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S. B. No. 193As IntroducedAs Introduced
124th General Assembly | Regular Session | 2001-2002 |
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SENATOR White
A BILL
To amend sections 122.011, 135.12, 135.143, 135.63,
135.631, 3770.06, and 5739.18, to enact new
sections
135.81, 135.82, 135.83, 135.84, 135.85,
135.86, and 135.87, and to repeal
sections 135.81,
135.82, 135.83,
135.84, 135.85, 135.86,
135.87, and
135.88
of the Revised Code to
expand the investment
authority of the Treasurer
of State under the
Uniform Depository Act; to
modify the authority of
the State Board of Deposit
to designate public
depositories; to increase the amount that may be
invested in agricultural linked deposits; to
authorize the Treasurer of State to establish and
maintain a housing linked deposit program and to
partner with a municipal corporation or county that
has established a housing linked deposit program;
and to modify
licensed vendor
reporting
requirements of a county
auditor.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 122.011, 135.12, 135.143, 135.63,
135.631,
3770.06, and 5739.18 be amended and new sections 135.81,
135.82, 135.83, 135.84, 135.85, 135.86, and 135.87 of the
Revised
Code be enacted to read as follows:
Sec. 122.011. (A) The department of development shall
develop and promote plans and programs designed to assure that
state resources are efficiently used, economic growth is properly
balanced, community growth is developed in an orderly manner, and
local governments are coordinated with each other and the state,
and for such purposes may do all of the following: (1) Serve as a clearinghouse for information, data, and
other materials that may be helpful or necessary to persons or
local governments, as provided in section 122.07 of the Revised
Code; (2) Prepare and activate plans for the retention,
development, expansion, and use of the resources and commerce of
the state, as provided in section 122.04 of the Revised Code; (3) Assist and cooperate with federal, state, and local
governments and agencies of federal, state, and local
governments
in the coordination of programs to carry out the functions and
duties of the department; (4) Encourage and foster research and development
activities, conduct studies related to the solution of community
problems, and develop recommendations for administrative or
legislative actions, as provided in section 122.03 of the Revised
Code; (5) Serve as the economic and community development
planning
agency, which shall prepare and recommend plans and
programs for
the orderly growth and development of this state and
which shall
provide planning assistance, as provided in section
122.06 of the
Revised Code; (6) Cooperate with and provide technical assistance to
state
departments, political subdivisions, regional and local
planning
commissions, tourist associations, councils of
government,
community development groups, community action
agencies, and other
appropriate organizations for carrying out the
functions and
duties of the department or for the solution of
community
problems; (7) Coordinate the activities of state agencies that have
an
impact on carrying out the functions and duties of the
department; (8) Encourage and assist the efforts of and cooperate with
local governments to develop mutual and cooperative solutions to
their common problems that relate to carrying out the purposes of
this section; (9) Study existing structure, operations, and financing of
regional or local government and those state activities that
involve significant relations with regional or local governmental
units, recommend to the governor and to the general assembly such
changes in these provisions and activities as will improve the
operations of regional or local government, and conduct other
studies of legal provisions that affect problems related to
carrying out the purposes of this section; (10) Appoint, with the approval of the governor,
technical
and other advisory councils as it considers
appropriate, as
provided in section 122.09 of the Revised Code; (11) Create and operate a division of community development
to develop and
administer programs and activities that are
authorized by federal statute or
the Revised Code; (12) Until July 1,
2003,
establish fees and charges, in
consultation with the
director of agriculture, for purchasing
loans from financial institutions and
providing loan guarantees
under the family farm
loan program created under sections 901.80
to 901.83 of the Revised Code; (13) Provide loan servicing for the loans purchased and
loan
guarantees
provided
under section 901.80 of the Revised Code
as
that section
existed prior to July 1,
2003; (14) Until July 1,
2003,
and upon approval by the
controlling board under division
(A)(3) of section 901.82 of the
Revised
Code of the release of money to
be used for purchasing a
loan or providing a loan guarantee, request the
release of
that
money in accordance with division
(B) of section 166.03 of the
Revised
Code for use for the purposes
of the fund created by
section 166.031 of the
Revised Code. (B)
The department, by rule, shall establish criteria
defining nonprofit corporations that are eligible for appointment
as qualified agents pursuant to sections 135.81 to 135.88 of the
Revised Code. The criteria shall require that a corporation be
organized pursuant to Chapter 1702. of the Revised Code and have
as its primary purpose the promotion of economic development or
the creation or retention of jobs and job opportunities. The
criteria may include a specification as to the professional
qualifications of the corporation employees, a minimum elapsed
period of time since the corporation was organized, current and
former activities of the corporation, and such other criteria
reasonably related to the foregoing that relate to the ability of
the corporation to act as a qualified agent for the purposes of
sections
135.81 to 135.88 of the Revised Code. (C) The director of development may request the attorney
general
to, and the attorney general, in accordance with section
109.02 of the Revised Code, shall
bring a civil action in any
court of competent jurisdiction. The director may
be sued in the
director's official capacity, in connection with this chapter,
in
accordance with Chapter 2743. of the Revised Code.
