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Ohio Administrative Code (Last Updated: January 12, 2021) |
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113 Treasurer of State |
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Chapter113-7. Linked Deposit Program |
113-7-06. Treasurer's assessment rate
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(A) As used in this rule:
(1) "Prevailing interest rate" means a current interest rate benchmark selected by the treasurer of state that banks are willing to pay to hold deposits for a specific time period, as measured by a third-party organization.
(2) "Treasurer's assessment rate" means three per cent.
(B) The treasurer of state may require an eligible lending institution that holds public deposits under sections 135.61 to 135.67, 135.68 to 135.70, 135.71 to 135.76, or 135.77 to 135.774 of the Revised Code, and any institution mentioned in section 135.03 of the Revised Code that holds public deposits under sections 135.71 to 135.76 of the Revised Code, to pay interest at a rate not lower than the product of the prevailing interest rate multiplied by the sum of one plus the treasurer's assessment rate.