Ohio Admin. Code 113-10-01 - Treasurer's investment pool

(A) Any political subdivision desiring to participate in the treasurer's investment pool must complete an application and such other forms as specified by the treasurer. It is the responsibility of a political subdivision to ensure that the subdivision's participation in the treasurer's investment pool is authorized by local law or that its participation has been authorized by the appropriate local public officials.

(B) Deposits into the treasurer's investment pool will be accepted by check, ACH, or wire transfer, or other method as may be authorized by the treasurer. To the extent deemed practical by the treasurer, there shall be no minimum dollar amount of deposits or minimum period of time for which deposits must remain in the state treasurer's investment pool. Twenty-four hours advance notice must be given to the co-administrator of the state treasury asset reserve ("STAR") for deposits of twenty-five million dollars or more. STAR reserves the right to limit the transaction to fifty million dollars, requiring the excess amount to be transacted the following business day(s), but only to the fifty million dollar limit. At the treasurer's discretion, advanced notice requirements and/or daily size limitations may be imposed for deposits. All such transaction limits and advance notice requirements will be disclosed to participants All accounts of the participant will be combined for these the purposes of calculating transaction dollar limitations.

(C) Deposits by wire transfer or ACH must be received by the custodian bank no later than one-thirty p.m. the cut-off time as determined by the discretion of the treasurer in order to receive that day's interest. Deposits by check will become effective when collected funds are received by the custodian bank. Such funds will then be credited to the participant's account.

(D) Redemptions will be allowed against participants' accounts by wire transfer, ACH, wire transfer, or other method as authorized by the treasurer or check. Redemptions by wire transfer will be executed on the same business day as requested, provided that a written redemption request or telephone instructions are received by the co-administrator prior to one-thirty p.m the cut-off time as determined by the treasurer. Any requests for redemption must be authorized by one or more of the appropriate local public officials, individuals identified in the forms as provided in paragraph (A) of this rule. Twenty-four hours advance notice must be given to the co-administrator of STAR for redemptions of twenty-five million dollars or more. STAR reserves the right to limit the transaction to fifty million dollars, requiring the excess amount to be transacted the following business day, but only to the fifty million dollar limit. At the treasurer's discretion advance notice requirements and/or daily size limitations may be imposed for redemptions. All such transaction limits and advanced notice requirements will be disclosed to participants. All accounts of the participant will be combined for the purpose of calculating transaction dollar limitations.

(E) If a deposit has been made by ACH or check and a redemption is requested, the deposit by ACH or check must be collected credited by the custodian bank prior to processing the redemption. Deposits made by check are subject to a ten day hold before available to redeem. The treasurer's investment pool may reject the redemption request if the deposit check ACH has not been collected credited.

(F) Interest will be declared and accrued daily to each account in the treasurer's investment pool. As used in this rule, "interest" means the gross income of the investment pool minus expenses incurred in the administration of the investment pool.

(G) Interest shall be credited to each participant's account on the day of deposit, as provided in paragraph (C) of this rule; however, no interest shall be credited on the day of redemption for the amount withdrawn.

(H) The treasurer's investment pool shall provide monthly statements to each participant in the pool summarizing the account activity of that participant and the interest credited to that participant's account.

(I) A participant in the treasurer's investment pool may elect to have any monies due from the state of Ohio or from any other source either wired or sent by ACH directly to the custodian bank for credit to their investment pool account, as provided in paragraph (C) of this rule, provided that such transactions have been authorized in advance by the participant.

(J) Any entity that maintains a custodial account with the treasurer may participate in the treasurer's investment pool.

(K)(J) Notwithstanding the specific provisions of this rule, the treasurer may take whatever action the treasurer deems appropriate or necessary to protect the participants in and the integrity of the treasurer's investment pool. The treasurer may appoint such administrators, custodians, investment managers, transfer agents, dividend agents, rating agency, or any other entities that the treasurer deems necessary for the efficient administration of the investment pool.

(L)(K) Investment advisor and administrative expense fees paid to the treasurer shall be used solely to pay budgeted and appropriated state treasury operating expenses of the treasurer of state's office.

Notes

Ohio Admin. Code 113-10-01

Effective: 2/16/2023
Five Year Review (FYR) Dates: 11/30/2022 and 02/16/2028
Promulgated Under: 111.15
Statutory Authority: R.C. 135.45
Rule Amplifies: R.C. 135.45
Prior Effective Dates: 01/01/1986 (Emer.), 04/21/1986, 10/11/1995 (Emer.), 01/12/1996, 09/28/2000, 06/28/2007, 09/20/2012, 02/15/2018