715.02 of the 382
Revised Code or Section 4 of Article XVIII, Ohio Constitution. 383
For purposes of division (G) of this section, "subdivision" 385
includes a county. 386
(H) The use of leverage, in which the treasurer or 388
governing board uses its current investment assets as collateral 389
for the purpose of purchasing other assets, is prohibited. The 390
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issuance of taxable notes for the purpose of arbitrage is 391
prohibited. Contracting to sell securities that have not yet 392
been acquired by the treasurer or governing board, for the
purpose of purchasing such securities on the speculation that 393
bond prices will decline, is prohibited. 394
(I) Whenever, during a period of designation, the 396
treasurer classifies public moneys as interim moneys, the 397
treasurer shall notify the governing board of such action. The 398
notification shall be given within thirty days after such 399
classification and in the event the governing board does not 400
concur in such classification or in the investments or deposits 401
made under this section, the governing board may order the 402
treasurer to sell or liquidate any of such investments or 403
deposits, and any such order shall specifically describe the 404
investments or deposits and fix the date upon which they are to 405
be sold or liquidated. Investments or deposits so ordered to be 406
sold or liquidated shall be sold or liquidated for cash by the 407
treasurer on the date fixed in such order at the then current 408
market price. Neither the treasurer nor the members of the board 409
shall be held accountable for any loss occasioned by sales or 410
liquidations of investments or deposits at prices lower than 411
their cost. Any loss or expense incurred in making such sales or 412
liquidations is payable as other expenses of the treasurer's 413
office.
(J) If any investments or deposits purchased under the 415
authority of this section are issuable to a designated payee or 416
to the order of a designated payee, the name of the treasurer and 417
the title of the treasurer's office shall be so designated. If 418
any such securities are registrable either as to principal or 419
interest, or both, then such securities shall be registered in 420
the name of the treasurer as such. 421
(K) The treasurer is responsible for the safekeeping of 423
all documents evidencing a deposit or investment acquired by the 424
treasurer under this section. Any securities may be deposited 425
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for safekeeping with a qualified trustee as provided in section 426
135.18 of the Revised Code, except the delivery of securities 427
acquired under any repurchase agreement under this section shall 428
be made to a qualified trustee, provided, however, that the 429
qualified trustee shall be required to report to the treasurer, 430
governing board, auditor of state, or an authorized outside 431
auditor at any time upon request as to the identity, market 432
value, and location of the document evidencing each security, and 433
that if the participating institution is a designated depository 434
of the subdivision for the current period of designation, the 435
securities that are the subject of the repurchase agreement may 436
be delivered to the treasurer or held in trust by the 437
participating institution on behalf of the subdivision. Interest 438
earned on any investments or deposits authorized by this section 439
shall be collected by the treasurer and credited by the treasurer 441
to the proper fund of the subdivision.
Upon the expiration of the term of office of a treasurer or 443
in the event of a vacancy in the office of treasurer by reason of 444
death, resignation, removal from office, or otherwise, the 445
treasurer or the treasurer's legal representative shall transfer 446
and deliver to the treasurer's successor all documents evidencing 447
a deposit or investment held by the treasurer. For the 448
investments and deposits so transferred and delivered, such 449
treasurer shall be credited with and the treasurer's successor 450
shall be charged with the amount of money held in such
investments and deposits. 451
(L) Whenever investments or deposits acquired under this 453
section mature and become due and payable, the treasurer shall 454
present them for payment according to their tenor, and shall 455
collect the moneys payable thereon. The moneys so collected 456
shall be treated as public moneys subject to sections 135.01 to 457
135.21 of the Revised Code. 458
(M)(1) All investments, except for investments in 460
securities described in divisions (B)(5) and (6) of this section 461
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and for investments by a municipal corporation in the issues of 462
such municipal corporation, shall be made only through a member 463
of the national association of securities dealers, through a 464
bank, savings bank, or savings and loan association regulated by 465
the superintendent of financial institutions, or through an 466
institution regulated by the comptroller of the currency, federal 467
deposit insurance corporation, or board of governors of the 468
federal reserve system.
(2) Payment for investments shall be made only upon the 470
delivery of securities representing such investments to the 471
treasurer, governing board, or qualified trustee. If the 472
securities transferred are not represented by a certificate, 473
payment shall be made only upon receipt of confirmation of 474
transfer from the custodian by the treasurer, governing board, or 475
qualified trustee. 476
(N)(1) IN MAKING INVESTMENTS AUTHORIZED BY THIS SECTION, A 478
TREASURER OR GOVERNING BOARD MAY RETAIN THE SERVICES OF AN 480
INVESTMENT ADVISOR, PROVIDED THE ADVISOR IS LICENSED BY THE 482
DIVISION OF SECURITIES UNDER SECTION 1707.141 OF THE REVISED CODE 483
OR IS REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND 485
POSSESSES EXPERIENCE IN PUBLIC FUNDS INVESTMENT MANAGEMENT, 486
SPECIFICALLY IN THE AREA OF STATE AND LOCAL GOVERNMENT INVESTMENT 487
PORTFOLIOS, OR THE ADVISOR IS AN ELIGIBLE INSTITUTION MENTIONED 488
IN SECTION 135.03 OF THE REVISED CODE. 489
(O)(1) Except as otherwise provided in divisions (N)(O)(2) 492
and (3) of this section, no treasurer or governing board shall 493
make an investment or deposit under this section, unless there is 495
on file with the auditor of state a written investment policy 496
approved by the treasurer or governing board. The policy shall 497
require that all entities conducting investment business with the 498
treasurer or governing board shall sign the investment policy of 499
that subdivision. All brokers, dealers, and financial 500
institutions, described in division (M)(1) of this section, 501
initiating transactions with the treasurer or governing board by 502
13
giving advice or making investment recommendations shall sign the 503
treasurer's or governing board's investment policy thereby
acknowledging their agreement to abide by the policy's contents. 504
All brokers, dealers, and financial institutions, described in 505
division (M)(1) of this section, executing transactions initiated 506
by the treasurer or governing board, having read the policy's 507
contents, shall sign the investment policy thereby acknowledging 508
their comprehension and receipt.
(2) If a written investment policy described in division 510
(N)(O)(1) of this section is not filed on behalf of the 512
subdivision with the auditor of state, the treasurer or governing 513
board of that subdivision shall invest the subdivision's interim 514
moneys only in interim deposits pursuant to division (B)(3) of 515
this section, no-load money market mutual funds pursuant to 516
division (B)(5) of this section, or the Ohio subdivision's fund 517
pursuant to division (B)(6) of this section.
(3) Divisions (N)(O)(1) and (2) of this section do not 519
apply to a treasurer or governing board of a subdivision whose 521
average annual portfolio of investments held pursuant to this 522
section is one hundred thousand dollars or less, provided that 523
the treasurer or governing board certifies, on a form prescribed 524
by the auditor of state, that the treasurer or governing board 525
will comply and is in compliance with the provisions of sections 526
135.01 to 135.21 of the Revised Code. 527
(O)(P) A treasurer or governing board may enter into a 530
written investment or deposit agreement that includes a provision 531
under which the parties agree to submit to nonbinding arbitration 532
to settle any controversy that may arise out of the agreement, 533
including any controversy pertaining to losses of public moneys 534
resulting from investment or deposit. The arbitration provision 535
shall be set forth entirely in the agreement, and the agreement 536
shall include a conspicuous notice to the parties that any party 538
to the arbitration may apply to the court of common pleas of the 539
county in which the arbitration was held for an order to vacate,
14
modify, or correct the award. Any such party may also apply to 540
the court for an order to change venue to a court of common pleas 541
located more than one hundred miles from the county in which the 542
treasurer or governing board is located. 543
For purposes of this division, "investment or deposit 545
agreement" means any agreement between a treasurer or governing 546
board and a person, under which agreement the person agrees to 547
invest, deposit, or otherwise manage a subdivision's interim 548
moneys on behalf of the treasurer or governing board, or agrees 549
to provide investment advice to the treasurer or governing board.
