Bill Text: OH SB59 | 2013-2014 | 130th General Assembly | Introduced

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Bill Title: To authorize an eligible regional council of governments to establish itself as an education energy council for the purpose of issuing debt to pay for school district energy purchases.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2013-03-05 - To Public Utilities [SB59 Detail]

Download: Ohio-2013-SB59-Introduced.html

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As Introduced

130th General Assembly Regular Session 2013-2014

S. B. No. 59

Senator Beagle 

Cosponsors: Senators Balderson, Gardner, Lehner, Patton, Seitz 

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A BILL

To enact sections 167.20 to 167.36 of the Revised

1

Code to authorize an eligible regional council of

2

governments to establish itself as an education

3

energy council for the purpose of issuing debt to

4

pay for school district energy purchases.

5

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1.  That sections 167.20, 167.21, 167.22, 167.23,	6
167.24, 167.25, 167.26, 167.27, 167.28, 167.29, 167.30, 167.31,	7
167.32, 167.33, 167.34, 167.35, and 167.36 of the Revised Code be	8
enacted to read as follows:	9

Sec. 167.20.  As used in sections 167.20 to 167.36 of the	10
Revised Code:	11

"Bond proceedings" means the resolutions, agreements, trust	12
agreements, indentures, certificates of award, credit enhancement	13
facilities, and amendments and supplements to any of these, or any	14
one or more or combination of them, authorizing, awarding, or	15
providing for the terms and conditions applicable to or providing	16
for the security or liquidity of, the particular obligations, and	17
the provisions contained in those obligations.	18

"Bond service charges" means principal, including any	19
mandatory sinking fund requirements for retirement of obligations,	20
interest, and redemption premiums, if any, required to be paid by	21
an education energy council on obligations.	22

"Certified territory," "electric load center," and "electric	23
supplier" have the same meanings as in section 4933.81 of the	24
Revised Code.	25

"Commodity swap" means an agreement relating to the exchange	26
of payments, either fixed for variable or variable for fixed, with	27
respect to the energy supply that is the subject of an energy	28
agreement or a district purchase agreement.	29

"Competitive retail electric service," "electric distribution	30
utility," "electric services company," "municipal electric	31
utility," and "noncompetitive retail electric service" have the	32
same meanings as in section 4928.01 of the Revised Code.	33

"Costs of energy acquisition" means the costs of acquiring	34
energy supply and of the financing of those costs, including,	35
without limitation, all related direct administrative expenses and	36
allocable portions of direct costs of an education energy council,	37
costs of plans, specifications, licenses, permits, insurance,	38
judgments and estimates of cost, financing costs, costs of	39
acquiring contract rights or other contractual arrangements for	40
the short-term or long-term provision of energy supplies,	41
including reserves, transmission, distribution, exchange,	42
interchange, storage, peaking, or other services associated	43
therewith, including prepayments for energy supplies, payments	44
required under the terms of any commodity swap or interest rate	45
hedge, interest on obligations from their date to the time when	46
the interest is to be paid from sources other than proceeds of	47
obligation amounts necessary to establish any reserves as required	48
by the bond proceedings, the reimbursement of all moneys advanced,	49
applied by, or borrowed from any person, governmental agency, or	50
entity for the payment of any item of costs of energy acquisition,	51
all other expenses necessary or incident to planning, determining	52
feasibility or practicability with respect to obtaining an energy	53
supply, and such other expenses as may be necessary or incidental	54
to the acquisition of an energy supply, the financing of those	55
costs, or combination of those classes of costs and expenses.	56
"Costs of energy acquisition" does not include costs for	57
distribution services provided by an electric distribution utility	58
or by a natural gas company except by mutual consent.	59

"Credit enhancement facilities," "financing costs," and	60
"interest" have the same meanings as in section 133.01 of the	61
Revised Code.	62

"District purchase agreement" means an agreement between an	63
education energy council and a school district relating to the	64
provision of energy supply to such school district.	65

