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Sub. S. B. No. 287 As Passed by the HouseAs Passed by the House
130th General Assembly | Regular Session | 2013-2014 |
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Cosponsors:
Senators Eklund, Patton, Sawyer, Seitz
Representatives Amstutz, Anielski, Beck, Blessing, Boose, Budish, Burkley, Damschroder, Hackett, Henne, Huffman, Letson, Ruhl, Terhar, Young
A BILL
To amend sections 135.14, 135.142, 135.143, 135.35,
and 3770.06 and to enact section 135.48 of the
Revised Code to modify authorized investments of
interim moneys and inactive moneys under the
Uniform Depository Act.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 135.14, 135.142, 135.143, 135.35,
and 3770.06 be amended and section 135.48 of the Revised Code be
enacted to read as follows:
Sec. 135.14. (A) As used in this section:
(1) "Treasurer" does not include the treasurer of state, and
"governing board" does not include the state board of deposit.
(2) "Other obligations" includes notes whether or not issued
in anticipation of the issuance of bonds.
(B) The treasurer or governing board may invest or deposit
any part or all of the interim moneys. The following
classifications of obligations shall be eligible for such
investment or deposit:
(1) United States treasury bills, notes, bonds, or any other
obligation or security issued by the United States treasury or any
other obligation guaranteed as to principal and interest by the
United States.
Nothing in the classification of eligible obligations set
forth in division (B)(1) of this section or in the classifications
of eligible obligations set forth in divisions (B)(2) to (7) of
this section shall be construed to authorize any investment in
stripped principal or interest obligations of such eligible
obligations.
(2) Bonds, notes, debentures, or any other obligations or
securities issued by any federal government agency or
instrumentality, including but not limited to, the federal
national mortgage association, federal home loan bank, federal
farm credit bank, federal home loan mortgage corporation, and
government national mortgage association, and student loan
marketing association. All federal agency securities shall be
direct issuances of federal government agencies or
instrumentalities.
(3) Interim deposits in the eligible institutions applying
for interim moneys as provided in section 135.08 of the Revised
Code. The award of interim deposits shall be made in accordance
with section 135.09 of the Revised Code and the treasurer or the
governing board shall determine the periods for which such interim
deposits are to be made and shall award such interim deposits for
such periods, provided that any eligible institution receiving an
interim deposit award may, upon notification that the award has
been made, decline to accept the interim deposit in which event
the award shall be made as though the institution had not applied
for such interim deposit.
(4) Bonds and other obligations of this state;, or the
political subdivisions of this state, provided that, with respect
to bonds or other obligations of political subdivisions, all of
the following apply:
(a) The bonds or other obligations are payable from general
revenues of the political subdivision and backed by the full faith
and credit of the political subdivision.
(b) The bonds or other obligations are rated at the time of
purchase in the three highest classifications established by at
least one nationally recognized standard rating service and
purchased through a registered securities broker or dealer.
(c) The aggregate value of the bonds or other obligations
does not exceed twenty per cent of interim moneys available for
investment at the time of purchase.
(d) The treasurer or governing board is not the sole
purchaser of the bonds or other obligations at original issuance.
No investment shall be made under division (B)(4) of this
section unless the treasurer or governing board has completed
additional training for making the investments authorized by
division (B)(4) of this section. The type and amount of additional
training shall be approved by the treasurer of state and may be
conducted by or provided under the supervision of the treasurer of
state.
(5) No-load money market mutual funds consisting exclusively
of obligations described in division (B)(1) or (2) of this section
and repurchase agreements secured by such obligations, provided
that investments in securities described in this division are made
only through eligible institutions mentioned in section 135.03 of
the Revised Code;
(6) The Ohio subdivision's fund as provided in section 135.45
of the Revised Code;
(7) Up to twenty-five forty per cent of interim moneys
available for investment in either of the following:
(a) Commercial paper notes issued by an entity that is
defined in division (D) of section 1705.01 of the Revised Code and
that has assets exceeding five hundred million dollars, to which
notes all of the following apply:
(i) The notes are rated at the time of purchase in the
highest classification established by at least two nationally
recognized standard rating services.
(ii) The aggregate value of the notes does not exceed ten per
cent of the aggregate value of the outstanding commercial paper of
the issuing corporation.
(iii) The notes mature not later than one two hundred eighty
seventy days after purchase.
(iv) The investment in commercial paper notes of a single
issuer shall not exceed in the aggregate five per cent of interim
moneys available for investment at the time of purchase.
(b) Bankers acceptances of banks that are insured by the
federal deposit insurance corporation and to which both of the
following apply:
(i) The obligations are eligible for purchase by the federal
reserve system.
(ii) The obligations that mature not later than one hundred
eighty days after purchase.
No investment shall be made pursuant to division (B)(7) of
this section unless the treasurer or governing board has completed
additional training for making the investments authorized by
division (B)(7) of this section. The type and amount of additional
training shall be approved by the auditor treasurer of state and
may be conducted by or provided under the supervision of the
auditor treasurer of state.
