Fill - Free fillable Informational Booklet And Application (Ohio Department of Administrative Services OIT SDD) PDF form

Informational Booklet and Application

State Treasury Asset Reserve of Ohio

State Treasurer of Ohio

Robert Sprague

Page 2 02/2019

For more information about STAR Ohio and STAR Plus visit

www.STAROhio.com

Dear Public Funds Manager,

Thank you for your interest in the State Treasury Asset Reserve (STAR) of Ohio. As administrator of this program, I am

committed to providing public investment officers with a safe and secure pool to invest Ohioans’ hard-earned dollars for the

years ahead. The STAR Ohio Program provides Ohio governmental subdivisions the ability to invest in high-grade, short-term

securities and offers shareholders safety, penalty-free liquidity and comparatively high yields.

This booklet serves as an introduction to STAR Ohio and details the value it provides. In the 25 years that STAR Ohio has

received a rating from Standard & Poor’s, it has maintained the highest possible investment rating of AAAm. The economies

of scale created by pooling funds of Ohio’s governmental subdivisions provide participants with greater earnings potential and

increased efficiencies. All eligible entities, regardless of their investment size, are invited to take advantage of this exceptional

investment option.

Currently, STAR Ohio serves over 2,500 participant accounts. My staff and I are committed to maintaining and improving

the high quality of service that STAR Ohio has provided for over 30 years. We appreciate your interest and welcome all Ohio

managers of public funds to join the program.

I hope that you find this information useful, and look forward to working with you to strengthen Ohio through this investment

opportunity.

Sincerely,

Robert Sprague

Ohio Treasurer of State

02/2019 Page 3

Table of Contents

STAR Ohio Highlights ................................................................................................................................................................................................... 4

Introduction

..................................................................................................................................................................................................................... 5

Investment Objectives and Instruments

.................................................................................................................................................................... 5

Net Asset Value

Standard & Poor’s Rating of STAR Ohio

................................................................................................................................................................... 7

How to Invest

Subsequent Investments

................................................................................................................................................................................................ 8

Purchase Limitation

Withdrawals

Withdrawal Limitation

.................................................................................................................................................................................................10

Investment Distributions

........................................................................................................................................................................................... 10

Inactive Accounts

STAR Ohio Voice Response System

......................................................................................................................................................................... 10

STAR Ohio Website

.....................................................................................................................................................................................................10

Yield Information

Services to Participants

................................................................................................................................................................................................11

Investment Advisor and Administrator

...................................................................................................................................................................11

Co-Administrator

Custodian and Transfer Agent

....................................................................................................................................................................................11

Investment Agent/Advisors........................................................................................................................................................................................11

Auditors ..........................................................................................................................................................................................................................11

Tax Matters

Changing Authorized Officials

..................................................................................................................................................................................12

Audit Confirmations

....................................................................................................................................................................................................12

Contacting STAR Ohio

...............................................................................................................................................................................................12

Holiday Schedule/ Early Fund Closures

..................................................................................................................................................................12

STAR Ohio New Application Form

..........................................................................................................................................................................13

STAR Ohio Authorized Signers Certification

........................................................................................................................................................15

Page 4 02/2019

What is STAR Ohio?

e State Treasury Asset Reserve (“STAR”) is an investment

pool managed and administered by the State Treasurer of Ohio.

Participation is oered to subdivisions of the State of Ohio as

dened in Section 135.45(G)(2)(a), Ohio Revised Code, by the

State Treasurer for the investment of interim monies of the state

and to the state’s various custodial accounts. e investment

objectives of STAR Ohio are the preservation of capital, the

maintenance of liquidity, and providing current income.

Who Can Invest in STAR Ohio?

Cities • School Districts • Townships • Villages • Counties

• Public Libraries • Fire Districts • Port Authorities •

Community Hospitals • Housing Authorities • State

Institutions of Higher Education • Soil and Water

Conservation Districts • Parks and Recreational Districts •

Transportation Boards • Joint Vocational Schools • Other

Governmental Entities

STAR Ohio Participants Have the Advantage

• e security of an investment pool that has Standard &

Poor’s highest rating, AAAm

• e STAR Ohio Website provides accurate information

regarding current balance, month-to-date income and

current yields as well as access to current and historical

account statements

• 24-hour telephone access to account information via

1-800-648-STAR (7827)

• Consolidated monthly account statements

• No charges to wire funds into or out of the fund

• ACH and wire online trading available at

www.STAROhio.com

• No minimum investment amount required

• No required minimum period of investment

• Yields are quoted aer the expenses for the fund have

been deducted

• Multiple accounts may be established for segregation of

specic funds

• Online transfers between linked STAR Ohio accounts

• Available electronic only statements

• Trade conrmations available online

• Grouped statements with an overview of all accounts is

available for entities with multiple accounts

Your participation in STAR Ohio is a phone call away. To invest

in STAR Ohio, to receive assistance in opening an account, or

to obtain the current yield of the fund, call toll-free: 1-800-648-

STAR (7827) or visit

www.STAROhio.com .