"Education energy council" means a regional council of	66
governments that adopts a resolution designating itself as an	67
education energy council under division (A) of section 167.21 of	68
the Revised Code.	69

"Electricity supply agreement" means any agreement, contract,	70
right, or other similar arrangement, or any amendment thereto,	71
between an education energy council and an electric services	72
company or a wholesale supplier of electricity relating to the	73
provision of competitive retail electric service, excluding	74
billing and collection service components, to the members of such	75
education energy council and any other school district.	76

"Energy agreement" means any electricity supply agreement,	77
gas supply agreement, or any similar agreement for any other type	78
of energy.	79

"Energy supply" means electricity, gas, or other type of	80
energy supply.	81

"Gas" means natural gas or synthetic gas, propane,	82
manufactured gas, or gaseous hydrocarbons, including any mixtures	83
of any of them in gaseous or liquid form.	84

"Gas supply agreement" means any agreement, contract, right,	85
or other similar arrangement, or amendment thereto, between an	86
education energy council and a retail natural gas supplier or a	87
wholesale supplier of gas relating to the provision of retail	88
natural gas service to the members of such education energy	89
council and any other school district.	90

"Governing body" means the board of trustees of an education	91
energy council.	92

"Interest rate hedge" has the same meaning as in section 9.98	93
of the Revised Code.	94

"Natural gas company," "retail natural gas service," and	95
"retail natural gas supplier" have the same meanings as in section	96
4929.01 of the Revised Code.	97

"Obligations" means bonds, notes, or other evidences of	98
obligation or indebtedness, including any appertaining interest	99
amounts due, issued under sections 167.20 to 167.36 of the Revised	100
Code.	101

"Revenues" means fees, charges, revenues, grants, subsidies,	102
income from the investment of moneys, proceeds from the sale of	103
goods or services, and all other revenues or receipts received by	104
or on behalf of an education energy council in connection with the	105
provision of energy supply to school districts, including, but not	106
limited to, payments pursuant to district purchase agreements;	107
revenues or receipts derived by an education energy council from	108
the sale or other disposition of energy supply and the proceeds of	109
obligations issued under sections 167.20 to 167.36 of the Revised	110
Code; payments received under the terms of any commodity swap,	111
interest rate hedge, or credit enhancement facility identified in	112
the bond proceedings with respect to an issue of obligations, and	113
any moneys, gifts, grants, donations, and pledges, and receipts	114
therefrom, available for the payment of bond service charges on	115
such obligations.	116

"School district" means a city, local, exempted village,	117
cooperative education, or joint vocational school district, or a	118
county board of developmental disabilities.	119

"Special funds" or "funds," unless the context indicates	120
otherwise, means the bond service fund and any other funds,	121
including any reserve funds, created under the bond proceedings	122
and stated to be special funds in those proceedings, including	123
moneys, investments, and earnings from investments, credited and	124
to be credited to the particular fund.	125

Sec. 167.21.  (A) A regional council of governments that	126
meets the following criteria may adopt a resolution designating	127
itself as an education energy council:	128

(1) The regional council is composed exclusively of school	129
districts;	130

(2) The regional council has engaged in acquiring one or more	131
energy supplies for school districts for not less than five of the	132
seven years immediately preceding the designation.	133

(B) Each regional council that designates itself as an	134
education energy council under division (A) of this section shall	135
form a governing body. The governing body shall adopt a resolution	136
that does all of the following:	137

(1) Establishes the name of the education energy council;

138

(2) States that the regional council designates itself as an	139
education energy council for the purposes of sections 167.20 to	140
167.36 of the Revised Code;	141

(3) Establishes the means of selection and term of office of	142
each member of the governing body, including which members may	143
succeed themselves without limitation.	144

(C) In addition to any other powers provided by section	145
167.03 of the Revised Code or otherwise available to it under law,	146
an education energy council may:	147

