Section 135.61 | Linked deposit program investments and rules.
(A) The treasurer of state may invest in linked deposits under this chapter, provided that at the time any such linked deposits are placed, purchased, or designated, the combined amount of investments of public money of the state in linked deposits of any kind is not more than twelve per cent of the state's total average investment portfolio, as determined by the treasurer of state. When deciding whether to invest in any linked deposits, the treasurer of state shall give priority to the investment, liquidity, and cash flow needs of the state.
(B) The treasurer of state may, in accordance with section 111.15 of the Revised Code, adopt rules necessary for the implementation and administration of linked deposits under this chapter, including, but not limited to, the manner in which an eligible lending institution, as defined in section 135.62 of the Revised Code, or eligible savings institution, as defined in section 135.70 of the Revised Code, is designated, and the manner in which linked deposits are placed, purchased, designated, held, and collateralized.
(C) Notwithstanding any contrary provision of the Revised Code, the treasurer of state may require an eligible credit union, as defined in section 135.62 of the Revised Code, that holds linked deposits under this chapter to pay interest at a rate not lower than the product of the prevailing interest rate multiplied by the sum of one plus the treasurer of state's assessment rate. The treasurer of state may, in accordance with section 119.03 of the Revised Code, adopt rules necessary for the implementation of this division.
Last updated October 5, 2023 at 4:56 AM
Available Versions of this Section
- September 29, 2013 – House Bill 59 - 130th General Assembly [ View September 29, 2013 Version ]
- October 3, 2023 – House Bill 33 - 135th General Assembly [ View October 3, 2023 Version ]
- April 30, 2024 – Amended by House Bill 101 - 135th General Assembly [ View April 30, 2024 Version ]