As Passed by the House 1
123rd General Assembly 4
Regular Session Am. H.B. No. 76 5
1999-2000 6
REPRESENTATIVES BRADING-TERWILLEGER-OLMAN-TAYLOR-SCHULER- 8
LOGAN-SULZER-MOTTLEY-OPFER-HARTNETT-HAINES-AUSTRIA- 9
BRITTON-BARRETT 10
_________________________________________________________________ 11
A B I L L
To amend section 133.04 of the Revised Code to 13
exempt from the calculation of a subdivision's 15
debt limit a specified portion of the principal 16
amount of securities issued for permanent 19
improvements if payments in lieu of taxes are 20
pledged to repay those securities. 21
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 23
Section 1. That section 133.04 of the Revised Code be 25
amended to read as follows: 27
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
amount is not taken into account in determining the principal 41
amount outstanding under division (AA) of section 133.01 of the 42
Revised Code. For purposes of this definition, the principal 43
amount of outstanding securities includes the principal amount of 44
outstanding securities of another subdivision apportioned to the 45
subdivision as a result of acquisition of territory, and excludes 46
the principal amount of outstanding securities of the subdivision 47
apportioned to another subdivision as a result of loss of 48
territory and the payment or reimbursement obligations of the 49
subdivision under credit enhancement facilities relating to 50
outstanding securities. 51
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(B) In calculating the net indebtedness of a subdivision, 53
none of the following securities, including anticipatory 54
securities issued in anticipation of their issuance, shall be 55
considered: 56
(1) Securities issued in anticipation of the levy or 58
collection of special assessments, either in original or refunded 59
form; 60
(2) Securities issued in anticipation of the collection of 62
current revenues for the fiscal year or other period not to 63
exceed twelve consecutive months, or securities issued in 64
anticipation of the collection of the proceeds from a 65
specifically identified voter-approved tax levy; 66
(3) Securities issued for purposes described in section 68
133.12 of the Revised Code; 69
(4) Securities issued under Chapter 122., 140., 165., 71
725., or 761., or section 131.23 of the Revised Code; 72
(5) Securities issued to pay final judgments or court 74
approved settlements under authorizing laws and securities issued 75
under section 2744.081 of the Revised Code; 76
(6) Securities issued to pay costs of permanent 78
improvements to the extent they are issued in anticipation of the 79
receipt of, and are payable as to principal from, federal or 80
state grants or distributions for, or legally available for, that 82
principal or for the costs of those 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 or from the state infrastructure bank pursuant to section 87
5531.09 of the Revised Code; 88
(8) THAT PERCENTAGE OF THE PRINCIPAL AMOUNT OF GENERAL 90
OBLIGATION SECURITIES ISSUED BY A COUNTY, TOWNSHIP, OR MUNICIPAL 91
CORPORATION TO PAY THE COSTS OF PERMANENT IMPROVEMENTS EQUAL TO 92
THE PERCENTAGE OF THE DEBT CHARGES ON THOSE SECURITIES PAYABLE 93
DURING THE CURRENT FISCAL YEAR THAT THE FISCAL OFFICER ESTIMATES 94
CAN BE PAID DURING THE CURRENT FISCAL YEAR FROM PAYMENTS IN LIEU 95
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OF TAXES UNDER SECTION 1728.11, 1728.111, 5709.42, 5709.74, OR
5709.79 OF THE REVISED CODE, AND THAT THE LEGISLATION AUTHORIZING 96
THE ISSUANCE OF THE SECURITIES PLEDGES OR COVENANTS WILL BE USED 97
FOR THE PAYMENT OF THOSE DEBT CHARGES; PROVIDED THAT THE AMOUNT 98
EXCLUDED FROM CONSIDERATION UNDER DIVISION (B)(8) OF THIS SECTION 99
SHALL NOT EXCEED THE LESSER OF THIRTY MILLION DOLLARS OR ONE-HALF 100
PER CENT OF THE SUBDIVISION'S TAX VALUATION IN THE CASE OF A 101
COUNTY OR TOWNSHIP, OR ONE AND ONE-TENTH PER CENT OF THE
SUBDIVISION'S TAX VALUATION IN THE CASE OF A MUNICIPAL 102
CORPORATION;
(9) Other securities, including self-supporting 105
securities, excepted by law from the calculation of net 106
indebtedness or from the application of this chapter; 107
(9)(10) Any other securities outstanding on October 30, 109
1989, and then excepted from the calculation of net indebtedness 113
or from the application of this chapter, and securities issued at 114
any time to fund or refund those securities. 115
Section 2. That existing section 133.04 of the Revised 117
Code is hereby repealed. 118