(P)(Q) An investment made by the treasurer or governing 551
board pursuant to this section prior to September 27, 1996, that 553
was a legal investment under the law as it existed before 554
September 27, 1996, may be held until maturity, or if the 556
investment does not have a maturity date, it may be held until 557
five years from September 27, 1996, regardless of whether the 559
investment would qualify as a legal investment under the terms of 560
this section as amended.
Sec. 135.18. (A) The treasurer, before making the initial 569
deposit in a public depository pursuant to an award made under 570
sections 135.01 to 135.21 of the Revised Code, shall require the 571
institution designated as a public depository to pledge to and 572
deposit with the treasurer, as security for the repayment of all 573
public moneys to be deposited in the public depository during the 574
period of designation pursuant to the award, eligible securities 575
of aggregate market value equal to the excess of the amount of 576
public moneys to be at the time so deposited, over and above such 577
portion or amount of such moneys as is at such time insured by 578
the federal deposit insurance corporation or by any other agency 579
or instrumentality of the federal government, or the treasurer 580
may require the institution to deposit with the treasurer surety 581
company bonds which, when executed, shall be for an amount equal 582
to such excess amount. In the case of any deposit other than the 583
initial deposit made during the period of designation, the amount 584
15
of the aggregate market value of securities required to be 585
pledged and deposited, or of the surety company bonds required to 586
be deposited, shall be equal to the difference between the amount 587
of public moneys on deposit in such public depository plus the 588
amount to be so deposited, minus the portion or amount of the 589
aggregate as is at the time insured as provided in this section. 590
The treasurer may require additional eligible securities to be 591
deposited to provide for any depreciation which may occur in the 592
market value of any of the securities so deposited. 593
(B) The following securities shall be eligible for the 595
purposes of this section: 596
(1) Bonds, notes, or other obligations of the United 598
States; or bonds, notes, or other obligations guaranteed as to 599
principal and interest by the United States or those for which 600
the faith of the United States is pledged for the payment of 601
principal and interest thereon, by language appearing in the 602
instrument specifically providing such guarantee or pledge and 603
not merely by interpretation or otherwise; 604
(2) Bonds, notes, debentures, letters of credit, or other 606
obligations or securities issued by any federal government agency 607
or instrumentality, or the export-import bank of Washington; 608
bonds, notes, or other obligations guaranteed as to principal and 609
interest by the United States or those for which the faith of the 610
United States is pledged for the payment of principal and 611
interest thereon, by interpretation or otherwise and not by 612
language appearing in the instrument specifically providing such 613
guarantee or pledge;
(3) Obligations of or fully insured or fully guaranteed by 615
the United States or any federal government agency or 616
instrumentality;
(4) Obligations partially insured or partially guaranteed 618
by any federal agency or instrumentality; 619
(5) Obligations of or fully guaranteed by the federal 621
national mortgage association, federal home loan mortgage 622
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corporation, federal farm credit bank, or student loan marketing 623
association;
(6) Bonds and other obligations of this state; 625
(7) Bonds and other obligations of any county, township, 627
school district, municipal corporation, or other legally 628
constituted taxing subdivision of this state, which is not at the 629
time of such deposit, in default in the payment of principal or 630
interest on any of its bonds or other obligations, for which the 631
full faith and credit of the issuing subdivision is pledged; 633
(8) Bonds of other states of the United States which have 635
not during the ten years immediately preceding the time of such 636
deposit defaulted in payments of either interest or principal on 637
any of their bonds; 638
(9) Shares of no-load money market mutual funds consisting 641
exclusively of obligations described in division (B)(1) or (2) of
this section and repurchase agreements secured by such 642
obligations; 643
(10) A SURETY BOND ISSUED BY A CORPORATE SURETY LICENSED BY 645
THE STATE AND AUTHORIZED TO ISSUE SURETY BONDS IN THIS STATE 646
PURSUANT TO CHAPTER 3929. OF THE REVISED CODE, AND QUALIFIED TO 647
PROVIDE SURETY BONDS TO THE FEDERAL GOVERNMENT PURSUANT TO 96 649
STAT. 1047 (1982), 31 U.S.C.A. 9304. 650
(C) If the public depository fails to pay over any part of 652
the public deposit made therein as provided by law, the treasurer 653
shall sell at public sale any of the bonds or other securities 654
deposited with the treasurer pursuant to this section or section 655
131.09 of the Revised Code, or shall draw on any letter of credit 656
to the extent of such failure to pay. Thirty days' notice of 657
such sale shall be given in a newspaper of general circulation at 658
Columbus, in the case of the treasurer of state, and at the 659
county seat of the county in which the office of the treasurer is 660
located, in the case of any other treasurer. When a sale of 661
bonds or other securities has been so made and upon payment to 662
the treasurer of the purchase money, the treasurer shall transfer 663
17
such bonds or securities whereupon the absolute ownership of such 664
bonds or securities shall pass to the purchasers. Any surplus 665
remaining after deducting the amount due the state or subdivision 666
and expenses of sale shall be paid to the public depository. 667
(D) An institution designated as a public depository may, 669
by written notice to the treasurer, designate a qualified trustee 670
and deposit the eligible securities required by this section with 671
the trustee for safekeeping for the account of the treasurer and 672
the institution as a public depository, as their respective 673
rights to and interests in such securities under this section may 674
appear and be asserted by written notice to or demand upon the 675
trustee. In such case, the treasurer shall accept the written 676
receipt of the trustee describing the securities which have been 677
deposited with the trustee by the public depository, a copy of 678
which shall also be delivered to the public depository. 679
Thereupon all such securities so deposited with the trustee are 680
deemed to be pledged with the treasurer and to be deposited with 681
the treasurer, for all the purposes of this section. 682
(E) The governing board may make provisions for the 684
exchange and release of securities and the substitution of other 685
eligible securities therefor except where the public depository 686
has deposited eligible securities with a trustee for safekeeping 687
as provided in this section. 688
(F) When the public depository has deposited eligible 690
securities described in division (B)(1) of this section with a 691
trustee for safekeeping, the public depository may at any time 692
substitute or exchange eligible securities described in division 693
(B)(1) of this section having a current market value equal to or 694
greater than the current market value of the securities then on 695
deposit and for which they are to be substituted or exchanged, 696
without specific authorization from any governing board, boards, 697
or treasurer of any such substitution or exchange. 698
(G) When the public depository has deposited eligible 700
securities described in divisions (B)(2) to (9) of this section 702
18
with a trustee for safekeeping, the public depository may at any
time substitute or exchange eligible securities having a current 703
market value equal to or greater than the current market value of 704
the securities then on deposit and for which they are to be 705
substituted or exchanged without specific authorization of any 706
governing board, boards, or treasurer of any such substitution or 707
exchange only if: 708
(1) The treasurer has authorized the public depository to 710
make such substitution or exchange on a continuing basis during a 711
specified period without prior approval of each substitution or 712
exchange. Such authorization may be effected by the treasurer 713
sending to the trustee a written notice stating that substitution 714
may be effected on a continuing basis during a specified period 715
which shall not extend beyond the end of the period of 716
designation during which the notice is given. The trustee may 717
rely upon such notice and upon the period of authorization stated 718
therein and upon the period of designation stated therein. 719
(2) No continuing authorization for substitution has been 721
given by the treasurer, the public depository notifies the 722
treasurer and the trustee of an intended substitution or 723
exchange, and the treasurer fails to object to the trustee as to 724
the eligibility or market value of the securities being 725
substituted within ten calendar days after the date appearing on 726
the notice of proposed substitution. The notice to the treasurer 727
and to the trustee shall be given in writing and delivered 728
personally or by certified or registered mail with a return 729
receipt requested. The trustee may assume in any case that the 730
notice has been delivered to the treasurer. In order for 731
objections of the treasurer to be effective, receipt of the 732
objections must be acknowledged in writing by the trustee. 733
(3) The treasurer gives written authorization for a 735
substitution or exchange of specific securities. 736
(H) The public depository shall notify any governing 738
board, boards, or treasurer of any such substitution or exchange 739
19
under division (G)(1) or (2) of this section. Upon request from 740
the treasurer, the trustee shall furnish a statement of the 741
