Treasurer of State - Linked Deposit Program - Application for and award of interim moneys for credit unions.


Published: 2019-11-05

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(A) Share certificates purchased by the treasurer of state pursuant to the agricultural linked deposit program as defined in sections 135.71 to 135.76 of the Revised Code and business linked deposit program as defined in sections 135.77 to 135.774 of the Revised Code are public deposits for purposes of Chapter 135. of the Revised Code, pursuant to Ohio attorney general opinion, 2018-033.

(B) Each eligible lending institution desiring to participate in the agricultural linked deposit program or the business linked deposit program as a public depository of interim moneys of the state shall, not more than thirty days prior to the date fixed by section 135.12 of the Revised Code for the designation of public depositories, make application therefor in writing to the proper governing board. Such application shall specify the maximum amount of such public moneys which the applicant desires to receive as interim moneys at any one time during the period covered by the designation, provided that it shall not apply for more than thirty per cent of its total assets as revealed by its latest report to the national credit union administration, and the rate of interest which the applicant will pay thereon, subject to the limitations of Chapter 135. of the Revised Code.

Each application shall be accompanied by a financial statement of the applicant, under oath of its cashier, treasurer, or other officer, in such detail as to show the capital funds of the applicant, as of the date of its latest report to the national credit union administration, and adjusted to show any changes therein made prior to the date of the application.

(C) Pursuant to section 135.09 of the Revised Code, the treasurer or the governing board shall award the interim moneys subject to its control to the eligible institution or institutions which offer to pay the highest permissible rate of interest on interim moneys in like time certificates of deposit or savings or deposit accounts or share accounts or share certificates.

(D) Pursuant to section 135.13 of the Revised Code, interim moneys shall be evidenced by time certificates of deposit or by savings or deposit accounts, including but not limited to passbook accounts, or share certificates.

(E) Interest on interim moneys shall be paid or credited by an eligible lending institution to the treasurer of state according to the terms and conditions of the time share certificates or share savings or share accounts.

Last updated August 23, 2021 at 10:42 AM