As Introduced 1
123rd General Assembly 4
Regular Session H.B. No. 76 5
1999-2000 6
REPRESENTATIVES BRADING-TERWILLEGER-OLMAN-TAYLOR- 8
SCHULER-LOGAN-SULZER-MOTTLEY-OPFER 9
10
A B I L L
To amend section 133.04 of the Revised Code to 12
exempt from the calculation of a subdivision's 14
debt limit a specified portion of the principal 15
amount of securities issued for permanent 18
improvements if payments in lieu of taxes are 19
pledged to repay those securities. 20
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 22
Section 1. That section 133.04 of the Revised Code be 24
amended to read as follows: 26
Sec. 133.04. (A) As used in this chapter, "net 37
indebtedness" means, as determined pursuant to this section, the 38
principal amount of the outstanding securities of a subdivision 39
less the amount held in a bond retirement fund to the extent such 40
THAT amount is not taken into account in determining the 42
principal amount outstanding under division (AA) of section 43
133.01 of the Revised Code. For purposes of this definition, the 44
principal amount of outstanding securities includes the principal 45
amount of outstanding securities of another subdivision 46
apportioned to the subdivision as a result of acquisition of 47
territory, and excludes the principal amount of outstanding 48
securities of the subdivision apportioned to another subdivision 49
as a result of loss of territory and the payment or reimbursement 50
obligations of the subdivision under credit enhancement 51
facilities relating to outstanding securities. 52
(B) In calculating the net indebtedness of a subdivision, 54
2
none of the following securities, including anticipatory 55
securities issued in anticipation of their issuance, shall be 56
considered: 57
(1) Securities issued in anticipation of the levy or 59
collection of special assessments, either in original or refunded 60
form; 61
(2) Securities issued in anticipation of the collection of 63
current revenues for the fiscal year or other period not to 64
exceed twelve consecutive months, or securities issued in 65
anticipation of the collection of the proceeds from a 66
specifically identified voter-approved tax levy; 67
(3) Securities issued for purposes described in section 69
133.12 of the Revised Code; 70
(4) Securities issued under Chapter 122., 140., 165., 72
725., or 761., or section 131.23 of the Revised Code; 73
(5) Securities issued to pay final judgments or 76
court-approved settlements underauthorizing laws and securities 77
issued under section 2744.081 of the Revised Code;
(6) Securities issued to pay costs of permanent 79
improvements to the extent they are issued in anticipation of the 80
receipt of, and are payable as to principal from, federal or 81
state grants for that principal or for the costs of those 82
permanent improvements; 83
(7) Securities issued to evidence loans from the state 85
capital improvements fund pursuant to Chapter 164. of the Revised 86
Code; 87
(8) NOT MORE THAN SEVENTY-FIVE PER CENT, AS DETERMINED BY 89
THE LEGISLATIVE AUTHORITY OF A COUNTY, TOWNSHIP, OR MUNICIPAL 90
CORPORATION, OF THE PRINCIPAL AMOUNT OF SECURITIES ISSUED TO PAY 91
COSTS OF PERMANENT IMPROVEMENTS, EXCEPT THAT THE PERCENTAGE 93
EXCLUDED FROM CONSIDERATION ALSO SHALL NOT EXCEED THE PERCENTAGE 94
OF THE DEBT CHARGES ON THOSE SECURITIES THAT THE FISCAL OFFICER 95
ESTIMATES CAN BE PAID FROM RECEIPTS OF THE COUNTY, TOWNSHIP, OR 96
MUNICIPAL CORPORATION FROM PAYMENTS IN LIEU OF TAXES UNDER 97
3
SECTION 5709.42, 5709.74, OR 5709.79 OF THE REVISED CODE THAT ARE 98
PLEDGED, COVENANTED TO BE CHARGED AND COLLECTED, OR APPROPRIATED
FOR THE PAYMENT OF DEBT CHARGES; 99
(9) Other securities, including self-supporting 101
securities, excepted by law from the calculation of net 102
indebtedness or from the application of this chapter; 103
(9)(10) Any other securities outstanding on the effective 105
date of this amendment OCTOBER 30, 1989, and then excepted from 109
the calculation of net indebtedness or from the application of 110
this chapter, and securities issued at any time to fund or refund 111
those securities. 112
Section 2. That existing section 133.04 of the Revised 114
Code is hereby repealed. 115