securities pledged against such public deposits. 742
(I) Any federal reserve bank or branch thereof located in 744
this state, without compliance with Chapter 1111. of the Revised 745
Code and without becoming subject to any other law of this state 748
relative to the exercise by corporations of trust powers 749
generally, is qualified to act as trustee for the safekeeping of 750
securities, under this section. Any institution mentioned in 751
section 135.03 of the Revised Code that holds a certificate of 752
qualification issued by the superintendent of financial 753
institutions or any institution complying with sections 1111.04,
1111.05, and 1111.06 of the Revised Code, is qualified to act as 755
trustee for the safekeeping of securities, other than those 756
belonging to itself, under this section. Upon application to the 757
superintendent in writing by any such institution, the
superintendent shall investigate the applicant and ascertain 759
whether or not it has been authorized to execute and accept 760
trusts in this state and has safe and adequate vaults and 761
efficient supervision thereof for the storage and safekeeping 762
within this state of such securities. If the superintendent 763
finds that the applicant has been so authorized and does have 764
such vaults and supervision thereof, the superintendent shall 765
approve the application and issue a certificate to that effect, 766
the original or any certified copy of which shall be conclusive 767
evidence that the institution therein named is qualified to act 768
as trustee for the purposes of this section with respect to 769
securities other than those belonging to itself.
Notwithstanding the fact that a public depository is 771
required to pledge eligible securities in certain amounts to 772
secure deposits of public moneys, a trustee shall have no duty or 773
obligation to determine the eligibility, market value, or face 774
value of any securities deposited with the trustee by a public 775
depository. This applies in all situations including, without 776
20
limitation, a substitution or exchange of securities. 777
Any charges or compensation of a designated trustee for 779
acting as such under this section shall be paid by the public 780
depository and in no event shall be chargeable to the state or 781
the subdivision or to the treasurer or to any officer of the 782
state or subdivision. Such THE charges or compensation shall not 784
be a lien or charge upon the securities deposited for safekeeping 785
prior or superior to the rights to and interests in such 786
securities of the state or the subdivision or of the treasurer. 787
The treasurer and the treasurer's bonders or surety shall be 789
relieved from any liability to the state or the subdivision or to
the public depository for the loss or destruction of any 790
securities deposited with a qualified trustee pursuant to this 791
section.
Sec. 135.181. (A) As used in this section: 800
(1) "Public depository" means that term as defined in 802
section 135.01 of the Revised Code, but also means an institution 803
which receives or holds any public deposits as defined in section 804
135.31 of the Revised Code. 805
(2) "Public deposits," "public moneys," and "treasurer" 807
mean those terms as defined in section 135.01 of the Revised 808
Code, but also have the same meanings as are set forth in section 809
135.31 of the Revised Code. 810
(3) "Subdivision" means that term as defined in section 812
135.01 of the Revised Code, but also includes a county. 813
(B) In lieu of the pledging requirements prescribed in 815
sections 135.18 and 135.37 of the Revised Code, an institution 816
designated as a public depository at its option may pledge a 817
single pool of eligible securities to secure the repayment of all 818
public moneys deposited in the institution and not otherwise 819
secured pursuant to law, provided that at all times the total 820
MARKET value of the securities so pledged, based on the 821
valuations prescribed in division (C) of this section, is at 822
least equal to one hundred ten FIVE per cent of the total amount 823
21
of all public deposits to be secured by the pooled securities, 824
including the portion of such deposits covered by any federal 825
deposit insurance. Each such institution shall carry in its 826
accounting records at all times a general ledger or other 827
appropriate account of the total amount of all public deposits to 828
be secured by the pool, as determined at the opening of business 829
each day, and the total MARKET value of securities pledged to 830
secure such deposits. 831
(C) The following securities, at the specified valuations, 833
DESCRIBED IN DIVISION (B) OF SECTION 135.18 OF THE REVISED CODE 834
shall be eligible as collateral for the purposes of division (B) 835
of this section, provided no such securities pledged as 836
collateral are at any time in default as to either principal or 837
interest: 838
(1) Obligations of or fully insured or fully guaranteed by 840
the United States or any federal government agency or 841
instrumentality: at face value; 842
(2) Obligations partially insured or partially guaranteed 844
by any federal government agency or instrumentality: at face 845
value;
(3) Obligations of or fully guaranteed by the federal 847
national mortgage association, federal home loan mortgage 848
corporation, federal farm, credit bank, or student loan marketing 849
association: at face value; 850
(4) Obligations of any state, county, municipal 852
corporation, or other legally constituted authority of any state, 853
or any instrumentality of any state, county, municipal 854
corporation, or other authority, which are secured as to the 855
payment of principal and interest by the holding in escrow of 856
obligations of the United States for which the full faith and 857
credit of the United States is pledged: at face value; 858
(5) Obligations of this state, or any county or other 860
legally constituted authority of this state, or any 861
instrumentality of this state, or such county or other authority: 862
22
at face value; 863
(6) Obligations of any other state: at ninety per cent of 865
face value; 866
(7) Obligations of any county, municipal corporation, or 868
other legally constituted authority of any other state, or any 869
instrumentality of such county, municipal corporation, or other 870
authority: at eighty per cent of face value; 871
(8) Notes representing loans made to persons attending or 873
planning to attend eligible institutions of education and to 874
their parents, and insured or guaranteed by the United States or 875
any agency, department, or other instrumentality thereof: at 876
face value;
(9) Any other obligations the treasurer of state approves: 878
at the percentage of face value the treasurer of state 879
prescribes;
(10) Shares of no-load money market mutual funds 881
consisting exclusively of obligations described in division 882
(C)(1), (2), or (3) of this section and repurchase agreements 883
secured by such obligations: at face value. 884
(D) The state and each subdivision shall have an undivided 886
security interest in the pool of securities pledged by a public 887
depository pursuant to division (B) of this section in the 888
proportion that the total amount of the state's or subdivision's 889
public moneys secured by the pool bears to the total amount of 890
public deposits so secured. 891
(E) An institution designated as a public depository shall 893
designate a qualified trustee and deposit with the trustee for 894
safekeeping the eligible securities pledged pursuant to division 895
(B) of this section. The institution shall give written notice 896
of the qualified trustee to any treasurer or treasurers 897
depositing public moneys for which such securities are pledged. 898
The treasurer shall accept the written receipt of the trustee 899
describing the pool of securities so deposited by the depository, 900
a copy of which also shall be delivered to the depository. 901
23
(F) Any federal reserve bank or branch thereof located in 903
this state, without compliance with Chapter 1111. of the Revised 904
Code and without becoming subject to any other law of this state 907
relative to the exercise by corporations of trust powers 908
generally, is qualified to act as trustee for the safekeeping of 909
securities, under this section. Any institution mentioned in 910
section 135.03 or 135.32 of the Revised Code which holds a
certificate of qualification issued by the superintendent of 911
financial institutions or any institution complying with sections 913
1111.04, 1111.05, and 1111.06 of the Revised Code is qualified to 914
act as trustee for the safekeeping of securities under this 915
section, other than those belonging to itself or to an affiliate 916
as defined in division (A) of section 1101.01 of the Revised 917
Code. Upon application to the superintendent in writing by any 918
such institution, the superintendent shall investigate the 920
applicant and ascertain whether or not it has been authorized to 921
execute and accept trusts in this state and has safe and adequate 922
vaults and efficient supervision thereof for the storage and 923
safekeeping of such securities. If the superintendent finds that 924
the applicant has been so authorized and does have such vaults 925
and supervision thereof, the superintendent shall approve the 926
application and issue a certificate to that effect, the original 928
or any certified copy of which shall be conclusive evidence that 929
the institution named therein is qualified to act as trustee for 930
the purposes of this section with respect to securities other 931
than those belonging to itself or to an affiliate. 932
(G) The public depository at any time may substitute, 934
exchange, or release eligible securities deposited with a 935
qualified trustee pursuant to this section, provided that such 936
substitution, exchange, or release does not reduce the total 937
MARKET value of the securities, based on the valuations 938
prescribed in division (C) of this section, to an amount that is 940
less than one hundred ten FIVE per cent of the total amount of 941
public deposits as determined pursuant to division (B) of this 943
24
section.