Sec. 135.12. (A) Beginning in
2000
2002, the state
board of
deposit shall meet on the
third Monday of
June
March in the
even-numbered years for the purpose
of designating the public
depositories of the public moneys of
the state, and at such
meeting or any adjourned session thereof
shall designate such
public depositories and award the public
moneys of the state to
and among the public depositories so
designated for the period of
two years commencing on the first
Monday of July next following. (B) Each
governing board other than the state board of
deposit shall meet every
five years on
the third Monday or such
regularly scheduled meeting date of the
month next preceding the
date of the expiration of its
designation of depositories for the
purpose of designating the
public depositories of the public
moneys of the subdivision, and
at such meeting or any adjourned
session thereof, shall designate
such public depositories and
award the public moneys of the
subdivision to and among the public
depositories so designated
for the period of five years commencing
on the date of the
expiration of the next preceding designation.
The designation and award shall be made in duplicate; one
copy
shall be retained by the governing board of the subdivision
and
one copy shall be certified to the treasurer. (C) If a governing board
other than the state board of
deposit
determines,
during a designation period, that a public
depository designated under this
section is insolvent or operating
in an unsound or unsafe manner, the
governing board may meet and
designate a different public depository of the
public moneys of
the
state or of the subdivision for the remainder of the
designation period. (D) If a governing board
other than the state board of
deposit
determines during a designation period that it is
necessary and in the
state's or
subdivision's best interests to
appoint additional depositories, the governing
board may meet and
designate one or more additional public depositories of the
public
moneys of the
state or of the subdivision for the remainder of the
designation period. (E) Whenever, by amendment or enactment of any state or
federal
law or the amendment or adoption of any valid regulation
thereunder, the terms of a designation or award, lawful at the
beginning of any designation period, cease to be
lawful during
such period, and if the change of law or regulation
requires,
the
designation period shall be limited so as not
to extend
beyond the
date when that change becomes effective. In
such
case, the proper
governing board shall meet and designate the
public depositories
of the public moneys of the state or of the
subdivision for the
remainder of the designation period.
