The bill amends various sections of the Revised Code concerning the management and investment of public funds, particularly focusing on the responsibilities of the Treasurer of State. It introduces new definitions for "active deposit" and "interim deposit," aligning them with existing definitions in section 135.01. The bill clarifies that the Treasurer is not liable for investment losses if actions are taken in accordance with the law and establishes that public moneys can be deposited into the Ohio subdivision's fund, which the Treasurer will manage. Additionally, it repeals sections 113.10 and 113.43, enacting a new section, 113.052, which provides liability protections for the Treasurer and their employees. The bill also mandates the adoption of rules for managing separately managed and pooled accounts, ensuring equitable representation of participating subdivisions and state entities.

Furthermore, the bill outlines the creation of a "financial planning and supervision commission" for municipalities facing fiscal emergencies, detailing its composition and operational procedures. It emphasizes the importance of training programs for local officials on government accounting and budgeting, while establishing a fund to support these initiatives. The bill also introduces provisions for nonbinding arbitration in investment agreements and clarifies the responsibilities of county investing authorities regarding the management of public depositories. Notably, it updates legal references related to the Ohio subdivision's fund and deletes the requirement for monthly portfolio reports to be filed with the Treasurer of State. Overall, the bill aims to enhance the efficiency, accountability, and transparency of public fund management in Ohio.

Statutes affected:
As Introduced: 113.05, 113.051, 113.09, 113.16, 113.53, 117.44, 118.05, 120.52, 135.01, 135.032, 135.14, 135.143, 135.22, 135.35, 135.45, 135.451, 151.01, 164.09, 183.51, 317.36, 319.63, 321.46, 321.47, 1557.03, 3307.12, 3334.08, 3334.11, 3705.242, 3737.945, 3953.231, 4511.19, 4705.09, 4705.10, 5528.54, 5725.22, 5725.23, 5729.05, 5729.10, 5739.17, 5747.51, 6101.51, 113.07, 113.10, 113.43