Bill Text: OH HB221 | 2013-2014 | 130th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: To permit credit unions to serve as public depositories under certain circumstances and to allow credit unions to participate in the Development Services Agency's Capital Access Loan Program and its various small business loan guarantee programs.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2014-05-28 - Committee Report - A [HB221 Detail]

Download: Ohio-2013-HB221-Introduced.html
As Introduced

130th General Assembly
Regular Session
2013-2014
H. B. No. 221


Representatives Terhar, Heard 

Cosponsors: Representatives Butler, Boyd, Gerberry, Becker, Perales, Lundy, Baker, Retherford, Mallory, Fedor, Young, Cera, Boose, Letson, Williams, Foley, Anielski 

A BILL
To amend sections 122.60, 122.71, 135.03, 135.032, 1
135.04, 135.06, 135.08, 135.10, 135.14, 135.144, 2
135.18, 135.32, 135.321, 135.33, 135.35, 135.353, 3
135.37, 135.51, 135.52, 135.53, 1733.04, 1733.041, 4
1733.24, 1733.30, and 1733.31 and to enact 5
sections 135.011, 135.031, and 135.322 of the 6
Revised Code to permit credit unions to serve as 7
public depositories under certain circumstances 8
and to allow credit unions to participate in the 9
Development Services Agency's Capital Access Loan 10
Program and its various small business loan 11
guarantee programs.12


BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

       Section 1. That sections 122.60, 122.71, 135.03, 135.032, 13
135.04, 135.06, 135.08, 135.10, 135.14, 135.144, 135.18, 135.32, 14
135.321, 135.33, 135.35, 135.353, 135.37, 135.51, 135.52, 135.53, 15
1733.04, 1733.041, 1733.24, 1733.30, and 1733.31 be amended and 16
sections 135.011, 135.031, and 135.322 of the Revised Code be 17
enacted to read as follows:18

       Sec. 122.60.  As used in sections 122.60 to 122.605 of the 19
Revised Code:20

       (A) "Capital access loan" means a loan made by a 21
participating financial institution to an eligible business that 22
may be secured by a deposit of money from the fund into the 23
participating financial institution's program reserve account.24

       (B) "Department of development" means the development 25
services agency.26

       (C) "Eligible business" means a for-profit business entity, 27
or a nonprofit entity, that had total annual sales in its most 28
recently completed fiscal year of less than ten million dollars 29
and that has a principal place of for-profit business or nonprofit 30
entity activity within the state, the operation of which, alone or 31
in conjunction with other facilities, will create new jobs or 32
preserve existing jobs and employment opportunities and will 33
improve the economic welfare of the people of the state. As used 34
in this division, "new jobs" does not include existing jobs 35
transferred from another facility within the state, and "existing 36
jobs" means only existing jobs at facilities within the same 37
municipal corporation or township in which the project, activity, 38
or enterprise that is the subject of a capital access loan is 39
located.40

       (D) "Financial institution" means any bank, trust company, 41
savings bank, or savings and loan association, or credit union42
that is chartered by and has a significant presence in the state, 43
or any national bank, federal savings and loan association, or44
federal savings bank, or federal credit union that has a 45
significant presence in the state.46

       (E) "Fund" means the capital access loan program fund.47

       (F) "Minority business supplier development council" has the 48
same meaning as in section 122.71 of the Revised Code.49

       (G) "Participating financial institution" means a financial 50
institution that has a valid, current participation agreement with 51
the development services agency.52

       (H) "Participation agreement" means the agreement between a 53
financial institution and the agency under which a financial 54
institution may participate in the program.55

       (I) "Passive real estate ownership" means the ownership of 56
real estate for the sole purpose of deriving income from it by 57
speculation, trade, or rental.58

       (J) "Program" means the capital access loan program created 59
under section 122.602 of the Revised Code.60

       (K) "Program reserve account" means a dedicated account at 61
each participating financial institution that is the property of 62
the state and may be used by the participating financial 63
institution only for the purpose of recovering a claim under 64
section 122.604 of the Revised Code arising from a default on a 65
loan made by the participating financial institution under the 66
program.67

       Sec. 122.71.  As used in sections 122.71 to 122.83 of the 68
Revised Code:69

       (A) "Financial institution" means any banking corporation, 70
trust company, insurance company, savings and loan association, 71
building and loan association, credit union, or corporation, 72
partnership, federal lending agency, foundation, or other 73
institution engaged in lending or investing funds for industrial 74
or business purposes.75

       (B) "Project" means any real or personal property connected 76
with or being a part of an industrial, distribution, commercial, 77
or research facility to be acquired, constructed, reconstructed, 78
enlarged, improved, furnished, or equipped, or any combination 79
thereof, with the aid provided under sections 122.71 to 122.83 of 80
the Revised Code, for industrial, commercial, distribution, and 81
research development of the state.82

       (C) "Mortgage" means the lien imposed on a project by a 83
mortgage on real property, or by financing statements on personal 84
property, or a combination of a mortgage and financing statements 85
when a project consists of both real and personal property.86

       (D) "Mortgagor" means the principal user of a project or the 87
person, corporation, partnership, or association unconditionally 88
guaranteeing performance by the principal user of its obligations 89
under the mortgage.90

       (E)(1) "Minority business enterprise" means an individual who 91
is a United States citizen and owns and controls a business, or a 92
partnership, corporation, or joint venture of any kind that is 93
owned and controlled by United States citizens, which citizen or 94
citizens are residents of this state and are members of one of the 95
following economically disadvantaged groups: Blacks or African 96
Americans, American Indians, Hispanics or Latinos, and Asians.97

       (2) "Owned and controlled" means that at least fifty-one per 98
cent of the business, including corporate stock if a corporation, 99
is owned by persons who belong to one or more of the groups set 100
forth in division (E)(1) of this section, and that those owners 101
have control over the management and day-to-day operations of the 102
business and an interest in the capital, assets, and profits and 103
losses of the business proportionate to their percentage of 104
ownership. In order to qualify as a minority business enterprise, 105
a business shall have been owned and controlled by those persons 106
at least one year prior to being awarded a contract pursuant to 107
this section.108

       (F) "Community improvement corporation" means a corporation 109
organized under Chapter 1724. of the Revised Code.110

       (G) "Ohio development corporation" means a corporation 111
organized under Chapter 1726. of the Revised Code.112

       (H) "Minority contractors business assistance organization" 113
means an entity engaged in the provision of management and 114
technical business assistance to minority business enterprise 115
entrepreneurs.116

       (I) "Minority business supplier development council" means a 117
nonprofit organization established as an affiliate of the national 118
minority supplier development council.119

       (J) "Regional economic development entity" means an entity 120
that is under contract with the director of development to 121
administer a loan program under this chapter in a particular area 122
of the state.123

       (K) "Community development corporation" means a corporation 124
organized under Chapter 1702. of the Revised Code that consists of 125
residents of the community and business and civic leaders and that 126
has as a principal purpose one or more of the following: the 127
revitalization and development of a low- to moderate-income 128
neighborhood or community; the creation of jobs for low- to 129
moderate-income residents; the development of commercial 130
facilities and services; providing training, technical assistance, 131
and financial assistance to small businesses; and planning, 132
developing, or managing low-income housing or other community 133
development activities.134

       Sec. 135.011.  As used in this chapter, "certificate of 135
deposit" includes a share certificate of a credit union.136

       Sec. 135.03. (A) Any national bank, any bank doing business 137
under authority granted by the superintendent of financial 138
institutions, or any bank doing business under authority granted 139
by the regulatory authority of another state of the United States, 140
located in this state, is eligible to become a public depository, 141
subject to sections 135.01 to 135.21 of the Revised Code. No bank 142
shall receive or have on deposit at any one time public moneys, 143
including public moneys as defined in section 135.31 of the 144
Revised Code, in an aggregate amount in excess of thirty per cent 145
of its total assets, as shown in its latest report to the 146
comptroller of the currency, the superintendent of financial 147
institutions, the federal deposit insurance corporation, or the 148
board of governors of the federal reserve system.149

       (B) Any federal savings association, any savings and loan 150
association or savings bank doing business under authority granted 151
by the superintendent of financial institutions, or any savings 152
and loan association or savings bank doing business under 153
authority granted by the regulatory authority of another state of 154
the United States, located in this state, and authorized to accept 155
deposits is eligible to become a public depository, subject to 156
sections 135.01 to 135.21 of the Revised Code. No savings 157
association, savings and loan association, or savings bank shall 158
receive or have on deposit at any one time public moneys, 159
including public moneys as defined in section 135.31 of the 160
Revised Code, in an aggregate amount in excess of thirty per cent 161
of its total assets, as shown in its latest report to the office 162
of thrift supervision, the superintendent of financial 163
institutions, the federal deposit insurance corporation, or the 164
board of governors of the federal reserve system.165

       (C) Any federal credit union, any foreign credit union 166
licensed pursuant to section 1733.39 of the Revised Code, or any 167
credit union as defined in section 1733.01 of the Revised Code, 168
located in this state, is eligible to become a public depository, 169
subject to sections 135.01 to 135.21 of the Revised Code. No 170
credit union shall receive or have on deposit at any one time 171
public moneys, including public moneys as defined in section 172
135.31 of the Revised Code, in an aggregate amount in excess of 173
thirty per cent of its total assets, as shown in its latest report 174
to the superintendent of financial institutions or the national 175
credit union administration.176

       Sec. 135.031.  (A) Except as otherwise provided in division 177
(B) of this section, an officer, employee, or agent of the state 178
or of a subdivision shall not deposit public moneys in a credit 179
union referred to in division (C) of section 135.03 of the Revised 180
Code, unless the funds are being placed with the credit union for 181
purposes of a linked deposit program established pursuant to this 182
chapter and both of the following conditions are met:183

       (1) The credit union obtains insurance for the protection of 184
the deposit from the national credit union association or a share 185
guaranty corporation as defined in section 1761.01 of the Revised 186
Code.187

       (2) The credit union pledges securities for the repayment of 188
the deposit in accordance with section 135.18 of the Revised Code.189

       (B) An officer, employee, or agent of a subdivision may 190
deposit public moneys in such a credit union other than for 191
purposes of a linked deposit program established under this 192
chapter if both of the following conditions are met:193

       (1) The credit union obtains insurance for the protection of 194
the deposit from the national credit union association or a share 195
guaranty corporation as defined in section 1761.01 of the Revised 196
Code.197

       (2) The total amount the subdivision will have on deposit 198
with the credit union does not exceed the amount insured.199

       (C) Nothing in this section shall be construed as restricting 200
the participation of such a credit union in the capital access 201
loan program under sections 122.60 to 122.605 of the Revised Code.202

       Sec. 135.032.  No bank or, savings and loan association, or 203
credit union is eligible to become a public depository or to 204
receive any new public deposits pursuant to sections 135.01 to 205
135.21 of the Revised Code, if:206

       (A) In the case of a bank, the bank or any of its directors, 207
officers, employees, or controlling shareholders is currently a 208
party to an active final or temporary cease-and-desist order 209
issued under section 1121.32 of the Revised Code;210

       (B) In the case of an association, the association or any of 211
its directors, officers, employees, or controlling persons is 212
currently a party to an active final or summary cease-and-desist 213
order issued under section 1155.02 of the Revised Code;214

       (C) In the case of a credit union, the credit union or any of 215
its regulated individuals as defined in section 1733.01 of the 216
Revised Code is currently a party to an active final or summary 217
cease-and-desist order issued under section 1733.324 of the 218
Revised Code.219

       Sec. 135.04.  (A) Any institution mentioned in section 135.03 220
of the Revised Code is eligible to become a public depository of 221
the active deposits, inactive deposits, and interim deposits of 222
public moneys of the state subject to the requirements of sections 223
135.01 to 135.21 of the Revised Code.224

       (B) To facilitate the clearance of state warrants to the 225
state treasury, the state board of deposit may delegate the 226
authority to the treasurer of state to establish warrant clearance 227
accounts in any institution mentioned in section 135.03 of the 228
Revised Code located in areas where the volume of warrant 229
clearances justifies the establishment of an account as determined 230
by the treasurer of state. The balances maintained in such warrant 231
clearance accounts shall be at sufficient levels to cover the 232
activity generated by such accounts on an individual basis. Any 233
financial institution in the state that has a warrant clearance 234
account established by the treasurer of state shall, not more than 235
ten days after the close of each quarter, prepare and transmit to 236
the treasurer of state an analysis statement of such account for 237
the quarter then ended. Such statement shall contain such 238
information as determined by the state board of deposit, and this 239
information shall be used in whole or in part by the treasurer of 240
state in determining the level of balances to be maintained in 241
such accounts.242