Sec. 135.143. (A) The treasurer of state may invest or
execute transactions for any part or all of the interim funds of
the state in the following classifications of obligations: (1) United States treasury bills, notes, bonds, or any
other
obligations or securities issued by the United States
treasury or
any other obligation guaranteed as to principal and
interest by
the United States; (2) Bonds, notes, debentures, or any other obligations or
securities issued by any federal government agency or
instrumentality; (3) Bonds and other obligations
of the sinking fund of the
state of Ohio
issued by the treasurer of state and
of the Ohio
public facilities commission; (4)(a) Written repurchase agreements with any eligible
Ohio
financial institution that is a member of the federal
reserve
system or federal home loan bank or any recognized United
States
government securities dealer, under the terms of which
agreement
the treasurer of state purchases and the eligible
financial
institution or dealer agrees unconditionally to
repurchase any of
the securities that are listed in division
(A)(1)
or, (2), or (6)
of this section and that will mature or are
redeemable within ten
years from the date of purchase. The
market value of securities
subject to these transactions must
exceed the principal value of
the repurchase agreement by an
amount specified by the treasurer
of state, and the securities
must be delivered into the custody of
the treasurer of state or
the qualified trustee or agent
designated by the treasurer of
state. The agreement shall contain
the requirement that for each
transaction pursuant to the
agreement, the participating
institution or dealer shall provide
all of the following
information: (i) The par value of the securities; (ii) The type, rate, and maturity date of the securities; (iii) A numerical identifier generally accepted in the
securities industry that designates the securities. (b) The treasurer of state also may sell any securities,
listed in division (A)(1)
or, (2), or (6) of this section,
regardless of
maturity or time of redemption of the securities,
under the same
terms and conditions for repurchase, provided that
the securities
have been fully paid for and are owned by the
treasurer of state
at the time of the sale. (5) Securities lending agreements with any eligible
financial institution that is a member of the federal reserve
system or federal home loan bank or any recognized United States
government securities dealer, under the terms of which
agreement
agreements
the treasurer of state lends securities and the
eligible
financial institution or dealer agrees to simultaneously
exchange
similar securities or cash, equal value for equal value. Securities and cash received as collateral for a securities
lending
agreement are not interim funds of the state. The
investment of cash
collateral received pursuant to a securities
lending agreement may be invested
only in such instruments
specified by the treasurer of state in accordance
with a written
investment policy. (6) Various forms of commercial paper issued by any
corporation that is incorporated under the laws of the United
States or a state, which
such notes are rated
at the time of
purchase in the
two
highest
categories by
two
nationally
recognized rating
agencies, provided
that the
total amount
invested
under this section in
any commercial paper
at any time
shall not exceed
five
twenty-five per cent of the
state's total
average
portfolio, as determined and calculated by
the treasurer
of
state; (7) Bankers acceptances, maturing in two hundred seventy
days or less, which are eligible for purchase by the federal
reserve system, provided that the total amount invested in
bankers
acceptances at any time shall not exceed ten per cent of
the
state's total average portfolio, as determined and calculated
by
the treasurer of state; (8) Certificates of deposit in eligible institutions
applying for interim moneys as provided in section 135.08 of the
Revised Code, including linked deposits as provided in sections
135.61
to
135.67
of the Revised Code, agricultural
linked
deposits
as provided in sections 135.71 to 135.76 of the
Revised
Code, and
depressed economic area
housing linked deposits as
provided in
sections 135.81 to
135.88
135.87 of the Revised Code; (9) The state treasurer's investment pool authorized under
section 135.45 of the Revised Code; (10) Debt interests, other than commercial paper described
in division (A)(6) of this section, rated
investment grade
at the
time of purchase in the three highest categories by
a
two
nationally
recognized rating
agency
agencies and issued by
corporations that are
incorporated under the laws of the United
States or a state, or
issued by foreign nations diplomatically
recognized by the United
States government, or any instrument
based on, derived from, or
related to such interests. All
interest and principal shall be
denominated and payable in United
States funds. The investments
made under division (A)(10) of this
section shall not exceed in
the aggregate
five
twenty-five per
cent of the state's total average
portfolio, as determined and
calculated by the treasurer of
state.
The investments made under
division (A)(10) of this
section in
debt interests issued by
foreign nations shall not
exceed in the
aggregate one per cent of
the state's total average
portfolio, as determined and calculated
by the treasurer of state.
The
investments made under division
(A)(10) of this
section in the
debt interests of a single issuer
shall not exceed
in the
aggregate one-half of one per cent of the
state's total
average
portfolio, as determined and calculated by
the treasurer of state. The treasurer of state shall invest under division (A)(10)
of
this section in a debt interest issued by a foreign nation
only if
the debt interest is backed by the full faith and credit
of that
foreign nation. For purposes of division (A)(10) of this
section,
a debt interest is rated
investment grade
in the three
highest
categories by
a
two
nationally
recognized rating
agency
agencies
if either the debt interest
itself or the
issuer of the
debt
interest is rated, or is
implicitly rated,
investment grade
at the
time of purchase in the three highest categories by
a
two
nationally recognized
rating
agency
agencies. (11) No-load money market mutual funds consisting
exclusively of obligations described in division (A)(1)
or, (2),
or (6) of
this section and repurchase agreements secured by such
obligations. (12) Obligations of a board of education issued under
authority
of section 133.10 or 133.301 of the Revised Code. (B) Whenever, during a period of designation, the
treasurer
of state classifies public moneys as interim moneys, the treasurer
of state shall notify the state board of deposit of such action.
