Effective: April 12, 2021
Latest Legislation: House Bill 197 (GA 133), Senate Bill 276 (GA 133)
(A) In addition to the investments authorized by section 135.14 of the Revised Code, any board of education, by a two-thirds vote of its members, may authorize the treasurer of the board of education to invest up to forty per cent of the interim moneys of the board, available for investment at any one time, in either of the following:
(1) Commercial paper notes issued by any entity that is defined in division (D) of section 1705.01 or division (E) of section 1706.01 of the Revised Code and has assets exceeding five hundred million dollars, and to which notes all of the following apply:
(a) The notes are rated at the time of purchase in the highest classification established by at least two nationally recognized standard rating services.
(b) The aggregate value of the notes does not exceed ten per cent of the aggregate value of the outstanding commercial paper of the issuing corporation.
(c) The notes mature no later than two hundred seventy days after purchase.
(d) The investment in commercial paper notes of a single issuer shall not exceed in the aggregate five per cent of interim moneys of the board available for investment at the time of purchase.
(2) Bankers' acceptances of banks that are insured by the federal deposit insurance corporation and that mature no later than one hundred eighty days after purchase.
(B) No investment authorized pursuant to division (A) of this section shall be made, whether or not authorized by a board of education, unless the treasurer of the board of education has completed additional training for making the types of investments authorized pursuant to division (A) of this section. The type and amount of such training shall be approved and may be conducted by or provided under the supervision of the treasurer of state.
(C) The treasurer of the board of education shall prepare annually and submit to the board of education, the superintendent of public instruction, and the auditor of state, on or before the thirty-first day of August, a report listing each investment made pursuant to division (A) of this section during the preceding fiscal year, income earned from such investments, fees and commissions paid pursuant to division (D) of this section, and any other information required by the board, the superintendent, and the auditor of state.
(D) A board of education may make appropriations and expenditures for fees and commissions in connection with investments made pursuant to division (A) of this section.
(E)(1) In addition to the investments authorized by section 135.14 of the Revised Code and division (A) of this section, any board of education that is a party to an agreement with the treasurer of state pursuant to division (G) of section 135.143 of the Revised Code and that has outstanding obligations issued under authority of section 133.10 of the Revised Code may authorize the treasurer of the board of education to invest interim moneys of the board in debt interests rated in either of the two highest rating classifications by at least two nationally recognized standard rating services and issued by entities that are defined in division (D) of section 1705.01 or division (E) of section 1706.01 of the Revised Code. The debt interests purchased under authority of division (E) of this section shall mature not later than the latest maturity date of the outstanding obligations issued under authority of section 133.10 or 133.301 of the Revised Code.
(2) If any of the debt interests acquired under division (E)(1) of this section ceases to be rated as there required, its issuer shall notify the treasurer of state of this fact within twenty-four hours. At any time thereafter the treasurer of state may require collateralization at the rate of one hundred two per cent of any remaining obligation of the entity, with securities authorized for investment under section 135.143 of the Revised Code. The collateral shall be delivered to and held by a custodian acceptable to the treasurer of state, marked to market daily, and any default to be cured within twelve hours. Unlimited substitution shall be allowed of comparable securities.
The Legislative Service Commission presents the text of this section as a composite of the section as amended by multiple acts of the General Assembly. This presentation recognizes the principle stated in R.C. 1.52(B) that amendments are to be harmonized if reasonably capable of simultaneous operation.
Last updated May 4, 2022 at 9:02 AM
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.