(1) Issue revenue obligations, bond anticipation notes, and	148
refunding obligations pursuant to sections 167.22 and 167.29 of	149
the Revised Code;	150

(2) Enter into and perform under the terms of any of the	151
following:	152

(a) Energy agreements on behalf of itself or a school	153
district;	154

(b) Any commodity swap in connection with the acquisition of	155
an energy supply;	156

(c) Any interest rate hedge or credit enhancement facility	157
entered into in connection with the acquisition of an energy	158
supply.	159

(3) Appoint or provide for the appointment of paying agents,	160
bond registrars, securities depositories, clearing corporations,	161
transfer agents, trustees, and escrow agents;	162

(4) Retain or contract for the services of underwriters,	163
investment bankers, financial advisers, attorneys, accounting	164
experts, marketing, remarketing, indexing and administrative	165
agents, other consultants, and independent contractors, including	166
printing services, as are necessary in the judgment of the	167
governing body to carry out its functions.	168

Sec. 167.22.  In accordance with sections 167.20 to 167.36 of	169
the Revised Code, an education energy council is authorized to	170
issue and sell, in respective aggregate principal amounts as from	171
time to time provided or authorized by the governing body of such	172
education energy council, revenue obligations of such council for	173
the purpose of paying costs of energy acquisition for school	174
districts identified by the education energy council. School	175
districts that are not members of the council that request	176
inclusion may be identified by the council. Each issue of revenue	177
obligations by an education energy council shall be authorized by	178
a resolution of its governing body.	179

Sec. 167.23. (A) The bond proceedings regarding the revenue	180
obligations shall provide for or authorize the manner for	181
determining the principal amount or maximum principal amount of	182
obligations of an issue, the principal maturity or maturities, not	183
to exceed thirty-five years, the interest rate or rates, or, in	184
the case of variable rate obligations, the method for	185
determination of such interest rate or rates and any maximum	186
interest rate or rates, the date of and the dates of payment of	187
interest on the obligations, their denominations, and the place or	188
places of payment of bond service charges, which may be within or	189
outside the state.	190

(B) The bond proceedings may contain additional provisions	191
customary or appropriate to the financing or to the obligations or	192
to particular obligations including, but not limited to,	193
provisions for:	194

(1) The redemption of obligations prior to maturity at the	195
option of the education energy council or of the holder or upon	196
the occurrence of certain conditions, and at a particular price or	197
prices and under particular terms and conditions;	198

(2) The form of and other terms of the obligations;

199

(3) The establishment, deposit, investment, and application	200
of special funds, and the safeguarding of moneys on hand or on	201
deposit, in lieu of the applicability of provisions of Chapter	202
135. of the Revised Code. Any financial institution that acts as a	203
depository of any moneys in special funds or other funds under the	204
bond proceedings may furnish indemnifying bonds or pledge	205
securities as required by the governing body.	206

(4) Any or every provision of the bond proceedings being	207
binding upon the governing body, the education energy council, and	208
upon such governmental agency or entity, officer, board,	209
commission, authority, agency, department, institution, district,	210
or other person or body as may from time to time be authorized to	211
take actions as may be necessary to perform all or any part of the	212
duty required by the provision;	213

(5) The maintenance of each pledge or instrument comprising	214
part of the bond proceedings until the obligations have been fully	215
paid or payment provided for or other stated conditions;	216

(6) In the event of default in any payments required to be	217
made by the bond proceedings, or by any other agreement of the	218
governing body made as part of a contract under which the	219
obligations were issued or secured, including a credit enhancement	220
facility, the enforcement of those payments by mandamus, a suit in	221
equity, an action at law, or any combination of those remedial	222
actions;	223

(7) The rights and remedies of the holders or owners of	224
obligations or of book-entry interests in them, and of third	225
parties under any credit enhancement facility, and provisions for	226
protecting and enforcing those rights and remedies, including	227
limitations on rights of individual holders or owners;	228