(H) Notwithstanding the fact that a public depository is 945
required to pledge eligible securities in certain amounts to 946
secure deposits of public moneys, a trustee shall have no duty or 947
obligation to determine the eligibility, market value, or face 948
value of any securities deposited with the trustee by a public 949
depository. This applies in all situations including, but not 950
limited to, a substitution or exchange of securities, but 951
excluding those situations effectuated by division (I) of this 952
section in which the trustee is required to determine face and 953
market value. 954
(I) If the public depository fails to pay over any part of 956
the public deposits made therein as provided by law and secured 957
pursuant to division (B) of this section, the treasurer shall 958
give written notice of this failure to the qualified trustee 959
holding the pool of securities pledged against public moneys 960
deposited in the depository, and at the same time shall send a 961
copy of this notice to the depository. Upon receipt of such 962
notice, the trustee shall transfer to the treasurer for public 963
sale such of the pooled securities as may be necessary to produce 964
an amount equal to the deposits made by the treasurer and not 965
paid over, less the portion of such deposits covered by any 966
federal deposit insurance, plus any accrued interest due on such 967
deposits; however, such THE amount shall not exceed the state's 968
or subdivision's proportional security interest in the market 970
value of the pool as of the date of the depository's failure to 971
pay over the deposits, as such interest and value are determined 972
by the trustee. The treasurer shall sell at public sale any of 973
the bonds or other securities so transferred. Thirty days' 974
notice of such sale shall be given in a newspaper of general 975
circulation at Columbus, in the case of the treasurer of state, 976
and at the county seat of the county in which the office of the 977
treasurer is located, in the case of any other treasurer. When a 978
sale of bonds or other securities has been so made and upon 979
25
payment to the treasurer of the purchase money, the treasurer 980
shall transfer such bonds or securities whereupon the absolute 981
ownership of such bonds or securities shall pass to the 982
purchasers. Any surplus after deducting the amount due the state 983
or subdivision and expenses of sale shall be paid to the public 984
depository.
(J) Any charges or compensation of a designated trustee 986
for acting as such under this section shall be paid by the public 987
depository and in no event shall be chargeable to the state or 988
subdivision or to the treasurer or to any officer of the state or 989
subdivision. Such THE charges or compensation shall not be a 990
lien or charge upon the securities deposited for safekeeping 992
prior or superior to the rights to and interests in such 993
securities of the state or subdivision or of the treasurer. The 994
treasurer and the treasurer's bonders or surety shall be relieved 995
from any liability to the state or subdivision or to the public 996
depository for the loss or destruction of any securities 997
deposited with a qualified trustee pursuant to this section. 998
(K) In lieu of placing its unqualified endorsement on each 1,000
security, a public depository pledging securities pursuant to 1,001
division (B) of this section that are not negotiable without its 1,002
endorsement or assignment may furnish to the qualified trustee 1,003
holding the securities an appropriate resolution and irrevocable 1,004
power of attorney authorizing the trustee to assign the 1,005
securities. The resolution and power of attorney shall conform 1,006
to such terms and conditions as the trustee prescribes. 1,007
(L) Upon request of a treasurer no more often than four 1,009
times per year, a public depository shall report the amount of 1,010
public moneys deposited by the treasurer and secured pursuant to 1,011
division (B) of this section, and the total MARKET value, based 1,012
on the valuations prescribed in division (C) of this section, of 1,014
the pool of securities pledged to secure public moneys held by 1,015
the depository, including those deposited by the treasurer. Upon 1,016
request of a treasurer no more often than four times per year, a 1,017
26
qualified trustee shall report such THE total MARKET value of the 1,019
pool of securities deposited with it by the depository and shall 1,021
provide an itemized list of the securities in the pool. These 1,022
reports shall be made as of the date the treasurer specifies. 1,023
Sec. 135.33. (A) The board of county commissioners shall 1,032
meet every two FOUR years in the month next preceding the date of 1,034
the expiration of its current period of designation for the 1,035
purpose of designating its public depositories of active moneys 1,036
for the next succeeding two-year FOUR-YEAR period commencing on 1,037
the date of expiration of the preceding period. 1,039
At least sixty days before such THE meeting, the county 1,041
treasurer shall submit to the board an estimate of the aggregate 1,042
amount of public moneys that might be available for deposit as 1,043
active moneys at any one time during the next two-year FOUR-YEAR 1,044
period. Upon receipt of such estimate, the board shall 1,045
immediately notify all eligible institutions that might desire to 1,046
be designated as such public depositories of the date on which 1,047
the designation is to be made; the amount that has been estimated 1,048
to be available for deposit; and the date fixed as the last date 1,049
on which applications may be submitted, that shall not be more 1,050
than thirty days or less than ten days prior to the date set for 1,051
the meeting designating public depositories. 1,052
(B) Any eligible institution described in division (A) of 1,054
section 135.32 of the Revised Code that has an office located 1,055
within the territorial limits of the county is eligible to become 1,056
a public depository of the active moneys of the county. Each 1,057
eligible institution desiring to be a public depository of such 1,058
active moneys shall, not more than thirty days or less than ten 1,059
days prior to the date fixed by this section, make application 1,060
therefor in writing to the board of county commissioners. Such 1,061
THE application may specify the maximum amount of such public 1,062
moneys that the applicant desires to receive and have on deposit 1,063
at any time during the period covered by the designation. Each 1,064
application shall be accompanied by a financial statement of the 1,065
27
applicant, under oath of its cashier, treasurer, or other officer 1,066
as of the date of its latest report to the superintendent of 1,067
banks or comptroller of the currency, and adjusted to show any 1,068
changes therein prior to the date of the application, that shall 1,069
include a statement of its public and nonpublic deposits. 1,070
(C) The board of county commissioners, upon recommendation 1,072
of the treasurer, shall designate, by resolution, one or more 1,073
eligible institutions as public depositories for active moneys. 1,074
In case the aggregate amount of active moneys applied for by 1,075
institutions within the county is less than the amount estimated 1,076
to be available for deposit, the board may designate as a public 1,077
