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OH HB459
Bill
Status
3/1/2010
Primary Sponsor
John Domenick
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AI Summary
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Allows township boards to adopt resolutions requiring that interest earned on special funds be credited back to those special funds instead of the general fund.
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Creates new section 503.211 of the Revised Code governing interest allocation for township special funds, excluding bond retirement and sinking funds from this provision.
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Amends section 135.21 to reference the new section 503.211 as an exception to the default rule that investment earnings go to the general fund.
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Amends section 5705.10 to allow townships to direct interest earnings from special fund investments to remain in the special fund rather than transfer to the general fund when authorized by resolution.
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Applies only to townships and does not affect interest earned on bond retirement funds or sinking funds.
Legislative Description
To authorize a board of township trustees to require that interest earned on a special fund be credited to that special fund, rather than to the general fund.
Special funds-credit interest to that fund
Last Action
Committee Report - A
12/8/2010