Such
The
notification shall be given within thirty days after such
classification and, in the event the state board of deposit does
not concur in such classification or in the investments or
deposits made under this section, the board may order the
treasurer of state to sell or liquidate any of
such
the
investments
or deposits, and any such order shall specifically
describe the
investments or deposits and fix the date upon which
they are to
be sold or liquidated. Investments or deposits so
ordered to be
sold or liquidated shall be sold or liquidated for
cash by the
treasurer of state on the date fixed in such order at
the then
current market price. Neither the treasurer of state nor
the
members of the state board of deposit shall be held
accountable
for any loss occasioned by sales or liquidations of
investments
or deposits at prices lower than their cost. Any loss
or expense
incurred in making
such
these sales or liquidations is
payable as other
expenses of the treasurer's office. (C) If any securities or obligations invested in by the
treasurer of state pursuant to this section are registrable
either
as to principal or interest, or both, such securities or
obligations shall be registered in the name of the treasurer of
state. (D) The treasurer of state is responsible for the
safekeeping of all securities or obligations under this section.
Any such securities or obligations may be deposited for
safekeeping as provided in section 113.05 of the Revised Code. (E) Interest earned on any investments or deposits
authorized by this section shall be collected by the treasurer of
state and credited by the treasurer of state to the proper fund of
the state. (F) Whenever investments or deposits acquired under this
section mature and become due and payable, the treasurer of state
shall present them for payment according to their tenor, and
shall
collect the moneys payable thereon. The moneys so
collected shall
be treated as public moneys subject to sections
135.01 to 135.21
of the Revised Code. (G) The treasurer of state and any board of education
issuing
obligations referred to in division (A)(12) of this
section may enter
into an agreement providing for: (1) The purchase of those obligations by the treasurer of
state on terms
and subject to conditions set forth in the
agreement; (2) The payment by the board of education to the treasurer
of state of
a reasonable fee
as consideration for the agreement of
the treasurer of state to purchase those
obligations; provided,
however, that the treasurer of state shall not be
authorized to
enter into any such agreement with the board of education of a
school district that has an outstanding obligation with respect to
a loan
received under authority of section 3313.483 of the Revised
Code. (H) For purposes of division
(G) of this section, a fee
shall
not be considered reasonable unless it is set to recover
only
the direct costs and a reasonable estimate of the indirect
costs
associated with the purchasing of obligations of a school
board
under division (G) of this section and any reselling of the
obligations or any interest in the obligations, including
interests in a fund comprised of the obligations. No money from
the general revenue fund shall be used to subsidize the purchase
or resale of these obligations. (I) All money collected
by the treasurer of state from the
fee imposed by division
(G) of this section shall be
deposited to
the credit of the state school board obligations
fund, which is
hereby created in the state treasury. Money
credited to the fund
shall be used solely to pay the treasurer
of state's direct and
indirect costs associated with purchasing
and reselling
obligations of a board of education under division
(G) of this
section.
Sec. 135.63. The treasurer of state may invest in linked
deposits under
sections 135.61 to 135.67, agricultural linked
deposits
under sections
135.71 to 135.76,
housing linked deposits
under sections 135.81 to 135.87, and assistive technology device
linked deposits
under sections 135.91 to 135.97 of the Revised
Code, provided
that at the time of placement
of any linked deposit
under sections 135.61 to 135.67
of the Revised Code, agricultural
linked deposit,
housing linked deposit, or assistive technology
device linked
deposits
deposit, the combined amount of
investments
in the linked deposits, agricultural
linked deposits,
housing
linked deposits, and assistive technology device linked deposits
is not more
than twelve per cent of the state's total average
investment portfolio as
determined by the treasurer of state.