(C) Nothing in the classifications of eligible obligations
set forth in divisions (B)(1) to (7) of this section shall be
construed to authorize any investment in a derivative, and no
treasurer or governing board shall invest in a derivative. For
purposes of this division, "derivative" means a financial
instrument or contract or obligation whose value or return is
based upon or linked to another asset or index, or both, separate
from the financial instrument, contract, or obligation itself. Any
security, obligation, trust account, or other instrument that is
created from an issue of the United States treasury or is created
from an obligation of a federal agency or instrumentality or is
created from both is considered a derivative instrument. An
eligible investment described in this section with a variable
interest rate payment, based upon a single interest payment or
single index comprised of other eligible investments provided for
in division (B)(1) or (2) of this section, is not a derivative,
provided that such variable rate investment has a maximum maturity
of two years.
(D) Except as provided in division (E) of this section, any
investment made pursuant to this section must mature within five
years from the date of settlement, unless the investment is
matched to a specific obligation or debt of the subdivision.
(E) The treasurer or governing board may also enter into a
written repurchase agreement with any eligible institution
mentioned in section 135.03 of the Revised Code or any eligible
dealer pursuant to division (M) of this section, under the terms
of which agreement the treasurer or governing board purchases, and
such institution or dealer agrees unconditionally to repurchase
any of the securities listed in divisions (B)(1) to (5), except
letters of credit described in division (B)(2), of section 135.18
of the Revised Code. The market value of securities subject to an
overnight written repurchase agreement must exceed the principal
value of the overnight written repurchase agreement by at least
two per cent. A written repurchase agreement shall not exceed
thirty days and the market value of securities subject to a
written repurchase agreement must exceed the principal value of
the written repurchase agreement by at least two per cent and be
marked to market daily. All securities purchased pursuant to this
division shall be delivered into the custody of the treasurer or
governing board or an agent designated by the treasurer or
governing board. A written repurchase agreement with an eligible
securities dealer shall be transacted on a delivery versus payment
basis. 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:
(1) The par value of the securities;
(2) The type, rate, and maturity date of the securities;
(3) A numerical identifier generally accepted in the
securities industry that designates the securities.
No treasurer or governing board shall enter into a written
repurchase agreement under the terms of which the treasurer or
governing board agrees to sell securities owned by the subdivision
to a purchaser and agrees with that purchaser to unconditionally
repurchase those securities.
(F) No treasurer or governing board shall make an investment
under this section, unless the treasurer or governing board, at
the time of making the investment, reasonably expects that the
investment can be held until its maturity.
(G) No treasurer or governing board shall pay interim moneys
into a fund established by another subdivision, treasurer,
governing board, or investing authority, if that fund was
established for the purpose of investing the public moneys of
other subdivisions. This division does not apply to the payment of
public moneys into either of the following:
(1) The Ohio subdivision's fund pursuant to division (B)(6)
of this section;
(2) A fund created solely for the purpose of acquiring,
constructing, owning, leasing, or operating municipal utilities
pursuant to the authority provided under section 715.02 of the
Revised Code or Section 4 of Article XVIII, Ohio Constitution.
For purposes of division (G) of this section, "subdivision"
includes a county.
(H) The use of leverage, in which the treasurer or governing
board uses its current investment assets as collateral for the
purpose of purchasing other assets, is prohibited. The issuance of
taxable notes for the purpose of arbitrage is prohibited.
Contracting to sell securities that have not yet been acquired by
the treasurer or governing board, for the purpose of purchasing
such securities on the speculation that bond prices will decline,
is prohibited.
(I) Whenever, during a period of designation, the treasurer
classifies public moneys as interim moneys, the treasurer shall
notify the governing board of such action. The notification shall
be given within thirty days after such classification and in the
event the governing board does not concur in such classification
or in the investments or deposits made under this section, the
governing board may order the treasurer to sell or liquidate any
of such 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 on the date fixed in such
order at the then current market price. Neither the treasurer nor
the members of the board 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 sales or liquidations is payable as other expenses of
the treasurer's office.
(J) If any investments or deposits purchased under the
authority of this section are issuable to a designated payee or to
the order of a designated payee, the name of the treasurer and the
title of the treasurer's office shall be so designated. If any
such securities are registrable either as to principal or
interest, or both, then such securities shall be registered in the
name of the treasurer as such.
(K) The treasurer is responsible for the safekeeping of all
documents evidencing a deposit or investment acquired by the
treasurer under this section. Any securities may be deposited for
safekeeping with a qualified trustee as provided in section 135.18
of the Revised Code, except the delivery of securities acquired
under any repurchase agreement under this section shall be made to
a qualified trustee, provided, however, that the qualified trustee
shall be required to report to the treasurer, governing board,
auditor of state, or an authorized outside auditor at any time
upon request as to the identity, market value, and location of the
document evidencing each security, and that if the participating
institution is a designated depository of the subdivision for the
current period of designation, the securities that are the subject
of the repurchase agreement may be delivered to the treasurer or
held in trust by the participating institution on behalf of the
subdivision. Interest earned on any investments or deposits
authorized by this section shall be collected by the treasurer and
credited by the treasurer to the proper fund of the subdivision.