depository one or more eligible institutions that are 1,078
conveniently located. The original resolution of designation 1,079
shall be certified to the treasurer and any institution 1,080
designated as a public depository. 1,081
(D) No service charge shall be made against any deposit of 1,083
active moneys, or collected or paid, unless such service charge 1,084
is the same as is customarily imposed by institutions receiving 1,085
money on deposit subject to check, in which event the charge may 1,086
be paid. 1,087
(E) Notwithstanding division (C) of this section, the 1,089
board of county commissioners may authorize, by resolution, the 1,090
treasurer to deposit money necessary to pay the principal and 1,091
interest on bonds and notes, and any fees incident thereto, in 1,092
any bank within this state. 1,093
Moneys so deposited shall be transferred by the treasurer 1,095
according to the terms of the agreement with the bank but shall 1,096
remain as public moneys until such time as they are actually paid 1,097
out by the bank. Until such time as payments become due and 1,098
payable on such principal or interest, the bank shall invest any 1,099
moneys in the account in interest-bearing obligations at the 1,100
highest, reasonable rate of interest obtainable. 1,101
So long as moneys remain in the account, the bank shall 1,103
deliver to the treasurer, at the end of each month, a statement 1,104
28
showing an accounting of all activities in the account during the 1,105
preceding month including, but not limited to, all payments made, 1,106
all interest earned, and the beginning and ending balances, 1,107
together with any coupons redeemed since the preceding statement 1,108
was issued. 1,109
Sec. 135.341. (A) There shall be a county investment 1,118
advisory committee consisting of three members: two county 1,119
commissioners to be designated by the board of county 1,121
commissioners, and the county treasurer. 1,122
Notwithstanding the preceding sentence, the board of county 1,124
commissioners may declare that all three county commissioners 1,125
shall serve on the county investment advisory committee. If the 1,126
board so declares, the county investment advisory committee shall 1,127
consist of five members: the three county commissioners, the 1,128
county treasurer, and the clerk of the court of common pleas of 1,129
the county.
(B) The committee shall elect its own chairperson, and 1,131
committee members shall receive no additional compensation for 1,132
the performance of their duties as committee members. 1,133
(C) The committee shall establish written county 1,136
investment policies and shall meet at least once every three 1,137
months, to review or revise its policies and to advise the 1,138
investing authority on the county investments in order to ensure 1,139
the best and safest return of funds available to the county for 1,140
deposit or investment. Any member of the county investment 1,141
advisory committee, upon giving five days' notice, may call a 1,142
meeting of the committee. The committee's policies may establish 1,143
a limit on the period of time that moneys may be invested in any 1,144
particular type of investment.
(D) The committee is authorized to retain the services of 1,146
an investment advisor, provided that the advisor is LICENSED BY 1,147
THE DIVISION OF SECURITIES UNDER SECTION 1707.141 OF THE REVISED 1,148
CODE OR IS registered with the securities and exchange 1,149
commission, and possesses public funds investment management 1,151
29
experience, specifically in the area of state and local
government investment portfolios, or the advisor is an eligible 1,152
institution mentioned in section 135.03 of the Revised Code. 1,153
(E) Nothing in this section affects the authority of any 1,155
of the officers mentioned in section 325.27 of the Revised Code 1,156
to contract for the services of fiscal and management consultants 1,157
pursuant to section 325.17 of the Revised Code. 1,158
Sec. 135.35. (A) The investing authority shall deposit or 1,167
invest any part or all of the county's inactive moneys and shall 1,168
invest all of the money in the county library and local 1,169
government support fund when required by section 135.352 of the 1,170
Revised Code. The following classifications of securities and 1,171
obligations are eligible for such deposit or investment: 1,172
(1) United States treasury bills, notes, bonds, or any 1,174
other obligation or security issued by the United States treasury 1,175
or any other obligation guaranteed as to principal or interest by 1,176
the United States.
Nothing in the classification of eligible securities and 1,178
obligations set forth in division (A)(1) of this section or in 1,179
the classifications of eligible securities and obligations set 1,180
forth in divisions (A)(2) to (9)(8) of this section shall be 1,182
construed to authorize any investment in stripped principal or 1,183
interest obligations of such eligible securities and obligations.
(2) Bonds, notes, debentures, or any other obligations or 1,185
securities issued by any federal government agency or 1,186
instrumentality, including but not limited to, the federal 1,187
national mortgage association, federal home loan bank, federal 1,188
farm credit bank, federal home loan mortgage corporation, 1,189
government national mortgage association, and student loan 1,190
marketing association. All federal agency securities shall be 1,191
direct issuances of federal government agencies or
instrumentalities. 1,192
(3) Time certificates of deposit or savings or deposit 1,194
accounts, including, but not limited to, passbook accounts, in 1,195
30
any eligible institution mentioned in section 135.32 of the 1,196
Revised Code; 1,197
(4) Bonds and other obligations of this state or the 1,199
political subdivisions of this state, provided that such 1,200
political subdivisions are located wholly or partly within the 1,201
same county as the investing authority;
(5) No-load money market mutual funds consisting 1,203
exclusively of obligations described in division (A)(1) or (2) of 1,204
this section and repurchase agreements secured by such 1,205
obligations, provided that investments in securities described in 1,207
this division are made only through eligible institutions
mentioned in section 135.32 of the Revised Code; 1,208
(6) The Ohio subdivision's fund as provided in section 1,210
135.45 of the Revised Code; 1,211
(7) Securities lending agreements with any eligible 1,213
institution mentioned in section 135.32 of the Revised Code that 1,214
is a member of the federal reserve system or federal home loan 1,215
bank, under the terms of which agreements the investing authority 1,217
lends securities and the eligible institution agrees to 1,218
simultaneously exchange either securities described in division
(A)(1) or (2) of this section or cash or both securities and 1,219
cash, equal value for equal value; 1,220
(8) Commercial paper issued by any corporation 1,222
incorporated under the laws of the United States or a state if 1,223
both of the following conditions apply: 1,224
(a) Two nationally recognized rating agencies rank the 1,226
commercial paper in either of their two highest categories; 1,227
(b) The total amount invested in commercial paper at any 1,229
time does not exceed five per cent of the county's total average 1,231
portfolio, as determined and calculated by the investing 1,232
authority.
