HB 440 Summary

• Removes the $150,000 loan cap for the Agricultural Linked Deposit Program, allowing the treasurer of state to set loan limits instead.

• Adds two new investment classifications for interim state funds: obligations from Ohio political subdivisions rated in the four highest categories, and obligations from nonprofits doing business in Ohio rated in the four highest categories, each subject to specified portfolio limits.

• Adds the Ohio Higher Educational Facility Commission and state institutions of higher education to the list of entities whose bonds the treasurer may invest in under division (A)(3).

• Repeals sections 135.631 and 135.731 of the Revised Code as part of restructuring the linked deposit programs.

• Declares amendments to sections 135.71, 135.73, and 135.82 to be emergency measures effective immediately to enable agricultural assistance when the application window opens in the first quarter of the following year.