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H. B. No. 435 As IntroducedAs Introduced
129th General Assembly | Regular Session | 2011-2012 |
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Cosponsors:
Representatives Terhar, Thompson, Henne
A BILL
To enact section 135.146 of the Revised Code to
authorize boards of township trustees to invest
all or part of township interim funds in corporate
bonds.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 135.146 of the Revised Code be
enacted to read as follows:
Sec. 135.146. (A) In addition to the investments authorized
by section 135.14 of the Revised Code, a board of township
trustees, by majority vote of its members, may authorize the
township treasurer to invest any part or all of the interim moneys
of the township, which are available for investment at any one
time, in debt interests that have been registered with the United
States securities and exchange commission, rated in one of the
three highest rating classifications by at least two nationally
recognized rating agencies, and issued by entities that are
defined in division (D) of section 1705.01 of the Revised Code.
(B) No investment authorized under this section shall be
made, whether or not authorized by a board of township trustees,
unless the township treasurer has completed training for making
the types of investments authorized under this section. The type
and amount of the training shall be approved by the treasurer of
state, and shall be provided by the treasurer of state under
section 135.22 of the Revised Code.
(C) The township treasurer shall prepare annually and submit
to the auditor of state, and to the treasurer of state, on or
before the thirty-first day of August, a report listing each
investment made under this section during the preceding fiscal
year, income earned from the investments, fees and commissions
paid pursuant to division (D) of this section, and any other
information required by the auditor of state or the treasurer of
state.
(D) A board of township trustees may make appropriations and
expenditures for fees and commissions in connection with
investments made under this section.
(E) Any investment made under this section shall mature
within five years from the date of settlement.
(F) If any of the debt interests acquired under this section
ceases to be rated as required, its issuer shall notify the
township treasurer in writing of this fact within twenty-four
hours. At any time thereafter the township treasurer may require
collateralization, by securities authorized for investment under
section 135.143 of the Revised Code, at the rate of one hundred
two per cent of any remaining obligation of the issuer. The
collateral shall be delivered to and held by a custodian
acceptable to the township treasurer and marked to market daily.
If the value of the collateral falls below the level required by
this division, the insufficiency shall be cured within twelve
hours. Unlimited substitution shall be allowed of comparable
securities.
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