       (C) Each governing board shall award the active deposits of 243
public moneys subject to its control to the eligible institutions 244
in accordance with this section, except that no such public 245
depository shall thereby be required to take or permitted to 246
receive and have at any one time a greater amount of active 247
deposits of such public moneys than that specified in the 248
application of such depository. When, by reason of such limitation 249
or otherwise, the amount of active public moneys deposited or to 250
be deposited in a public depository, pursuant to an award made 251
under this section, is reduced or withdrawn, as the case requires, 252
the amount of such reduction or the sum so withdrawn shall be 253
deposited in another eligible institution applying therefor, or if 254
there is no such eligible institution, then the amount so withheld 255
or withdrawn shall be awarded or deposited for the remainder of 256
the period of designation in accordance with sections 135.01 to 257
135.21 of the Revised Code.258

       (D) Any institution mentioned in section 135.03 of the 259
Revised Code is eligible to become a public depository of the 260
inactive and interim deposits of public moneys of a subdivision. 261
In case the aggregate amount of inactive or interim deposits 262
applied for by such eligible institutions is less than the 263
aggregate maximum amount of such inactive or interim deposits as 264
estimated to be deposited pursuant to sections 135.01 to 135.21 of 265
the Revised Code, the governing board of the subdivision may 266
designate as a public depository of the inactive or interim 267
deposits of the public moneys thereof, one or more institutions of 268
a kind mentioned in section 135.03 of the Revised Code, subject to 269
the requirements of sections 135.01 to 135.21 of the Revised Code.270

       (E) Any institution mentioned in section 135.03 of the 271
Revised Code is eligible to become a public depository of the 272
active deposits of public moneys of a subdivision. In case the 273
aggregate amount of active deposits of the public moneys of the 274
subdivision applied for by such eligible institutions is less than 275
the aggregate maximum amount to be deposited as such, as estimated 276
by the governing board, said board may designate as a public 277
depository of the active deposits of the public moneys of the 278
subdivision, one or more institutions of the kind mentioned in 279
section 135.03 of the Revised Code, subject to the requirements of 280
sections 135.01 to 135.21 of the Revised Code.281

       (F)(1) The governing board of the state or of a subdivision 282
may designate one or more minority banks or minority credit unions283
as public depositories of its inactive, interim, or active 284
deposits of public moneys designated as federal funds. Except for 285
section 135.18 or 135.181 of the Revised Code, Chapter 135. of the 286
Revised Codethis chapter does not apply to the application for, 287
or the award of, such deposits. As used in this division, 288
"minority bank" or "minority credit union" means, as applicable, a 289
bank or credit union operating in this state that is owned or 290
controlled by one or more socially or economically disadvantaged 291
persons. Such disadvantage may arise from cultural, ethnic, or 292
racial background, chronic economic circumstances, or other 293
similar cause. Such persons include, but are not limited to, 294
Afro-Americans, Puerto Ricans, Spanish-speaking Americans, and 295
American Indians.296

       (2) In enacting this division, the general assembly finds 297
that:298

       (a) Certain commercial banks and credit unions are owned or 299
controlled by minority Americans;300

       (b) Minority banks and minority credit unions are an 301
important source of banking services in their communities;302

       (c) Minority banks and minority credit unions have been 303
unsuccessful in competing under Chapter 135. of the Revised Code304
this chapter for the award of federal funds;305

       (d) This division contains safeguards for the protection of 306
the general public and the banking industry, since it provides the 307
governing board of the state or political subdivision with 308
permissive authority in the award of deposits; limits the 309
authority of the governing board to the award of federal funds; 310
and subjects minority banks and minority credit unions to certain 311
limitations of Chapter 135. of the Revised Codethis chapter, 312
including the requirement that, as in the case of every financial 313
institution subject to Chapter 135. of the Revised Codethis 314
chapter, a minority bank or minority credit union pledge certain 315
securities for repayment of the deposits.316

       (3) The purpose of this division is to recognize that the 317
state has a substantial and compelling interest in encouraging the 318
establishment, development, and stability of minority banks and 319
minority credit unions by facilitating their access to the award 320
of federal funds, while ensuring the protection of the general 321
public and the banking industry.322

       (G) The governing board of a subdivision shall award the 323
first twenty-five thousand dollars of the active deposits of 324
public moneys subject to its control to the eligible institution 325
or institutions applying or qualifying therefor on the basis of 326
the operating needs of the subdivision and shall award the active 327
deposits of public moneys subject to its control in excess of 328
twenty-five thousand dollars to the eligible institution or 329
institutions applying or qualifying therefor.330

       Sec. 135.06.  Each eligible institution desiring to be a 331
public depository of the inactive deposits of the public moneys of 332
the state or of the inactive deposits of the public moneys of the 333
subdivision shall, not more than thirty days prior to the date 334
fixed by section 135.12 of the Revised Code for the designation of 335
such public depositories, make application therefor in writing to 336
the proper governing board. Such application shall specify the 337
maximum amount of such public moneys which the applicant desires 338
to receive and have on deposit as an inactive deposit at any one 339
time during the period covered by the designation, provided that 340
it shall not apply for more than thirty per cent of its total 341
assets as revealed by its latest report to the superintendent of 342
financial institutions, the comptroller of the currency, the 343
office of thrift supervision, the federal deposit insurance 344
corporation, or the board of governors of the federal reserve 345
system, or the national credit union administration and the rate 346
of interest which the applicant will pay thereon, subject to the 347
limitations of sections 135.01 to 135.21 of the Revised Code. Each 348
application shall be accompanied by a financial statement of the 349
applicant, under oath of its cashier, treasurer, or other officer, 350
in such detail as to show the capital funds of the applicant, as 351
of the date of its latest report to the superintendent of 352
financial institutions, the comptroller of the currency, the 353
office of thrift supervision, the federal deposit insurance 354
corporation, or the board of governors of the federal reserve 355
system, or the national credit union administration and adjusted 356
to show any changes therein made prior to the date of the 357
application. Such application may be combined with an application 358
for designation as a public depository of active deposits, interim 359
deposits, or both.360

       Sec. 135.08.  Each eligible institution desiring to be a 361
public depository of interim deposits of the public moneys of the 362
state or of the interim deposits of the public moneys of the 363
subdivision shall, not more than thirty days prior to the date 364
fixed by section 135.12 of the Revised Code for the designation of 365
public depositories, make application therefor in writing to the 366
proper governing board. Such application shall specify the maximum 367
amount of such public moneys which the applicant desires to 368
receive and have on deposit as interim deposits at any one time 369
during the period covered by the designation, provided that it 370
shall not apply for more than thirty per cent of its total assets 371
as revealed by its latest report to the superintendent of 372
financial institutions, the comptroller of the currency, the 373
office of thrift supervision, the federal deposit insurance 374
corporation, or the board of governors of the federal reserve 375
system, or the national credit union administration and the rate 376
of interest which the applicant will pay thereon, subject to the 377
limitations of sections 135.01 to 135.21 of the Revised Code.378

       Each application shall be accompanied by a financial 379
statement of the applicant, under oath of its cashier, treasurer, 380
or other officer, in such detail as to show the capital funds of 381
the applicant, as of the date of its latest report to the 382
superintendent of financial institutions, the comptroller of the 383
currency, the office of thrift supervision, the federal deposit 384
insurance corporation, or the board of governors of the federal 385
reserve system, or the national credit union administration and 386
adjusted to show any changes therein made prior to the date of the 387
application. Such application may be combined with an application 388
for designation as a public depository of inactive deposits, 389
active deposits, or both.390

       Sec. 135.10.  Each eligible institution desiring to be a 391
public depository of the active deposits of the public moneys of 392
the state or of a subdivision shall, not more than thirty days 393
prior to the date fixed by section 135.12 of the Revised Code for 394
the designation of such public depositories, make application 395
therefortherefore in writing to the proper governing board. If 396
desired, such application may specify the maximum amount of such 397
public moneys which the applicant desires to receive and have on 398
deposit at any one time during the period covered by the 399
designation. Each application shall be accompanied by a financial 400
statement of the applicant, under oath of its cashier, treasurer, 401
or other officer, in such detail as to show the capital funds of 402
the applicant, as of the date of its latest report to the 403
superintendent of banks orfinancial institutions, the404
comptroller of the currency, the office of thrift supervision, or 405
the national credit union administration and adjusted to show any 406
changes therein prior to the date of the application. Such 407
application may be combined with an application for designation as 408
a public depository of inactive deposits, interim deposits, or 409
both.410

       Sec. 135.14.  (A) As used in this section:411

       (1) "Treasurer" does not include the treasurer of state, and 412
"governing board" does not include the state board of deposit.413

       (2) "Other obligations" includes notes whether or not issued 414
in anticipation of the issuance of bonds.415

       (B) The treasurer or governing board may invest or deposit 416
any part or all of the interim moneys. The following 417
classifications of obligations shall be eligible for such 418
investment or deposit:419

       (1) United States treasury bills, notes, bonds, or any other 420
obligation or security issued by the United States treasury or any 421
other obligation guaranteed as to principal and interest by the 422
United States.423

       Nothing in the classification of eligible obligations set 424
forth in division (B)(1) of this section or in the classifications 425
of eligible obligations set forth in divisions (B)(2) to (7) of 426
this section shall be construed to authorize any investment in 427
stripped principal or interest obligations of such eligible 428
obligations.429

       (2) Bonds, notes, debentures, or any other obligations or 430
securities issued by any federal government agency or 431
instrumentality, including but not limited to, the federal 432
national mortgage association, federal home loan bank, federal 433
farm credit bank, federal home loan mortgage corporation, 434
government national mortgage association, and student loan 435
marketing association. All federal agency securities shall be 436
direct issuances of federal government agencies or 437
instrumentalities.438

       (3) Interim deposits in the eligible institutions applying 439
for interim moneys as provided in section 135.08 of the Revised 440
Code. The award of interim deposits shall be made in accordance 441
with section 135.09 of the Revised Code and the treasurer or the 442
governing board shall determine the periods for which such interim 443
deposits are to be made and shall award such interim deposits for 444
such periods, provided that any eligible institution receiving an 445
interim deposit award may, upon notification that the award has 446
been made, decline to accept the interim deposit in which event 447
the award shall be made as though the institution had not applied 448
for such interim deposit.449

       (4) Bonds and other obligations of this state;450

       (5) No-load money market mutual funds consisting exclusively 451
of obligations described in division (B)(1) or (2) of this section 452
and repurchase agreements secured by such obligations, provided 453
that investments in securities described in this division are made 454
only through eligible institutions mentioned in section 135.03 of 455
the Revised Code;456

       (6) The Ohio subdivision's fund as provided in section 135.45 457
of the Revised Code;458

       (7) Up to twenty-five per cent of interim moneys available 459
for investment in either of the following:460

       (a) Commercial paper notes issued by an entity that is 461
defined in division (D) of section 1705.01 of the Revised Code and 462
that has assets exceeding five hundred million dollars, to which 463
notes all of the following apply:464

       (i) The notes are rated at the time of purchase in the 465
highest classification established by at least two nationally 466
recognized standard rating services.467

       (ii) The aggregate value of the notes does not exceed ten per 468
cent of the aggregate value of the outstanding commercial paper of 469
the issuing corporation.470

       (iii) The notes mature not later than one hundred eighty days 471
after purchase.472

       (b) Bankers acceptances of banks that are insured by the 473
federal deposit insurance corporation and to which both of the 474
following apply:475

       (i) The obligations are eligible for purchase by the federal 476
reserve system.477

       (ii) The obligations mature not later than one hundred eighty 478
days after purchase.479

       No investment shall be made pursuant to division (B)(7) of 480
this section unless the treasurer or governing board has completed 481
additional training for making the investments authorized by 482
division (B)(7) of this section. The type and amount of additional 483
training shall be approved by the auditor of state and may be 484
conducted by or provided under the supervision of the auditor of 485
state.486