(9) Bankers acceptances, if the following conditions are 1,234
met:
(a) The acceptances mature in two hundred seventy days or 1,236
31
fewer from the date of settlement; 1,237
(b) The acceptances are eligible for purchase by the 1,239
federal reserve system; 1,240
(c) The total amount invested in bankers acceptances at 1,242
any time does not exceed ten per cent of the county's total 1,243
average portfolio, as determined and calculated by the investing 1,244
authority UP TO TWENTY-FIVE PER CENT OF THE COUNTY'S TOTAL 1,246
AVERAGE PORTFOLIO IN EITHER OF THE FOLLOWING INVESTMENTS: 1,247
(a) COMMERCIAL PAPER NOTES ISSUED BY AN ENTITY THAT IS 1,249
DEFINED IN DIVISION (D) OF SECTION 1705.01 OF THE REVISED CODE 1,251
AND THAT HAS ASSETS EXCEEDING FIVE HUNDRED MILLION DOLLARS, TO 1,253
WHICH NOTES ALL OF THE FOLLOWING APPLY: 1,254
(i) THE NOTES ARE RATED AT THE TIME OF PURCHASE IN THE 1,256
HIGHEST CLASSIFICATION ESTABLISHED BY AT LEAST TWO NATIONALLY 1,257
RECOGNIZED STANDARD RATING SERVICES. 1,258
(ii) THE AGGREGATE VALUE OF THE NOTES DOES NOT EXCEED TEN 1,260
PER CENT OF THE AGGREGATE VALUE OF THE OUTSTANDING COMMERCIAL 1,262
PAPER OF THE ISSUING CORPORATION. 1,263
(iii) THE NOTES MATURE NOT LATER THAN ONE HUNDRED EIGHTY 1,265
DAYS AFTER PURCHASE. 1,267
(b) BANKERS ACCEPTANCES OF BANKS THAT ARE INSURED BY THE 1,269
FEDERAL DEPOSIT INSURANCE CORPORATION AND TO WHICH BOTH OF THE 1,270
FOLLOWING APPLY: 1,271
(i) THE OBLIGATIONS ARE ELIGIBLE FOR PURCHASE BY THE 1,273
FEDERAL RESERVE SYSTEM. 1,274
(ii) THE OBLIGATIONS MATURE NOT LATER THAN ONE HUNDRED 1,276
EIGHTY DAYS AFTER PURCHASE. 1,278
NO INVESTMENT SHALL BE MADE PURSUANT TO DIVISION (A)(8) OF 1,280
THIS SECTION UNLESS THE INVESTING AUTHORITY HAS COMPLETED 1,281
ADDITIONAL TRAINING FOR MAKING THE INVESTMENTS AUTHORIZED BY 1,282
DIVISION (A)(8) OF THIS SECTION. THE TYPE AND AMOUNT OF 1,283
ADDITIONAL TRAINING SHALL BE APPROVED BY THE AUDITOR OF STATE AND 1,285
MAY BE CONDUCTED BY OR PROVIDED UNDER THE SUPERVISION OF THE
AUDITOR OF STATE. 1,286
32
(B) Nothing in the classifications of eligible obligations 1,288
and securities set forth in divisions (A)(1) to (9)(8) of this 1,289
section shall be construed to authorize investment in a 1,291
derivative, and no investing authority shall invest any county 1,292
inactive moneys or any moneys in a county library and local 1,293
government support fund in a derivative. For purposes of this 1,294
division, "derivative" means a financial instrument or contract 1,295
or obligation whose value or return is based upon or linked to
another asset or index, or both, separate from the financial 1,296
instrument, contract, or obligation itself. Any security, 1,297
obligation, trust account, or other instrument that is created 1,298
from an issue of the United States treasury or is created from an 1,299
obligation of a federal agency or instrumentality or is created 1,300
from both is considered a derivative instrument. An eligible 1,301
investment described in this section with a variable interest 1,302
rate payment, based upon a single interest payment or single
index comprised of other eligible investments provided for in 1,303
division (A)(1) or (2) of this section, is not a derivative, 1,304
provided that such variable rate investment has a maximum 1,305
maturity of two years.
(C) Any EXCEPT AS PROVIDED IN DIVISION (D) OF THIS 1,307
SECTION, ANY investment made pursuant to this section must mature 1,308
within five years from the date of settlement, unless the 1,310
investment is matched to a specific obligation or debt of the 1,311
county OR TO A SPECIFIC OBLIGATION OR DEBT OF A POLITICAL 1,312
SUBDIVISION OF THIS STATE LOCATED WHOLLY OR PARTLY WITHIN THE 1,313
COUNTY, and the investment is specifically approved by the 1,314
investment advisory committee. 1,315
(D) The investing authority may also enter into a written 1,317
repurchase agreement with any eligible institution mentioned in 1,319
section 135.32 of the Revised Code or any eligible securities
dealer pursuant to division (J) of this section, under the terms 1,320
of which agreement the investing authority purchases and the 1,321
eligible institution or dealer agrees unconditionally to 1,323
33
repurchase any of the securities listed in division (A)(1) or (2) 1,324
DIVISIONS (B)(1) TO (5), EXCEPT LETTERS OF CREDIT DESCRIBED IN 1,325
DIVISION (B)(2), of this section 135.18 OF THE REVISED CODE. 1,327
The market value of securities subject to an overnight WRITTEN 1,329
repurchase agreement must exceed the principal value of the 1,331
overnight WRITTEN repurchase agreement by at least two per cent. 1,333
A term WRITTEN repurchase agreement must exceed the principal 1,334
value of the overnight WRITTEN repurchase agreement, by at least 1,335
two per cent. A term WRITTEN repurchase agreement shall not 1,337
exceed thirty days, and the market value of securities subject to 1,338
a term WRITTEN repurchase agreement must exceed the principal 1,340
value of the term WRITTEN repurchase agreement by at least two 1,341
per cent and be marked to market daily. All securities purchased 1,342
pursuant to this division shall be delivered into the custody of 1,344
the investing authority or the qualified custodian of the
investing authority or an agent designated by the investing 1,345
authority. A WRITTEN repurchase agreement with an eligible 1,347
securities dealer shall be transacted on a delivery versus 1,348
payment basis. The agreement shall contain the requirement that 1,349
for each transaction pursuant to the agreement the participating 1,350
institution shall provide all of the following information: 1,351
(1) The par value of the securities; 1,353
(2) The type, rate, and maturity date of the securities; 1,355
(3) A numerical identifier generally accepted in the 1,357
securities industry that designates the securities. 1,358
No investing authority shall enter into a written 1,360
repurchase agreement under the terms of which the investing 1,361
authority agrees to sell securities owned by the county to a 1,363
purchaser and agrees with that purchaser to unconditionally
repurchase those securities. 1,364
(E) No investing authority shall make an investment under 1,367
this section, unless the investing authority, at the time of
making the investment, reasonably expects that the investment can 1,368
be held until its maturity. The investing authority's written 1,369
34
investment policy shall specify the conditions under which an 1,370
investment may be redeemed or sold prior to maturity. 1,371
(F) No investing authority shall pay a county's inactive 1,373
moneys or moneys of a county library and local government support 1,374
fund into a fund established by another subdivision, treasurer, 1,375
governing board, or investing authority, if that fund was 1,376
established by the subdivision, treasurer, governing board, or 1,377
investing authority for the purpose of investing or depositing 1,378
the public moneys of other subdivisions. This division does not
apply to the payment of public moneys into either of the 1,379
following:
(1) The Ohio subdivision's fund pursuant to division 1,381
(A)(6) of this section;
(2) A fund created solely for the purpose of acquiring, 1,383
constructing, owning, leasing, or operating municipal utilities 1,384
pursuant to the authority provided under section 715.02 of the 1,385
Revised Code or Section 4 of Article XVIII, Ohio Constitution. 1,386
For purposes of division (F) of this section, "subdivision" 1,388
includes a county. 1,389
(G) The use of leverage, in which the county uses its 1,391
current investment assets as collateral for the purpose of 1,392
purchasing other assets, is prohibited. The issuance of taxable 1,393
notes for the purpose of arbitrage is prohibited. Contracting to 1,394
sell securities not owned by the county, for the purpose of 1,395
purchasing such securities on the speculation that bond prices
will decline, is prohibited. 1,396
(H) Any securities, certificates of deposit, deposit 1,398
accounts, or any other documents evidencing deposits or 1,399
investments made under authority of this section shall be issued 1,400
in the name of the county with the county treasurer or investing 1,401
authority as the designated payee. If any such deposits or 1,402
investments are registrable either as to principal or interest, 1,403
or both, they shall be registered in the name of the treasurer. 1,404
(I) The investing authority shall be responsible for the 1,406
35
safekeeping of all documents evidencing a deposit or investment 1,407
acquired under this section including, but not limited to, 1,408
safekeeping receipts evidencing securities deposited with a 1,409
qualified trustee, as provided in section 135.37 of the Revised 1,410
Code, and documents confirming the purchase of securities under 1,411
any repurchase agreement under this section shall be deposited 1,412
with a qualified trustee, provided, however, that the qualified 1,413
trustee shall be required to report to the investing authority, 1,414
auditor of state, or an authorized outside auditor at any time 1,415
upon request as to the identity, market value, and location of 1,416
the document evidencing each security, and that if the 1,417
participating institution is a designated depository of the 1,418
county for the current period of designation, the securities that 1,419
are the subject of the repurchase agreement may be delivered to 1,420
the treasurer or held in trust by the participating institution 1,421
on behalf of the investing authority. 1,422
Upon the expiration of the term of office of an investing 1,424
authority or in the event of a vacancy in the office for any 1,425
reason, the officer or the officer's legal representative shall 1,427
transfer and deliver to the officer's successor all documents
mentioned in this division for which the officer has been 1,428
responsible for safekeeping. For all such documents transferred 1,430
and delivered, such officer shall be credited with, and the 1,431
officer's successor shall be charged with, the amount of moneys 1,432
so evidenced by such documents.
