Ohio Revised Code
Chapter 135 | Uniform Depository Act
Section 135.04 | Eligibility for State Deposits - Warrant Clearance Accounts.

Effective: September 29, 2015
Latest Legislation: House Bill 64 - 131st General Assembly
(A) Any institution mentioned in section 135.03 of the Revised Code is eligible to become a public depository of the active deposits, inactive deposits, and interim deposits of public moneys of the state subject to the requirements of sections 135.01 to 135.21 of the Revised Code.
(B) To facilitate the clearance of state warrants to the state treasury, the state board of deposit may delegate the authority to the treasurer of state to establish warrant clearance accounts in any institution mentioned in section 135.03 of the Revised Code located in areas where the volume of warrant clearances justifies the establishment of an account as determined by the treasurer of state. The balances maintained in such warrant clearance accounts shall be at sufficient levels to cover the activity generated by such accounts on an individual basis. Any financial institution in the state that has a warrant clearance account established by the treasurer of state shall, not more than ten days after the close of each quarter, prepare and transmit to the treasurer of state an analysis statement of such account for the quarter then ended. Such statement shall contain such information as determined by the state board of deposit, and this information shall be used in whole or in part by the treasurer of state in determining the level of balances to be maintained in such accounts.
(C) Each governing board shall award the active deposits of public moneys subject to its control to the eligible institutions in accordance with this section, except that no such public depository shall thereby be required to take or permitted to receive and have at any one time a greater amount of active deposits of such public moneys than that specified in the application of such depository. When, by reason of such limitation or otherwise, the amount of active public moneys deposited or to be deposited in a public depository, pursuant to an award made under this section, is reduced or withdrawn, as the case requires, the amount of such reduction or the sum so withdrawn shall be deposited in another eligible institution applying therefor, or if there is no such eligible institution, then the amount so withheld or withdrawn shall be awarded or deposited for the remainder of the period of designation in accordance with sections 135.01 to 135.21 of the Revised Code.
(D) Any institution mentioned in section 135.03 of the Revised Code is eligible to become a public depository of the inactive and interim deposits of public moneys of a subdivision. In case the aggregate amount of inactive or interim deposits applied for by such eligible institutions is less than the aggregate maximum amount of such inactive or interim deposits as estimated to be deposited pursuant to sections 135.01 to 135.21 of the Revised Code, the governing board of the subdivision may designate as a public depository of the inactive or interim deposits of the public moneys thereof, one or more institutions of a kind mentioned in section 135.03 of the Revised Code, subject to the requirements of sections 135.01 to 135.21 of the Revised Code.
(E) Any institution mentioned in section 135.03 of the Revised Code is eligible to become a public depository of the active deposits of public moneys of a subdivision. In case the aggregate amount of active deposits of the public moneys of the subdivision applied for by such eligible institutions is less than the aggregate maximum amount to be deposited as such, as estimated by the governing board, said board may designate as a public depository of the active deposits of the public moneys of the subdivision, one or more institutions of the kind mentioned in section 135.03 of the Revised Code, subject to the requirements of sections 135.01 to 135.21 of the Revised Code.
(F)(1) The governing board of the state or of a subdivision may designate one or more minority banks as public depositories of its inactive, interim, or active deposits of public moneys designated as federal funds. Except for section 135.18, 135.181, or 135.182 of the Revised Code, Chapter 135. of the Revised Code does not apply to the application for, or the award of, such deposits. As used in this division, "minority bank" means a bank that is owned or controlled by one or more socially or economically disadvantaged persons. Such disadvantage may arise from cultural, ethnic, or racial background, chronic economic circumstances, or other similar cause. Such persons include, but are not limited to, Afro-Americans, Puerto Ricans, Spanish-speaking Americans, and American Indians.
(2) In enacting this division, the general assembly finds that:
(a) Certain commercial banks are owned or controlled by minority Americans;
(b) Minority banks are an important source of banking services in their communities;
(c) Minority banks have been unsuccessful in competing under Chapter 135. of the Revised Code for the award of federal funds;
(d) This division contains safeguards for the protection of the general public and the banking industry, since it provides the governing board of the state or political subdivision with permissive authority in the award of deposits; limits the authority of the governing board to the award of federal funds; and subjects minority banks to certain limitations of Chapter 135. of the Revised Code, including the requirement that, as in the case of every financial institution subject to Chapter 135. of the Revised Code, a minority bank pledge certain securities for repayment of the deposits.
(3) The purpose of this division is to recognize that the state has a substantial and compelling interest in encouraging the establishment, development, and stability of minority banks by facilitating their access to the award of federal funds, while ensuring the protection of the general public and the banking industry.
(G) The governing board of a subdivision shall award the first twenty-five thousand dollars of the active deposits of public moneys subject to its control to the eligible institution or institutions applying or qualifying therefor on the basis of the operating needs of the subdivision and shall award the active deposits of public moneys subject to its control in excess of twenty-five thousand dollars to the eligible institution or institutions applying or qualifying therefor.

Structure Ohio Revised Code

Ohio Revised Code

Title 1 | State Government

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 135.52 | Bonds May Be Used in Anticipation of Collections - Maturity - Limitation - Distribution of Proceeds From Sale.

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 135.795 | Rules.

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 135.94 | Loan Rate.

Section 135.95 | Accepting or Rejecting Loan Package.

Section 135.96 | Implementing Program.

Section 135.97 | Immunity.