       (C) Nothing in the classifications of eligible obligations 487
set forth in divisions (B)(1) to (7) of this section shall be 488
construed to authorize any investment in a derivative, and no 489
treasurer or governing board shall invest in a derivative. For 490
purposes of this division, "derivative" means a financial 491
instrument or contract or obligation whose value or return is 492
based upon or linked to another asset or index, or both, separate 493
from the financial instrument, contract, or obligation itself. Any 494
security, obligation, trust account, or other instrument that is 495
created from an issue of the United States treasury or is created 496
from an obligation of a federal agency or instrumentality or is 497
created from both is considered a derivative instrument. An 498
eligible investment described in this section with a variable 499
interest rate payment, based upon a single interest payment or 500
single index comprised of other eligible investments provided for 501
in division (B)(1) or (2) of this section, is not a derivative, 502
provided that such variable rate investment has a maximum maturity 503
of two years.504

       (D) Except as provided in division (E) of this section, any 505
investment made pursuant to this section must mature within five 506
years from the date of settlement, unless the investment is 507
matched to a specific obligation or debt of the subdivision.508

       (E) The treasurer or governing board may also enter into a 509
written repurchase agreement with any eligible institution 510
mentioned in section 135.03 of the Revised Code or any eligible 511
dealer pursuant to division (M) of this section, under the terms 512
of which agreement the treasurer or governing board purchases, and 513
such institution or dealer agrees unconditionally to repurchase 514
any of the securities listed in divisions (B)(1) to (5), except 515
letters of credit described in division (B)(2), of section 135.18 516
of the Revised Code. The market value of securities subject to an 517
overnight written repurchase agreement must exceed the principal 518
value of the overnight written repurchase agreement by at least 519
two per cent. A written repurchase agreement shall not exceed 520
thirty days and the market value of securities subject to a 521
written repurchase agreement must exceed the principal value of 522
the written repurchase agreement by at least two per cent and be 523
marked to market daily. All securities purchased pursuant to this 524
division shall be delivered into the custody of the treasurer or 525
governing board or an agent designated by the treasurer or 526
governing board. A written repurchase agreement with an eligible 527
securities dealer shall be transacted on a delivery versus payment 528
basis. The agreement shall contain the requirement that for each 529
transaction pursuant to the agreement the participating 530
institution or dealer shall provide all of the following 531
information:532

       (1) The par value of the securities;533

       (2) The type, rate, and maturity date of the securities;534

       (3) A numerical identifier generally accepted in the 535
securities industry that designates the securities.536

       No treasurer or governing board shall enter into a written 537
repurchase agreement under the terms of which the treasurer or 538
governing board agrees to sell securities owned by the subdivision 539
to a purchaser and agrees with that purchaser to unconditionally 540
repurchase those securities.541

       (F) No treasurer or governing board shall make an investment 542
under this section, unless the treasurer or governing board, at 543
the time of making the investment, reasonably expects that the 544
investment can be held until its maturity.545

       (G) No treasurer or governing board shall pay interim moneys 546
into a fund established by another subdivision, treasurer, 547
governing board, or investing authority, if that fund was 548
established for the purpose of investing the public moneys of 549
other subdivisions. This division does not apply to the payment of 550
public moneys into either of the following:551

       (1) The Ohio subdivision's fund pursuant to division (B)(6) 552
of this section;553

       (2) A fund created solely for the purpose of acquiring, 554
constructing, owning, leasing, or operating municipal utilities 555
pursuant to the authority provided under section 715.02 of the 556
Revised Code or Section 4 of Article XVIII, Ohio Constitution.557

       For purposes of division (G) of this section, "subdivision" 558
includes a county.559

       (H) The use of leverage, in which the treasurer or governing 560
board uses its current investment assets as collateral for the 561
purpose of purchasing other assets, is prohibited. The issuance of 562
taxable notes for the purpose of arbitrage is prohibited. 563
Contracting to sell securities that have not yet been acquired by 564
the treasurer or governing board, for the purpose of purchasing 565
such securities on the speculation that bond prices will decline, 566
is prohibited.567

       (I) Whenever, during a period of designation, the treasurer 568
classifies public moneys as interim moneys, the treasurer shall 569
notify the governing board of such action. The notification shall 570
be given within thirty days after such classification and in the 571
event the governing board does not concur in such classification 572
or in the investments or deposits made under this section, the 573
governing board may order the treasurer to sell or liquidate any 574
of such investments or deposits, and any such order shall 575
specifically describe the investments or deposits and fix the date 576
upon which they are to be sold or liquidated. Investments or 577
deposits so ordered to be sold or liquidated shall be sold or 578
liquidated for cash by the treasurer on the date fixed in such 579
order at the then current market price. Neither the treasurer nor 580
the members of the board shall be held accountable for any loss 581
occasioned by sales or liquidations of investments or deposits at 582
prices lower than their cost. Any loss or expense incurred in 583
making such sales or liquidations is payable as other expenses of 584
the treasurer's office.585

       (J) If any investments or deposits purchased under the 586
authority of this section are issuable to a designated payee or to 587
the order of a designated payee, the name of the treasurer and the 588
title of the treasurer's office shall be so designated. If any 589
such securities are registrable either as to principal or 590
interest, or both, then such securities shall be registered in the 591
name of the treasurer as such.592

       (K) The treasurer is responsible for the safekeeping of all 593
documents evidencing a deposit or investment acquired by the 594
treasurer under this section. Any securities may be deposited for 595
safekeeping with a qualified trustee as provided in section 135.18 596
of the Revised Code, except the delivery of securities acquired 597
under any repurchase agreement under this section shall be made to 598
a qualified trustee, provided, however, that the qualified trustee 599
shall be required to report to the treasurer, governing board, 600
auditor of state, or an authorized outside auditor at any time 601
upon request as to the identity, market value, and location of the 602
document evidencing each security, and that if the participating 603
institution is a designated depository of the subdivision for the 604
current period of designation, the securities that are the subject 605
of the repurchase agreement may be delivered to the treasurer or 606
held in trust by the participating institution on behalf of the 607
subdivision. Interest earned on any investments or deposits 608
authorized by this section shall be collected by the treasurer and 609
credited by the treasurer to the proper fund of the subdivision.610

       Upon the expiration of the term of office of a treasurer or 611
in the event of a vacancy in the office of treasurer by reason of 612
death, resignation, removal from office, or otherwise, the 613
treasurer or the treasurer's legal representative shall transfer 614
and deliver to the treasurer's successor all documents evidencing 615
a deposit or investment held by the treasurer. For the investments 616
and deposits so transferred and delivered, such treasurer shall be 617
credited with and the treasurer's successor shall be charged with 618
the amount of money held in such investments and deposits.619

       (L) Whenever investments or deposits acquired under this 620
section mature and become due and payable, the treasurer shall 621
present them for payment according to their tenor, and shall 622
collect the moneys payable thereon. The moneys so collected shall 623
be treated as public moneys subject to sections 135.01 to 135.21 624
of the Revised Code.625

       (M)(1) All investments, except for investments in securities 626
described in divisions (B)(5) and (6) of this section and for 627
investments by a municipal corporation in the issues of such 628
municipal corporation, shall be made only through a member of the 629
national association of securities dealers, through a bank, 630
savings bank, or savings and loan association, or credit union631
regulated by the superintendent of financial institutions, or 632
through an institution regulated by the comptroller of the 633
currency, the federal deposit insurance corporation, orthe board 634
of governors of the federal reserve system, or the national credit 635
union administration. 636

       (2) Payment for investments shall be made only upon the 637
delivery of securities representing such investments to the 638
treasurer, governing board, or qualified trustee. If the 639
securities transferred are not represented by a certificate, 640
payment shall be made only upon receipt of confirmation of 641
transfer from the custodian by the treasurer, governing board, or 642
qualified trustee.643

       (N) In making investments authorized by this section, a 644
treasurer or governing board may retain the services of an 645
investment advisor, provided the advisor is licensed by the 646
division of securities under section 1707.141 of the Revised Code 647
or is registered with the securities and exchange commission, and 648
possesses experience in public funds investment management, 649
specifically in the area of state and local government investment 650
portfolios, or the advisor is an eligible institution mentioned in 651
section 135.03 of the Revised Code.652

       (O)(1) Except as otherwise provided in divisions (O)(2) and 653
(3) of this section, no treasurer or governing board shall make an 654
investment or deposit under this section, unless there is on file 655
with the auditor of state a written investment policy approved by 656
the treasurer or governing board. The policy shall require that 657
all entities conducting investment business with the treasurer or 658
governing board shall sign the investment policy of that 659
subdivision. All brokers, dealers, and financial institutions, 660
described in division (M)(1) of this section, initiating 661
transactions with the treasurer or governing board by giving 662
advice or making investment recommendations shall sign the 663
treasurer's or governing board's investment policy thereby 664
acknowledging their agreement to abide by the policy's contents. 665
All brokers, dealers, and financial institutions, described in 666
division (M)(1) of this section, executing transactions initiated 667
by the treasurer or governing board, having read the policy's 668
contents, shall sign the investment policy thereby acknowledging 669
their comprehension and receipt.670

       (2) If a written investment policy described in division 671
(O)(1) of this section is not filed on behalf of the subdivision 672
with the auditor of state, the treasurer or governing board of 673
that subdivision shall invest the subdivision's interim moneys 674
only in interim deposits pursuant to division (B)(3) of this 675
section, no-load money market mutual funds pursuant to division 676
(B)(5) of this section, or the Ohio subdivision's fund pursuant to 677
division (B)(6) of this section.678

       (3) Divisions (O)(1) and (2) of this section do not apply to 679
a treasurer or governing board of a subdivision whose average 680
annual portfolio of investments held pursuant to this section is 681
one hundred thousand dollars or less, provided that the treasurer 682
or governing board certifies, on a form prescribed by the auditor 683
of state, that the treasurer or governing board will comply and is 684
in compliance with the provisions of sections 135.01 to 135.21 of 685
the Revised Code.686

       (P) A treasurer or governing board may enter into a written 687
investment or deposit agreement that includes a provision under 688
which the parties agree to submit to nonbinding arbitration to 689
settle any controversy that may arise out of the agreement, 690
including any controversy pertaining to losses of public moneys 691
resulting from investment or deposit. The arbitration provision 692
shall be set forth entirely in the agreement, and the agreement 693
shall include a conspicuous notice to the parties that any party 694
to the arbitration may apply to the court of common pleas of the 695
county in which the arbitration was held for an order to vacate, 696
modify, or correct the award. Any such party may also apply to the 697
court for an order to change venue to a court of common pleas 698
located more than one hundred miles from the county in which the 699
treasurer or governing board is located.700

       For purposes of this division, "investment or deposit 701
agreement" means any agreement between a treasurer or governing 702
board and a person, under which agreement the person agrees to 703
invest, deposit, or otherwise manage a subdivision's interim 704
moneys on behalf of the treasurer or governing board, or agrees to 705
provide investment advice to the treasurer or governing board.706

       (Q) An investment made by the treasurer or governing board 707
pursuant to this section prior to September 27, 1996, that was a 708
legal investment under the law as it existed before September 27, 709
1996, may be held until maturity, or if the investment does not 710
have a maturity date, it may be held until five years from 711
September 27, 1996, regardless of whether the investment would 712
qualify as a legal investment under the terms of this section as 713
amended.714

       Sec. 135.144.  (A) In addition to the authority provided in 715
section 135.14 or 135.143 of the Revised Code, the treasurer of 716
state or the treasurer or governing board of a political 717
subdivision may invest interim moneys in certificates of deposit 718
in accordance with all of the following:719

       (1) The interim moneys initially are deposited with an 720
eligible public depository described in section 135.03 of the 721
Revised Code and selected, pursuant to section 135.12 of the 722
Revised Code, by the treasurer of state or the treasurer or 723
governing board of a political subdivision, for interim moneys of 724
the state or of the political subdivision.725

       (2) For the treasurer of state or the treasurer or governing 726
board of the political subdivision depositing the interim moneys 727
pursuant to division (A)(1) of this section, the eligible public 728
depository selected pursuant to that division invests the interim 729
moneys in certificates of deposit of one or more federally insured 730
banks, savings banks, or savings and loan associations, or credit 731
unions insured pursuant to section 1733.041 of the Revised Code,732
wherever located. The full amount of principal and any accrued 733
interest of each certificate of deposit invested in pursuant to 734
division (A)(2) of this section shall be insured by federal 735
deposit insurance, or by the national credit union administration 736
or a share guaranty corporation as defined in section 1761.01 of 737
the Revised Code, as applicable.738

       (3) For the treasurer of state or the treasurer or governing 739
board of the political subdivision depositing the interim moneys 740
pursuant to division (A)(1) of this section, the eligible public 741
depository selected pursuant to that division acts as custodian of 742
the certificates of deposit described in division (A)(2) of this 743
section.744

