Sec. 135.146. (A) In addition to the investments authorized | 7 |
by section 135.14 of the Revised Code, a board of township | 8 |
trustees, by majority vote of its members, may authorize the | 9 |
township treasurer to invest any part or all of the interim moneys | 10 |
of the township, which are available for investment at any one | 11 |
time, in debt interests that have been registered with the United | 12 |
States securities and exchange commission, rated in one of the | 13 |
three highest rating classifications by at least two nationally | 14 |
recognized rating agencies, and issued by entities that are | 15 |
defined in division (D) of section 1705.01 of the Revised Code. | 16 |
(B) No investment authorized under this section shall be | 17 |
made, whether or not authorized by a board of township trustees, | 18 |
unless the township treasurer has completed training for making | 19 |
the types of investments authorized under this section. The type | 20 |
and amount of the training shall be approved by the treasurer of | 21 |
state, and shall be provided by the treasurer of state under | 22 |
section 135.22 of the Revised Code. | 23 |
(C) The township treasurer shall prepare annually and submit | 24 |
to the auditor of state, and to the treasurer of state, on or | 25 |
before the thirty-first day of August, a report listing each | 26 |
investment made under this section during the preceding fiscal | 27 |
year, income earned from the investments, fees and commissions | 28 |
paid pursuant to division (D) of this section, and any other | 29 |
information required by the auditor of state or the treasurer of | 30 |
state. | 31 |
(F) If any of the debt interests acquired under this section | 37 |
ceases to be rated as required, its issuer shall notify the | 38 |
township treasurer in writing of this fact within twenty-four | 39 |
hours. At any time thereafter the township treasurer may require | 40 |
collateralization, by securities authorized for investment under | 41 |
section 135.143 of the Revised Code, at the rate of one hundred | 42 |
two per cent of any remaining obligation of the issuer. The | 43 |
collateral shall be delivered to and held by a custodian | 44 |
acceptable to the township treasurer and marked to market daily. | 45 |
If the value of the collateral falls below the level required by | 46 |
this division, the insufficiency shall be cured within twelve | 47 |
hours. Unlimited substitution shall be allowed of comparable | 48 |
securities. | 49 |