(A) As used in this chapter:

(1) "Eligible lending institution" means a federal credit union, a foreign credit union licensed pursuant to section 1733.39 of the Revised Code, or a credit union as defined in section 1733.01 of the Revised Code, located in this state.

(2) "Governing board" has the same meaning as defined in section 135.01 of the Revised Code.

(3) "Interim moneys" means public moneys in the treasury of the state or any subdivision after the award of inactive deposits has been made in accordance with section 135.07 of the Revised Code, which moneys are in excess of the aggregate amount of the inactive deposits as estimated by the governing board prior to the period of designation and which the treasurer or governing board finds should not be deposited as active or inactive deposits for the reason that such moneys will not be needed for immediate use but will be needed before the end of the period of designation.

(4) "Public depository" means an institution which receives or holds any public deposits or interim moneys.

(5) "Public moneys" means all moneys in the treasury of the state, or moneys coming lawfully into the possession or custody of the treasurer of state.

(6) "Subdivision" has the same meaning as defined in section 135.01 of the Revised Code.

(7) "Treasurer" has the same meaning as defined in section 135.01 of the Revised Code.

(8) "Uninsured public deposit" means the portion of a public deposit or interim moneys that is not insured by the federal deposit insurance corporation or by any other agency or instrumentality of the federal government.

(B) This chapter shall govern the participation of eligible lending institutions in linked deposit programs as defined in sections 135.71 to 135.78 of the Revised Code. Any requirements of Chapter 135. of the Revised Code generally applicable to a public depository not expressly clarified in this chapter shall be applicable to an eligible lending institution.

Last updated August 23, 2021 at 10:42 AM