(8) The replacement of mutilated, destroyed, lost, or stolen	229
obligations;	230

(9) The funding, refunding, or advance refunding, or other	231
provision for payment, of obligations that will then no longer be	232
outstanding for purposes of sections 167.20 to 167.36 of the	233
Revised Code or of the applicable bond proceedings;	234

(10) Amendment of the bond proceedings;

235

(11) The form of any trust agreement, indenture, escrow	236
agreement, paying agency agreement, registrar agreement to provide	237
for the security, payment, terms and conditions of bonds, and the	238
proper administration of the pledges and security interests	239
granted for the benefit of holders of bonds;	240

(12) The form of any credit enhancement facility;

241

(13) Any other or additional agreements with the owners of	242
obligations, and such other provisions as the governing body	243
determines, including limitations, conditions, or qualifications,	244
relating to any of the foregoing, are necessary.	245

Sec. 167.24. A statement regarding division (A) of section	246
167.26 and section 167.27 of the Revised Code shall appear on each	247
revenue obligation.	248

Sec. 167.25. Revenue obligations requiring execution by or	249
for the governing body shall be signed as provided in the bond	250
proceedings. Any obligations may be signed by the individual who	251
on the date of execution is the authorized signer although on the	252
date of these obligations that individual is not an authorized	253
signer. In case the individual whose signature or facsimile	254
signature appears on any obligation ceases to be an authorized	255
signer before delivery of the obligations, that signature or	256
facsimile is nevertheless valid and sufficient for all purposes as	257
if that individual had remained the authorized signer until	258
delivery.	259

Sec. 167.26. (A) Each issue of revenue obligations shall be	260
payable solely from the revenues and special funds pledged to that	261
purpose pursuant to the bond proceedings.	262

(B) The bond service charges and all other payments required	263
to be made by the bond proceedings shall be payable solely from	264
the revenues of the education energy council pledged thereto as	265
provided in such bond proceedings. The revenues pledged and	266
thereafter received by the education energy council shall	267
immediately be subject to the lien of such pledge without any	268
physical delivery thereof or further act. The lien of any such	269
pledge is valid and binding against all parties having claims of	270
any kind against the revenues pledged thereto or the education	271
energy council, irrespective of whether those parties have notice	272
thereof, and creates a perfected security interest for all	273
purposes of Chapter 1309. of the Revised Code, all without the	274
necessity for separation or delivery of funds or for the filing or	275
recording of any bond proceedings, the resolution, trust	276
agreement, indenture, or other agreement by which such pledge is	277
created or any certificate, statement, or other document with	278
respect thereto. The pledge of such revenue is effective, and the	279
money therefrom and thereof may be applied to the purposes for	280
which pledged. Every pledge, and every covenant and agreement made	281
with respect to the pledge, made in the bond proceedings may	282
therein be extended to the benefit of the owners and holders of	283
obligations and to any trustee therefor, for the further securing	284
of the payment of the bond service charges and any financing costs	285
related to credit enhancement facilities, and all or any rights	286
under any agreements made under this section may be assigned for	287
such purpose.	288

(C) Financing costs are payable, as may be provided in the	289
bond proceedings, from the proceeds of the obligations, from	290
special funds, or from other moneys available for the purpose.	291

Sec. 167.27. The holders of revenue obligations shall have no	292
right to any of the following:	293

(A) Any revenue of the education energy council, other than	294
the revenues and special funds pledged as described in division	295
(A) of section 167.26 of the Revised Code, for the payment of bond	296
service charges;	297

(B) The levy or imposition of any tax or excise by the	298
education energy council, any of the council's member school	299
districts, the state, or any political subdivision thereof,	300
including any school district purchasing energy under a district	301
purchase agreement, for the payment of bond service charges	302
thereon;	303

