135.06 Application for inactive deposits.

Each eligible institution desiring to be a public depository of the inactive deposits of the public moneys of the state or of the inactive deposits of the public moneys of the subdivision shall, not more than thirty days prior to the date fixed by section 135.12 of the Revised Code for the designation of such public depositories, make application therefor in writing to the proper governing board. Such application shall specify the maximum amount of such public moneys which the applicant desires to receive and have on deposit as an inactive deposit at any one time during the period covered by the designation, provided that, where such applicant is a bank, it shall not apply for more than thirty per cent of its total assets as revealed by its latest report to the superintendent of banks or comptroller of the currency, and provided that where such applicant is a building and loan association, it shall not apply for more than thirty per cent of its total assets as revealed by its latest report to the superintendent of building and loan associations or the federal home loan bank board, and the rate of interest which the applicant, whether it be a bank or a building and loan association, will pay thereon, subject to the limitations of sections 135.01 to 135.21 of the Revised Code. Each application shall be accompanied by a financial statement of the applicant, under oath of its cashier, treasurer, or other officer, in such detail as to show the capital funds of the applicant, as of the date of its latest report to the superintendent of banks, superintendent of building and loan associations, federal home loan bank board, or comptroller of the currency, and adjusted to show any changes therein made prior to the date of the application. Such application may be combined with an application for designation as a public depository of active deposits, interim deposits, or both.

Effective Date: 12-13-1984