Chapter 129:1-1 General Provisions

129:1-1-01 Officers of the commissioners of the sinking fund.

The auditor of state shall serve as president and the secretary of state shall serve as secretary of The Commissioners of the Sinking Fund. In the absence of the president at the time and place designated for a meeting of The Commissioners of the Sinking Fund the members present shall select one of their numbers to preside as president pro tempore. In the absence of the secretary at the time and place designated for such a meeting the members present shall select a person to act as secretary of the meeting.

(former VCcf-1-01); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-02 Meetings, -call for, notice of, place of.

Regular meetings of The Commissioners of the Sinking Fund shall be held at such times as a majority of the members shall fix by action duly taken at a meeting of The Commissioners of the Sinking Fund duly called and held. It shall be the duty of the secretary or the acting secretary of any meeting of The Commissioners of the Sinking Fund, at which such action is taken, to notify each absent member of such action by delivering written notice thereof addressed to such absent member at that member's official office within twenty-four hours after adjournment of such meeting.

Special meetings of The Commissioners of the Sinking Fund shall be held pursuant to call by the president or by at least three members. Notice of the time and place of holding each special meeting shall be given to each member by the president, if the president called the meeting, or by the three members calling the meeting by delivering written notice thereof, addressed to each member at that member's official office at least twenty-four hours before the time fixed for such meeting, unless such notice shall be waived in writing by each member not so notified.

All meetings shall be held in the State House at Columbus, Ohio, unless all the members shall consent in writing to the holding of a meeting at a different place.

(former VCcf-1-02); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-03 Secretary to furnish members with draft of minutes of meeting.

The secretary shall furnish to each member of The Commissioners of the Sinking Fund a draft of the minutes of each meeting of The Commissioners of the Sinking Fund within three days after the holding of such meeting.

(former VCcf-1-03); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-04 Order of business of meetings.

The order of business of each meeting of The Commissioners of the Sinking Fund shall be as follows:

(A) Call meeting to order

(B) Roll Call

(C) Read minutes of previous meeting

(D) Old business

(E) New business

(F) Recess or adjournment

(former VCcf-1-04); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-05 Quorum.

A majority of the members of The Commissioners of the Sinking Fund shall constitute a quorum for the transaction of business at any meeting of The Commissioners of the Sinking Fund. An action by The Commissioners of the Sinking Fund shall require concurrence therein by a majority of the members thereof.

(former VCcf-1-05); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-06 Amendment or repeal of rules.

Any rule adopted by The Commissioners of the Sinking Fund may be amended or repealed at any meeting of The Commissioners of the Sinking Fund. Any rule which shall have been adopted by The Commissioners of the Sinking Fund may be amended only by the adoption of a new rule which shall contain the entire rule as amended and by the repeal of the rule amended.

Notice of the adoption, amendment or repeal of any rule herein shall be by publication in a newspaper of general circulation in the nine most populous counties of the state at least thirty days prior to the hearing on said adoption, amendment or repeal of any rule.

Such notice shall contain the date, time and place of said hearing and a statement of the rule to be adopted, amended or repealed.

The full text of the proposed rule, amendment or repeal of a rule shall be filed with the Secretary of State at least thirty (30) days prior to the date set for the hearing and shall be available at the office of the Ohio Vietnam Veterans Bonus Commission.

(former VCcf-1-06); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-10 Office of treasurer of Vietnam conflict compensation fund and Vietnam conflict compensation bond retirement fund.

The treasurer of state of the State of Ohio shall be the treasurer and custodian of the Vietnam Conflict Compensation Fund and of the Vietnam Conflict Compensation Bond Retirement Fund. Said funds shall be subject to audit by the auditor of state at such times as he deems necessary and proper to do so. Such treasurer shall make disbursements from said funds upon checks authorized by The Commissioners of the Sinking Fund in accordance with the provisions of Rule 129:1-1-11 .

The treasurer of state shall invest such portion of the monies in the funds herein mentioned, which are determined to be not needed for immediate use and all interest earned by each portion of any such fund so invested by such treasurer shall be collected by said treasurer and placed to the credit of the fund to which each such respective portion invested belongs.

The treasurer of state shall deposit monies of the Vietnam Conflict Compensation Fund or the Vietnam Conflict Compensation Bond Retirement Fund in the same manner and subject to the same provisions as provided by law for deposit of other state funds by such treasurer.

The treasurer of state shall also be the custodian of any bonds or other securities in which money in the funds herein mentioned may be invested. All bonds or other securities so purchased shall be placed in possession of such treasurer forthwith, or in safekeeping with any bank or trust company legally authorized to do business in Ohio. It shall be such treasurer's duty also to collect the principal thereof and the interest thereon as the same becomes due and payable and place the same when so collected to the credit of the respective fund to which such bonds or other securities belong.

The treasurer of state shall also serve as paying agent as to both interest and principal and as registration agent for all Vietnam Conflict Compensation Bonds issued by The Commissioners of the Sinking Fund. All bonds so issued and sold by The Commissioners of the Sinking Fund shall be delivered to the purchaser or purchasers thereof by such treasurer who shall receive and receipt for the proceeds of such sale, and such treasurer shall credit the proceeds of any such sale so received by said treasurer to the funds herein mentioned as required by Section 2j, Article VIII of the Constitution of Ohio.

