The online versions of legislation provided on this website are not official. Enrolled bills are the final version passed by the Ohio General Assembly and presented to the Governor for signature. The official version of acts signed by the Governor are available from the Secretary of State's Office in the Continental Plaza, 180 East Broad St., Columbus.
|
H. B. No. 483 As IntroducedAs Introduced
128th General Assembly | Regular Session | 2009-2010 |
| |
Cosponsors:
Representatives Dodd, Domenick, Evans, Garland, Gerberry, Goodwin, Goyal, Letson, Murray, Phillips, Sayre, Stebelton, Weddington
A BILL
To amend sections 135.631, 135.74, and 135.75 of the
Revised Code to modify the Agricultural Linked
Deposit Program with respect to the maximum amount
the Treasurer of State may invest in agricultural
linked deposits and the interest rate at which
loans are made under the Program.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 135.631, 135.74, and 135.75 of the
Revised Code be amended to read as follows:
Sec. 135.631. The treasurer of state shall attempt to place
up to one two 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. 135.74. (A) The treasurer of state may accept or reject
an agricultural linked deposit loan package or any portion
thereof, based on the treasurer's evaluation of the eligible
agricultural businesses included in the package, the amount of
individual loans in the package, and the amount of the package. In
evaluating the eligible agricultural businesses, the treasurer of
state shall give priority to a business's financial need for the
loan to meet planting deadlines but shall also consider the
overall financial need of the business and the economic needs of
the area where the business is located.
(B) Upon acceptance of the agricultural linked deposit loan
package or any portion thereof, the treasurer of state may place
certificates of deposit with the eligible lending institution at a
rate below current market rates, as determined and calculated by
the treasurer of state, or may invest in bonds, notes, debentures,
or other obligations or securities issued by the federal farm
credit bank with respect to the eligible lending institution at a
rate below current market rates, as determined and calculated by
the treasurer of state. When necessary, the treasurer may place
certificates of deposit or may invest in such obligations or
securities prior to acceptance of an agricultural linked deposit
loan package.
(C) The eligible lending institution shall enter into an
agricultural linked deposit agreement with the treasurer of state,
which shall include requirements necessary to carry out the
purposes of sections 135.71 to 135.76 of the Revised Code. Such
requirements shall include an agreement by the eligible lending
institution to lend the value of the agricultural linked deposit
to eligible agricultural businesses at a rate that reflects a
percentage rate reduction below the present borrowing rate
applicable to each specific agricultural business in the accepted
loan package that is equal proportional to the percentage rate
reduction below market rates at which the certificates of deposit
that constitute the agricultural linked deposit were placed or at
which the investments in bonds, notes, debentures, or other
obligations or securities that constitute the agricultural linked
deposit were made. Such requirements shall also reflect the market
conditions prevailing in the eligible lending institution's
lending area. The agreement may include a specification of the
period of time in which the lending institution is to lend funds
upon the placement of a linked deposit, and shall include
provisions for the certificates of deposit to be placed or the
investment in bonds, notes, debentures, obligations, or securities
to be made for any maturity considered appropriate by the
treasurer of state not to exceed two years and may be renewed for
up to an additional two years at the option of the treasurer.
Interest shall be paid at the times determined by the treasurer of
state.
(D) Eligible lending institutions shall comply fully with
Chapter 135. of the Revised Code.
Sec. 135.75. (A) Upon the placement of an agricultural
linked deposit with an eligible lending institution, such
institution is required to lend such funds to each approved
eligible agricultural business listed in the agricultural linked
deposit loan package required by division (D) of section 135.73 of
the Revised Code and in accordance with the agricultural linked
deposit agreement required by division (C) of section 135.74 of
the Revised Code. The loan shall be at a rate that reflects a
percentage rate reduction below the present borrowing rate
applicable to each business that is equal to the percentage rate
reduction below market rates at which the certificate of deposits
that constitute the agricultural linked deposit were placed or at
which the investments in bonds, notes, debentures, or other
obligations or securities that constitute the agricultural linked
deposit were made. A certification of compliance with this section
in the form and manner as prescribed by the treasurer of state
shall be required of the eligible lending institution.
(B) The treasurer of state shall take any and all steps
necessary to implement the agricultural linked deposit program and
monitor compliance of eligible lending institutions and eligible
agricultural businesses, including the development of guidelines
as necessary.
Section 2. That existing sections 135.631, 135.74, and 135.75
of the Revised Code are hereby repealed.
|
|