State Representative Scott Wiggam (R-Wooster) today announced the passage of the “Protect Local Treasuries Act,” which seeks to update the mandatory process by which local governments purchase bonds to protect against unfaithful acts of public officials.
House Bill 291 would allow certain political subdivisions to purchase insurance instead of bonds to protect its treasury—and thereby taxpayer dollars—in the event of dishonest or fraudulent actions by an elected or public official. This change modernizes a practice that has been in place in Ohio for more than sixty years, saving local governments time, resources, and money.
“As a County Commissioner for twelve years, I personally witnessed the time, resources, and tax dollars the county was forced to spend on useless bonds,” said Wiggam. “This bill empowers local governments to make decisions based upon the best interest of the taxpayers and to save their money.”
House Bill 291, a part of the Ohio House Republican Caucus’ “Buckeye Pathway” agenda, now awaits consideration by the Ohio Senate.