Upon the expiration of the term of office of a treasurer or
in the event of a vacancy in the office of treasurer by reason of
death, resignation, removal from office, or otherwise, the
treasurer or the treasurer's legal representative shall transfer
and deliver to the treasurer's successor all documents evidencing
a deposit or investment held by the treasurer. For the investments
and deposits so transferred and delivered, such treasurer shall be
credited with and the treasurer's successor shall be charged with
the amount of money held in such investments and deposits.
(L) Whenever investments or deposits acquired under this
section mature and become due and payable, the treasurer 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.
(M)(1) All investments, except for investments in securities
described in divisions (B)(5) and (6) of this section and for
investments by a municipal corporation in the issues of such
municipal corporation, shall be made only through a member of the
national association of securities dealers financial industry
regulatory authority (FINRA), through a bank, savings bank, or
savings and loan association regulated by the superintendent of
financial institutions, or through an institution regulated by the
comptroller of the currency, federal deposit insurance
corporation, or board of governors of the federal reserve system.
(2) Payment for investments shall be made only upon the
delivery of securities representing such investments to the
treasurer, governing board, or qualified trustee. If the
securities transferred are not represented by a certificate,
payment shall be made only upon receipt of confirmation of
transfer from the custodian by the treasurer, governing board, or
qualified trustee.
(N) In making investments authorized by this section, a
treasurer or governing board may retain the services of an
investment advisor, provided the advisor is licensed by the
division of securities under section 1707.141 of the Revised Code
or is registered with the securities and exchange commission, and
possesses experience in public funds investment management,
specifically in the area of state and local government investment
portfolios, or the advisor is an eligible institution mentioned in
section 135.03 of the Revised Code.
(O)(1) Except as otherwise provided in divisions (O)(2) and
(3) of this section, no treasurer or governing board shall make an
investment or deposit under this section, unless there is on file
with the auditor of state a written investment policy approved by
the treasurer or governing board. The policy shall require that
all entities conducting investment business with the treasurer or
governing board shall sign the investment policy of that
subdivision. All brokers, dealers, and financial institutions,
described in division (M)(1) of this section, initiating
transactions with the treasurer or governing board by giving
advice or making investment recommendations shall sign the
treasurer's or governing board's investment policy thereby
acknowledging their agreement to abide by the policy's contents.
All brokers, dealers, and financial institutions, described in
division (M)(1) of this section, executing transactions initiated
by the treasurer or governing board, having read the policy's
contents, shall sign the investment policy thereby acknowledging
their comprehension and receipt.
(2) If a written investment policy described in division
(O)(1) of this section is not filed on behalf of the subdivision
with the auditor of state, the treasurer or governing board of
that subdivision shall invest the subdivision's interim moneys
only in interim deposits pursuant to division (B)(3) of this
section or interim deposits pursuant to section 135.145 of the
Revised Code and approved by the treasurer of state, no-load money
market mutual funds pursuant to division (B)(5) of this section,
or the Ohio subdivision's fund pursuant to division (B)(6) of this
section.
(3) Divisions (O)(1) and (2) of this section do not apply to
a treasurer or governing board of a subdivision whose average
annual portfolio of investments held pursuant to this section is
one hundred thousand dollars or less, provided that the treasurer
or governing board certifies, on a form prescribed by the auditor
of state, that the treasurer or governing board will comply and is
in compliance with the provisions of sections 135.01 to 135.21 of
the Revised Code.
(P) A treasurer or governing board may enter into a written
investment or deposit agreement that includes a provision under
which the parties agree to submit to nonbinding arbitration to
settle any controversy that may arise out of the agreement,
including any controversy pertaining to losses of public moneys
resulting from investment or deposit. The arbitration provision
shall be set forth entirely in the agreement, and the agreement
shall include a conspicuous notice to the parties that any party
to the arbitration may apply to the court of common pleas of the
county in which the arbitration was held for an order to vacate,
modify, or correct the award. Any such party may also apply to the
court for an order to change venue to a court of common pleas
located more than one hundred miles from the county in which the
treasurer or governing board is located.
For purposes of this division, "investment or deposit
agreement" means any agreement between a treasurer or governing
board and a person, under which agreement the person agrees to
invest, deposit, or otherwise manage a subdivision's interim
moneys on behalf of the treasurer or governing board, or agrees to
provide investment advice to the treasurer or governing board.
(Q) An investment made by the treasurer or governing board
pursuant to this section prior to September 27, 1996, that was a
legal investment under the law as it existed before September 27,
1996, may be held until maturity, or if the investment does not
have a maturity date, it may be held until five years from
September 27, 1996, regardless of whether the investment would
qualify as a legal investment under the terms of this section as
amended.
Sec. 135.142. (A) In addition to the investments authorized
by section 135.14 of the Revised Code, any board of education, by
a two-thirds vote of its members, may authorize the treasurer of
the board of education to invest up to twenty-five forty per cent
of the interim moneys of the board, available for investment at
any one time, in either of the following:
(1) Commercial paper notes issued by any entity that is
defined in division (D) of section 1705.01 of the Revised Code and
has assets exceeding five hundred million dollars, and to which
notes all of the following apply:
(a) The notes are rated at the time of purchase in the
highest classification established by at least two nationally
recognized standard rating services;.