       (4) On the same date the public moneys are redeposited by the 745
public depository, the public depository may, in its sole 746
discretion, choose whether to receive deposits, in any amount, 747
from other banks, savings banks, or savings and loan associations.748

       (5) The public depository provides to the treasurer of state 749
or the treasurer or governing board of a political subdivision a 750
monthly account statement that includes the amount of its funds 751
deposited and held at each bank, savings bank, or savings and loan 752
association, or credit union for which the public depository acts 753
as a custodian pursuant to this section.754

       (B) Interim moneys deposited or invested in accordance with 755
division (A) of this section are not subject to any pledging 756
requirements described in section 135.18 or 135.181 of the Revised 757
Code.758

       Sec. 135.18.  (A) The treasurer, before making the initial 759
deposit in a public depository pursuant to an award made under 760
sections 135.01 to 135.21 of the Revised Code, except as provided 761
in section 135.144 or 135.145 of the Revised Code, shall require 762
the institution designated as a public depository to pledge to and 763
deposit with the treasurer, as security for the repayment of all 764
public moneys to be deposited in the public depository during the 765
period of designation pursuant to the award, eligible securities 766
of aggregate market value equal to the excess of the amount of 767
public moneys to be at the time so deposited, over and above the 768
portion or amount of such moneys as is at that time insured by the 769
federal deposit insurance corporation or by, any other agency or 770
instrumentality of the federal government, or a credit union share 771
guaranty corporation as defined in section 1761.01 of the Revised 772
Code. In the case of any deposit other than the initial deposit 773
made during the period of designation, the amount of the aggregate 774
market value of securities required to be pledged and deposited 775
shall be equal to the difference between the amount of public 776
moneys on deposit in such public depository plus the amount to be 777
so deposited, minus the portion or amount of the aggregate as is 778
at the time insured as provided in this section. The treasurer may 779
require additional eligible securities to be deposited to provide 780
for any depreciation which may occur in the market value of any of 781
the securities so deposited.782

       (B) The following securities shall be eligible for the 783
purposes of this section:784

       (1) Bonds, notes, or other obligations of the United States; 785
or bonds, notes, or other obligations guaranteed as to principal 786
and interest by the United States or those for which the faith of 787
the United States is pledged for the payment of principal and 788
interest thereon, by language appearing in the instrument 789
specifically providing such guarantee or pledge and not merely by 790
interpretation or otherwise;791

       (2) Bonds, notes, debentures, letters of credit, or other 792
obligations or securities issued by any federal government agency 793
or instrumentality, or the export-import bank of Washington; 794
bonds, notes, or other obligations guaranteed as to principal and 795
interest by the United States or those for which the faith of the 796
United States is pledged for the payment of principal and interest 797
thereon, by interpretation or otherwise and not by language 798
appearing in the instrument specifically providing such guarantee 799
or pledge;800

       (3) Obligations of or fully insured or fully guaranteed by 801
the United States or any federal government agency or 802
instrumentality;803

       (4) Obligations partially insured or partially guaranteed by 804
any federal agency or instrumentality;805

       (5) Obligations of or fully guaranteed by the federal 806
national mortgage association, federal home loan mortgage 807
corporation, federal farm credit bank, or student loan marketing 808
association;809

       (6) Bonds and other obligations of this state;810

       (7) Bonds and other obligations of any county, township, 811
school district, municipal corporation, or other legally 812
constituted taxing subdivision of this state, which is not at the 813
time of such deposit, in default in the payment of principal or 814
interest on any of its bonds or other obligations, for which the 815
full faith and credit of the issuing subdivision is pledged;816

       (8) Bonds of other states of the United States which have not 817
during the ten years immediately preceding the time of such 818
deposit defaulted in payments of either interest or principal on 819
any of their bonds;820

       (9) Shares of no-load money market mutual funds consisting 821
exclusively of obligations described in division (B)(1) or (2) of 822
this section and repurchase agreements secured by such 823
obligations;824

       (10) A surety bond issued by a corporate surety licensed by 825
the state and authorized to issue surety bonds in this state 826
pursuant to Chapter 3929. of the Revised Code, and qualified to 827
provide surety bonds to the federal government pursuant to 96 828
Stat. 1047 (1982), 31 U.S.C.A. 9304;829

       (11) Bonds or other obligations of any county, municipal 830
corporation, or other legally constituted taxing subdivision of 831
another state of the United States, or of any instrumentality of 832
such county, municipal corporation, or other taxing subdivision, 833
for which the full faith and credit of the issuer is pledged and, 834
at the time of purchase of the bonds or other obligations, rated 835
in one of the two highest categories by at least one nationally 836
recognized standard rating service.837

       (C) If the public depository fails to pay over any part of 838
the public deposit made therein as provided by law, the treasurer 839
shall sell at public sale any of the bonds or other securities 840
deposited with the treasurer pursuant to this section or section 841
131.09 of the Revised Code, or shall draw on any letter of credit 842
to the extent of the failure to pay. Thirty days' notice of the 843
sale shall be given in a newspaper of general circulation at 844
Columbus, in the case of the treasurer of state, and at the county 845
seat of the county in which the office of the treasurer is 846
located, in the case of any other treasurer. When a sale of bonds 847
or other securities has been so made and upon payment to the 848
treasurer of the purchase money, the treasurer shall transfer such 849
bonds or securities whereupon the absolute ownership of such bonds 850
or securities shall pass to the purchasers. Any surplus remaining 851
after deducting the amount due the state or subdivision and 852
expenses of sale shall be paid to the public depository.853

       (D) An institution designated as a public depository may, by 854
written notice to the treasurer, designate a qualified trustee and 855
deposit the eligible securities required by this section with the 856
trustee for safekeeping for the account of the treasurer and the 857
institution as a public depository, as their respective rights to 858
and interests in such securities under this section may appear and 859
be asserted by written notice to or demand upon the trustee. In 860
which case, the treasurer shall accept the written receipt of the 861
trustee describing the securities that have been deposited with 862
the trustee by the public depository, a copy of which shall also 863
be delivered to the public depository. Thereupon all securities so 864
deposited with the trustee are deemed to be pledged with the 865
treasurer and to be deposited with the treasurer, for all the 866
purposes of this section.867

       (E) The governing board may make provisions for the exchange 868
and release of securities and the substitution of other eligible 869
securities therefor except where the public depository has 870
deposited eligible securities with a trustee for safekeeping as 871
provided in this section.872

       (F) When the public depository has deposited eligible 873
securities described in division (B)(1) of this section with a 874
trustee for safekeeping, the public depository may at any time 875
substitute or exchange eligible securities described in division 876
(B)(1) of this section having a current market value equal to or 877
greater than the current market value of the securities then on 878
deposit and for which they are to be substituted or exchanged, 879
without specific authorization from any governing board, boards, 880
or treasurer of any such substitution or exchange.881

       (G) When the public depository has deposited eligible 882
securities described in divisions (B)(2) to (9) of this section 883
with a trustee for safekeeping, the public depository may at any 884
time substitute or exchange eligible securities having a current 885
market value equal to or greater than the current market value of 886
the securities then on deposit and for which they are to be 887
substituted or exchanged without specific authorization of any 888
governing board, boards, or treasurer of any such substitution or 889
exchange only if:890

       (1) The treasurer has authorized the public depository to 891
make such substitution or exchange on a continuing basis during a 892
specified period without prior approval of each substitution or 893
exchange. The authorization may be effected by the treasurer 894
sending to the trustee a written notice stating that substitution 895
may be effected on a continuing basis during a specified period 896
which shall not extend beyond the end of the period of designation 897
during which the notice is given. The trustee may rely upon this 898
notice and upon the period of authorization stated therein and 899
upon the period of designation stated therein.900

       (2) No continuing authorization for substitution has been 901
given by the treasurer, the public depository notifies the 902
treasurer and the trustee of an intended substitution or exchange, 903
and the treasurer fails to object to the trustee as to the 904
eligibility or market value of the securities being substituted 905
within ten calendar days after the date appearing on the notice of 906
proposed substitution. The notice to the treasurer and to the 907
trustee shall be given in writing and delivered personally or by 908
certified or registered mail with a return receipt requested. The 909
trustee may assume in any case that the notice has been delivered 910
to the treasurer. In order for objections of the treasurer to be 911
effective, receipt of the objections must be acknowledged in 912
writing by the trustee.913

       (3) The treasurer gives written authorization for a 914
substitution or exchange of specific securities.915

       (H) The public depository shall notify any governing board, 916
boards, or treasurer of any substitution or exchange under 917
division (G)(1) or (2) of this section. Upon request from the 918
treasurer, the trustee shall furnish a statement of the securities 919
pledged against such public deposits.920

       (I) Any federal reserve bank or branch thereof located in 921
this state or federal home loan bank, without compliance with 922
Chapter 1111. of the Revised Code and without becoming subject to 923
any other law of this state relative to the exercise by 924
corporations of trust powers generally, is qualified to act as 925
trustee for the safekeeping of securities, under this section. Any 926
institution mentioned in section 135.03 of the Revised Code that 927
holds a certificate of qualification issued by the superintendent 928
of financial institutions or any institution complying with 929
sections 1111.04, 1111.05, and 1111.06 of the Revised Code, is 930
qualified to act as trustee for the safekeeping of securities, 931
other than those belonging to itself, under this section. Upon 932
application to the superintendent in writing by an institution, 933
the superintendent shall investigate the applicant and ascertain 934
whether or not it has been authorized to execute and accept trusts 935
in this state and has safe and adequate vaults and efficient 936
supervision thereof for the storage and safekeeping within this 937
state of securities. If the superintendent finds that the 938
applicant has been so authorized and has such vaults and 939
supervision thereof, the superintendent shall approve the 940
application and issue a certificate to that effect, the original 941
or any certified copy of which shall be conclusive evidence that 942
the institution therein named is qualified to act as trustee for 943
the purposes of this section with respect to securities other than 944
those belonging to itself.945

       Notwithstanding the fact that a public depository is required 946
to pledge eligible securities in certain amounts to secure 947
deposits of public moneys, a trustee has no duty or obligation to 948
determine the eligibility, market value, or face value of any 949
securities deposited with the trustee by a public depository. This 950
applies in all situations including, without limitation, a 951
substitution or exchange of securities.952

       Any charges or compensation of a designated trustee for 953
acting as such under this section shall be paid by the public 954
depository and in no event shall be chargeable to the state or the 955
subdivision or to the treasurer or to any officer of the state or 956
subdivision. The charges or compensation shall not be a lien or 957
charge upon the securities deposited for safekeeping prior or 958
superior to the rights to and interests in the securities of the 959
state or the subdivision or of the treasurer. The treasurer and 960
the treasurer's bonders or surety shall be relieved from any 961
liability to the state or the subdivision or to the public 962
depository for the loss or destruction of any securities deposited 963
with a qualified trustee pursuant to this section.964

       Sec. 135.32.  (A) Any national bank, any bank doing business 965
under authority granted by the superintendent of financial 966
institutions, or any bank doing business under authority granted 967
by the regulatory authority of another state of the United States, 968
located in this state, is eligible to become a public depository, 969
subject to sections 135.31 to 135.40 of the Revised Code. No bank 970
shall receive or have on deposit at any one time public moneys, 971
including public moneys as defined in section 135.01 of the 972
Revised Code, in an aggregate amount in excess of thirty per cent 973
of its total assets, as shown in its latest report to the 974
comptroller of the currency, the superintendent of financial 975
institutions, the federal deposit insurance corporation, or the 976
board of governors of the federal reserve system.977

       (B) Any federal savings association, any savings and loan 978
association or savings bank doing business under authority granted 979
by the superintendent of financial institutions, or any savings 980
and loan association or savings bank doing business under 981
authority granted by the regulatory authority of another state of 982
the United States, located in this state, and authorized to accept 983
deposits is eligible to become a public depository, subject to 984
sections 135.31 to 135.40 of the Revised Code. No savings 985
association, savings and loan association, or savings bank shall 986
receive or have on deposit at any one time public moneys, 987
including public moneys as defined in section 135.01 of the 988
Revised Code, in an aggregate amount in excess of thirty per cent 989
of its total assets, as shown in its latest report to the office 990
of thrift supervision, the superintendent of financial 991
institutions, the federal deposit insurance corporation, or the 992
board of governors of the federal reserve system.993

