Explanation
BACKGROUND:
In 2015 the State legislature amended the Ohio Revised Code to reflect changes in the laws related to collateral for deposits of public funds as requested by the Treasurer of State. The changes which were to be effective August 1, 2017 make the Treasurer of State responsible for the monitoring and custody of all public funds entities within the State of Ohio.
The proposed changes will ensure that the Columbus Code is in harmony with the new ORC provisions. These changes give the City of Columbus Treasurer the ability to conform to the new arrangements for collateral under the ORC. The changes in the ORC will take their effect on City deposits on January 1, 2018. This ordinance will facilitate the City Treasurer’s continued management of deposits with its banks under the new State Code.
This change has been authorized by a joint meeting of the Depository Commission and Treasury Investment Board on November 13, 2017 subject to the approval of Columbus City Council.
This ordinance is submitted as an emergency so that the changes in the City Code can take place at the same time that the changes in the ORC will affect City deposits.
FISCAL IMPACT:
There is no fiscal impact that results from the change in the Code.
Title
To amend section 321.081 of the Columbus City Code by adding language that ensures that the City Code is consistent with the Ohio Revised Code regarding collateral for the deposit of public funds; and to declare an emergency.
Body
WHEREAS, in 2015 the State legislature amended the Ohio Revised Code to reflect changes in the laws related to collateral for deposits of public funds; and
WHEREAS, the proposed changes will ensure that the Columbus Code is compatible with the Ohio Revised Code; and
WHEREAS, the changes in the ORC will affect City of Columbus deposits on January 1, 2018; and
WHEREAS, the change has been authorized by a joint meeting of the Depository Commission and Treasury Investment Board on Nov...
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