Explanation
This legislation seeks to amend Columbus City Code Section 321.081, to change the optional pledging requirements for City depositories in order to comply with a change in depositories in order to comply with a change in depository collateral requirements promulgated by Sub H.B. 473 to Ohio Revised Code Chapter 135.
There will be no fiscal impact as a result of this legislation.
Title
To amend Section 321.081 of the Columbus City Codes, 1959, in order to change optional pledging requirements for City depositories in order to comply with changes in optional pledging requirements as promulgated by Sub H.B. 473 to Ohio Revised Code Chapter 135.
Body
WHEREAS, the Columbus City Council passed Ordinance No. 321-96 on March 4, 1996; and
WHEREAS, Section 321.081 of the Columbus City Codes, 1959, requires amendment due to changes made by Sub H.B. 473 to the Ohio Revised Code in optional pledging requirements for City depositories. Now therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS
SECTION 1. That Columbus City Code Section 321.081 be amended and corrected as follows:
321.081 Optional pledging requirements-- Trustee for safekeeping of securities--Sale upon default.
(A) As used in this section:
(1) "Public depository" means that term as defined in Ohio R.C. 135.01, but also means an institution which receives or holds any public deposits as defined in Ohio R.C. 135.31.
(2) "Public deposits," "public moneys," and "treasurer" mean those terms as defined in Ohio R.C. 135.01, but also have the same meanings as are set forth in Ohio R.C. 135.31.
(3) "Subdivision" means that term as defined in Ohio R.C. 135.01, but also includes a county and the city of Columbus.
(B) In lieu of the pledging requirements prescribed in Section 321.08 of the Columbus City Codes, an institution designated as a public depository at its option may pledge a single pool of eligible securities to secure the repayment of all publ...
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