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Richland County officials begin process to reselect public depositories under Ohio law
Summary
County treasurer and commissioners discussed Ohio Revised Code 135.33 requirements, agreed to prepare a standardized application and notify eligible financial institutions; staff to return with a draft application in about two weeks and a proposed designation date before year-end.
County officials on Thursday discussed steps required under Ohio Revised Code 135.33 to designate public depositories for county funds and agreed to prepare a competitive application and notification process for banks that do business in Richland County.
Treasurer Bart Hamilton told the Richland County Board of Commissioners the statutory process requires an estimate of the maximum amount of public funds that might be held as active deposits during the coming four-year term. Hamilton said he provided a written estimate of $250,000,000 to the board as a ‘‘worst-case scenario’’ projection for the next four-year depository term, and said the figure is deliberately conservative.
The discussion focused on how the board must ‘‘immediately notify all eligible institutions’’ after receipt of the treasurer’s estimate and how the county should collect consistent application materials from interested banks. County staff and the…
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