Effective: June 20, 1996
Latest Legislation: Senate Bill 310 - 121st General Assembly
(A) No debt obligation, including any debt incurred pursuant to section 3313.483 of the Revised Code, may be issued or incurred by the school district, whether purchased by the school district or by others, except with the prior approval of the school district financial planning and supervision commission.
(B) The commission shall disapprove the issuance of debt obligations upon a determination that, in its judgment, such action would impede the purposes of a financial recovery plan under this chapter or be inconsistent with this chapter or the plan.
(C) The commission shall not approve the issuance of debt obligations unless:
(1) The resolution authorizing their issuance, the resolution providing for their award, and every document forming part of the contract with the purchasers of such debt obligations from the school district is approved by the commission.
(2) The resolution authorizing the debt obligations contains a covenant to the effect that the school district will comply with all provisions of this chapter, with the orders, directions, and requests of the commission and the auditor of state under this chapter, and with the financial recovery plan. The commission may prescribe the form of the covenant.
(3) The school district, at the time of such approval, is in compliance with this chapter.
(D) The commission shall not approve the issuance of a debt obligation if the issuance would cause the school district to exceed debt limits.
(E) For purposes of the validity of debt obligations approved by the commission and delivered to and paid for by a purchaser other than the school district, but for no other purposes of this chapter, such approval shall be conclusive as to compliance with this section, unless the approval is withdrawn by the commission prior to the delivery and payment.
Structure Ohio Revised Code
Title 33 | Education-Libraries
Chapter 3316 | Fiscal Watches, Emergencies
Section 3316.01 | Fiscal Watch - Fiscal Emergency Definitions.
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 3316.07 | 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 3316.14 | 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.