When deciding whether to invest in
the linked deposits,
agricultural linked deposits,
housing linked deposits, or
assistive technology device linked deposits, the treasurer of
state shall
give priority to the investment, liquidity, and cash
flow needs of the state.
Sec. 135.631. The treasurer of state shall attempt to place
up to one hundred
twenty-five million dollars of the amount
authorized to be invested under section 135.63
of the Revised Code
in agricultural linked deposits, as defined in section
135.71 of
the Revised Code, subject to the procedures set forth in sections
135.71 to 135.76 of the Revised Code.
Sec. 135.81. As used in sections 135.81 to 135.87 of the
Revised Code: (A) "Eligible governmental subdivision" means a municipal
corporation or county in this state. (B) "Eligible governmental subdivision housing linked deposit
program" means any program established pursuant to section 135.80
of the Revised Code by the legislative authority of a municipal
corporation or the board of county commissioners of a county, in
which the program goals address specific housing issues relative
to the geographic boundaries of that municipal corporation or
county. These program goals include, but are not limited to, home
improvement, home restoration, energy efficiency, retention of
historic significance, controlling urban sprawl, neighborhood
revitalization, affordable housing, home ownership for persons
unable to secure conventional financing, urban development, or
economic revitalization of a residential area as a result of a
natural disaster or other catastrophic occurrence. (C) "Eligible housing linked deposit participant" means any
person or small business that meets the requirements set forth in
an eligible governmental subdivision housing linked deposit
program or set forth by the treasurer of state pursuant to
division (B)(2) of section 135.82 of the Revised Code and that is
a resident of this state. (D) "Eligible lending institution" means a financial
institution meeting all of the following: (1) It is eligible to make commercial loans or residential
loans. (2) It is a public depository of state funds under section
135.03 of the Revised Code. (3) It agrees to participate in a program to provide housing
linked deposits. (E) "Housing linked deposit" means a certificate of deposit
or other financial institution instrument, described in section
135.85 of the Revised Code, placed by the treasurer of state with
an eligible lending institution, in accordance with division (B)
of section 135.84 of the Revised Code, provided that the
institution agrees, at the time of the deposit of state funds and
for the period of the deposit, to lend the value of the deposit
according to the deposit agreement described in section 135.85 of
the Revised Code to eligible housing linked deposit participants
at a fixed interest rate of three hundred basis points below the
present borrowing rate applicable to each participant in the
absence of approval to participate in the programs described in
division (B) of section 135.82 of the Revised Code. (F) "Other financial institution instrument" means a fully
collateralized product that otherwise would pay market rates of
interest approved by the treasurer of state, for the purpose of
providing eligible housing linked deposit participants with the
benefits of a housing linked deposit.
Sec. 135.82. (A) The general assembly finds that there exists
in this state a lack of affordable financing options to promote
solutions to a number of housing issues including, but not limited
to, home improvement, home restoration, energy efficiency,
retention of historic significance, controlling urban sprawl,
neighborhood revitalization, affordable housing, home ownership
for persons unable to secure conventional financing, urban
development, and economic revitalization of a residential area as
a result of a natural disaster or other catastrophic occurrence.
Accordingly, it is declared to be the public policy of the state
through housing linked deposits to create an availability of lower
cost funds to inject needed capital into local residential
communities. (B) Pursuant to the findings and declarations of division (A)
of this section and subject to the amount authorized to be
invested in linked deposits pursuant to sections 135.63 and
135.631 of the Revised Code, both of the following apply: (1) Housing linked deposits are authorized under which the
state partners with eligible governmental subdivisions in
accordance with section 135.83 of the Revised Code to provide,
pursuant to section 135.84 of the Revised Code, an availability of
lower cost funds for lending purposes that materially will
contribute to the solutions addressing housing issues, described
in division (A) of this section, across the state. (2) In the absence of an eligible governmental subdivision
linked deposit program, the treasurer of state may develop an
application process and procedures and eligibility requirements
for participation in a housing linked deposit program that
provides, pursuant to section 135.84 of the Revised Code, an
availability of lower cost funds for lending purposes that
materially will contribute to the solutions addressing housing
issues, described in division (A) of this section, across the
state.