(b) The aggregate value of the notes does not exceed ten per
cent of the aggregate value of the outstanding commercial paper of
the issuing corporation;.
(c) The notes mature no later than one two hundred eighty
seventy days after purchase.
(d) The investment in commercial paper notes of a single
issuer shall not exceed in the aggregate five per cent of interim
moneys of the board available for investment at the time of
purchase.
(2) Bankers' acceptances of banks that are members of insured
by the federal deposit insurance corporation to which obligations
both of the following apply:
(a) The obligations are eligible for purchase by the federal
reserve system;
(b) The obligations and that mature no later than one hundred
eighty days after purchase.
(B) No investment authorized pursuant to division (A) of this
section shall be made, whether or not authorized by a board of
education, unless the treasurer of the board of education has
completed additional training for making the types of investments
authorized pursuant to division (A) of this section. The type and
amount of such training shall be approved and may be conducted by
or provided under the supervision of the auditor treasurer of
state.
(C) The treasurer of the board of education shall prepare
annually and submit to the board of education, the superintendent
of public instruction, and the auditor of state, on or before the
thirty-first day of August, a report listing each investment made
pursuant to division (A) of this section during the preceding
fiscal year, income earned from such investments, fees and
commissions paid pursuant to division (D) of this section, and any
other information required by the board, the superintendent, and
the auditor of state.
(D) A board of education may make appropriations and
expenditures for fees and commissions in connection with
investments made pursuant to division (A) of this section.
(E)(1) In addition to the investments authorized by section
135.14 of the Revised Code and division (A) of this section, any
board of education that is a party to an agreement with the
treasurer of state pursuant to division (G) of section 135.143 of
the Revised Code and that has outstanding obligations issued under
authority of section 133.10 or 133.301 of the Revised Code may
authorize the treasurer of the board of education to invest
interim moneys of the board in debt interests rated in either of
the two highest rating classifications by at least two nationally
recognized standard rating agencies services and issued by
entities that are defined in division (D) of section 1705.01 of
the Revised Code. The debt interests purchased under authority of
division (E) of this section shall mature not later than the
latest maturity date of the outstanding obligations issued under
authority of section 133.10 or 133.301 of the Revised Code.
(2) If any of the debt interests acquired under division
(E)(1) of this section ceases to be rated as there required, its
issuer shall notify the treasurer of state of this fact within
twenty-four hours. At any time thereafter the treasurer of state
may require collateralization at the rate of one hundred two per
cent of any remaining obligation of the entity, with securities
authorized for investment under section 135.143 of the Revised
Code. The collateral shall be delivered to and held by a custodian
acceptable to the treasurer of state, marked to market daily, and
any default to be cured within twelve hours. Unlimited
substitution shall be allowed of comparable securities.
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)(a) Bonds, notes, and other direct obligations of the
state of Ohio, including, but not limited to, any obligations
issued by the treasurer of state and of, the Ohio public
facilities commission, the Ohio building authority, and the Ohio
housing finance agency, the Ohio water development authority, and
the Ohio turnpike infrastructure commission;
(b) Bonds, notes, and other obligations of any state or
political subdivision thereof rated in the three highest
categories by at least one nationally recognized standard rating
service and purchased through a registered securities broker or
dealer, provided the treasurer of state is not the sole purchaser
of the bonds, notes, or other obligations at original issuance.
(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 registered
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), (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), (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 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 entity that is incorporated organized under the laws
of the United States or a state, which notes are rated at the time
of purchase in the two highest categories by two nationally
recognized standard rating
agencies services, provided that the
total amount invested under this section in any commercial paper
at any time shall not exceed
twenty-five forty 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
housing linked deposits as provided in sections 135.81 to 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 at the time of purchase in
the three highest categories by two nationally recognized standard
rating
agencies services and issued by corporations entities that
are incorporated organized 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, provided that:
(a) The investments in debt interests other than commercial
paper shall not exceed in the aggregate twenty-five per cent of
the state's portfolio;.
(b) The investments in debt interests issued by foreign
nations shall not exceed in the aggregate one per cent of the
state's portfolio;.
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, and provided that all interest and principal shall
be denominated and payable in United States funds.
(c) The When added to the investment in commercial paper, the
investments in the debt interests of a single issuer shall not
exceed in the aggregate one-half of one five per cent of the
state's portfolio, except that debt interests of a single issuer
that is a foreign nation shall not exceed in the aggregate one per
cent of the state's portfolio.
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, and provided that all interest and principal shall
be denominated and payable in United States funds.
(d) For purposes of division (A)(10) of this section, a debt
interest is rated in the three highest categories by two
nationally recognized standard rating agencies services if either
the debt interest itself or the issuer of the debt interest is
rated, or is implicitly rated, at the time of purchase in the
three highest categories by two nationally recognized standard
rating agencies services.