(C) Any guarantee of the payment of the bond service charges	304
from any school district, the state, or any political subdivision	305
thereof.	306

Sec. 167.28. Except to the extent that rights are restricted	307
by the bond proceedings, any owner of revenue obligations or	308
provider of a credit enhancement facility may, by any suitable	309
form of legal proceedings, protect and enforce any rights relating	310
to obligations or that facility under the laws of this state or	311
granted by the bond proceedings. Those rights include the right to	312
compel the performance of all applicable duties of the governing	313
body. Each duty of the governing body and its officers, staff, and	314
employees, undertaken pursuant to the bond proceedings, is hereby	315
established as a duty of the entity or individual having authority	316
to perform that duty, specifically enjoined by law and resulting	317
from an office, trust, or station within the meaning of section	318
2731.01 of the Revised Code. The individuals who are, from time to	319
time, members or officers of the governing body, or officers of	320
the education energy council, or the staff or employees of either	321
of them, are not liable in their personal capacities on any	322
obligations or otherwise under the bond proceedings.	323

Sec. 167.29.  The governing body may, in addition to the	324
authority referred to section 167.22 of the Revised Code,	325
authorize and provide for the issuance of:	326

(A) Obligations in the form of bond anticipation notes, and	327
may provide for the renewal of those notes from time to time by	328
the issuance of new notes. The holders of notes or appertaining	329
interest coupons have the right to have bond service charges on	330
those obligations paid solely from the moneys and special funds	331
that are or may be pledged to that payment, including the proceeds	332
of bonds or renewal notes or both, as the governing body provides	333
in the bond proceedings authorizing the notes. Notes may be	334
additionally secured by covenants of the governing body to the	335
effect that the governing body and the education energy council	336
will do all things necessary for the issuance of bonds or renewal	337
notes in such principal amount and upon such terms as may be	338
necessary to provide moneys to pay when due the debt service on	339
the notes, and apply their proceeds to the extent necessary, to	340
make full and timely payment of bond service charges on the notes	341
as provided in the applicable bond proceedings. In the bond	342
proceedings authorizing the issuance of bond anticipation notes,	343
the governing body shall set forth for the bonds anticipated an	344
estimated schedule of annual principal payments the latest of	345
which shall be not later than provided in section 167.23 of the	346
Revised Code. While the notes are outstanding there shall be	347
deposited, as shall be provided in the bond proceedings for those	348
notes, from the sources authorized for payment of debt service on	349
the bonds, amounts sufficient to pay the principal of the bonds	350
anticipated as set forth in that estimated schedule during the	351
time the notes are outstanding, which amounts shall be used solely	352
to pay the principal of those notes or of the bonds anticipated.	353
All provisions and conditions relating to the issuance of revenue	354
obligations under sections 167.20 to 167.36 of the Revised Code,	355
except where expressly provided otherwise, apply to the issuance	356
of notes and renewal notes under division (A) of this section.	357

(B) Obligations for the refunding, including funding and	358
retirement, and advance refunding with or without payment or	359
redemption prior to maturity, of any obligations previously	360
issued. Refunding obligations may be issued in amounts sufficient	361
to pay or to provide for repayment of the principal amount,	362
including principal amounts maturing prior to the redemption of	363
the remaining prior obligations, any redemption premium, financing	364
costs and interest accrued or to accrue to the maturity or	365
redemption date or dates, payable on the prior obligations, and	366
related financing costs and any expenses incurred or to be	367
incurred in connection with that issuance and refunding. Subject	368
to the applicable bond proceedings, the portion of the proceeds of	369
the sale of refunding obligations to be applied to debt service on	370
the prior obligations shall be credited to an appropriate separate	371
account in the bond service fund and held in trust for the purpose	372
by the governing body or by a corporate trustee. Obligations	373
authorized under this division shall be considered to be issued	374
for those purposes for which the prior obligations were issued and	375
shall be subject to the same provisions and conditions imposed on	376
the prior obligations under sections 167.20 to 167.36 of the	377
Revised Code.	378

