As Passed by the Senate 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-SENATOR BLESSING 10
_________________________________________________________________ 12
A B I L L
To amend section 133.04 of the Revised Code to 14
exempt from the calculation of a subdivision's 16
debt limit a specified portion of the principal 17
amount of securities issued for permanent 20
improvements if payments in lieu of taxes are 21
pledged to repay those securities. 22
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 24
Section 1. That section 133.04 of the Revised Code be 26
amended to read as follows: 28
Sec. 133.04. (A) As used in this chapter, "net 38
indebtedness" means, as determined pursuant to this section, the 39
principal amount of the outstanding securities of a subdivision 40
less the amount held in a bond retirement fund to the extent such 41
amount is not taken into account in determining the principal 42
amount outstanding under division (AA) of section 133.01 of the 43
Revised Code. For purposes of this definition, the principal 44
amount of outstanding securities includes the principal amount of 45
outstanding securities of another subdivision apportioned to the 46
subdivision as a result of acquisition of territory, and excludes 47
the principal amount of outstanding securities of the subdivision 48
apportioned to another subdivision as a result of loss of 49
territory and the payment or reimbursement obligations of the 50
subdivision under credit enhancement facilities relating to 51
outstanding securities. 52
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(B) In calculating the net indebtedness of a subdivision, 54
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 court 75
approved settlements under authorizing laws and securities issued 76
under section 2744.081 of the Revised Code; 77
(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 or distributions for, or legally available for, that 83
principal or for the costs of those permanent improvements; 84
(7) Securities issued to evidence loans from the state 86
capital improvements fund pursuant to Chapter 164. of the Revised 87
Code or from the state infrastructure bank pursuant to section 88
5531.09 of the Revised Code; 89
(8) THAT PERCENTAGE OF THE PRINCIPAL AMOUNT OF GENERAL 91
OBLIGATION SECURITIES ISSUED BY A COUNTY, TOWNSHIP, OR MUNICIPAL 92
CORPORATION TO PAY THE COSTS OF PERMANENT IMPROVEMENTS EQUAL TO 93
THE PERCENTAGE OF THE DEBT CHARGES ON THOSE SECURITIES PAYABLE 94
DURING THE CURRENT FISCAL YEAR THAT THE FISCAL OFFICER ESTIMATES 95
CAN BE PAID DURING THE CURRENT FISCAL YEAR FROM PAYMENTS IN LIEU 96
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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 97
THE ISSUANCE OF THE SECURITIES PLEDGES OR COVENANTS WILL BE USED 98
FOR THE PAYMENT OF THOSE DEBT CHARGES; PROVIDED THAT THE AMOUNT 99
EXCLUDED FROM CONSIDERATION UNDER DIVISION (B)(8) OF THIS SECTION 100
SHALL NOT EXCEED THE LESSER OF THIRTY MILLION DOLLARS OR ONE-HALF 101
PER CENT OF THE SUBDIVISION'S TAX VALUATION IN THE CASE OF A 102
COUNTY OR TOWNSHIP, OR ONE AND ONE-TENTH PER CENT OF THE
SUBDIVISION'S TAX VALUATION IN THE CASE OF A MUNICIPAL 103
CORPORATION;
(9) Other securities, including self-supporting 106
securities, excepted by law from the calculation of net 107
indebtedness or from the application of this chapter; 108
(9)(10) Any other securities outstanding on October 30, 110
1989, and then excepted from the calculation of net indebtedness 114
or from the application of this chapter, and securities issued at 115
any time to fund or refund those securities. 116
Section 2. That existing section 133.04 of the Revised 118
Code is hereby repealed. 119