       (C) Any federal credit union, any foreign credit union 994
licensed pursuant to section 1733.39 of the Revised Code, or any 995
credit union as defined in section 1733.01 of the Revised Code, 996
located in this state, is eligible to become a public depository, 997
subject to sections 135.31 to 135.40 of the Revised Code. No 998
credit union shall receive or have on deposit at any one time 999
public moneys, including public moneys as defined in section 1000
135.01 of the Revised Code, in an aggregate amount in excess of 1001
thirty per cent of its total assets, as shown in its latest report 1002
to the superintendent of financial institutions or the national 1003
credit union administration.1004

       Sec. 135.321.  No bank or, savings and loan association, or 1005
credit union is eligible to become a public depository or to 1006
receive any new public deposits pursuant to sections 135.31 to 1007
135.40 of the Revised Code, if:1008

       (A) In the case of a bank, the bank or any of its directors, 1009
officers, employees, or controlling shareholders is currently a 1010
party to an active final or temporary cease-and-desist order 1011
issued under section 1121.32 of the Revised Code;1012

       (B) In the case of an association, the association or any of 1013
its directors, officers, employees, or controlling persons is 1014
currently a party to an active final or summary cease-and-desist 1015
order issued under section 1155.02 of the Revised Code;1016

       (C) In the case of a credit union, the credit union or any of 1017
its regulated individuals as defined in section 1733.01 of the 1018
Revised Code is currently a party to an active final or summary 1019
cease-and-desist order issued under section 1733.324 of the 1020
Revised Code.1021

       Sec. 135.322.  (A) Except as otherwise provided in division 1022
(B) of this section, an officer, employee, or agent of a county 1023
shall not deposit public moneys in a credit union, as referred to 1024
in division (C) of section 135.32 of the Revised Code, unless the 1025
funds are being placed with the credit union for purposes of a 1026
linked deposit program established pursuant to this chapter and 1027
both of the following conditions are met:1028

       (1) The credit union obtains insurance for the protection of 1029
the deposit from the national credit union association or a share 1030
guaranty corporation as defined in section 1761.01 of the Revised 1031
Code.1032

       (2) The credit union pledges securities for the repayment of 1033
the deposit in accordance with section 135.37 of the Revised Code.1034

       (B) An officer, employee, or agent of a county may deposit 1035
public moneys in such a credit union other than for purposes of a 1036
linked deposit program established under this chapter if both of 1037
the following conditions are met:1038

       (1) The credit union obtains insurance for the protection of 1039
the deposit from the national credit union association or a share 1040
guaranty corporation as defined in section 1761.01 of the Revised 1041
Code.1042

       (2) The total amount the county will have on deposit with the 1043
credit union does not exceed the amount insured.1044

       Sec. 135.33.  (A) The board of county commissioners shall 1045
meet every four years in the month next preceding the date of the 1046
expiration of its current period of designation for the purpose of 1047
designating its public depositories of active moneys for the next 1048
succeeding four-year period commencing on the date of expiration 1049
of the preceding period.1050

       At least sixty days before the meeting, the county treasurer 1051
shall submit to the board an estimate of the aggregate amount of 1052
public moneys that might be available for deposit as active moneys 1053
at any one time during the next four-year period. Upon receipt of 1054
such estimate, the board shall immediately notify all eligible 1055
institutions that might desire to be designated as such public 1056
depositories of the date on which the designation is to be made; 1057
the amount that has been estimated to be available for deposit; 1058
and the date fixed as the last date on which applications may be 1059
submitted, that shall not be more than thirty days or less than 1060
ten days prior to the date set for the meeting designating public 1061
depositories.1062

       (B) Any eligible institution described in division (A) or (C)1063
of section 135.32 of the Revised Code that has an office located 1064
within the territorial limits of the county is eligible to become 1065
a public depository of the active moneys of the county. Each 1066
eligible institution desiring to be a public depository of such 1067
active moneys shall, not more than thirty days or less than ten 1068
days prior to the date fixed by this section, make application1069
therefortherefore in writing to the board of county 1070
commissioners. The application may specify the maximum amount of 1071
such public moneys that the applicant desires to receive and have 1072
on deposit at any time during the period covered by the 1073
designation. Each application shall be accompanied by a financial 1074
statement of the applicant, under oath of its cashier, treasurer, 1075
or other officer as of the date of its latest report to the 1076
superintendent of banks orfinancial institutions, the comptroller 1077
of the currency, or the national credit union administration and 1078
adjusted to show any changes therein prior to the date of the 1079
application, that shall include a statement of its public and 1080
nonpublic deposits.1081

       (C) The board of county commissioners, upon recommendation of 1082
the treasurer, shall designate, by resolution, one or more 1083
eligible institutions as public depositories for active moneys. In 1084
case the aggregate amount of active moneys applied for by 1085
institutions within the county is less than the amount estimated 1086
to be available for deposit, the board may designate as a public 1087
depository one or more eligible institutions that are conveniently 1088
located. The original resolution of designation shall be certified 1089
to the treasurer and any institution designated as a public 1090
depository.1091

       (D) No service charge shall be made against any deposit of 1092
active moneys, or collected or paid, unless such service charge is 1093
the same as is customarily imposed by institutions receiving money 1094
on deposit subject to check, in which event the charge may be 1095
paid.1096

       (E) Notwithstanding division (C) of this section, the board 1097
of county commissioners may authorize, by resolution, the 1098
treasurer to deposit money necessary to pay the principal and 1099
interest on bonds and notes, and any fees incident thereto, in any 1100
bank or credit union within this state.1101

       Moneys so deposited shall be transferred by the treasurer 1102
according to the terms of the agreement with the bank or credit 1103
union but shall remain as public moneys until such time as they 1104
are actually paid out by the bank or credit union. Until such time 1105
as payments become due and payable on such principal or interest, 1106
the bank or credit union shall invest any moneys in the account in 1107
interest-bearing obligations at the highest, reasonable rate of 1108
interest obtainable.1109

       So long as moneys remain in the account, the bank or credit 1110
union shall deliver to the treasurer, at the end of each month, a 1111
statement showing an accounting of all activities in the account 1112
during the preceding month including, but not limited to, all 1113
payments made, all interest earned, and the beginning and ending 1114
balances, together with any coupons redeemed since the preceding 1115
statement was issued.1116

       Sec. 135.35.  (A) The investing authority shall deposit or 1117
invest any part or all of the county's inactive moneys and shall 1118
invest all of the money in the county public library fund when 1119
required by section 135.352 of the Revised Code. The following 1120
classifications of securities and obligations are eligible for 1121
such deposit or investment:1122

       (1) United States treasury bills, notes, bonds, or any other 1123
obligation or security issued by the United States treasury, any 1124
other obligation guaranteed as to principal or interest by the 1125
United States, or any book entry, zero-coupon United States 1126
treasury security that is a direct obligation of the United 1127
States.1128

       Nothing in the classification of eligible securities and 1129
obligations set forth in divisions (A)(2) to (11) of this section 1130
shall be construed to authorize any investment in stripped 1131
principal or interest obligations of such eligible securities and 1132
obligations.1133

       (2) Bonds, notes, debentures, or any other obligations or 1134
securities issued by any federal government agency or 1135
instrumentality, including, but not limited to, the federal 1136
national mortgage association, federal home loan bank, federal 1137
farm credit bank, federal home loan mortgage corporation, 1138
government national mortgage association, and student loan 1139
marketing association. All federal agency securities shall be 1140
direct issuances of federal government agencies or 1141
instrumentalities.1142

       (3) Time certificates of deposit or savings or deposit 1143
accounts, including, but not limited to, passbook accounts, in any 1144
eligible institution mentioned in section 135.32 of the Revised 1145
Code;1146

       (4) Bonds and other obligations of this state or the 1147
political subdivisions of this state;1148

       (5) No-load money market mutual funds consisting exclusively 1149
of obligations described in division (A)(1) or (2) of this section 1150
and repurchase agreements secured by such obligations, provided 1151
that investments in securities described in this division are made 1152
only through eligible institutions mentioned in section 135.32 of 1153
the Revised Code;1154

       (6) The Ohio subdivision's fund as provided in section 135.45 1155
of the Revised Code;1156

       (7) Securities lending agreements with any eligible 1157
institution mentioned in section 135.32 of the Revised Code that 1158
is a member of the federal reserve system or federal home loan 1159
bank or with any recognized United States government securities 1160
dealer meeting the description in division (J)(1) of this section, 1161
under the terms of which agreements the investing authority lends 1162
securities and the eligible institution or dealer agrees to 1163
simultaneously exchange similar securities or cash, equal value 1164
for equal value.1165

       Securities and cash received as collateral for a securities 1166
lending agreement are not inactive moneys of the county or moneys 1167
of a county public library fund. The investment of cash collateral 1168
received pursuant to a securities lending agreement may be 1169
invested only in instruments specified by the investing authority 1170
in the written investment policy described in division (K) of this 1171
section. 1172

       (8) Up to twenty-five per cent of the county's total average 1173
portfolio in either of the following investments:1174

       (a) Commercial paper notes issued by an entity that is 1175
defined in division (D) of section 1705.01 of the Revised Code and 1176
that has assets exceeding five hundred million dollars, to which 1177
notes all of the following apply:1178

       (i) The notes are rated at the time of purchase in the 1179
highest classification established by at least two nationally 1180
recognized standard rating services.1181

       (ii) The aggregate value of the notes does not exceed ten per 1182
cent of the aggregate value of the outstanding commercial paper of 1183
the issuing corporation.1184

       (iii) The notes mature not later than two hundred seventy 1185
days after purchase.1186

       (b) Bankers acceptances of banks that are insured by the 1187
federal deposit insurance corporation and to which both of the 1188
following apply:1189

       (i) The obligations are eligible for purchase by the federal 1190
reserve system.1191

       (ii) The obligations mature not later than one hundred eighty 1192
days after purchase.1193

       No investment shall be made pursuant to division (A)(8) of 1194
this section unless the investing authority has completed 1195
additional training for making the investments authorized by 1196
division (A)(8) of this section. The type and amount of additional 1197
training shall be approved by the auditor of state and may be 1198
conducted by or provided under the supervision of the auditor of 1199
state.1200

       (9) Up to fifteen per cent of the county's total average 1201
portfolio in notes issued by corporations that are incorporated 1202
under the laws of the United States and that are operating within 1203
the United States, or by depository institutions that are doing 1204
business under authority granted by the United States or any state 1205
and that are operating within the United States, provided both of 1206
the following apply:1207

        (a) The notes are rated in the second highest or higher 1208
category by at least two nationally recognized standard rating 1209
services at the time of purchase.1210

        (b) The notes mature not later than two years after purchase.1211

        (10) No-load money market mutual funds rated in the highest 1212
category at the time of purchase by at least one nationally 1213
recognized standard rating service and consisting exclusively of 1214
obligations described in division (A)(1), (2), or (6) of section 1215
135.143 of the Revised Code;1216

        (11) Debt interests rated at the time of purchase in the 1217
three highest categories by two nationally recognized standard 1218
rating services and issued by foreign nations diplomatically 1219
recognized by the United States government. All interest and 1220
principal shall be denominated and payable in United States funds. 1221
The investments made under division (A)(11) of this section shall 1222
not exceed in the aggregate one per cent of a county's total 1223
average portfolio.1224

       The investing authority shall invest under division (A)(11) 1225
of this section in a debt interest issued by a foreign nation only 1226
if the debt interest is backed by the full faith and credit of 1227
that foreign nation, there is no prior history of default, and the 1228
debt interest matures not later than five years after purchase. 1229
For purposes of division (A)(11) of this section, a debt interest 1230
is rated in the three highest categories by two nationally 1231
recognized standard rating services if either the debt interest 1232
itself or the issuer of the debt interest is rated, or is 1233
implicitly rated, at the time of purchase in the three highest 1234
categories by two nationally recognized standard rating services.1235

       (12) A current unpaid or delinquent tax line of credit 1236
authorized under division (G) of section 135.341 of the Revised 1237
Code, provided that all of the conditions for entering into such a 1238
line of credit under that division are satisfied, or bonds and 1239
other obligations of a county land reutilization corporation 1240
organized under Chapter 1724. of the Revised Code, if the county 1241
land reutilization corporation is located wholly or partly within 1242
the same county as the investing authority.1243