Sec. 167.30. (A) Obligations issued pursuant to sections	379
167.20 to 167.36 of the Revised Code are lawful investments for	380
banks, savings and loan associations, credit union share guaranty	381
corporations, trust companies, trustees, fiduciaries, insurance	382
companies, including domestic for life and domestic not for life,	383
trustees or other officers having charge of sinking and bond	384
retirement or other special funds of the state and political	385
subdivisions and taxing districts of this state, the sinking fund,	386
the administrator of workers' compensation subject to the approval	387
of the workers' compensation board, the state teachers retirement	388
system, the public employees retirement system, the school	389
employees retirement system, the state highway patrol retirement	390
system, and the Ohio police and fire pension fund, notwithstanding	391
any other provision of the Revised Code or rules adopted by any	392
state agency with respect to the agency's investments, and are	393
also acceptable as security for the repayment of the deposit of	394
public moneys. The exemptions from state taxation as provided for	395
in particular sections of the Ohio Constitution and section	396
5709.76 of the Revised Code apply to the obligations.	397

(B) Obligations issued pursuant to sections 167.20 to 167.36	398
of the Revised Code are investment securities under Chapter 1308.	399
of the Revised Code. Obligations may be issued in bearer or in	400
registered form, and may be registered as to principal alone or as	401
to both principal and interest, or both, or in certificated or	402
uncertificated form, as the governing body determines. Provision	403
may be made for the exchange, conversion, or transfer of	404
obligations and for reasonable charges for registration, exchange,	405
conversion, and transfer. Pending preparation of final	406
obligations, the governing body may provide for the issuance of	407
interim instruments to be exchanged for the final obligations.	408

Sec. 167.31. Obligations issued under sections 167.20 to	409
167.36 of the Revised Code may be sold at public sale or at	410
private sale, in such manner, and at such price that is at, above,	411
or below par, all as provided by the governing body in the bond	412
proceedings.	413

Sec. 167.32. (A) Unless otherwise provided, moneys to the	414
credit of or in a special fund shall be disbursed on the order of	415
the governing body. No such order is required for the payment,	416
from the bond service fund or other special fund, when due of debt	417
service or required payments under credit enhancement facilities.	418
Unless otherwise provided in the applicable bond proceedings,	419
payments received with respect to interest rate hedges entered	420
into as credit enhancement facilities under this chapter shall be	421
deposited to the credit of the bond service fund for the	422
obligations to which those credit enhancement facilities relate.	423

(B) Each bond service fund is a trust fund and is hereby	424
pledged to the payment of debt service on the applicable	425
obligations. Payment of that debt service shall be made or	426
provided for by the governing body in accordance with the bond	427
proceedings without necessity for any act of appropriation. The	428
bond proceedings may provide for the establishment of separate	429
accounts in the bond service fund and for the application of those	430
accounts only to debt service on specific obligations, and for	431
other accounts in the bond service fund within the general	432
purposes of that fund.	433

(C) Unless otherwise provided in any applicable bond	434
proceedings, moneys to the credit of special funds may be invested	435
by or on behalf of the education energy council only in one or	436
more of the following:	437

(1) Notes, bonds, or other direct obligations of the United	438
States or of any agency or instrumentality of the United States,	439
or in no-front-end-load money market mutual funds consisting	440
exclusively of those obligations, or in repurchase agreements,	441
including those issued by any fiduciary, secured by those	442
obligations, or in collective investment funds consisting	443
exclusively of those obligations;	444

(2) Obligations of this state or any political subdivision of	445
this state;	446

(3) Certificates of deposit of any national bank located in	447
this state and any bank, as defined in section 1101.01 of the	448
Revised Code, that is subject to inspection by the superintendent	449
of financial institutions;	450

