Effective: September 29, 2015
Latest Legislation: House Bill 64 - 131st General Assembly
Except as otherwise provided in sections 135.14, 135.143, 135.181, and 135.182 of the Revised Code, as used in sections 135.01 to 135.21 of the Revised Code:
(A) "Active deposit" means a public deposit necessary to meet current demands on the treasury, and that is deposited in any of the following:
(1) A commercial account that is payable or withdrawable, in whole or in part, on demand;
(2) A negotiable order of withdrawal account as authorized in the "Consumer Checking Account Equity Act of 1980," 94 Stat. 146, 12 U.S.C.A. 1832(a);
(3) A money market deposit account as authorized in the "Garn-St. Germain Depository Institutions Act of 1982," 96 Stat. 1501, 12 U.S.C. 3503.
(B) "Auditor" includes the auditor of state and the auditor, or officer exercising the functions of an auditor, of any subdivision.
(C) "Capital funds" means the sum of the following: the par value of the outstanding common capital stock, the par value of the outstanding preferred capital stock, the aggregate par value of all outstanding capital notes and debentures, and the surplus. In the case of an institution having offices in more than one county, the capital funds of such institution, for the purposes of sections 135.01 to 135.21 of the Revised Code, relative to the deposit of the public moneys of the subdivisions in one such county, shall be considered to be that proportion of the capital funds of the institution that is represented by the ratio that the deposit liabilities of such institution originating at the office located in the county bears to the total deposit liabilities of the institution.
(D) "Governing board" means, in the case of the state, the state board of deposit; in the case of all school districts and educational service centers except as otherwise provided in this section, the board of education or governing board of a service center, and when the case so requires, the board of commissioners of the sinking fund; in the case of a municipal corporation, the legislative authority, and when the case so requires, the board of trustees of the sinking fund; in the case of a township, the board of township trustees; in the case of a union or joint institution or enterprise of two or more subdivisions not having a treasurer, the board of directors or trustees thereof; and in the case of any other subdivision electing or appointing a treasurer, the directors, trustees, or other similar officers of such subdivision. The governing board of a subdivision electing or appointing a treasurer shall be the governing board of all other subdivisions for which such treasurer is authorized by law to act. In the case of a county school financing district that levies a tax pursuant to section 5705.215 of the Revised Code, the county board of education that serves as its taxing authority shall operate as a governing board. Any other county board of education shall operate as a governing board unless it adopts a resolution designating the board of county commissioners as the governing board for the county school district.
(E) "Inactive deposit" means a public deposit other than an interim deposit or an active deposit.
(F) "Interim deposit" means a deposit of interim moneys. "Interim moneys" means public moneys in the treasury of the state or any subdivision after the award of inactive deposits has been made in accordance with section 135.07 of the Revised Code, which moneys are in excess of the aggregate amount of the inactive deposits as estimated by the governing board prior to the period of designation and which the treasurer or governing board finds should not be deposited as active or inactive deposits for the reason that such moneys will not be needed for immediate use but will be needed before the end of the period of designation.
(G) "Permissible rate of interest" means a rate of interest that all eligible institutions mentioned in section 135.03 of the Revised Code are permitted to pay by law or valid regulations.
(H) "Warrant clearance account" means an account established by the treasurer of state for the deposit of active state moneys outside the city of Columbus, such account being for the exclusive purpose of clearing state warrants through the banking system to the treasurer.
(I) "Public deposit" means public moneys deposited in a public depository pursuant to sections 135.01 to 135.21 of the Revised Code.
(J) "Public depository" means an institution which receives or holds any public deposits.
(K) "Public moneys" means all moneys in the treasury of the state or any subdivision of the state, or moneys coming lawfully into the possession or custody of the treasurer of state or of the treasurer of any subdivision. "Public moneys of the state" includes all such moneys coming lawfully into the possession of the treasurer of state; and "public moneys of a subdivision" includes all such moneys coming lawfully into the possession of the treasurer of the subdivision.
(L) "Subdivision" means any municipal corporation, except one which has adopted a charter under Article XVIII, Ohio Constitution, and the charter or ordinances of the chartered municipal corporation set forth special provisions respecting the deposit or investment of its public moneys, or any school district or educational service center, a county school financing district, township, municipal or school district sinking fund, special taxing or assessment district, or other district or local authority electing or appointing a treasurer, except a county. In the case of a school district or educational service center, special taxing or assessment district, or other local authority for which a treasurer, elected or appointed primarily as the treasurer of a subdivision, is authorized or required by law to act as ex officio treasurer, the subdivision for which such a treasurer has been primarily elected or appointed shall be considered to be the "subdivision." The term also includes a union or joint institution or enterprise of two or more subdivisions, that is not authorized to elect or appoint a treasurer, and for which no ex officio treasurer is provided by law.