       (B) Nothing in the classifications of eligible obligations 1244
and securities set forth in divisions (A)(1) to (11) of this 1245
section shall be construed to authorize investment in a 1246
derivative, and no investing authority shall invest any county 1247
inactive moneys or any moneys in a county public library fund in a 1248
derivative. For purposes of this division, "derivative" means a 1249
financial instrument or contract or obligation whose value or 1250
return is based upon or linked to another asset or index, or both, 1251
separate from the financial instrument, contract, or obligation 1252
itself. Any security, obligation, trust account, or other 1253
instrument that is created from an issue of the United States 1254
treasury or is created from an obligation of a federal agency or 1255
instrumentality or is created from both is considered a derivative 1256
instrument. An eligible investment described in this section with 1257
a variable interest rate payment, based upon a single interest 1258
payment or single index comprised of other eligible investments 1259
provided for in division (A)(1) or (2) of this section, is not a 1260
derivative, provided that such variable rate investment has a 1261
maximum maturity of two years. A treasury inflation-protected 1262
security shall not be considered a derivative, provided the 1263
security matures not later than five years after purchase.1264

       (C) Except as provided in division (D) of this section, any 1265
investment made pursuant to this section must mature within five 1266
years from the date of settlement, unless the investment is 1267
matched to a specific obligation or debt of the county or to a 1268
specific obligation or debt of a political subdivision of this 1269
state, and the investment is specifically approved by the 1270
investment advisory committee.1271

       (D) The investing authority may also enter into a written 1272
repurchase agreement with any eligible institution mentioned in 1273
section 135.32 of the Revised Code or any eligible securities 1274
dealer pursuant to division (J) of this section, under the terms 1275
of which agreement the investing authority purchases and the 1276
eligible institution or dealer agrees unconditionally to 1277
repurchase any of the securities listed in divisions (B)(1) to 1278
(5), except letters of credit described in division (B)(2), of 1279
section 135.18 of the Revised Code. The market value of securities 1280
subject to an overnight written repurchase agreement must exceed 1281
the principal value of the overnight written repurchase agreement 1282
by at least two per cent. A written repurchase agreement must 1283
exceed the principal value of the overnight written repurchase 1284
agreement, by at least two per cent. A written repurchase 1285
agreement shall not exceed thirty days, and the market value of 1286
securities subject to a written repurchase agreement must exceed 1287
the principal value of the written repurchase agreement by at 1288
least two per cent and be marked to market daily. All securities 1289
purchased pursuant to this division shall be delivered into the 1290
custody of the investing authority or the qualified custodian of 1291
the investing authority or an agent designated by the investing 1292
authority. A written repurchase agreement with an eligible 1293
securities dealer shall be transacted on a delivery versus payment 1294
basis. The agreement shall contain the requirement that for each 1295
transaction pursuant to the agreement the participating 1296
institution shall provide all of the following information:1297

       (1) The par value of the securities;1298

       (2) The type, rate, and maturity date of the securities;1299

       (3) A numerical identifier generally accepted in the 1300
securities industry that designates the securities.1301

       No investing authority shall enter into a written repurchase 1302
agreement under the terms of which the investing authority agrees 1303
to sell securities owned by the county to a purchaser and agrees 1304
with that purchaser to unconditionally repurchase those 1305
securities.1306

       (E) No investing authority shall make an investment under 1307
this section, unless the investing authority, at the time of 1308
making the investment, reasonably expects that the investment can 1309
be held until its maturity. The investing authority's written 1310
investment policy shall specify the conditions under which an 1311
investment may be redeemed or sold prior to maturity.1312

       (F) No investing authority shall pay a county's inactive 1313
moneys or moneys of a county public library fund into a fund 1314
established by another subdivision, treasurer, governing board, or 1315
investing authority, if that fund was established by the 1316
subdivision, treasurer, governing board, or investing authority 1317
for the purpose of investing or depositing the public moneys of 1318
other subdivisions. This division does not apply to the payment of 1319
public moneys into either of the following:1320

       (1) The Ohio subdivision's fund pursuant to division (A)(6) 1321
of this section;1322

       (2) A fund created solely for the purpose of acquiring, 1323
constructing, owning, leasing, or operating municipal utilities 1324
pursuant to the authority provided under section 715.02 of the 1325
Revised Code or Section 4 of Article XVIII, Ohio Constitution.1326

       For purposes of division (F) of this section, "subdivision" 1327
includes a county.1328

       (G) The use of leverage, in which the county uses its current 1329
investment assets as collateral for the purpose of purchasing 1330
other assets, is prohibited. The issuance of taxable notes for the 1331
purpose of arbitrage is prohibited. Contracting to sell securities 1332
not owned by the county, for the purpose of purchasing such 1333
securities on the speculation that bond prices will decline, is 1334
prohibited.1335

       (H) Any securities, certificates of deposit, deposit 1336
accounts, or any other documents evidencing deposits or 1337
investments made under authority of this section shall be issued 1338
in the name of the county with the county treasurer or investing 1339
authority as the designated payee. If any such deposits or 1340
investments are registrable either as to principal or interest, or 1341
both, they shall be registered in the name of the treasurer.1342

       (I) The investing authority shall be responsible for the 1343
safekeeping of all documents evidencing a deposit or investment 1344
acquired under this section, including, but not limited to, 1345
safekeeping receipts evidencing securities deposited with a 1346
qualified trustee, as provided in section 135.37 of the Revised 1347
Code, and documents confirming the purchase of securities under 1348
any repurchase agreement under this section shall be deposited 1349
with a qualified trustee, provided, however, that the qualified 1350
trustee shall be required to report to the investing authority, 1351
auditor of state, or an authorized outside auditor at any time 1352
upon request as to the identity, market value, and location of the 1353
document evidencing each security, and that if the participating 1354
institution is a designated depository of the county for the 1355
current period of designation, the securities that are the subject 1356
of the repurchase agreement may be delivered to the treasurer or 1357
held in trust by the participating institution on behalf of the 1358
investing authority.1359

       Upon the expiration of the term of office of an investing 1360
authority or in the event of a vacancy in the office for any 1361
reason, the officer or the officer's legal representative shall 1362
transfer and deliver to the officer's successor all documents 1363
mentioned in this division for which the officer has been 1364
responsible for safekeeping. For all such documents transferred 1365
and delivered, the officer shall be credited with, and the 1366
officer's successor shall be charged with, the amount of moneys 1367
evidenced by such documents.1368

       (J)(1) All investments, except for investments in securities 1369
described in divisions (A)(5), (6), and (12) of this section, 1370
shall be made only through a member of the national association of 1371
securities dealers, through a bank, savings bank, or savings and 1372
loan association, or credit union regulated by the superintendent 1373
of financial institutions, or through an institution regulated by 1374
the comptroller of the currency, the federal deposit insurance 1375
corporation, orthe board of governors of the federal reserve 1376
system, or the national credit union administration. 1377

       (2) Payment for investments shall be made only upon the 1378
delivery of securities representing such investments to the 1379
treasurer, investing authority, or qualified trustee. If the 1380
securities transferred are not represented by a certificate, 1381
payment shall be made only upon receipt of confirmation of 1382
transfer from the custodian by the treasurer, governing board, or 1383
qualified trustee.1384

       (K)(1) Except as otherwise provided in division (K)(2) of 1385
this section, no investing authority shall make an investment or 1386
deposit under this section, unless there is on file with the 1387
auditor of state a written investment policy approved by the 1388
investing authority. The policy shall require that all entities 1389
conducting investment business with the investing authority shall 1390
sign the investment policy of that investing authority. All 1391
brokers, dealers, and financial institutions, described in 1392
division (J)(1) of this section, initiating transactions with the 1393
investing authority by giving advice or making investment 1394
recommendations shall sign the investing authority's investment 1395
policy thereby acknowledging their agreement to abide by the 1396
policy's contents. All brokers, dealers, and financial 1397
institutions, described in division (J)(1) of this section, 1398
executing transactions initiated by the investing authority, 1399
having read the policy's contents, shall sign the investment 1400
policy thereby acknowledging their comprehension and receipt.1401

       (2) If a written investment policy described in division 1402
(K)(1) of this section is not filed on behalf of the county with 1403
the auditor of state, the investing authority of that county shall 1404
invest the county's inactive moneys and moneys of the county 1405
public library fund only in time certificates of deposits or 1406
savings or deposit accounts pursuant to division (A)(3) of this 1407
section, no-load money market mutual funds pursuant to division 1408
(A)(5) of this section, or the Ohio subdivision's fund pursuant to 1409
division (A)(6) of this section.1410

       (L)(1) The investing authority shall establish and maintain 1411
an inventory of all obligations and securities acquired by the 1412
investing authority pursuant to this section. The inventory shall 1413
include a description of each obligation or security, including 1414
type, cost, par value, maturity date, settlement date, and any 1415
coupon rate.1416

       (2) The investing authority shall also keep a complete record 1417
of all purchases and sales of the obligations and securities made 1418
pursuant to this section.1419

       (3) The investing authority shall maintain a monthly 1420
portfolio report and issue a copy of the monthly portfolio report 1421
describing such investments to the county investment advisory 1422
committee, detailing the current inventory of all obligations and 1423
securities, all transactions during the month that affected the 1424
inventory, any income received from the obligations and 1425
securities, and any investment expenses paid, and stating the 1426
names of any persons effecting transactions on behalf of the 1427
investing authority.1428

       (4) The monthly portfolio report shall be a public record and 1429
available for inspection under section 149.43 of the Revised Code.1430

       (5) The inventory and the monthly portfolio report shall be 1431
filed with the board of county commissioners. The monthly 1432
portfolio report also shall be filed with the treasurer of state.1433

       (M) An investing authority may enter into a written 1434
investment or deposit agreement that includes a provision under 1435
which the parties agree to submit to nonbinding arbitration to 1436
settle any controversy that may arise out of the agreement, 1437
including any controversy pertaining to losses of public moneys 1438
resulting from investment or deposit. The arbitration provision 1439
shall be set forth entirely in the agreement, and the agreement 1440
shall include a conspicuous notice to the parties that any party 1441
to the arbitration may apply to the court of common pleas of the 1442
county in which the arbitration was held for an order to vacate, 1443
modify, or correct the award. Any such party may also apply to the 1444
court for an order to change venue to a court of common pleas 1445
located more than one hundred miles from the county in which the 1446
investing authority is located.1447

       For purposes of this division, "investment or deposit 1448
agreement" means any agreement between an investing authority and 1449
a person, under which agreement the person agrees to invest, 1450
deposit, or otherwise manage, on behalf of the investing 1451
authority, a county's inactive moneys or moneys in a county public 1452
library fund, or agrees to provide investment advice to the 1453
investing authority.1454

       (N)(1) An investment held in the county portfolio on 1455
September 27, 1996, that was a legal investment under the law as 1456
it existed before September 27, 1996, may be held until maturity, 1457
or if the investment does not have a maturity date the investment 1458
may be held until five years from September 27, 1996, regardless 1459
of whether the investment would qualify as a legal investment 1460
under the terms of this section as amended.1461

       (2) An investment held in the county portfolio on the 1462
effective date of this amendmentSeptember 10, 2012, that was a 1463
legal investment under the law as it existed before the effective 1464
date of this amendmentSeptember 10, 2012, may be held until 1465
maturity.1466

       Sec. 135.353.  (A) In addition to the investments specified 1467
in section 135.35 of the Revised Code, the investing authority of 1468
a county may do all of the following:1469

       (1) Invest inactive or public moneys in linked deposits as 1470
authorized by resolution adopted pursuant to section 135.80 or 1471
135.801 of the Revised Code;1472

       (2) Invest inactive or public moneys in linked deposits as 1473
authorized by resolution adopted pursuant to section 135.805 of 1474
the Revised Code for a term considered appropriate by the 1475
investing authority, but not exceeding fifteen years, which 1476
investment may be renewed for up to two additional terms with each 1477
additional term not exceeding fifteen years.1478

       (3) Invest inactive moneys in certificates of deposit in 1479
accordance with all of the following:1480

        (a) The inactive moneys initially are deposited with an 1481
eligible public depository described in section 135.32 of the 1482
Revised Code and selected by the investing authority.1483

        (b) For the investing authority depositing the inactive 1484
moneys pursuant to division (A)(3)(a) of this section, the 1485
eligible public depository selected pursuant to that division 1486
invests the inactive moneys in certificates of deposit of one or 1487
more federally insured banks, savings banks, or savings and loan 1488
associations, or credit unions insured pursuant to section 1489
1733.041 of the Revised Code, wherever located. The full amount of 1490
principal and any accrued interest of each certificate of deposit 1491
invested in pursuant to division (A)(3)(b) of this section shall 1492
be insured by federal deposit insurance, or by the national credit 1493
union administration or a share guaranty corporation as defined in 1494
section 1761.01 of the Revised Code, as applicable.1495