(4) The state treasurer's investment pool under section	451
135.45 of the Revised Code. The income from investments referred	452
to in this division shall be credited to special funds or	453
otherwise as the governing body determines in the bond	454
proceedings. Those investments may be sold or exchanged at times	455
as the governing body determines, provides for, or authorizes.	456

Sec. 167.33. Sections 9.98 to 9.983 of the Revised Code shall	457
apply to all obligations issued under sections 167.20 to 167.36 of	458
the Revised Code.	459

Sec. 167.34.  (A) For purposes of this chapter and Title XLIX	460
of the Revised Code, the service area of an education energy	461
council shall be the retail electric loads and retail natural gas	462
loads of all school districts in the state.	463

(B) Nothing in this section shall affect the rights of any	464
electric services company under Title XLIX of the Revised Code or	465
the rights of any municipal electric utility.	466

(C) Nothing in sections 167.20 to 167.36 of the Revised Code	467
does any of the following:	468

(1) Affect the rights of any electric supplier under sections	469
4933.81 to 4933.90 of the Revised Code to supply all	470
noncompetitive retail electric service components to all electric	471
load centers, including school districts and education energy	472
councils, located within the electric supplier's certified	473
territory;	474

(2) Create or authorize a new certified territory or affect	475
any certified territory;	476

(3) Authorize the supply of a noncompetitive retail electric	477
service by an education energy council on the council's own behalf	478
or on the behalf of a school district;	479

(4) Authorize the aggregation of the retail electric loads of	480
an electric load center located within the certified territory of	481
a nonprofit electric supplier or of an electric load center	482
receiving transmission or distribution service from a municipal	483
electric utility.	484

Sec. 167.35.  Amounts due from a school district pursuant to	485
a district purchase agreement shall be payable solely from amounts	486
appropriated by the school district board of education for	487
purposes of the agreement in accordance with the laws of this	488
state and the policies and procedures of the board. The obligation	489
to pay any amounts under the agreement shall be subject to funds	490
being appropriated for that obligation by the district board of	491
education. Any payment obligations under the agreement shall not	492
constitute a debt of the district board of education. Termination	493
of any district purchase agreement, in accordance with the	494
agreement's terms and as a result of the failure of a school	495
district board of education to appropriate any moneys with respect	496
to the financial obligations of the district under the agreement,	497
shall not constitute a default under the agreement.	498

Sec. 167.36.  (A) As used in this section:

499

(1) "Color of office" has the same meaning as in section	500
117.01 of the Revised Code.	501

(2) "Public money" includes all money received or collected	502
by or due an officer or employee of an education energy council,	503
whether in accordance with or under authority of any law,	504
ordinance, resolution, or order, under color of office, or	505
otherwise. It also includes any money collected by any individual	506
on behalf of the council, or as a purported representative or	507
agent of the council.	508

(B) If an officer or employee of an education energy council,	509
or individual on behalf of the council or as a purported	510
representative or agent of the council, receives more than one	511
thousand dollars of public money in the person's capacity as such	512
an officer or employee, or on behalf of the council or as a	513
purported representative or agent, the person, on the business day	514
next following the day of receipt, shall deposit the money into	515
the fund or account into which the money is required to be	516
deposited under law or the by-laws or resolutions of the council.	517
If the amount of public money received does not exceed one	518
thousand dollars, the person shall deposit the money on the	519
business day next following the day of receipt unless the	520
governing body of the council adopts a resolution permitting a	521
different time period, not to exceed three business days next	522
following the day of receipt, for making such a deposit, and the	523
person is able to safeguard the money until it is deposited. Any	524
such resolution shall include provisions and procedures to	525
safeguard public money until it is deposited.	526

(C) Any officer or employee of the council, or individual on	527
behalf of the council or as a purported representative or agent of	528
the council, who has custody or control of public money received	529
or held by the council is liable for the public money to the same	530
extent as a public official is liable for public money under	531
section 9.39 of the Revised Code.	532