(e) For purposes of division (A)(10) of this section, the
"state's portfolio" means the state's total average portfolio, as
determined and calculated by the treasurer of state.
(11) No-load money market mutual funds rated in the highest
category by one nationally recognized standard rating service or
consisting exclusively of obligations described in division
(A)(1), (2), or (6) of this section and repurchase agreements
secured by such obligations.
(12) Obligations of a political subdivision issued under
Chapter 133. of the Revised Code and identified in an agreement
described in division (G) of this section.
(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.
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 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 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 political subdivision
issuing obligations referred to in division (A)(12) of this
section, which obligations mature within one year from the
original date of issuance, 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 political subdivision 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 a 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, a reasonable estimate of the indirect costs
associated with the purchasing of obligations of a political
subdivision 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, and the
administration thereof. 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 political subdivision 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 political subdivision under division (G) of this
section.
(J) As used in this section, "political subdivision" means a
county, township, municipal corporation, or board of education of
a school district.
Sec. 135.35. (A) The investing authority shall deposit or
invest any part or all of the county's inactive moneys and shall
invest all of the money in the county public library fund when
required by section 135.352 of the Revised Code. The following
classifications of securities and obligations are eligible for
such deposit or investment:
(1) United States treasury bills, notes, bonds, or any other
obligation or security issued by the United States treasury, any
other obligation guaranteed as to principal or interest by the
United States, or any book entry, zero-coupon United States
treasury security that is a direct obligation of the United
States.
Nothing in the classification of eligible securities and
obligations set forth in divisions (A)(2) to (11)(10) of this
section shall be construed to authorize any investment in stripped
principal or interest obligations of such eligible securities and
obligations.
(2) Bonds, notes, debentures, or any other obligations or
securities issued by any federal government agency or
instrumentality, including, but not limited to, the federal
national mortgage association, federal home loan bank, federal
farm credit bank, federal home loan mortgage corporation, and
government national mortgage association, and student loan
marketing association. All federal agency securities shall be
direct issuances of federal government agencies or
instrumentalities.
(3) Time certificates of deposit or savings or deposit
accounts, including, but not limited to, passbook accounts, in any
eligible institution mentioned in section 135.32 of the Revised
Code;
(4) Bonds and other obligations of this state or the
political subdivisions of this state;
(5) No-load money market mutual funds rated in the highest
category at the time of purchase by at least one nationally
recognized standard rating service or consisting exclusively of
obligations described in division (A)(1) or, (2), or (6) of this
section 135.143 of the Revised Code and repurchase agreements
secured by such obligations, provided that investments in
securities described in this division are made only through
eligible institutions mentioned in section 135.32 of the Revised
Code;
(6) The Ohio subdivision's fund as provided in section 135.45
of the Revised Code;
(7) Securities lending agreements with any eligible
institution mentioned in section 135.32 of the Revised Code that
is a member of the federal reserve system or federal home loan
bank or with any recognized United States government securities
dealer meeting the description in division (J)(1) of this section,
under the terms of which agreements the investing authority lends
securities and the eligible 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 inactive moneys of the county or moneys
of a county public library fund. The investment of cash collateral
received pursuant to a securities lending agreement may be
invested only in instruments specified by the investing authority
in the written investment policy described in division (K) of this
section.
(8) Up to twenty-five per cent of the county's total average
portfolio in either of the following investments:
(a) Commercial paper notes issued by an entity that is
defined in division (D) of section 1705.01 of the Revised Code and
that has assets exceeding five hundred million dollars, to which
notes all of the following apply:
(i) The notes are rated at the time of purchase in the
highest classification established by at least two nationally
recognized standard rating services.
(ii) The aggregate value of the notes does not exceed ten per
cent of the aggregate value of the outstanding commercial paper of
the issuing corporation.
(iii) The notes mature not later than two hundred seventy
days after purchase.
(b) Bankers acceptances of banks that are insured by the
federal deposit insurance corporation and to which both of the
following apply:
(i) The obligations are eligible for purchase by the federal
reserve system.
(ii) The obligations that mature not later than one hundred
eighty days after purchase.
No investment shall be made pursuant to division (A)(8) of
this section unless the investing authority has completed
additional training for making the investments authorized by
division (A)(8) of this section. The type and amount of additional
training shall be approved by the auditor treasurer of state and
may be conducted by or provided under the supervision of the
auditor treasurer of state.
(9) Up to fifteen per cent of the county's total average
portfolio in notes issued by corporations that are incorporated
under the laws of the United States and that are operating within
the United States, or by depository institutions that are doing
business under authority granted by the United States or any state
and that are operating within the United States, provided both of
the following apply:
(a) The notes are rated in the second highest or higher
category by at least two nationally recognized standard rating
services at the time of purchase.
(b) The notes mature not later than two years after purchase.
(10) No-load money market mutual funds rated in the highest
category at the time of purchase by at least one nationally
recognized standard rating service and consisting exclusively of
obligations described in division (A)(1), (2), or (6) of section
135.143 of the Revised Code;
(11) Debt interests rated at the time of purchase in the
three highest categories by two nationally recognized standard
rating services and issued by foreign nations diplomatically
recognized by the United States government. All interest and
principal shall be denominated and payable in United States funds.
