Ohio Revised Code Chapter 118 - Local Fiscal Emergencies

• Section 118.01 - Local Fiscal Emergency Definitions.
  As used in this chapter: (A) "Advance tax payment notes" means the notes authorized by section 118.24 of the Revised Code. (B) "Appropriation measure"...
• Section 118.02 - Requiring Fiscal Integrity Of Municipal Corporations, Counties, And Townships.
  (A) Pursuant to the authority of the general assembly to provide for the public health, safety, and welfare and to limit and restrict the...
• Section 118.021 - Initiating Fiscal Watch Review.
  A municipal corporation, county, or township may undergo a fiscal watch review to determine whether it is approaching a state of fiscal emergency. A...
• Section 118.022 - Conditions Constituting Grounds For Fiscal Watch.
  (A) Any one of the following conditions constitutes grounds for a fiscal watch: (1) The existence of either of the following situations: (a) All...
• Section 118.023 - [Effective Until 9/29/2017] Declaring Existence Of Fiscal Watch; Financial Recovery Plan.
  (A) Upon determining that one or more of the conditions described in section 118.022 of the Revised Code are present, the auditor of state...
• Section 118.023 - [Effective 9/29/2017] Declaring Existence Of Fiscal Watch; Financial Recovery Plan.
  (A) Upon determining that one or more of the conditions described in section 118.022 of the Revised Code are present, the auditor of state...
• Section 118.025 - Guidelines For Identifying Potential For Declarations Of Fiscal Watch Or Fiscal Emergency; Declaration Of Fiscal Caution.
  (A) The auditor of state shall develop guidelines for identifying fiscal practices and budgetary conditions of municipal corporations, counties, and townships that, if uncorrected,...
• Section 118.03 - Fiscal Emergency Conditions.
  (A) Any one of the following constitutes a fiscal emergency condition of a municipal corporation, county, or township: (1) The existence, at the time...
• Section 118.04 - Determining Existence Of Fiscal Emergency Condition.
  (A) The existence of a fiscal emergency condition constitutes a fiscal emergency. The existence of fiscal emergency conditions shall be determined by the auditor...
• Section 118.041 - Performance Audit Of Municipal Corporations.
  The auditor of state, on the auditor of state's initiative, may conduct a performance audit of a municipal corporation, county, or township that is...
• Section 118.05 - Financial Planning And Supervision Commission.
  (A) Pursuant to the powers of the general assembly and for the purposes of this chapter, upon the occurrence of a fiscal emergency in...
• Section 118.06 - Submission Of Detailed Financial Plan.
  (A) Within one hundred twenty days after the first meeting of the commission, the mayor of the municipal corporation or the board of county...
• Section 118.07 - Commission Or Financial Supervisor - Powers And Duties.
  (A) The financial planning and supervision commission, or when authorized by the commission, the financial supervisor, shall have the following powers, duties, and functions:...
• Section 118.08 - Powers, Duties, And Functions Of Financial Planning And Supervision Commission.
  (A) The members of the financial planning and supervision commission shall serve without compensation, but shall be paid by the commission their necessary and...
• Section 118.09 - Paying Expenses And Obligations.
  Any expense or obligation incurred by the financial planning and supervision commission under this chapter shall be payable solely from appropriations made by the...
• Section 118.10 - Developing Effective Financial Accounting And Reporting System.
  The municipal corporation, county, or township shall develop an effective financial accounting and reporting system by: (A) Promptly bringing its existing system of financial...
• Section 118.11 - Cooperation In Furnishing Information.
  The municipal corporation, county, or township and all its officers and employees having possession of the required information or the responsibility for developing such...
• Section 118.12 - Failure To Submit Plan.
  (A) After the date by which the municipal corporation, county, or township is required to submit a financial plan or segment of a financial...
• Section 118.13 - Appropriations May Not Be Contrary To Financial Plan.
  (A) No appropriation measure may be adopted contrary to the financial plan approved by the financial planning and supervision commission. Any existing appropriation measure...
• Section 118.14 - Commission Communications.
  The financial planning and supervision commission may direct its certifications, notifications, orders, or requests to particular officers of the municipal corporation, county, township, or...
• Section 118.15 - Prior Approval Of Debt Obligations.
  (A) No debt obligation may be issued or incurred by the municipal corporation, county, or township, whether purchased by the municipal corporation, county, or...
• Section 118.16 - Bond Anticipation Notes.
  Bond anticipation notes of a municipal corporation, county, or township issued during a fiscal emergency period may mature at the later of the time...
• Section 118.17 - Issuing Local Government Fund Notes.
  (A) During a fiscal emergency period and with the approval of the financial planning and supervision commission, a municipal corporation, county, or township may...
• Section 118.18 - Debt Obligation Definitions.
  As used in sections 118.19 to 118.25 of the Revised Code: (A) "Debt service" means the principal of and interest and any call premium...
• Section 118.19 - Using Special Provisions For Debt Obligations.
  In connection with the issuance of debt obligations by a municipal corporation, county, or township approved by the financial planning and supervision commission, the...
• Section 118.20 - Authorizing Debt Obligations.
  Pursuant to section 118.19 of the Revised Code: (A) The ordinance or resolution authorizing the debt obligations may provide for the pledge of, and...
• Section 118.21 - Rights And Remedies Of The Holders Of Debt Obligations.
  Pursuant to section 118.19 of the Revised Code, the ordinance or resolution authorizing debt obligations may provide for the following rights and remedies of...
• Section 118.22 - Pledge And Agreement Of State With And For Benefit Of Holders Of Debt Obligations.
  (A) If such pledge is included in the ordinance or resolution authorizing the debt obligations as provided in division (B) of this section, the...
• Section 118.23 - Current Revenue Notes Issued During Fiscal Emergency Period.
  (A) This section shall be applicable to current revenue notes approved by the financial planning and supervision commission or, when authorized by the commission,...
• Section 118.24 - Issuing Advance Tax Payment Notes.
  (A) Subject to approvals by the financial planning and supervision commission or, when authorized by the commission, the financial supervisor under section 118.15 of...
• Section 118.25 - Invest In Current Revenue Notes.
  (A) In order to assist the municipal corporation, county, or township to meet current expenses pending receipt of increased revenues or pending the reduction...
• Section 118.26 - Debt Obligations.
  (A) Debt obligations issued by a municipal corporation, county, or township during a fiscal emergency period with the approval of the financial planning and...
• Section 118.27 - Continued Existence Of Commission.
  (A) A financial planning and supervision commission with respect to a municipal corporation, county, or township, and its functions under this chapter, shall continue...
• Section 118.271 - Issuing General Obligation, Special Obligation, Or Revenue Bonds And Notes In Anticipation Of Bonds.
  A municipal corporation, county, or township may issue general obligation, special obligation, or revenue bonds and notes in anticipation of the bonds for the...
• Section 118.28 - Severability - Construction.
  (A) Subject to division (B) of this section, in case any section or provision of this chapter, including any condition or prerequisite to any...
• Section 118.31 - Legal Action To Dissolve A Municipal Corporation Or Township.
  (A) Upon petition of the financial supervisor and approval of the financial planning and supervision commission, if any, the attorney general shall file a...
• Section 118.99 - Penalty.
  (A) During the fiscal emergency period, no officer or employee of the municipal corporation, county, or township shall do any of the following: (1)...

Last modified: October 10, 2016