(M) "Treasurer" means, in the case of the state, the treasurer of state and in the case of any subdivision, the treasurer, or officer exercising the functions of a treasurer, of such subdivision. In the case of a board of trustees of the sinking fund of a municipal corporation, the board of commissioners of the sinking fund of a school district, or a board of directors or trustees of any union or joint institution or enterprise of two or more subdivisions not having a treasurer, such term means such board of trustees of the sinking fund, board of commissioners of the sinking fund, or board of directors or trustees.
(N) "Treasury investment board" of a municipal corporation means the mayor or other chief executive officer, the village solicitor or city director of law, and the auditor or other chief fiscal officer.
(O) "No-load money market mutual fund" means a no-load money market mutual fund to which all of the following apply:
(1) The fund is registered as an investment company under the "Investment Company Act of 1940," 54 Stat. 789, 15 U.S.C.A. 80a-1 to 80a-64;
(2) The fund has the highest letter or numerical rating provided by at least one nationally recognized standard rating service;
(3) The fund does not include any investment in a derivative. As used in division (O)(3) of this section, "derivative" means a financial instrument or contract or obligation whose value or return is based upon or linked to another asset or index, or both, separate from the financial instrument, contract, or obligation itself. Any security, obligation, trust account, or other instrument that is created from an issue of the United States treasury or is created from an obligation of a federal agency or instrumentality or is created from both is considered a derivative instrument. An eligible investment described in section 135.14 or 135.35 of the Revised Code with a variable interest rate payment, based upon a single interest payment or single index comprised of other investments provided for in division (B)(1) or (2) of section 135.14 of the Revised Code, is not a derivative, provided that such variable rate investment has a maximum maturity of two years.
(P) "Public depositor" means the state or a subdivision, as applicable, that deposits public moneys in a public depository pursuant to sections 135.01 to 135.21 of the Revised Code.
(Q) "Uninsured public deposit" means the portion of a public deposit that is not insured by the federal deposit insurance corporation or by any other agency or instrumentality of the federal government.
Last updated June 30, 2022 at 5:30 PM
Structure Ohio Revised Code
Chapter 135 | Uniform Depository Act
Section 135.01 | Uniform Depository Act Definitions.
Section 135.02 | State Board of Deposit.
Section 135.03 | Institutions Eligible as Public Depositories.
Section 135.032 | Disqualification as Depository.
Section 135.04 | Eligibility for State Deposits - Warrant Clearance Accounts.
Section 135.05 | Estimate of Inactive Deposits.
Section 135.06 | Application for Inactive Deposits.
Section 135.07 | Award of Inactive Deposits.
Section 135.08 | Application for Interim Deposits.
Section 135.09 | Award of Interim Deposits.
Section 135.10 | Application for Active Deposits.
Section 135.101 | Savenow Program Definitions.
Section 135.102 | Purpose of Savenow Program.
Section 135.103 | Investment in Savenow Linked Deposits.
Section 135.104 | Resident Participation in Savenow Program.
Section 135.105 | Offer of Savenow Accounts to Residents.
Section 135.106 | Immunity of State - Effect of Misconduct on Deposit Agreement.
Section 135.11 | Exemption From Prohibition Against Interest in Contract.
Section 135.12 | Designating Depositories Biennially.
Section 135.13 | Evidence of Inactive and Interim Deposits.
Section 135.14 | Investing Interim Moneys of Public Subdivisions.
Section 135.141 | Municipal Corporation May Invest Interim Moneys in Linked Deposits.
Section 135.142 | Board of Education Investment of Interim Moneys.
Section 135.143 | Investment Authority for State Interim Funds.
Section 135.144 | Investment of Interim Moneys in Federally Insured Certificates of Deposit.
Section 135.145 | Redeposit of Interim Moneys Moneys.
Section 135.15 | Transferring Funds From One Classification to Another.
Section 135.16 | Payment of Interest.
Section 135.17 | Cash Reserve.
Section 135.18 | Security for Repayment of Public Moneys.
Section 135.181 | Optional Pledging Requirements.
Section 135.182 | Ohio Pooled Collateral Program.
Section 135.19 | Failure of Public Depository.
Section 135.20 | Proportion of Deposits in Various Banks Subject to Reasonable Variation.
Section 135.21 | Investment Earnings Apportionment and Crediting.
Section 135.22 | Annual Continuing Education Programs for Treasurers.
Section 135.31 | County Depository Definitions.