The investments made under division (A)(11)(10) of this section
shall not exceed in the aggregate one per cent of a county's total
average portfolio.
The investing authority shall invest under division
(A)(11)(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, there is no prior history of
default, and the debt interest matures not later than five years
after purchase. For purposes of division (A)(11)(10) of this
section, a debt interest is rated in the three highest categories
by two nationally recognized standard rating services if either
the debt interest itself or the issuer of the debt interest is
rated, or is implicitly rated, at the time of purchase in the
three highest categories by two nationally recognized standard
rating services.
(12)(11) A current unpaid or delinquent tax line of credit
authorized under division (G) of section 135.341 of the Revised
Code, provided that all of the conditions for entering into such a
line of credit under that division are satisfied, or bonds and
other obligations of a county land reutilization corporation
organized under Chapter 1724. of the Revised Code, if the county
land reutilization corporation is located wholly or partly within
the same county as the investing authority.
(B) Nothing in the classifications of eligible obligations
and securities set forth in divisions (A)(1) to (11)(10) of this
section shall be construed to authorize investment in a
derivative, and no investing authority shall invest any county
inactive moneys or any moneys in a county public library fund in a
derivative. For purposes of this division, "derivative" means a
financial instrument or contract or obligation whose value or
return is based upon or linked to another asset or index, or both,
separate from the financial instrument, contract, or obligation
itself. Any security, obligation, trust account, or other
instrument that is created from an issue of the United States
treasury or is created from an obligation of a federal agency or
instrumentality or is created from both is considered a derivative
instrument. An eligible investment described in this section with
a variable interest rate payment, based upon a single interest
payment or single index comprised of other eligible investments
provided for in division (A)(1) or (2) of this section, is not a
derivative, provided that such variable rate investment has a
maximum maturity of two years. A treasury inflation-protected
security shall not be considered a derivative, provided the
security matures not later than five years after purchase.
(C) Except as provided in division (D) of this section, any
investment made pursuant to this section must mature within five
years from the date of settlement, unless the investment is
matched to a specific obligation or debt of the county or to a
specific obligation or debt of a political subdivision of this
state, and the investment is specifically approved by the
investment advisory committee.
(D) The investing authority may also enter into a written
repurchase agreement with any eligible institution mentioned in
section 135.32 of the Revised Code or any eligible securities
dealer pursuant to division (J) of this section, under the terms
of which agreement the investing authority purchases and the
eligible institution or dealer agrees unconditionally to
repurchase any of the securities listed in divisions (B)(1) to
(5), except letters of credit described in division (B)(2), of
section 135.18 of the Revised Code. The market value of securities
subject to an overnight written repurchase agreement must exceed
the principal value of the overnight written repurchase agreement
by at least two per cent. A written repurchase agreement must
exceed the principal value of the overnight written repurchase
agreement, by at least two per cent. A written repurchase
agreement shall not exceed thirty days, and the market value of
securities subject to a written repurchase agreement must exceed
the principal value of the written repurchase agreement by at
least two per cent and be marked to market daily. All securities
purchased pursuant to this division shall be delivered into the
custody of the investing authority or the qualified custodian of
the investing authority or an agent designated by the investing
authority. A written repurchase agreement with an eligible
securities dealer shall be transacted on a delivery versus payment
basis. The agreement shall contain the requirement that for each
transaction pursuant to the agreement the participating
institution shall provide all of the following information:
(1) The par value of the securities;
(2) The type, rate, and maturity date of the securities;
(3) A numerical identifier generally accepted in the
securities industry that designates the securities.
No investing authority shall enter into a written repurchase
agreement under the terms of which the investing authority agrees
to sell securities owned by the county to a purchaser and agrees
with that purchaser to unconditionally repurchase those
securities.
(E) No investing authority shall make an investment under
this section, unless the investing authority, at the time of
making the investment, reasonably expects that the investment can
be held until its maturity. The investing authority's written
investment policy shall specify the conditions under which an
investment may be redeemed or sold prior to maturity.
(F) No investing authority shall pay a county's inactive
moneys or moneys of a county public library fund into a fund
established by another subdivision, treasurer, governing board, or
investing authority, if that fund was established by the
subdivision, treasurer, governing board, or investing authority
for the purpose of investing or depositing the public moneys of
other subdivisions. This division does not apply to the payment of
public moneys into either of the following:
(1) The Ohio subdivision's fund pursuant to division (A)(6)
of this section;
(2) A fund created solely for the purpose of acquiring,
constructing, owning, leasing, or operating municipal utilities
pursuant to the authority provided under section 715.02 of the
Revised Code or Section 4 of Article XVIII, Ohio Constitution.
For purposes of division (F) of this section, "subdivision"
includes a county.