Current STAR Ohio Assets by Client Type as of 12/31/2018



 Schools- 29.1%

 Cities- 23.8%

 Miscellaneous- 21.3%

 Counties- 9.9%

 Higher Education- 6.1%

 Townships- 2.5%

 SWCD- 2.5%

 Libraries- 1.9%

 Villages- 1.8%

 Joint Vocational Schools- 1.1%

02/2019 Page 5

STAR Ohio’s Managers are Experienced

Investment Professionals

e oce of Ohio Treasurer is the investment advisor and

administrator for STAR Ohio. e advisor manages the

investment and re-investment of STAR Ohio’s assets and is

solely responsible for decisions to buy and sell investments of

STAR Ohio.

e co-administrator is Public Funds Administrators (“PFA”)

(Dublin, OH). PFA is responsible for the fund accounting,

shareholder servicing and fund administration functions

for STAR Ohio. e custodian is Huntington National Bank

(Columbus, OH). Huntington National Bank seles security

transactions, distributes interest, and produces participant

statements. e transfer agent, Ultimus Fund Solutions, LLC,

maintains the participant’s account records, distributes

interest, and produces statements with respect to account

activity for the participants.

e co-investment advisor, Meeder Investment Management

(Dublin, OH), makes investment recommendations and

monitors investment compliance.

Introduction. STAR Ohio permits the state’s political

subdivisions and the State Treasurer to pool their public funds

into a large investment fund managed by the State Treasurer

and the State Treasurer’s sta of professional portfolio

managers. STAR Ohio provides Ohio public fund managers

with a safe, liquid and low cost investment option.

STAR Ohio is designed for political subdivisions seeking to

preserve capital, maintain liquidity, and provide current income.

STAR Ohio is similar in concept to a registered investment

company issuing redeemable securities, commonly called

a “money market mutual fund.” A treasurer, governing

board, or investment authority of a subdivision may deposit

public monies of their subdivision with the State Treasurer.

Subdivision is dened in Section 135.45(G)(2)(a), Ohio

Revised Code, as any county, municipal corporation, school

district, township, municipal or school district sinking fund,

special taxing or assessment district and other district or local

authority electing or appointing a treasurer. e State Treasurer

will invest monies deposited in STAR Ohio in the same types

of instruments as are provided for the investment of interim

monies of the State. A copy of the STAR Ohio Investment

Policy Statement is available at www.ohiotreasurer.gov/

Investor_Data.

In order to manage STAR Ohio, Section 135.45, Ohio Revised

Code authorizes the Treasurer to adopt such rules as are

necessary for ecient administration and accounting. e

rules, codied at Ohio Administrative Code Section 113-10-

01, set forth policies regarding deposits, withdrawals, expenses

and interest compounding. All bookkeeping and safekeeping

associated with ownership of securities will be performed

by STAR Ohio. e liquidity provided by STAR Ohio will

also allow depositors access to their funds or bond proceeds

deposited therein as and when needed, thereby eliminating the

need for depositors to schedule investment maturities in order

to meet expenditure needs or project draw schedules.

Investment Objectives and Instruments. e investment

objectives of STAR Ohio are the preservation of capital, the

maintenance of liquidity, and providing current income. STAR

Ohio seeks to achieve these objectives by investing only in

certain high-grade investment instruments authorized for

investment by the State of Ohio as specied in Sections 135.143

and 135.145 of the Ohio Revised Code, and described below:

(1) United States treasury bills, bonds, notes, or any other

obligations or securities issued by the United States Treasury or

any other obligation guaranteed as to principal and interest by

the United States;

(2) Bonds, notes, debentures, or other obligations or securities

issued by any federal government agency or instrumentality;

(3) Bonds, notes, and other obligations of the state of Ohio,

including, but not limited to, any obligations issued by the

STAR Ohio offers the convenience of daily investments and withdrawals without penalty.

Page 6 02/2019

treasurer of state , the Ohio public facilities commission, the

Ohio building authority, the Ohio housing nance agency,

the Ohio water development authority, and the Ohio turnpike

infrastructure commission. Additionally, bonds, notes, and

other obligations of any state or political subdivision thereof

rated in the three highest categories by at least one nationally

recognized standard rating service and purchased through a

registered securities broker or dealer, provided the treasurer

of state is not the sole purchaser of the bonds, notes, or other

obligations at original issuance;

(4) Wrien repurchase agreements with any eligible Ohio

nancial institution that is a member of the Federal Reserve

System or Federal Home Loan Bank or any recognized

United States government securities dealer under the terms

of which agreement the State Treasurer purchases and the

eligible nancial institution or dealer agrees unconditionally

to re-purchase any of the securities that are described in

(1) or (2) above and that will mature or are redeemable

within ten years from the date of purchase. e market

value of securities subject to these transactions must exceed

the principal value of the repurchase agreement by an

amount specied by the Treasurer and the securities must

be delivered into the custody of the State Treasurer or the

qualied trustee or agent designated by the Treasurer. (e

State Treasurer also may sell any securities, regardless of

maturity or time of redemption of the securities, under the

same terms and conditions for repurchase, provided that the

securities have been fully paid for and are owned by the State

Treasurer at the time of the sale);

