Ohio Revised Code
Chapter 3316 | Fiscal Watches, Emergencies
Section 3316.02 | Solvency Assistance Fund - Shared Resource Account - Catastrophic Expenditures Account.

Effective: June 20, 1996
Latest Legislation: Senate Bill 310 - 121st General Assembly
(A) Pursuant to the authority of the general assembly to provide for the public health, safety, and welfare, it is hereby declared to be the public policy and a public purpose of the state to require fiscal integrity of school districts so that they can educate children, pay when due principal and interest on their debt obligations, meet financial obligations to their employees, vendors, and suppliers, and provide for proper financial accounting procedures, budgeting, and taxing practices. The failure of a school district to so act is hereby determined to affect adversely the health, safety, and welfare not only of the people of the school district but also of other people of the state.
(B) The intention of the general assembly, under this chapter, is to enact procedures, provide powers, and impose restrictions to assure fiscal integrity of school districts as set out in division (A) of this section.
(C) Unless otherwise indicated, the provisions of this chapter are supplemental to other provisions of law, including Chapters 133. and 5705. of the Revised Code, and to the resolutions of the school district board of education, consistent with this chapter. Any provisions of Chapters 133. and 5705. of the Revised Code and the resolutions of the school district may be utilized in the issuance of debt obligations. However, provisions of this chapter prevail over provisions of Chapters 133. and 5705. of the Revised Code and the resolutions of the school district to the extent of any conflict or inconsistency between this chapter and such other chapters or resolutions.

Structure Ohio Revised Code

Ohio Revised Code

Title 33 | Education-Libraries

Chapter 3316 | Fiscal Watches, Emergencies

Section 3316.01 | Fiscal Watch - Fiscal Emergency Definitions.

Section 3316.02 | Solvency Assistance Fund - Shared Resource Account - Catastrophic Expenditures Account.

Section 3316.03 | Auditor of State to Declare Fiscal Watch or Fiscal Emergency.

Section 3316.031 | Identifying Unsafe Fiscal Practices and Budgetary Conditions.

Section 3316.04 | Submitting Financial Plan After Declaration of Watch.

Section 3316.041 | Restructuring or Refinancing Loans.

Section 3316.042 | Performance Audits of School District.

Section 3316.043 | Revision of Five-Year Projection to Conform to Financial Plan.

Section 3316.05 | Financial Planning and Supervision Commission.

Section 3316.06 | Commission to Adopt Financial Recovery Plan.

Section 3316.061 | Dissolution of Commission for Failure to Comply and Appointment of Fiscal Arbitrator.

Section 3316.07 | Commission - Powers, Duties and Functions.

Section 3316.08 | Annual Determination of Operating Deficit - Tax Levy Proposal.

Section 3316.09 | Expenses of Commission and Members of Commission to Be Paid.

Section 3316.10 | School District Board to Develop Financial Accounting and Reporting System.

Section 3316.11 | Board, Officers and Employees to Provide Commission With Fiscal Information.

Section 3316.12 | Effect of Financial Recovery Plan.

Section 3316.13 | Duty to Act Pursuant to Certification, Notification, Order or Request of Commission.

Section 3316.14 | Prior Approval of Commission Required for Debt Obligation.

Section 3316.16 | Criteria for Termination of Commission.

Section 3316.17 | Commission May Remove Superintendent or Treasurer of School District.

Section 3316.18 | Severability.

Section 3316.19 | Prohibited Acts During Fiscal Emergency.

Section 3316.20 | School District Solvency Assistance Fund; Shared Resource Account; Catastrophic Expenditures Account.