(G) The use of leverage, in which the county uses its current
investment assets as collateral for the purpose of purchasing
other assets, is prohibited. The issuance of taxable notes for the
purpose of arbitrage is prohibited. Contracting to sell securities
not owned by the county, for the purpose of purchasing such
securities on the speculation that bond prices will decline, is
prohibited.
(H) Any securities, certificates of deposit, deposit
accounts, or any other documents evidencing deposits or
investments made under authority of this section shall be issued
in the name of the county with the county treasurer or investing
authority as the designated payee. If any such deposits or
investments are registrable either as to principal or interest, or
both, they shall be registered in the name of the treasurer.
(I) The investing authority shall be responsible for the
safekeeping of all documents evidencing a deposit or investment
acquired under this section, including, but not limited to,
safekeeping receipts evidencing securities deposited with a
qualified trustee, as provided in section 135.37 of the Revised
Code, and documents confirming the purchase of securities under
any repurchase agreement under this section shall be deposited
with a qualified trustee, provided, however, that the qualified
trustee shall be required to report to the investing authority,
auditor of state, or an authorized outside auditor at any time
upon request as to the identity, market value, and location of the
document evidencing each security, and that if the participating
institution is a designated depository of the county for the
current period of designation, the securities that are the subject
of the repurchase agreement may be delivered to the treasurer or
held in trust by the participating institution on behalf of the
investing authority.
Upon the expiration of the term of office of an investing
authority or in the event of a vacancy in the office for any
reason, the officer or the officer's legal representative shall
transfer and deliver to the officer's successor all documents
mentioned in this division for which the officer has been
responsible for safekeeping. For all such documents transferred
and delivered, the officer shall be credited with, and the
officer's successor shall be charged with, the amount of moneys
evidenced by such documents.
(J)(1) All investments, except for investments in securities
described in divisions (A)(5), (6), and (12)(11) of this section,
shall be made only through a member of the national association of
securities dealers financial industry regulatory authority
(FINRA), through a bank, savings bank, or savings and loan
association regulated by the superintendent of financial
institutions, or through an institution regulated by the
comptroller of the currency, federal deposit insurance
corporation, or board of governors of the federal reserve system.
(2) Payment for investments shall be made only upon the
delivery of securities representing such investments to the
treasurer, investing authority, or qualified trustee. If the
securities transferred are not represented by a certificate,
payment shall be made only upon receipt of confirmation of
transfer from the custodian by the treasurer, governing board, or
qualified trustee.
(K)(1) Except as otherwise provided in division (K)(2) of
this section, no investing authority shall make an investment or
deposit under this section, unless there is on file with the
auditor of state a written investment policy approved by the
investing authority. The policy shall require that all entities
conducting investment business with the investing authority shall
sign the investment policy of that investing authority. All
brokers, dealers, and financial institutions, described in
division (J)(1) of this section, initiating transactions with the
investing authority by giving advice or making investment
recommendations shall sign the investing authority's investment
policy thereby acknowledging their agreement to abide by the
policy's contents. All brokers, dealers, and financial
institutions, described in division (J)(1) of this section,
executing transactions initiated by the investing authority,
having read the policy's contents, shall sign the investment
policy thereby acknowledging their comprehension and receipt.
(2) If a written investment policy described in division
(K)(1) of this section is not filed on behalf of the county with
the auditor of state, the investing authority of that county shall
invest the county's inactive moneys and moneys of the county
public library fund only in time certificates of deposits or
savings or deposit accounts pursuant to division (A)(3) of this
section, no-load money market mutual funds pursuant to division
(A)(5) of this section, or the Ohio subdivision's fund pursuant to
division (A)(6) of this section.
(L)(1) The investing authority shall establish and maintain
an inventory of all obligations and securities acquired by the
investing authority pursuant to this section. The inventory shall
include a description of each obligation or security, including
type, cost, par value, maturity date, settlement date, and any
coupon rate.
(2) The investing authority shall also keep a complete record
of all purchases and sales of the obligations and securities made
pursuant to this section.
(3) The investing authority shall maintain a monthly
portfolio report and issue a copy of the monthly portfolio report
describing such investments to the county investment advisory
committee, detailing the current inventory of all obligations and
securities, all transactions during the month that affected the
inventory, any income received from the obligations and
securities, and any investment expenses paid, and stating the
names of any persons effecting transactions on behalf of the
investing authority.
(4) The monthly portfolio report shall be a public record and
available for inspection under section 149.43 of the Revised Code.
(5) The inventory and the monthly portfolio report shall be
filed with the board of county commissioners. The monthly
portfolio report also shall be filed with the treasurer of state.
(M) An investing authority may enter into a written
investment or deposit agreement that includes a provision under
which the parties agree to submit to nonbinding arbitration to
settle any controversy that may arise out of the agreement,
including any controversy pertaining to losses of public moneys
resulting from investment or deposit. The arbitration provision
shall be set forth entirely in the agreement, and the agreement
shall include a conspicuous notice to the parties that any party
to the arbitration may apply to the court of common pleas of the
county in which the arbitration was held for an order to vacate,
modify, or correct the award. Any such party may also apply to the
court for an order to change venue to a court of common pleas
located more than one hundred miles from the county in which the
investing authority is located.
