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As Passed by the House
123rd General Assembly
Regular Session
1999-2000 | Am. H.B. No. 76 |
REPRESENTATIVES BRADING-TERWILLEGER-OLMAN-TAYLOR-SCHULER-
LOGAN-SULZER-MOTTLEY-OPFER-HARTNETT-HAINES-AUSTRIA-
BRITTON-BARRETT
A BILL
To amend section 133.04 of the Revised Code to exempt from the
calculation of
a subdivision's debt limit a
specified portion of the principal amount of
securities
issued
for permanent improvements if
payments in lieu of taxes are pledged to repay those
securities.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 133.04 of the Revised Code be amended to
read as
follows:
Sec. 133.04. (A) As used in this chapter, "net
indebtedness" means, as determined pursuant to this section, the
principal amount of the outstanding securities of a subdivision
less the amount held in a bond retirement fund to the extent such
amount is not taken into account in determining the principal
amount outstanding under division (AA) of section 133.01 of the
Revised Code. For purposes of this definition, the principal
amount of outstanding securities includes the principal amount of
outstanding securities of another subdivision apportioned to the
subdivision as a result of acquisition of territory, and excludes
the principal amount of outstanding securities of the subdivision
apportioned to another subdivision as a result of loss of
territory and the payment or reimbursement obligations of the
subdivision under credit enhancement facilities relating to
outstanding securities.
(B) In calculating the net indebtedness of a subdivision,
none of the following securities, including anticipatory
securities issued in anticipation of their issuance, shall be
considered:
(1) Securities issued in anticipation of the levy or
collection of special assessments, either in original or refunded
form;
(2) Securities issued in anticipation of the collection of
current revenues for the fiscal year or other period not to
exceed twelve consecutive months, or securities issued in
anticipation of the collection of the proceeds from a
specifically identified voter-approved tax levy;
(3) Securities issued for purposes described in section
133.12 of the Revised Code;
(4) Securities issued under Chapter 122., 140., 165.,
725., or 761., or section 131.23 of the Revised Code;
(5) Securities issued to pay final judgments or court
approved settlements under authorizing laws and securities issued
under section 2744.081 of the Revised Code;
(6) Securities issued to pay costs of permanent
improvements to the extent they are issued in anticipation of the
receipt of, and are payable as to principal from, federal or
state grants or distributions for, or legally available
for, that principal or for the costs of those
permanent improvements;
(7) Securities issued to evidence loans from the state
capital improvements fund pursuant to Chapter 164. of the Revised
Code or from the state infrastructure bank pursuant to section 5531.09
of the Revised Code;
(8) THAT PERCENTAGE OF THE PRINCIPAL AMOUNT OF GENERAL OBLIGATION
SECURITIES ISSUED BY A COUNTY, TOWNSHIP, OR MUNICIPAL CORPORATION TO PAY THE
COSTS OF PERMANENT IMPROVEMENTS EQUAL TO THE PERCENTAGE OF THE DEBT CHARGES ON
THOSE SECURITIES PAYABLE DURING THE CURRENT FISCAL YEAR THAT THE FISCAL
OFFICER ESTIMATES CAN BE PAID DURING THE CURRENT FISCAL YEAR FROM PAYMENTS IN
LIEU OF TAXES UNDER SECTION 1728.11, 1728.111, 5709.42, 5709.74, OR 5709.79
of the Revised Code, AND THAT THE LEGISLATION AUTHORIZING THE ISSUANCE OF THE SECURITIES
PLEDGES OR COVENANTS WILL BE USED FOR THE PAYMENT OF THOSE DEBT CHARGES;
PROVIDED THAT THE AMOUNT EXCLUDED FROM CONSIDERATION UNDER DIVISION
(B)(8) OF THIS SECTION SHALL NOT EXCEED THE LESSER OF THIRTY MILLION
DOLLARS OR ONE-HALF PER CENT OF THE SUBDIVISION'S TAX VALUATION IN THE CASE OF
A COUNTY OR TOWNSHIP, OR ONE AND ONE-TENTH PER CENT OF THE SUBDIVISION'S TAX
VALUATION IN THE CASE OF A MUNICIPAL CORPORATION;
(9) Other securities, including
self-supporting
securities, excepted by law from the calculation of net
indebtedness or from the application of this chapter;
(9)(10) Any other securities outstanding on October 30, 1989,
and
then excepted
from the
calculation of net indebtedness or from the application of this
chapter, and securities issued at any time to fund or refund
those securities.
Section 2. That existing section 133.04 of the Revised Code is
hereby repealed.
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