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S. B. No. 148 As IntroducedAs Introduced
| 128th General Assembly | | Regular Session | | 2009-2010 |
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A BILL
To enact section 731.60 of the Revised Code to
authorize municipal corporations to have a deficit
in special funds under certain circumstances.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 731.60 of the Revised Code be enacted
to read as follows:
Sec. 731.60. A municipal corporation may have a deficit in
any special fund of the municipal corporation only if both of the
following conditions are satisfied:
(A) The municipal corporation has a request for payment
pending with the state or federal government sufficient to cover
the amount of the deficit and there is a reasonable likelihood
that the payment will be made; and
(B) The unspent and unencumbered balance in the municipal
corporation's general fund is greater than the aggregate of
deficit amounts in all of the municipal corporation's special
funds.
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