Sinking Fund Trustees

TRUSTEES OF THE SINKING FUND
 (1919-1936)

In 1919, the Ohio General Assembly provided for the creation of a sinking fund board of trustees in each county owing a bonded debt.  Composed of the county’s prosecuting attorney, auditor, and treasurer, the board provides for the payment of principal and interest on all bonds issued by the county.  The prosecuting attorney is the president of the board and the auditor its secretary.

On or before the first Monday in May, the trustees certify to the board of county commissioners the tax rate necessary for the payment of principal and interest on the county’s bonded indebtedness, which is included in the commissioners’ annual budget.  Following the semi-annual settlement with county treasurer, the county auditor reports to the trustees the amount of money in the county treasury credited to the sinking fund.  All funds subject to their control, except those needed to meet current obligations, must be invested in United States bonds, Ohio bonds, or bonds of a municipal corporation, school district, township or county in the state.

The board must maintain records of the proceedings of its meetings, of bonds issued by the county, and of the amount held in the sinking fund for the payment of current obligations.  Ohio Revised Code chapter 327 enumerates the duties and responsibilities of the sinking fund, which has not changed since the establishment of the revised code in 1953.  The Union County Trustees of the Sinking Fund was established, as mandated by the state legislature, in 1919.  The Trustees of the Union County Sinking Fund was disbanded in 1937.

RECORDS OF THE TRUSTEES OF THE SINKING FUND