Sec. 135.83. (A) An eligible governmental subdivision that
has established an eligible governmental subdivision housing
linked deposit program may apply to the treasurer of state for
consideration of the formation of a partnership with the treasurer
of state for the purpose of providing additional funding for that
eligible governmental subdivision housing linked deposit program. (B) Both of the following apply to the application for the
formation of a partnership with the treasurer of state described
in division (A) of this section: (1) The application made to the treasurer of state shall be
in the form and manner prescribed by the treasurer of state. (2) The application shall include any information required by
the treasurer of state, including all of the following with
respect to the eligible governmental subdivision housing linked
deposit program: (a) A copy of the eligible governmental subdivision's
application for participation in the program; (b) Eligibility requirements for participation in the
eligible governmental subdivision program; (c) The total eligible governmental subdivision deposit
commitment or allocation limits of the eligible governmental
subdivision in the program. (C) The treasurer of state may accept or reject any
application for the formation of a partnership described in
division (B) of this section and submitted by an eligible
governmental subdivision to the treasurer of state for reasons
including, but not limited to, the cash flow needs of the state,
level of participation by any or all eligible governmental
subdivisions, and criteria set forth by the treasurer of state. (D) If an eligible governmental subdivision has formed a
partnership with the treasurer of state pursuant to this section,
both of the following apply: (1) The treasurer of state has final approval, in accordance
with division (A) of section 135.84 of the Revised Code, of any
application submitted by an applicant for participation in that
eligible governmental housing linked deposit program. (2) The eligible governmental subdivision shall comply with
any monitoring requirements set forth by the treasurer of state.
Sec. 135.84. (A)(1) The treasurer of state may accept or
reject a housing linked deposit application submitted by an
applicant, or any portion thereof, based on the treasurer of
state's evaluation of the applicant and the amount of state funds
to be deposited. (2) If applicable, when evaluating an application pursuant to
division (A)(1) of this section, the treasurer of state shall give
consideration to the criteria for acceptance or rejection of an
application set forth by an eligible governmental subdivision in
the eligible governmental subdivision housing linked deposit
program. (3) No fee shall be charged to any party for the preparation,
processing, reporting, or monitoring of any application to the
treasurer of state for a housing linked deposit. (B)(1) Upon acceptance of a housing linked deposit
application or any portion thereof, the treasurer of state may
place certificates of deposit or other financial institution
instruments described in section 135.85 of the Revised Code with
an eligible lending institution at up to three hundred basis
points below current market rates, as determined and calculated by
the treasurer of state. (2) When necessary, the treasurer of state may place
certificates of deposit or other financial institution instruments
described in section 135.85 of the Revised Code with an eligible
lending institution prior to acceptance of a housing linked
deposit application.
Sec. 135.85. (A) Upon placement of a housing linked deposit
with an eligible lending institution pursuant to division (B) of
section 135.84 of the Revised Code, the eligible lending
institution shall do both of the following: (1) Enter into a deposit agreement with the treasurer of
state that includes all of the following: (a) Any requirements necessary to carry out the purposes of
sections 135.81 to 135.87 of the Revised Code; (b) Provisions for any certificate of deposit or other
financial institution instrument meeting the requirements
described in division (B) of this section and placed for any
maturity considered appropriate by the treasurer of state but not
exceeding five years; (c) A specification of the period of time in which the
eligible lending institution is to provide the reduced interest
rate to an approved applicant. (2) Lend funds as provided in division (C) of this section
and in accordance with the deposit agreement described in this
section to each eligible housing linked deposit participant
approved by the treasurer of state pursuant to division (A) of
section 135.84 of the Revised Code. (B) Both of the following apply to any certificate of deposit
or other financial institution instrument described in division
(A)(1)(b) of this section: (1) The certificate of deposit or other financial institution
instrument shall not be renewed upon final maturity. (2) Interest shall be paid at the times and in the manner
prescribed by the treasurer of state. (C) The loan described in division (A)(2) of this section
shall be at a fixed rate of three hundred basis points below the
present borrowing rate that would apply to the eligible housing
linked deposit participant in the absence of approval to
participate in the programs described in division (B) of section
135.82 of the Revised Code. (D) A certificate of compliance with this section in the form
and manner prescribed by the treasurer of state shall be provided
by the eligible lending institution. (E)(1) Any delay in payments or default on the part of the
eligible housing linked deposit participant does not in any manner
affect the deposit agreement between the eligible lending
institution and the treasurer of state. (2) If an eligible lending institution changes the terms of a
loan to an eligible housing linked deposit participant because of
a delay in payments or default, the housing linked deposit amount
shall be returned to the treasurer of state by the eligible
lending institution. In which case, the deposit amount plus
interest and without early withdrawal penalties shall be returned
in a timely manner as prescribed by the treasurer of state.
