Sec. 135.21. All investment earnings on money included | 9 |
within a public deposit of a subdivision and belonging to | 10 |
undivided tax funds shall, except as otherwise expressly provided | 11 |
by law, be apportioned by the auditor pro rata among the separate | 12 |
funds or taxing districts in the proportions in which they are | 13 |
entitled to receive distribution of such undivided tax funds, due | 14 |
allowance being made for sums transferred in advance of | 15 |
settlements. All investment earnings from other moneys deposited | 16 |
by a treasurer, which by reason of being custodial funds, or
funds | 17 |
belonging in the treasury of a taxing, assessment, or other | 18 |
district of which the treasurer is acting as ex officio
treasurer, | 19 |
or for
any other reason, do not belong in the treasury of the | 20 |
state or
subdivision shall, except as provided in section 135.351 | 21 |
of the
Revised Code, be apportioned among and credited to the | 22 |
funds to
which the principal sums of such deposits or investments | 23 |
belong.
All other investment earnings, except as provided in | 24 |
section
135.351 of the Revised Code andor by resolution adopted | 25 |
pursuant to
section 503.211, 3315.01, or 3375.391 of the Revised | 26 |
Code, shall be
credited to the
general fund of the county, | 27 |
municipal corporation, township,
taxing district, assessment | 28 |
district, or other local authority to
which the principal sum | 29 |
thereof belongs. | 30 |
(B) All revenue derived from general or special levies for | 53 |
debt
charges, whether within or in excess of the ten-mill | 54 |
limitation,
which is levied for the debt charges on serial bonds, | 55 |
notes, or
certificates of indebtedness having a life less than | 56 |
five years,
shall be paid into the bond retirement fund; and all | 57 |
such revenue
which is levied for the debt charges on all other | 58 |
bonds, notes,
or certificates of indebtedness shall be paid into | 59 |
the sinking
fund. | 60 |
(D) Except as otherwise provided by resolution adopted | 63 |
pursuant
to section 3315.01 of the Revised Code, all revenue | 64 |
derived from
a source other than the general property tax and | 65 |
which the law
prescribes shall be used for a particular purpose, | 66 |
shall be paid
into a special fund for such purpose. Except as | 67 |
otherwise
provided by resolution adopted pursuant to section | 68 |
503.211 or 3315.01 of the
Revised Code or as otherwise provided by | 69 |
section 3315.40 of the
Revised Code, all revenue derived from a | 70 |
source other than the
general property tax, for which the law does | 71 |
not prescribe use
for a particular purpose, including interest | 72 |
earned on the
principal of any special fund, regardless of the | 73 |
source or
purpose of the principal, shall be paid into the general | 74 |
fund. | 75 |
(E) All proceeds from the sale of public obligations or | 76 |
fractionalized interests in public obligations as defined in | 77 |
section 133.01 of the Revised Code, except premium and accrued | 78 |
interest, shall be paid into a special fund for the purpose of | 79 |
such issue, and any interest and other income earned on money in | 80 |
such special fund may be used for the purposes for which the | 81 |
indebtedness was authorized or may be credited to the general
fund | 82 |
or other fund or account as the taxing authority authorizes
and | 83 |
used for the purposes of that fund or account. The premium
and | 84 |
accrued interest received from such sale shall be paid into
the | 85 |
sinking fund or the bond retirement fund of the subdivision. | 86 |
(F) Except as provided in division (G) of this section, if a | 87 |
permanent improvement of the subdivision is sold, the
amount | 88 |
received from the sale shall be paid into the sinking
fund, the | 89 |
bond retirement fund, or a special fund for the
construction or | 90 |
acquisition of permanent improvements; provided
that the proceeds | 91 |
from the sale of a public utility shall be paid
into the sinking | 92 |
fund or bond retirement fund to the extent
necessary to provide | 93 |
for the retirement of the outstanding
indebtedness incurred in the | 94 |
construction or acquisition of such
utility. Proceeds from the | 95 |
sale of property other than a
permanent improvement shall be paid | 96 |
into the fund from which such
property was acquired or is | 97 |
maintained or, if there is no such
fund, into the general fund. | 98 |
(1) The township fiscal officer determines that all | 106 |
foreseeable public infrastructure improvements, as defined in | 107 |
section 5709.40 of the Revised Code, to be made in the township in | 108 |
the ten years immediately following the date the permanent | 109 |
improvement is sold will have been financed through resolutions | 110 |
adopted under section 5709.73 of the Revised Code on or before the | 111 |
date of the sale. The fiscal officer shall provide written | 112 |
certification of this determination for the township's records. | 113 |