(former VCcf-1-10); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-11 Warrants, checks, - issuance of.

Warrants drawn on the treasurer of state of the State of Ohio for the payment of monies from the Vietnam Conflict Compensation Fund shall be issued only on order of The Commissioners of the Sinking Fund or the Director of the Ohio Vietnam Veterans Bonus Commission. When the Commissioners of the Sinking Fund or the Director of the Ohio Vietnam Veterans Bonus Commission so order, warrants shall be drawn and issued in accordance with such order and the provisions relating thereto of Rule 129:1-1-07.Suchwarrantsshallbe signed by the president and counter-signed by the treasurer of The Commissioners of the Sinking Fund and shall have indicated thereon that payment thereof is to be made from the Vietnam Conflict Compensation Fund.

Obligations authorized by resolution of The Commissioners of the Sinking Fund and issued for the purpose of administering the provisions of Section 2j, Article VIII of the Ohio Constitution, are prima facie evidence of indebtedness of the State of Ohio, and shall be paid when due, upon presentation to the Treasurer of State on the Vietnam Conflict Compensation Bond Retirement Fund. Funds to provide a working balance for the authorized paying agents as determined by The Commissioners of the Sinking Fund may also be disbursed by the Treasurer. All checks drawn on the Vietnam Conflict Compensation Bond Retirement Fund shall be signed by such Treasurer, and shall have indicated thereon that payment thereof is to be made from the Vietnam Conflict Compensation Bond Retirement Fund.

The signatures on warrants and checks in this rule provided for may be facsimile signatures as authorized by the laws of Ohio.

(former VCcf-1-11); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-12 Bonds or notes, -issuance of.

The Commissioners of the Sinking Fund of the State of Ohio shall by resolution authorize and issue not more than three hundred million dollars ($300,000, 000.00 ) par value of bonds or notes of the State in such amounts of face value as are necessary to provide the funds or such part thereof, as may be required to pay the compensation and the expense of administering Section 2j of Article VIII of the Constitution of Ohio. The full faith and credit of the State is to be pledged for the payment of such bonds and notes.

All bonds or notes issued shall mature in not more than fifteen years commencing not later than two years after the respective dates thereof. No bonds or notes shall mature more than fifteen years after the date of issue or shall be issued or bear dates later than April 1, 1977. The exchange of an outstanding coupon bond for a registered bond after April 1, 1977 shall not be considered as an issuance or dating subsequent to said date.

All bonds or notes shall be advertised for sale as required by Section 2j, Article VIII, and in addition thereto shall be advertised in at least two daily financial journals of circulation among bond buyers. The Commissioners of the Sinking Fund of the State of Ohio shall also cause an official statement with respect to Vietnam Conflict Compensation Bonds to be prepared and distributed.

(former VCcf-1-12); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-14 Certification.

On or before the first day of July in each calendar year the Commissioners shall certify to the Auditor of State the total amount of funds said Commission determines is necessary to provide, together with all other money that will be available in the Vietnam Conflict Compensation Bond Retirement Fund, for the retirement of bonds or notes and the payment of interest in the ensuing calendar year. All sums contained in the Vietnam Conflict Compensation Fund including earnings thereon not needed for the purposes of Section 2j of Article VIII of the Constitution of Ohio, so long as any bonds or notes are outstanding shall be used for the payment of principal of and interest on such bonds or notes.

The Auditor of State shall transfer from the State general revenue fund to the Vietnam Conflict Compensation Bond Retirement Fund, without appropriation, an amount so certified by paragraph one above. Said Vietnam Conflict Compensation Bond Retirement Fund shall be paid out without appropriation by the General Assembly of the State of Ohio, upon the order of the Commission, which standing order is hereby given for so long as any Vietnam Conflict Compensation Bonds are outstanding.

(former VCcf-1-14); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-15 Bond resolutions.

All bonds designated Vietnam Conflict Compensation Bonds, or notes issued in anticipation thereof shall be authorized pursuant to a Resolution duly adopted by The Commissioners of the Sinking Fund of the State of Ohio. Upon delivery of bonds or notes to a purchaser for value, said Resolution and bonds shall constitute a contract by and between the State of Ohio and the holder of said bond, entitled to all the rights, duties, privileges and immunities afforded by the Constitution and laws of the United States of America. Any provision of these rules notwithstanding, the terms or provisions of a bond resolution shall prevail over these rules in the event of any ambiguity or conflict between said bond resolution and these rules.

(former VCcf-1-15); Eff 6-7-74
Rule promulgated under: RC Chapter 119

129:1-1-16 Severability.

Should any rules adopted or promulgated by the Board of Commissioners of the Sinking Fund of the State of Ohio in the implementation of Section 2j, Article VIII of the Constitution of Ohio be held voidable, void, invalidate or unenforceable by any court of competent jurisdiction, such a determination shall be nowise invalidate, void or render unenforceable any other rules as each rule is hereby declared to be severable from any other such rule.

(former VCcf-1-16); Eff 6-7-74
Rule promulgated under: RC Chapter 119