Ohio Revised Code
Chapter 126 | Office of Budget and Management
Section 126.16 | Implementing Constitutional Provision for Purposes of Issuing Direct Obligations of State.

Effective: September 14, 2000
Latest Legislation: House Bill 640 - 123rd General Assembly
(A) This section is in implementation of division (D) of Section 17 of Article VIII, Ohio Constitution, for purposes of issuing direct obligations of the state subject to that section.
(B) For purposes of the computation of debt service under Section 17 of Article VIII, Ohio Constitution, there shall be included debt service payable on bonds that are direct obligations of the state issued under Article VIII, Ohio Constitution, and on those bonds anticipated by bond anticipation notes, to the extent that debt service on those bonds is anticipated to be paid from the state general revenue fund or net state lottery proceeds. Examples of bonds the debt service on which is not anticipated to be paid from either of those sources are bonds of the state issued for highway purposes pursuant to Section 2i or 2m of Article VIII, Ohio Constitution, which, although general obligations of the state, have been and are anticipated to be paid from highway user receipts and not from the general revenue fund or net state lottery proceeds.
(C) If there is no separate constitutional or statutory provision applicable for the purpose, debt service on bonds anticipated by bond anticipation notes shall be estimated as provided in division (C) of this section. That amount, to be certified either by the issuing authority of the particular notes or by the governor or the governor's designee pursuant to division (E) of this section, shall be the estimated amount that would have been payable on bonds maturing serially in each fiscal year after the fiscal year of the issuance of the notes over the maximum period of maturity for the bonds authorized in the particular governing constitutional or statutory provision, as if those bonds had been issued without the prior issuance of the notes, and computed on a substantially level debt service basis applying an interest rate or rates certified to be market rates at the time of issuance of the notes.
(D) In the case of bonds issued to refund or retire bonds, the debt service on the new bonds shall be counted and the debt service on the bonds being refunded or retired shall not be counted.
(E) The governor, or the governor's designee for the purpose, shall determine and certify the fiscal year amounts required to be applied or set aside for payment of debt service, including debt service on any variable rate bonds, the securities to which that debt service relates, the total office of budget and management estimated revenues of the state for the general revenue fund and from net state lottery proceeds during the particular fiscal year, and any other financial data necessary or appropriate for the purpose of the computations under division (A) of Section 17 of Article VIII, Ohio Constitution, and this section. Those determinations and certifications shall be filed with the director of budget and management, the treasurer of state, and the issuing authority for the particular obligations, at or prior to the time those securities are issued. The governor's designee for the purpose may be the director or assistant director of budget and management, or any employee or official of the governor's office.
(F) For purposes of this section, "securities," "interest or interest equivalent," and "outstanding" have the same meanings as in section 133.01 of the Revised Code, and "debt service" means principal, including any mandatory sinking fund deposits and mandatory redemption payments, and interest or interest equivalent payable on securities, as those payments are stated to come due and to be payable.

Structure Ohio Revised Code

Ohio Revised Code

Title 1 | State Government

Chapter 126 | Office of Budget and Management

Section 126.02 | Preparation of Budget Estimates.

Section 126.021 | Appropriations for Construction Compliance Section of Department of Development.

Section 126.022 | Estimates of Revenues From Tobacco Master Settlement Agreement.

Section 126.03 | Capital Plan - Agency Recommendations for Acquisition of Real Estate and Construction of Public Improvements.

Section 126.05 | Monthly Statements Showing Condition of General Revenue Fund.

Section 126.06 | Availability of Money in Total Operating Fund.

Section 126.07 | Certification of Balance Statement in All Contracts.

Section 126.071 | Monetary Settlement; Consultation With Director of Budget and Management.

Section 126.08 | Director of Budget and Management - Powers and Duties.

Section 126.09 | Monthly Distribution Schedule of Subsidies.

Section 126.11 | Coordination and Approval of Scheduling Sales of Certain Obligations.

Section 126.12 | Recovering Statewide Indirect Costs.

Section 126.13 | Designating Program or Activity for Performance Review.

Section 126.14 | Controlling Board to Approve Release of Appropriation for Purchase of Real Estate or Other Capital Project.

Section 126.141 | Contingency Reserve for Capital Appropriations.

Section 126.15 | Adjusting Capital or Operating Budgets.

Section 126.16 | Implementing Constitutional Provision for Purposes of Issuing Direct Obligations of State.

Section 126.21 | Accounting Duties of Director of Budget and Management.

Section 126.22 | Director - Accounting Powers.

Section 126.23 | Reports on State Funds.

Section 126.231 | Report From Director of Budget and Management.

Section 126.24 | Oaks Support Organization Fund.

Section 126.25 | User Charges - State Accounting Fund.

Section 126.26 | Director as Chairperson of Gubernatorial Transition Committee - Powers and Duties.

Section 126.27 | Filing Budget Estimates With Governor-Elect.

Section 126.28 | Powers to Take Testimony and Produce Evidence.

Section 126.29 | Agency Scheduled to Terminate Operations.

Section 126.30 | Interest on Late Payments for Goods and Services.

Section 126.301 | Statute of Limitations.

Section 126.31 | Travel and Other Expenses.

Section 126.32 | Job Interview and Relocation Expenses.

Section 126.35 | Warrants or Electronic Fund Transfers for Payments - Electronic Benefit Transfers.

Section 126.36 | Replacement of Lost or Destroyed Warrant.

Section 126.37 | Stale Warrants for Payment.

Section 126.38 | Furnishing Earnings Statement With Each Pay Warrant.

Section 126.40 | Forgery Recovery Fund.

Section 126.45 | Office of Internal Audit.

Section 126.46 | State Audit Committee.

Section 126.47 | Annual Internal Audit Plan.

Section 126.48 | Internal Audit Report as Public Record.

Section 126.50 | Definitions.

Section 126.503 | Control of Travel Expenses.

Section 126.504 | Use of Interoffice Mailing Service; Printing, Copying, Mail Preparation and Related Services.

Section 126.505 | Compliance With Standardization and Strategic Sourcing Policy and Control-on-Equipment Directives.

Section 126.506 | Participation in Technology Consolidation Projects.

Section 126.60 | H2ohio Fund.

Section 126.62 | Investing in Ohio Fund.

Section 126.65 | State Post-Traumatic Stress Fund.