(F) An eligible lending institution shall comply fully with
sections 135.81 to 135.87 of the Revised Code.
Sec. 135.86. (A) The treasurer of state shall take any steps
necessary to monitor compliance with sections 135.81 to 135.87 of
the Revised Code by eligible lending institutions, eligible
housing linked deposit participants, and eligible governmental
subdivisions to which partnerships with the treasurer of state
have been approved pursuant to section 135.83 of the Revised Code. (B) The treasurer of state may develop guidelines to carry
out the purposes of division (A) of this section.
Sec. 135.87. The state and the treasurer of state are not
liable to any eligible lending institution in any manner for
payment of principal or interest on a loan to an eligible housing
linked deposit participant under sections 135.81 to 135.87 of the
Revised Code.
Sec. 3770.06. (A) There is hereby created the state
lottery
gross revenue fund, which shall be in the custody of the
treasurer
of state but shall not be part of the state treasury.
All gross
revenues received from sales of lottery tickets, fines,
fees, and
related proceeds shall be
deposited into the fund. The
treasurer
of state shall invest any
portion of the fund not
needed for
immediate use in the same
manner as, and subject to
all provisions
of law with respect to
the investment of, state
funds. The
treasurer of state shall
disburse money from the fund
on order of
the director of the state
lottery commission or the
director's
designee.
All revenues of the state lottery gross revenue fund
that are not
paid to holders of winning lottery tickets, that are
not required
to meet short-term prize liabilities, that are not
paid to lottery
sales agents in the form of
bonuses,
commissions,
or
reimbursements, and that are not paid to
financial
institutions
to
reimburse
those institutions for sales
agent
nonsufficient
funds
shall be transferred to the state
lottery
fund, which is
hereby
created in the state treasury. All
investment earnings of
the fund
shall be credited to the fund.
Moneys shall be disbursed
from the
fund pursuant to
vouchers approved by the director.
Total disbursements for monetary
prize awards to holders of
winning lottery tickets and purchases
of goods and services
awarded as prizes to holders of winning
lottery tickets shall be
of an amount equal
to at least fifty per cent of the total
revenue
accruing from the
sale of lottery tickets. (B) Pursuant to Section 6 of Article XV, Ohio
Constitution,
there is hereby established in the state treasury
the lottery
profits education fund. Whenever, in the judgment of
the director
of budget and management, the amount to the credit
of the state
lottery fund is in excess of that needed to meet the
maturing
obligations of the commission and as working capital for
its
further operations, the director shall transfer the
excess to the
lottery profits education fund.
Investment earnings of the lottery
profits education fund shall be
credited to the fund. There
shall
also
be credited to the fund any repayments of moneys
loaned from
the
educational excellence investment fund.
The
lottery profits
education fund shall be used solely for
the
support of elementary,
secondary, vocational, and special
education programs as
determined in appropriations made by the
general assembly, or as
provided in applicable bond proceedings
for
the payment of debt
service on obligations issued to pay costs
of capital
facilities,
including those for a system of common
schools throughout the
state pursuant to section 2n of Article
VIII, Ohio Constitution.