       (c) For the investing authority depositing the inactive 1496
moneys pursuant to division (A)(3)(a) of this section, the 1497
eligible public depository selected pursuant to that division acts 1498
as custodian of the certificates of deposit described in division 1499
(A)(3)(b) of this section.1500

       (d) On the same date the public moneys are redeposited by the 1501
public depository, the public depository may, in its sole 1502
discretion, choose whether to receive deposits, in any amount, 1503
from other banks, savings banks, or savings and loan associations.1504

       (e) The public depository provides to the investing authority 1505
a monthly account statement that includes the amount of its funds 1506
deposited and held at each bank, savings bank, or savings and loan 1507
association, or credit union for which the public depository acts 1508
as a custodian pursuant to this section.1509

       (B) Inactive moneys deposited or invested in accordance with 1510
division (A)(3) of this section are not subject to any pledging 1511
requirements described in section 135.181 or 135.37 of the Revised 1512
Code.1513

       Sec. 135.37.  (A) Except as provided in section 135.353 or 1514
135.354 of the Revised Code, any institution described in section 1515
135.32 of the Revised Code shall, at the time it receives a 1516
deposit of public moneys under section 135.33 or 135.35 of the 1517
Revised Code, pledge to and deposit with the investing authority, 1518
as security for the repayment of all public moneys to be 1519
deposited, eligible securities of aggregate market value equal to 1520
or in excess of the amount of public moneys to be at the time so 1521
deposited. Any securities listed in division (B) of section 135.18 1522
of the Revised Code are eligible for such purpose. The collateral 1523
so pledged or deposited may be in an amount that when added to the 1524
portion of the deposit insured by the federal deposit insurance 1525
corporation or, any other agency or instrumentality of the federal 1526
government, or a credit union share guaranty corporation as 1527
defined in section 1761.01 of the Revised Code will, in the 1528
aggregate, equal or exceed the amount of public moneys so 1529
deposited; provided that, when an investment of inactive moneys 1530
consists of the purchase of one or more of the type of securities 1531
listed in division (A)(1) or (2) of section 135.35 of the Revised 1532
Code, no additional collateral need be pledged or deposited.1533

       The investing authority also may require that additional 1534
eligible securities be pledged or deposited when depreciation 1535
occurs in the market value of any securities pledged or deposited.1536

       (B) The public depository may, at any time, provide for the 1537
exchange or substitution of securities for other eligible 1538
securities or the release of securities when the amount of public 1539
moneys on deposit does not require that they be pledged or 1540
deposited, by notifying the investing authority of its intent to 1541
take such action.1542

       Upon proper notification of the public depository's desire 1543
for release of securities, the investing authority may sign a 1544
release of such securities provided that the aggregate amount of 1545
collateral remaining pledged or deposited meets the requirements 1546
of divisions (A) to (E) of this section.1547

       When a public depository desires to exchange or substitute 1548
securities for other eligible securities, the investing authority 1549
may release the securities pledged or deposited after the deposit 1550
of other securities having a current market value equal to or 1551
greater than the current market value of securities then on 1552
deposit or after a safekeeping receipt has been received 1553
evidencing the deposit and pledge of such securities.1554

       (C) Upon request from the investing authority, the trustee or 1555
the public depository shall furnish a statement of the securities 1556
pledged against the public moneys deposited in the public 1557
depository.1558

       (D) If a public depository fails to pay over any part of any 1559
public deposit made as provided by law, the investing authority 1560
shall sell any pledged or deposited securities, as prescribed in 1561
division (C) of section 135.18 of the Revised Code.1562

       (E) A public depository may designate, in accordance with the 1563
provisions of division (D) of section 135.18 of the Revised Code, 1564
a trustee for the safekeeping of any pledged securities. Such 1565
trustee shall be any bank or other institution eligible as a 1566
trustee under division (I) of section 135.18 of the Revised Code, 1567
except that, for the purposes of this section, a bank to which a 1568
certificate of qualification is issued shall be an institution 1569
mentioned in division (A) of section 135.32 of the Revised Code.1570

       (F) In lieu of the pledging requirements prescribed in 1571
divisions (A) to (E) of this section, an institution designated as 1572
a public depository may pledge securities pursuant to section 1573
135.181 of the Revised Code.1574

       Sec. 135.51.  In case of any default on the part of a bank1575
or, domestic building and loan association, savings bank, or 1576
credit union in its capacity as depository of the money of any 1577
county, municipal corporation, township, or school district, the 1578
board of county commissioners, the legislative authority of such 1579
municipal corporation, the board of township trustees, and the 1580
board of education of such school district, in lieu of immediately 1581
selling the securities received and held as security for the 1582
deposit of such money under authority of any section of the 1583
Revised Code, may retain the same, collect the interest and any 1584
installments of principal thereafter falling due on such 1585
securities, and refund, exchange, sell, or otherwise dispose of 1586
any of them, at such times and in such manner as such board of 1587
county commissioners, legislative authority, board of township 1588
trustees, or board of education determines to be advisable with a 1589
view to conserving the value of such securities for the benefit of 1590
such county, municipal corporation, township, or school district, 1591
and for the benefit of the depositors, creditors, and stockholders 1592
or other owners of such bank or building and loan, domestic1593
association, savings bank, or credit union.1594

       Sec. 135.52.  In anticipation of the collection of the 1595
principal and interest of securities, or other disposition of 1596
them, as authorized by section 135.51 of the Revised Code, and of 1597
the payment of dividends in the liquidation of the depository bank 1598
or, domestic savings and loan association, savings bank, or credit 1599
union and for the purpose of providing public money immediately 1600
available for the needs of the county, municipal corporation, 1601
township, or school district, the taxing authority may issue bonds 1602
of the county, municipal corporation, township, or school 1603
district, in an amount not exceeding the moneys on deposit in the 1604
depository bank or savings and loan, domestic association, 1605
savings bank, or credit union, the payment of which is secured by 1606
such securities, after crediting to such moneys the amount 1607
realized from the sale or other disposition of any other 1608
securities pledged or deposited for such moneys, or in an amount 1609
not exceeding the value or amount ultimately to be realized from 1610
such securities to be determined by valuation made under oath by 1611
two persons who are conversant with the value of the assets 1612
represented by such securities, whichever amount is the lesser, 1613
plus an amount equal to the interest accruing on such securities 1614
during one year from and after the date of default of such bank or 1615
savings and loan, domestic association, savings bank, or credit 1616
union in its capacity as a depository. The maturity of such bonds 1617
shall not exceed ten years and they shall bear interest at a rate 1618
not exceeding the rate determined as provided in section 9.95 of 1619
the Revised Code. Such bonds shall be the general obligations of 1620
the county, municipal corporation, township, or school district 1621
issuing them. The legislation under which such bonds are issued 1622
shall comply with Section 11 of Article XII, Ohio Constitution. 1623
The amount of such bonds issued or outstanding shall not be 1624
considered in ascertaining any of the limitations on the net 1625
indebtedness of such county, municipal corporation, township, or 1626
school district prescribed by law. In all other respects, the 1627
issuance, maturities, and sale of such bonds shall be subject to 1628
Chapter 133. of the Revised Code.1629

       A sufficient amount of the moneys received from principal on 1630
the sale of such bonds to cover the interest accruing on such 1631
securities for one year, to the extent determined by the authority 1632
issuing such bonds in the resolution or ordinance of issuance 1633
under this section, shall be paid into the bond retirement fund 1634
from which the bonds are to be redeemed, together with premiums 1635
and accrued interest. The balance of such principal shall be 1636
credited to the funds to which the moneys represented by such 1637
depository balance belong, and in the respective amounts of such 1638
funds.1639

       Sec. 135.53.  All principal and interest collected by the 1640
proper officer or agent of the county, municipal corporation, 1641
township, or school district, on account of the securities 1642
mentioned in section 135.51 of the Revised Code, the proceeds of 1643
any sale or other disposition of any of such securities, and any 1644
dividends received from the liquidation of the defaulting bank or,1645
domestic building and loan association, savings bank, or credit 1646
union shall be paid into the bond retirement fund from which the 1647
bonds provided for in section 135.52 of the Revised Code are to be 1648
redeemed, until the aggregate of such payments equals the 1649
requirements of such fund, whereupon such securities, and any 1650
remaining depository balance, not anticipated by such bonds, to 1651
the extent then retained by such county, municipal corporation, 1652
township, or school district, shall be assigned and delivered to 1653
the defaulting bank or building and loan, domestic association, 1654
savings bank, or credit union to its liquidating officer, or to 1655
its successor or assignee, together with a release or other 1656
instrument showing full satisfaction of the claim of such county, 1657
municipal corporation, township, or school district against such 1658
bank, building and loandomestic association, savings bank, 1659
credit union, or officer.1660

       Sec. 1733.04.  (A) In addition to the authority conferred by 1661
section 1701.13 of the Revised Code, but subject to any 1662
limitations contained in sections 1733.01 to 1733.45 of the 1663
Revised Code, and its articles and regulations, a credit union may 1664
do any of the following:1665

       (1) Make loans as provided in section 1733.25 of the Revised 1666
Code;1667

       (2) Invest its money as provided in section 1733.30 of the 1668
Revised Code;1669

       (3) If authorized by the code of regulations, rebate to the 1670
borrowing members a portion of the member's interest paid to the 1671
credit union;1672

       (4) If authorized by the regulations, charge a membership or 1673
entrance fee not to exceed one dollar per member;1674

       (5) Purchase group savings life insurance and group credit 1675
life insurance;1676

       (6) Make reasonable contributions to any nonprofit civic, 1677
charitable, or service organizations;1678

       (7) Act as trustee or custodian, for which reasonable 1679
compensation may be received, under any written trust instrument 1680
or custodial agreement created or organized in the United States 1681
and forming part of a tax-advantaged savings plan that qualifies 1682
for specific tax treatment under sections 223, 401(d), 408, 408A, 1683
and 530 of the Internal Revenue Code, 26 U.S.C. 223, 401(d), 408, 1684
408A, and 530, as amended, for its members or groups of its 1685
members, provided that the funds of such plans are invested in 1686
share accounts or share certificate accounts of the credit union. 1687
These services include, but are not limited to, acting as a 1688
trustee or custodian for member retirement, education, or health 1689
savings accounts.1690

       (8) Act as a public depository for purposes of and in 1691
accordance with, Chapter 135. of the Revised Code.1692

       (B) The authority of a credit union shall be subject to the 1693
following:1694

       (1) A credit union may not borrow money in excess of 1695
twenty-five per cent of its shares and undivided earnings, without 1696
prior specific authorization by the superintendent of credit 1697
unions.1698

       (2) A credit union may not pay a commission or other 1699
compensation to any person for securing members or for the sale of 1700
its shares, except that reasonable incentives may be made 1701
available directly to members or potential members to promote 1702
thrift.1703

       (3) A credit union, subject to the approval of the 1704
superintendent, may have service facilities other than its home 1705
office.1706

       (4) Real estate may be acquired by lease, purchase, or 1707
otherwise as necessary and to the extent required for use of the 1708
credit union presently and in the future operation of its office 1709
or headquarters, and in case of a purchase of real estate, the 1710
superintendent must first be notified in writing prior to the 1711
purchase of the real estate. The superintendent shall notify the 1712
credit union not more than thirty days after receipt of the 1713
notification to purchase the real estate if the purchase is 1714
denied, approved, or modified. If the superintendent does not 1715
respond within thirty days after receipt of the notification to 1716
purchase the real estate, it shall be deemed approved. Nothing 1717
herein contained shall be deemed to prohibit a credit union from 1718
taking title to real estate in connection with a default in the 1719
payment of a loan, provided that title to such real estate shall 1720
not be held by the credit union for more than two years without 1721
the prior written approval of the superintendent. A credit union 1722
also may lease space in any real estate it acquires in accordance 1723
with rules adopted by the superintendent.1724

       (C)(1) As used in division (C) of this section:1725

       (a) "School" means an elementary or secondary school.1726

       (b) "Student" means a child enrolled in a school.1727

       (c) "Student branch" means the designation provided to the 1728
credit union for the in-school services and financial education 1729
offered to students.1730

       (2) A credit union, upon agreement with a school board, in 1731
the case of a public school, or the governing authority, in the 1732
case of a nonpublic school, and with the permission of the 1733
superintendent, may open and maintain a student branch.1734

       (3) Notwithstanding any other provision of this section, any 1735
student enrolled in the school maintaining a student branch who is 1736
not otherwise qualified for membership in the credit union 1737
maintaining the student branch is qualified to be a member of that 1738
student branch.1739