(J)(1) All investments, except for investments in 1,434
securities described in divisions (A)(5) and (6) of this section, 1,436
shall be made only through a member of the national association 1,437
of securities dealers, through a bank, savings bank, or savings 1,438
and loan association regulated by the superintendent of financial 1,440
institutions, or through an institution regulated by the 1,441
comptroller of the currency, federal deposit insurance 1,442
corporation, or board of governors of the federal reserve system. 1,443
(2) Payment for investments shall be made only upon the 1,445
36
delivery of securities representing such investments to the 1,447
treasurer, investing authority, or qualified trustee. If the 1,448
securities transferred are not represented by a certificate, 1,449
payment shall be made only upon receipt of confirmation of 1,450
transfer from the custodian by the treasurer, governing board, or 1,451
qualified trustee.
(K)(1) Except as otherwise provided in division (K)(2) of 1,453
this section, no investing authority shall make an investment or 1,454
deposit under this section, unless there is on file with the 1,455
auditor of state a written investment policy approved by the 1,456
investing authority. The policy shall require that all entities 1,457
conducting investment business with the investment authority 1,458
shall sign the investment policy of that investment authority.
All brokers, dealers, and financial institutions, described in 1,459
division (J)(1) of this section, initiating transactions with the 1,461
investment authority by giving advice or making investment 1,462
recommendations shall sign the investment authority's investment 1,463
policy thereby acknowledging their agreement to abide by the
policy's contents. All brokers, dealers, and financial 1,464
institutions, described in division (J)(1) of this section, 1,465
executing transactions initiated by the investment authority, 1,466
having read the policy's contents, shall sign the investment 1,467
policy thereby acknowledging their comprehension and receipt.
(2) If a written investment policy described in division 1,469
(K)(1) of this section is not filed on behalf of the county with 1,470
the auditor of state, the investing authority of that county 1,471
shall invest the county's inactive moneys and moneys of the 1,472
county library and local government support fund only in time 1,473
certificates of deposits or savings or deposit accounts pursuant 1,474
to division (A)(3) of this section, no-load money market mutual 1,475
funds pursuant to division (A)(5) of this section, or the Ohio 1,476
subdivision's fund pursuant to division (A)(6) of this section.
(L)(1) The investing authority shall establish and 1,478
maintain an inventory of all obligations and securities acquired 1,479
37
by the investing authority pursuant to this section. The 1,480
inventory shall include a description of each obligation or 1,481
security, including type, cost, par value, maturity date, 1,482
settlement date, and any coupon rate.
(2) The investing authority shall also keep a complete 1,484
record of all purchases and sales of the obligations and 1,485
securities made pursuant to this section. 1,486
(3) The investing authority shall maintain a monthly 1,488
portfolio report and issue a quarterly investment COPY OF THE 1,489
MONTHLY PORTFOLIO report describing such investments to the 1,490
county investment advisory committee, detailing the current 1,491
inventory of all obligations and securities, all transactions 1,492
during the month that affected the inventory, any income received 1,493
from the obligations and securities, and any investment expenses 1,494
paid, and stating the names of any persons effecting transactions 1,495
on behalf of the investing authority.
(4) The monthly portfolio report and the quarterly 1,497
investment report shall be A public records RECORD and available 1,499
for inspection under section 149.43 of the Revised Code. 1,500
(5) The inventory, AND the monthly portfolio report, and 1,502
the quarterly investment report shall be on standard forms 1,504
approved by the auditor of state and shall be filed with the 1,505
board of county commissioners.
(M) An investing authority may enter into a written 1,508
investment or deposit agreement that includes a provision under 1,509
which the parties agree to submit to nonbinding arbitration to 1,510
settle any controversy that may arise out of the agreement, 1,511
including any controversy pertaining to losses of public moneys 1,512
resulting from investment or deposit. The arbitration provision 1,513
shall be set forth entirely in the agreement, and the agreement 1,514
shall include a conspicuous notice to the parties that any party 1,516
to the arbitration may apply to the court of common pleas of the 1,517
county in which the arbitration was held for an order to vacate,
modify, or correct the award. Any such party may also apply to 1,518
38
the court for an order to change venue to a court of common pleas 1,519
located more than one hundred miles from the county in which the 1,520
investing authority is located.