When determining the
availability of
money in
the lottery profits
education fund, the director of
budget and
management may consider
all balances and estimated
revenues of
the fund. From the amounts that the director of budget and management
transfers in any fiscal year from the state lottery fund to the
lottery profits education fund, the director shall transfer
the
initial ten million dollars of
those amounts from the lottery
profits
education fund to the school building program bond service
fund
created in division (Q) of section 3318.26 of the Revised
Code to
be pledged for the purpose of paying bond service charges
as
defined in division (C) of section 3318.21 of the Revised Code
on
one or more issuances of obligations, which obligations are
issued to provide moneys for the school building program
assistance fund created in section 3318.25 of the Revised Code. (C) There is hereby established in the state treasury the
deferred prizes trust fund. With the approval of the director of
budget and management, an amount sufficient to fund annuity
prizes
shall be transferred from the state lottery fund and
credited to
the trust fund. The treasurer of state shall
credit all earnings
arising from investments purchased under this
division to the
fund. Within sixty days after the end of each
fiscal year, the
director of budget and management shall certify
the amount of
investment earnings necessary to have been credited
to the trust
fund during the fiscal year just ending to provide
for continued
funding of deferred prizes. Any earnings credited
in excess of
this certified amount shall be transferred to the
lottery profits
education fund. To provide all or a part of the
amounts necessary
to fund deferred prizes awarded by the
commission, the treasurer
of state, in consultation with the
commission, may invest moneys
contained in the deferred prizes
trust fund in obligations of the
type permitted for the investment of state
funds but whose
maturities are thirty years or less. Investments of the
deferred
prizes trust fund are not subject to the provisions of division
(A)(10) of section 135.143 of the Revised Code limiting to
twenty-five
per cent the amount
of the state's total average
portfolio that
may be invested in debt interests
and limiting to
one-half of one
per cent the amount that may be invested in
debt
interests of a
single issuer. All purchases made under this division shall be effected on
a
delivery versus payment method and shall be in the custody of
the
treasurer of state. The treasurer of state may retain an investment advisor, if
necessary. The commission shall pay any costs incurred by the
treasurer of state in retaining an investment advisor. (D) The auditor of state shall conduct annual audits
of all
funds and
any other audits as the auditor of state or
the
general
assembly considers necessary. The auditor of state may
examine
all records, files, and other documents of the commission,
and
records of
lottery sales agents
that pertain to their
activities
as agents, for purposes of
conducting authorized
audits. The state lottery commission shall establish an internal
audit program
before the beginning of each fiscal year, subject to
the approval of the
auditor of state. At the end of each fiscal
year, the commission shall
prepare and submit an annual report to
the auditor of state for the auditor of
state's review and
approval, specifying the internal audit work completed by
the end
of that fiscal year and reporting on compliance with the annual
internal audit program. The form and content of the report shall
be
prescribed by the auditor of state under division (C) of
section
117.20 of the Revised Code. (E) Whenever, in the judgment of the director of budget and
management, an amount of net state lottery proceeds is necessary
to be applied
to the payment of debt service on obligations, all
as defined in sections
151.01 and 151.03 of the Revised Code, the
director shall transfer that amount directly from
the state
lottery fund or from the lottery profits education fund to the
bond
service fund defined in those sections. The provisions of
this division
are subject to any prior pledges
or obligation of
those amounts to the payment of bond service
charges as defined in
division
(C) of section 3318.21 of the
Revised Code, as referred
to in division (B)
of this section.
Sec. 5739.18. On the first business day of each week, each
county auditor
shall make in
triplicate
duplicate a list showing
the names
of all vendors licensed in
the auditor's county during
the
preceding week pursuant to
sections 5739.01 to 5739.31
of the
Revised Code, and such
other information as to each,
available
from the records in
the
auditor's office, as the tax
commissioner
prescribes, and shall
immediately certify one of
such
the
lists to
the
commissioner, one to
the treasurer of state, and one
to the
county
treasurer. The
tax commissioner
shall keep an
alphabetical
index of
such licensees so certified to
the
commissioner but
may
delete
therefrom
from the index the names of those
persons whose
licenses have been
cancelled.
Section 2. That existing sections 122.011, 135.12, 135.143,
135.63, 135.631, 3770.06, and 5739.18 and sections 135.81,
135.82, 135.83, 135.84, 135.85,
135.86,
135.87, and 135.88 of the
Revised Code are hereby repealed.
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