As Reported by House Ways and Means Committee 1
123rd General Assembly 4
Regular Session Am. H.B. No. 76 5
1999-2000 6
REPRESENTATIVES BRADING-TERWILLEGER-OLMAN-TAYLOR- 8
SCHULER-LOGAN-SULZER-MOTTLEY-OPFER-HARTNETT 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 36
indebtedness" means, as determined pursuant to this section, the 37
principal amount of the outstanding securities of a subdivision 38
less the amount held in a bond retirement fund to the extent such 39
amount is not taken into account in determining the principal 40
amount outstanding under division (AA) of section 133.01 of the 41
Revised Code. For purposes of this definition, the principal 42
amount of outstanding securities includes the principal amount of 43
outstanding securities of another subdivision apportioned to the 44
subdivision as a result of acquisition of territory, and excludes 45
the principal amount of outstanding securities of the subdivision 46
apportioned to another subdivision as a result of loss of 47
territory and the payment or reimbursement obligations of the 48
subdivision under credit enhancement facilities relating to 49
outstanding securities. 50
(B) In calculating the net indebtedness of a subdivision, 52
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none of the following securities, including anticipatory 53
securities issued in anticipation of their issuance, shall be 54
considered: 55
(1) Securities issued in anticipation of the levy or 57
collection of special assessments, either in original or refunded 58
form; 59
(2) Securities issued in anticipation of the collection of 61
current revenues for the fiscal year or other period not to 62
exceed twelve consecutive months, or securities issued in 63
anticipation of the collection of the proceeds from a 64
specifically identified voter-approved tax levy; 65
(3) Securities issued for purposes described in section 67
133.12 of the Revised Code; 68
(4) Securities issued under Chapter 122., 140., 165., 70
725., or 761., or section 131.23 of the Revised Code; 71
(5) Securities issued to pay final judgments or court 73
approved settlements under authorizing laws and securities issued 74
under section 2744.081 of the Revised Code; 75
(6) Securities issued to pay costs of permanent 77
improvements to the extent they are issued in anticipation of the 78
receipt of, and are payable as to principal from, federal or 79
state grants or distributions for, or legally available for, that 81
principal or for the costs of those permanent improvements; 82
(7) Securities issued to evidence loans from the state 84
capital improvements fund pursuant to Chapter 164. of the Revised 85
Code or from the state infrastructure bank pursuant to section 86
5531.09 of the Revised Code; 87
(8) THAT PERCENTAGE OF THE PRINCIPAL AMOUNT OF GENERAL 89
OBLIGATION SECURITIES ISSUED BY A COUNTY, TOWNSHIP, OR MUNICIPAL 90
CORPORATION TO PAY THE COSTS OF PERMANENT IMPROVEMENTS EQUAL TO 91
THE PERCENTAGE OF THE DEBT CHARGES ON THOSE SECURITIES PAYABLE 92
DURING THE CURRENT FISCAL YEAR THAT THE FISCAL OFFICER ESTIMATES 93
CAN BE PAID DURING THE CURRENT FISCAL YEAR FROM PAYMENTS IN LIEU 94
OF TAXES UNDER SECTION 1728.11, 1728.111, 5709.42, 5709.74, OR
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5709.79 OF THE REVISED CODE, AND THAT THE LEGISLATION AUTHORIZING 95
THE ISSUANCE OF THE SECURITIES PLEDGES OR COVENANTS WILL BE USED 96
FOR THE PAYMENT OF THOSE DEBT CHARGES; PROVIDED THAT THE AMOUNT 97
EXCLUDED FROM CONSIDERATION UNDER DIVISION (B)(8) OF THIS SECTION 98
SHALL NOT EXCEED THE LESSER OF THIRTY MILLION DOLLARS OR ONE-HALF 99
PER CENT OF THE SUBDIVISION'S TAX VALUATION IN THE CASE OF A 100
COUNTY OR TOWNSHIP, OR ONE AND ONE-TENTH PER CENT OF THE
SUBDIVISION'S TAX VALUATION IN THE CASE OF A MUNICIPAL 101
CORPORATION;
(9) Other securities, including self-supporting 104
securities, excepted by law from the calculation of net 105
indebtedness or from the application of this chapter; 106
(9)(10) Any other securities outstanding on October 30, 108
1989, and then excepted from the calculation of net indebtedness 112
or from the application of this chapter, and securities issued at 113
any time to fund or refund those securities. 114
Section 2. That existing section 133.04 of the Revised 116
Code is hereby repealed. 117