Section 135.32 | Institutions Eligible as County Public Depositories.
Section 135.321 | Disqualification as County Depository.
Section 135.33 | Designating County Depositories Every Four Years.
Section 135.34 | Review of Investment Procedures Semiannually.
Section 135.341 | County Investment Advisory Committee.
Section 135.35 | County Inactive Moneys.
Section 135.351 | Crediting Interest.
Section 135.352 | County Library and Local Government Support Fund.
Section 135.353 | County May Invest Inactive Moneys in Linked Deposits.
Section 135.354 | Redeposit of Inactive Moneys.
Section 135.36 | Transferring County Funds From One Classification to Another.
Section 135.37 | Security for Repayment of County Public Moneys.
Section 135.38 | Exemption of County Officials From Prohibition Against Interest in Contract.
Section 135.39 | Exemption of County Officials From Liability.
Section 135.40 | County Cash Reserve.
Section 135.45 | State Treasurer's Investment Pool.
Section 135.451 | Investments of History Connection and Capitol Square Review and Advisory Board.
Section 135.46 | Investment Pools for Temporary Investment of Bond Proceeds.
Section 135.47 | Securities Lending Program - Fund.
Section 135.48 | Adoption of Rules.
Section 135.51 | Bank Defaulting as Public Depository; Retention and Disposition of Securities.
Section 135.53 | Surplus Assigned and Delivered to Defaulting Bank or Building and Loan Association.
Section 135.54 | Possession and Control of Securities Vested in Authorized Agent - Powers.
Section 135.61 | Linked Deposit Program Definitions.
Section 135.62 | Purpose of Linked Deposit Program.
Section 135.63 | Investing in Linked Deposit Programs.
Section 135.64 | Review of Loan Applications.
Section 135.65 | Accepting or Rejecting Loan Package.
Section 135.66 | Loan Rate - Monitoring Compliance.
Section 135.67 | Liability of State and State Treasurer.
Section 135.68 | Short-Term Installment Loan Linked Deposit Definitions.
Section 135.69 | Short-Term Installment Loan Linked Deposit Program.
Section 135.70 | Acceptance of Loan Package - Certificates of Deposit.
Section 135.71 | Agricultural Linked Deposit Definitions.
Section 135.72 | Purpose of Agricultural Linked Deposit Program.
Section 135.73 | Review of Loan Applications.
Section 135.74 | Accepting or Rejecting Loan Package.
Section 135.75 | Lending of Funds; Monitoring Compliance.
Section 135.76 | Liability of State and State Treasurer.
Section 135.77 | Definitions Regarding Business Linked Deposit Program.
Section 135.771 | Statement of Policy.
Section 135.772 | Participation by Lending Institutions.
Section 135.773 | Acceptance or Rejection by Treasurer of State.
Section 135.774 | Loan Rates; Implementation; Liability.
Section 135.78 | Adoption of Rules; Payment of Interest.
Section 135.79 | Adoption Linked Deposit Program-Definitions.
Section 135.791 | Legislative Findings and Intent.
Section 135.792 | Loan Applications and Packages.
Section 135.793 | Loan Package Review and Deposit Agreements.
Section 135.794 | Loan Execution and Treasurer's Oversight.
Section 135.796 | State Protected From Default.
Section 135.80 | Municipal, Port or Lake Facilities Authority, and County Linked Deposit Program.
Section 135.801 | Adopting Resolution Implementing Residential Facility Linked Deposit Program.
Section 135.802 | Contents of Resolution Implementing Residential Facility Linked Deposit Program.
Section 135.803 | Certifying Availability of Public Moneys.
Section 135.804 | Property Tax Payment Linked Deposit Programs Definitions.
Section 135.805 | Property Tax Payment Linked Deposit Programs.
Section 135.806 | Duties of Lending Institution on Receipt of Rc 135.805 Certificate.
Section 135.807 | Delivery of Lien Certificate to Eligible Lending Institution.
Section 135.81 | Housing Linked Deposit Program Definitions.
Section 135.82 | Purpose of Housing Linked Deposit Program.
Section 135.83 | Applying for Formation of Partnership With Treasurer of State.
Section 135.84 | Accepting or Rejecting Application.
Section 135.85 | Lending Institution - Duties Upon Placement of Housing Linked Deposit.
Section 135.86 | Monitoring Compliance.
Section 135.87 | Liability of State and State Treasurer.
Section 135.91 | Assistive Technology Device Linked Deposit Definitions.
Section 135.92 | Deposit Agreements.
Section 135.93 | Review of Loan Applications.
Section 135.95 | Accepting or Rejecting Loan Package.