       (4) The student's membership in the student branch expires 1740
upon the student's graduation from secondary school.1741

       (5) The student branch is for the express use of students and 1742
may not be used by faculty, staff, or lineal ancestors or 1743
descendents of students.1744

       (6) Faculty, staff, or lineal ancestors or descendents of 1745
students are not eligible for membership in the credit union 1746
maintaining the student branch unless otherwise qualified by this 1747
section to be members.1748

       (7) The superintendent may adopt rules appropriate to the 1749
formation and operation of student branches.1750

       (D) A credit union may guarantee the signature of a member in 1751
connection with a transaction involving tangible or intangible 1752
property in which a member has or seeks to acquire an interest.1753

       Sec. 1733.041.  Each credit union operating under this 1754
chapter or otherwise authorized to do business in this state shall 1755
obtain insurance for the protection of their members' accounts. 1756
Such share guarantee insurance may be obtained from the national 1757
credit union administration operating under the "Federal Credit 1758
Union Act," 84 Stat. 994 (1970), 12 U.S.C. 1751, and any 1759
amendments thereto, or from the national deposita credit union 1760
share guaranty corporation, established under Chapter 1761. of the 1761
Revised Code, or from any insurer qualified under the laws of this 1762
state to write such insurance.1763

       Sec. 1733.24.  (A) A credit union is authorized to receive 1764
funds for deposit in share accounts, share draft accounts, and 1765
share certificates from its members, from other credit unions, and 1766
from an officer, employee, or agent of the federal, state, or 1767
local governments, or political subdivisions of the state, in 1768
accordance with such terms, rates, and conditions as may be 1769
established by its board of directors and, if acting as a public 1770
depository, for purposes of, and in accordance with, Chapter 135. 1771
of the Revised Code.1772

       (B) The shares and share accounts of the credit union may be 1773
of one or more classes, as designated by the board of directors, 1774
subject to approval of the superintendent of credit unions based 1775
on rules that shall assure equitable distribution of dividends 1776
among classes, considering costs and advantages of each class to 1777
the members of the credit union, including without limitation 1778
special services rendered, length of ownership, minimum 1779
investment, conditions of repurchase, and other appropriate 1780
standards or combinations thereof. In the event the articles of 1781
incorporation of the credit union indicate the authorized number 1782
of shares to be unlimited, the designation of classification of 1783
shares and share accounts of the credit union may be effected by 1784
the board of directors, subject to the approval of the 1785
superintendent, and does not require amendment of the articles of 1786
incorporation. All shares of the credit union shall have a par 1787
value per share as set by the board of directors. Redemptions and 1788
liquidating dividends shall be prorated to each member on the 1789
basis of the price paid the credit union for such share, 1790
irrespective of the class of such shares.1791

       (C)(1) Each credit union shall have one class of shares 1792
designated as "membership share." The membership shares, or if a 1793
credit union has but one class of shares, then all of the shares 1794
of the credit union, shall have a par value as set by the board of 1795
directors.1796

       (2) Two or more persons that are eligible for membership that 1797
have jointly subscribed for one or more shares under a joint 1798
account each may be admitted to membership.1799

       (D) A credit union need not issue certificates for any or all 1800
of its classes of shares but irrespective of whether certificates 1801
are issued, a registry of shares must be kept, including all of 1802
the transactions of the credit union pertaining to such shares.1803

       (E) A credit union is authorized to maintain share draft 1804
accounts in accordance with rules prescribed by the 1805
superintendent. The credit union may pay dividends on share draft 1806
accounts, may pay dividends at different rates on different types 1807
of share draft accounts, and may permit the owners of such share 1808
draft accounts to make withdrawals by negotiable or transferable 1809
instruments or other orders for the purpose of making transfers to 1810
third parties.1811

       (F) Unless otherwise provided by written agreement of the 1812
parties, the rights, responsibilities, and liabilities attaching 1813
to a share draft withdrawn from, transferred to, or otherwise 1814
handled by a credit union are defined in and governed by Chapters 1815
1303. and 1304. of the Revised Code, as if the credit union were a 1816
bank.1817

       (G) Unless otherwise provided in the articles or regulations, 1818
a member may designate any person or persons to own or hold 1819
shares, or share accounts with the member in joint tenancy with 1820
right of survivorship and not as tenants in common.1821

       (H) Shares or share accounts may be issued in the name of a 1822
custodian under the Ohio transfers to minors act, a member in 1823
trust for a beneficiary, a fiduciary or custodian in trust for a 1824
member beneficiary, or a fiduciary or custodian in trust upon the 1825
death of a member. Redemption of such shares or payment of such 1826
share accounts to a member, to the extent of the payment, 1827
discharges the liability of the credit union to the member and the 1828
beneficiary, and the credit union shall be under no obligation to 1829
see to the application of the payment. Unless prior to the death 1830
of a member, the member has notified the credit union in writing 1831
in a form approved by the credit union of a different beneficiary 1832
to receive the proceeds of such shares or share accounts, then the 1833
proceeds shall be paid to the beneficiary or to the beneficiary's 1834
parent or legal representative. Any payment made pursuant to 1835
written instructions of the member or pursuant to the provisions 1836
herein contained shall be a valid and sufficient release and 1837
discharge of the credit union in connection with any such share or 1838
share accounts.1839

       (I)(1) Except as otherwise provided in the articles or 1840
regulations, and subject to the provisions thereof, a minor may 1841
purchase shares, share accounts, or other depository instruments, 1842
and except for qualification as a voting member, the credit union 1843
may deal with the minor with respect to shares, share accounts, or 1844
other depository instruments owned by the minor as if the minor 1845
were a person of legal age.1846

       (2) If shares, share accounts, or other depository 1847
instruments are issued in the name of a minor, redemption of any 1848
part or all of the shares or withdrawal of funds by payment to the 1849
minor of the shares or funds and any declared dividends or 1850
interest releases the credit union from all obligation to the 1851
minor as to the shares reduced or funds withdrawn.1852

       (J) The regulations may require advance written notice of a 1853
member's intention to withdraw the member's shares. Such advance 1854
notice shall not exceed sixty days.1855

       Sec. 1733.30.  (A) A credit union may make any investment of 1856
any funds not required for the purpose of loans or not required to 1857
meet the pledging requirements of Chapter 135. of the Revised 1858
Code, in state or national banks or state or federally chartered 1859
savings and loan associations, savings banks, or credit unions, 1860
doing business in this state; in accounts, deposits, or shares of 1861
federally insured savings and loan associations or savings banks 1862
or insured credit unions, doing business outside this state; in 1863
deposits or accounts of federally insured banks, trust companies, 1864
and mutual savings banks doing business outside this state; in the 1865
shares of a corporate credit union subject to the regulations of 1866
that corporate credit union; in shares, stocks, or obligations of 1867
any other organization providing services that are associated with 1868
the routine operations of credit unions; or in United States 1869
government securities or municipal bonds issued by municipalities 1870
of this state; and, with the approval of the superintendent of 1871
credit unions, in securities other than those specified in this 1872
division. All investments under this division shall be made in 1873
United States dollars.1874

       (B) In accordance with rules adopted by, and subject to the 1875
approval of, the superintendent, notes or loans made by or to 1876
individual members of a credit union may be purchased by another 1877
credit union at such prices as may be agreed upon between the 1878
credit unions.1879

       (C) A corporate credit union may make investments provided 1880
the investments are in accordance with rules adopted by the 1881
superintendent, are consistent with the safety and soundness of 1882
the credit union, and are made with due regard to the investment 1883
requirements established by the applicable insurer recognized 1884
under section 1733.041 of the Revised Code.1885

       Sec. 1733.31.  For purposes of this section, "gross income" 1886
means all income, before expenses, earned on risk assets. "Risk 1887
assets" shall be defined by rule adopted by the superintendent of 1888
credit unions.1889

       Each credit union shall establish and maintain reserves as 1890
required by Chapter 1733. of the Revised Code, by Chapter 135. of 1891
the Revised Code, if applicable, or by rules adopted by the 1892
superintendent, including the following:1893

       (A) Valuation allowances for delinquent loans, investments, 1894
other risk assets, and contingencies, which shall be established 1895
and maintained pursuant to rules adopted adopted by the 1896
superintendent.1897

       (B) A regular reserve as follows:1898

       (1) A credit union in operation for more than four years and 1899
having assets of five hundred thousand dollars or more shall 1900
reserve ten per cent of its gross income until its regular reserve 1901
equals four per cent of its total risk assets. Once the credit 1902
union has regular reserves equal to four per cent of its total 1903
risk assets, it shall reserve five per cent of its gross income 1904
until its regular reserve equals six per cent of its total risk 1905
assets.1906

       (2) A credit union in operation for less than four years or 1907
having assets of less than five hundred thousand dollars shall 1908
reserve ten per cent of its gross income until its regular reserve 1909
equals seven and one-half per cent of its total risk assets. Once 1910
the credit union has regular reserves equal to seven and one-half 1911
per cent of its total risk assets, it shall reserve five per cent 1912
of its gross income until its regular reserve equals ten per cent 1913
of its total risk assets.1914

       (3) The provision for loan losses, or other such provisions 1915
related to the valuation allowances described in division (A) of 1916
this section, recorded on the credit union's statement of income 1917
for the year shall be deducted from the appropriate regular 1918
reserve calculated under division (B)(1) or (2) of this section.1919

       (4) Once the credit union has closed out its net income or 1920
loss to undivided earnings, it may allocate any extraordinary loss 1921
for the year, as defined by AICPA APB Opinion No. 30 or by rules 1922
as promulgated by the superintendent, to the regular reserve.1923

       (5) If the regular reserve account becomes less than the 1924
percentage required by division (B)(1) or (2) of this section, 1925
then the schedule of allocation shall apply until the required 1926
percentages are achieved.1927

       (6) The superintendent may decrease the reserve requirements 1928
under division (B)(1) or (2) of this section when, in the 1929
superintendent's opinion, a decrease is necessary or desirable and 1930
is consistent with the purposes of this section.1931

       (7) Nothing herein shall prevent the superintendent from 1932
requiring a particular credit union or all credit unions to 1933
establish a regular reserve in excess of the percentages required 1934
by division (B)(1) or (2) of this section if, in the opinion of 1935
the superintendent, economic conditions or other appropriate 1936
circumstances so warrant.1937

       (C) Except as otherwise provided in this division, each 1938
credit union shall maintain a liquidity fund equal to five per 1939
cent of its shares. The assets included in the liquidity fund 1940
shall be defined by rule adopted by the superintendent. The 1941
superintendent may require a particular credit union or all credit 1942
unions to establish a liquidity fund greater than or less than 1943
five per cent of total shares, if, in the opinion of the 1944
superintendent, economic conditions or other appropriate 1945
circumstances so warrant.1946

       (D)(1) Reserves for corporate credit unions shall be 1947
established by the superintendent with due regard for the 1948
reserving requirements for corporate credit unions set by the 1949
applicable insurer recognized under section 1733.041 of the 1950
Revised Code. Specific reserving requirements shall be established 1951
by rule of the superintendent, but shall substantially parallel 1952
the reserving formula set by the applicable insurer recognized 1953
under section 1733.041 of the Revised Code.1954

       (2) Nothing in division (D)(1) of this section shall prevent 1955
the superintendent from requiring a particular corporate credit 1956
union or all corporate credit unions to establish a regular 1957
reserve in excess of those reserves established pursuant to 1958
division (D)(1) of this section if, in the opinion of the 1959
superintendent, economic conditions or other appropriate 1960
circumstances so warrant.1961

       Section 2.  That existing sections 122.60, 122.71, 135.03, 1962
135.032, 135.04, 135.06, 135.08, 135.10, 135.14, 135.144, 135.18, 1963
135.32, 135.321, 135.33, 135.35, 135.353, 135.37, 135.51, 135.52, 1964
135.53, 1733.04, 1733.041, 1733.24, 1733.30, and 1733.31 of the 1965
Revised Code are hereby repealed.1966

       Section 3.  Section 135.14 of the Revised Code is presented 1967
in this act as a composite of the section as amended by both Sub. 1968
H.B. 473 and Am. Sub. H.B. 640 of the 123rd General Assembly. The 1969
General Assembly, applying the principle stated in division (B) of 1970
section 1.52 of the Revised Code that amendments are to be 1971
harmonized if reasonably capable of simultaneous operation, finds 1972
that the composite is the resulting version of the section in 1973
effect prior to the effective date of the section as presented in 1974
this act.1975

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