For purposes of this division, "investment or deposit 1,522
agreement" means any agreement between an investing authority and 1,523
a person, under which agreement the person agrees to invest, 1,524
deposit, or otherwise manage, on behalf of the investing 1,525
authority, a county's inactive moneys or moneys in a county
library and local government support fund, or agrees to provide 1,526
investment advice to the investing authority. 1,527
(N) An investment held in the county portfolio on 1,529
September 27, 1996, that was a legal investment under the law as 1,531
it existed before September 27, 1996, may be held until maturity, 1,533
or if the investment does not have a maturity date the investment 1,534
may be held until five years from September 27, 1996, regardless 1,536
of whether the investment would qualify as a legal investment 1,537
under the terms of this section as amended. 1,538
Sec. 135.37. (A) Any institution described in section 1,547
135.32 of the Revised Code shall, at the time it receives a 1,548
deposit of public moneys under section 135.33 or 135.35 of the 1,549
Revised Code, pledge to and deposit with the investing authority, 1,550
as security for the repayment of all public moneys to be 1,551
deposited, eligible securities of aggregate market value equal to 1,552
or in excess of the amount of public moneys to be at the time so 1,553
deposited. Any securities listed in division (B) of section 1,554
135.18 of the Revised Code are eligible for such purpose. The 1,555
collateral so pledged or deposited may be in an amount that when 1,556
added to the portion of the deposit insured by the federal 1,557
deposit insurance corporation or any other agency or 1,558
instrumentality of the federal government will, in the aggregate, 1,559
equal or exceed the amount of public moneys so deposited; 1,560
provided that, when an investment of inactive moneys consists of 1,561
the purchase of one or more of the type of securities listed in 1,562
division (A)(1) or (2) of section 135.35 of the Revised Code, no 1,563
39
additional collateral need be pledged or deposited. 1,564
The investing authority also may require or accept surety 1,566
company bonds as collateral for public deposits, subject to the 1,567
provisions of divisions (A) to (E) of this section, and may 1,568
require that additional eligible securities be pledged or 1,569
deposited when depreciation occurs in the market value of any 1,570
securities pledged or deposited. 1,571
(B) The public depository may, at any time, provide for 1,573
the exchange or substitution of securities for other eligible 1,574
securities or the release of securities when the amount of public 1,575
moneys on deposit does not require that they be pledged or 1,576
deposited, by notifying the investing authority of its intent to 1,577
take such action. 1,578
Upon proper notification of the public depository's desire 1,580
for release of securities, the investing authority may sign a 1,581
release of such securities provided that the aggregate amount of 1,582
collateral remaining pledged or deposited meets the requirements 1,583
of divisions (A) to (E) of this section. 1,584
When a public depository desires to exchange or substitute 1,586
securities for other eligible securities, the investing authority 1,587
may release the securities pledged or deposited after the deposit 1,588
of other securities having a current market value equal to or 1,589
greater than the current market value of securities then on 1,590
deposit or after a safekeeping receipt has been received 1,591
evidencing the deposit and pledge of such securities. 1,592
(C) Upon request from the investing authority, the trustee 1,594
or the public depository shall furnish a statement of the 1,595
securities pledged against the public moneys deposited in the 1,596
public depository. 1,597
(D) If a public depository fails to pay over any part of 1,599
any public deposit made as provided by law, the investing 1,600
authority shall sell any pledged or deposited securities, as 1,601
prescribed in division (C) of section 135.18 of the Revised Code. 1,602
(E) A public depository may designate, in accordance with 1,604
40
the provisions of division (D) of section 135.18 of the Revised 1,605
Code, a trustee for the safekeeping of any pledged securities. 1,606
Such trustee shall be any bank or other institution eligible as a 1,607
trustee under division (I) of section 135.18 of the Revised Code, 1,608
except that, for the purposes of this section, a bank to which a 1,609
certificate of qualification is issued shall be an institution 1,610
mentioned in division (A) of section 135.32 of the Revised Code. 1,611
(F) In lieu of the pledging requirements prescribed in 1,613
divisions (A) to (E) of this section, an institution designated 1,614
as a public depository may pledge securities pursuant to section 1,615
135.181 of the Revised Code. 1,616
Sec. 307.55. (A) No claims against the county shall be 1,625
paid otherwise than upon the allowance of the board of county 1,627
commissioners, upon the warrant, INCLUDING AN ELECTRONIC WARRANT 1,628
AUTHORIZING DIRECT DEPOSIT FOR PAYMENT OF A COUNTY OBLIGATION IN 1,629
ACCORDANCE WITH DIVISION (F) OF SECTION 9.37 OF THE REVISED CODE, 1,630
of the county auditor, except in those cases in which the amount 1,631
due is fixed by law or is authorized to be fixed by some other 1,633
person or tribunal, in which case it shall be paid upon the 1,634
warrant of the auditor upon the proper certificate of the person 1,635
or tribunal allowing the claim.
(B) No public money shall be disbursed by the board or any 1,637
of its members, but shall be disbursed by the county treasurer, 1,639
upon the warrant, INCLUDING AN ELECTRONIC WARRANT AUTHORIZING 1,640
DIRECT DEPOSIT FOR PAYMENT OF A COUNTY OBLIGATION IN ACCORDANCE 1,641
WITH DIVISION (F) OF SECTION 9.37 OF THE REVISED CODE, of the 1,642
auditor specifying the name of the party entitled to such money, 1,643
on what account, and upon whose allowance, if not fixed by law. 1,644
Sec. 319.16. The county auditor shall issue warrants, 1,653
INCLUDING ELECTRONIC WARRANTS AUTHORIZING DIRECT DEPOSIT FOR 1,654
PAYMENT OF COUNTY OBLIGATIONS IN ACCORDANCE WITH DIVISION (F) OF 1,655
SECTION 9.37 OF THE REVISED CODE, on the county treasurer for all 1,657
moneys payable from the county treasury, upon presentation of the 1,658
proper order or voucher and evidentiary matter for the moneys, 1,659
41
and keep a record of all such warrants showing the number, date 1,660
of issue, amount for which drawn, in whose favor, for what 1,661
purpose, and on what fund. The auditor shall not issue a warrant 1,662
for the payment of any claim against the county, unless it is 1,663
allowed by the board of county commissioners, except where the 1,664
amount due is fixed by law or is allowed by an officer or 1,665
tribunal, including a county board of mental health or county 1,666
board of mental retardation and developmental disabilities, so 1,667
authorized by law. If the auditor questions the validity of an 1,668
expenditure that is within available appropriations and for which 1,669
a proper order or voucher and evidentiary matter is presented, 1,670
the auditor shall notify the board, officer, or tribunal who 1,671
presented the voucher. If the board, officer, or tribunal 1,672
determines that the expenditure is valid and the auditor 1,673
continues to refuse to issue the appropriate warrant on the 1,674
county treasury, a writ of mandamus may be sought. The court 1,675
shall issue a writ of mandamus for issuance of the warrant if the 1,676
court determines that the claim is valid. 1,677
Evidentiary matter includes original invoices, receipts, 1,679
bills and checks, and legible copies of contracts. 1,680
Sec. 321.15. No money shall be paid from the county 1,689
treasury, or transferred to any person for disbursement, except 1,690
on the warrant of the county auditor, INCLUDING AN ELECTRONIC 1,691
WARRANT AUTHORIZING DIRECT DEPOSIT, IN ACCORDANCE WITH DIVISION 1,692
(F) OF SECTION 9.37 OF THE REVISED CODE, FOR PAYMENT OF COUNTY 1,693
OBLIGATIONS.
Sec. 321.16. (A) When a warrant drawn on him as THE 1,702
county treasurer by the county auditor is presented for payment, 1,705
if there is money in the county treasury or depository to the 1,706
credit of the fund on which it is drawn, and the warrant is
endorsed by the payee thereof, the treasurer shall redeem it by 1,707
payment of cash or by check on the depository. 1,708
(B) THE WARRANT, AND ALL INFORMATION RELATED TO THE 1,710
PRESENTMENT OF THE WARRANT, MAY BE PROVIDED ELECTRONICALLY TO THE 1,711
42
COUNTY TREASURER.
Sec. 321.17. When a warrant is presented to the county 1,720
treasurer for payment, and is not paid, for want of money 1,721
belonging to the particular fund on which it is drawn, the 1,722
treasurer shall indorse RECORD the warrant, "Not AS NOT paid for 1,723
want of funds," with the date of its presentation, and sign his 1,724
name to the warrant. Such THE warrant shall thereafter bear 1,726
interest at the rate of six per cent per annum YEAR. A 1,728
memorandum of all such warrants shall be kept by the treasurer in 1,729
a book for that purpose. 1,730
Section 2. That existing sections 9.37, 129.60, 135.12, 1,732
135.14, 135.18, 135.181, 135.33, 135.341, 135.35, 135.37, 307.55, 1,733
319.16, 321.15, 321.16, and 321.17 of the Revised Code are hereby 1,735
repealed.