Ohio Administrative Code
Title 1301:1 - Division of Financial Institutions: Banks
Chapter 1301:1-3 - Lending Limits and Standards
Section 1301:1-3-06 - Revenue bonds
Universal Citation: OH Admin Code 1301:1-3-06
Current through all regulations passed and filed through September 16, 2024
(A) Within the meaning of division (A)(7) of section 1109.32 of the Revised Code, revenue bonds that qualify as " investment grade" as that term is defined in 12 C.F.R. 16.2, as in effect on January 23, 2017, at the time of acquisition are eligible state bank investments.
(B) In addition to the prescribed requirements in paragraph (A) of this rule, in order to qualify as an eligible investment, the revenue bond must conform to the following requirements:
(1) The obligation
must be current as to payment of principal and interest at the time of
purchase, and the issue of which the obligation is a part in either original or
refunded form, shall not have been in default as to the payment of either
principal or interest for a period more than ninety days in the five years
immediately preceding the date of purchase.
(2) When the obligation is issued under a
trust agreement, the trustee must be a properly qualified trust company or bank
doing a trust business.
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