For purposes of this division, "investment or deposit
agreement" means any agreement between an investing authority and
a person, under which agreement the person agrees to invest,
deposit, or otherwise manage, on behalf of the investing
authority, a county's inactive moneys or moneys in a county public
library fund, or agrees to provide investment advice to the
investing authority.
(N)(1) An investment held in the county portfolio on
September 27, 1996, that was a legal investment under the law as
it existed before September 27, 1996, may be held until maturity,
or if the investment does not have a maturity date the investment
may be held until five years from September 27, 1996, regardless
of whether the investment would qualify as a legal investment
under the terms of this section as amended.
(2) An investment held in the county portfolio on the
effective date of this amendment September 10, 2012, that was a
legal investment under the law as it existed before the effective
date of this amendment September 10, 2012, may be held until
maturity.
Sec. 135.48. The state board of deposit may adopt rules under
section 111.15 of the Revised Code that are necessary to implement
this chapter.
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 in connection with the statewide lottery and all
gross proceeds from statewide joint lottery games 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.
Except for gross proceeds from statewide joint lottery games,
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 credited to
lottery sales agents in the form of bonuses, commissions, or
reimbursements, that are not paid to financial institutions to
reimburse those institutions for sales agent nonsufficient funds,
and that are collected from sales agents for remittance to
insurers under contract to provide sales agent bonding services
shall be transferred to the state lottery fund, which is hereby
created in the state treasury. In addition, all revenues of the
state lottery gross revenue fund that represent the gross proceeds
from the statewide joint lottery games and that are not paid to
holders of winning lottery tickets, that are not required to meet
short-term prize liabilities, that are not credited to lottery
sales agents in the form of bonuses, commissions, or
reimbursements, and that are not necessary to cover operating
expenses associated with those games or to otherwise comply with
the agreements signed by the governor that the director enters
into under division (J) of section 3770.02 of the Revised Code or
the rules the commission adopts under division (B)(5) of section
3770.03 of the Revised Code shall be transferred to the state
lottery fund. 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 in
connection with the statewide lottery 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 the state lottery commission, the amount to the credit of the
state lottery fund that does not represent proceeds from statewide
joint lottery games is in excess of that needed to meet the
maturing obligations of the commission and as working capital for
its further operations, the director of the state lottery
commission shall recommend the amount of the excess to be
transferred to the lottery profits education fund, and the
director of budget and management may transfer the excess to the
lottery profits education fund in connection with the statewide
lottery. In addition, whenever, in the judgment of the director of
the state lottery commission, the amount to the credit of the
state lottery fund that represents proceeds from statewide joint
lottery games equals the entire net proceeds of those games as
described in division (B)(5) of section 3770.03 of the Revised
Code and the rules adopted under that division, the director of
the state lottery commission shall recommend the amount of the
proceeds to be transferred to the lottery profits education fund,
and the director of budget and management may transfer those
proceeds to the lottery profits education fund. Investment
earnings of the lottery profits education fund shall be credited
to the 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.
(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
trust fund. Within sixty days after the end of each fiscal year,
the treasurer of state shall certify to the director of budget and
management whether the actuarial amount of the trust fund is
sufficient over the fund's life for continued funding of all
remaining deferred prize liabilities as of the last day of the
fiscal year just ended. Also, within that sixty days, 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 such continued funding
of deferred prizes. Any earnings credited in excess of the latter
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 in connection with the
statewide lottery, the treasurer of state, in consultation with
the commission, may invest moneys contained in the deferred prizes
trust fund which represents proceeds from the statewide lottery in
obligations of the type permitted for the investment of state
funds but whose maturities are thirty years or less.
Notwithstanding the requirements of any other section of the
Revised Code, to provide all or part of the amounts necessary to
fund deferred prizes awarded by the commission in connection with
statewide joint lottery games, the treasurer of state, in
consultation with the commission, may invest moneys in the trust
fund which represent proceeds derived from the statewide joint
lottery games in accordance with the rules the commission adopts
under division (B)(5) of section 3770.03 of the Revised Code.
Investments of the 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 other than
commercial paper and limiting to
one-half of one five per cent
the amount that may be invested in debt interests, including
commercial paper, 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.
(E) The state lottery commission shall establish an internal
audit plan before the beginning of each fiscal year, subject to
the approval of the office of internal audit in the office of
budget and management. At the end of each fiscal year, the
commission shall prepare and submit an annual report to the office
of internal audit for the office'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 plan.
(F) 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.
Section 2. That existing sections 135.14, 135.142, 135.143,
135.35, and 3770.06 of the Revised Code are hereby repealed.
Section 3. Section 135.14 of the Revised Code is presented
in this act as a composite of the section as amended by both Sub.
H.B. 473 and Am. Sub. H.B. 640 of the 123rd General Assembly. The
General Assembly, applying the principle stated in division (B) of
section 1.52 of the Revised Code that amendments are to be
harmonized if reasonably capable of simultaneous operation, finds
that the composite is the resulting version of the section in
effect prior to the effective date of the section as presented in
this act.
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