(5) Securities lending agreements with any eligible nancial

institution that is a member of the Federal Reserve System

or Federal Home Loan Bank or any recognized United

States government securities dealer, under the terms of

which agreement the State Treasurer lends securities and the

eligible nancial institution or dealer agrees to simultaneously

exchange similar securities or cash of equal value;

(6) Various forms of commercial paper, maturing in two

hundred seventy (270) days or less, issued by any corporation

that is incorporated under the laws of the United States or a

state, which are rated in the two highest categories by two

nationally recognized rating agencies, provided that the total

amount invested in commercial paper at any time shall not

exceed forty percent (40%) of STAR Ohio’s total average

portfolio, as determined and calculated by the State Treasurer;

(7) Banker’s acceptances, maturing in two hundred seventy

(270) days or less, which are eligible for purchase by the

Federal Reserve System, provided that the total amount

invested in banker’s acceptances at any time shall not exceed

ten percent (10%) of STAR Ohio’s total average portfolio, as

determined and calculated by the State Treasurer;

(8) Certicates of deposit in eligible institutions applying

for interim monies as provided in Section 135.08, Ohio

Revised Code;

(9) No-load money market mutual funds consisting exclusively

of obligations described in (1), (2) and (6) of this section and

repurchase agreements secured by such obligations; and

(10) Debt interests, other than commercial paper described

in (6) of this section, rated at the time of purchase in the

three highest categories by two nationally recognized rating

agencies and issued by corporations that are incorporated

under the laws of the United States.

STAR Ohio is not permied to borrow money, or pledge,

hypothecate, or mortgage its assets. Pursuant to Section

135.143 of the Ohio Revised Code, STAR Ohio may lend up

to twenty ve percent (25%) of its securities to any eligible

nancial institution that is a member of the Federal Reserve

System, or any recognized United States government securities

dealer. For the scal year ended June 30, 2017, STAR Ohio did

not participate in security lending transactions.

Net Asset Value.

e net asset value of STAR Ohio is

determined at the 1:30 P.M. fund close on each day that the

Federal Reserve System is open for business. e net asset

value per unit is computed by dividing the total value of the

assets of STAR Ohio, less its liabilities, by the number of

units outstanding.

It is the objective of the investment advisor and administrator

to stabilize the net asset value per unit at $1.00 for the purpose

of sale and redemption of units for STAR Ohio, but this

cannot be guaranteed.

Portfolio investments of STAR Ohio are valued on the basis

of the amortized cost valuation technique. is technique

02/2019 Page 7

involves valuing an investment at STAR Ohio’s acquisition cost

and thereaer assuming a constant amortization to maturity

of premium or constant accretion to maturity of discount,

regardless of the impact of uctuating interest rates or other

market factors on the market value of the investment. By

declaring these accruals, less accruals of expenses, in a

daily dividend, the value of STAR Ohio’s assets and the

net asset values per share will generally remain constant.

Although this method provides certainty in valuation, it

may result in periods during which the value of STAR Ohio’s

investments, as determined by amortized cost, is higher or

lower than the price STAR Ohio would receive if it sold the

investments. Expenses to be accrued include daily accruals

of expenses incurred in acquiring, selling, carrying or

redeeming investments, management fees, depository fees

and other administrative expenses. e investment advisor

and administrator have established procedures designed to

stabilize, to the extent reasonably possible, STAR Ohio’s

net asset value per share, as computed for purposes of

sales and redemptions, at $1.00. Such procedures include

review of STAR Ohio’s portfolio holdings by the advisor/

administrator at such intervals it deems appropriate to

determine whether STAR Ohio’s net asset value calculated

by using available market quotations deviates from $1.00 per

share and, if so, whether such deviation may result in material

dilution or otherwise be unfair to existing participants.

Procedures the Treasurer’s oce, co-administrator, and

co-advisor might undertake include selling portfolio

securities prior to maturity to realize capital gains or losses

or to shorten average portfolio maturities, withholding

dividends, or establishing net asset values per share by using

market quotations. In the event of deviation, the advisor and

administrator will take appropriate action to eliminate or

reduce, to the extent reasonably practical, dilution or unfair

results, or otherwise take action if the deviation exceeds one-

half of one percent. e investment advisor/administrator

will review on a weekly basis whether any deviation from

$1.00 has occurred with respect to STAR Ohio’s net asset

value per unit and intends to act consistently with some

of the procedures typical to certain money market mutual

funds, to the extent not inconsistent with Ohio law and not

inconsistent with the operating restrictions as described

herein. e pool is managed to maintain a weighted average

maturity to reset (WAM(R)) of 60 days or less and a

weighted average maturity to nal (WAM(F)) of 90 days or

less, to enhance liquidity and to limit market price exposure

to volatile interest rate movements in the market.

Standard & Poor’s Rating of STAR Ohio.

Standard &

Poor’s Ratings Services (Standard & Poor’s) has assigned a

“AAAm” principal stability rating, its highest rating, to STAR

Ohio. By obtaining a triple A rating, STAR Ohio is considered

to have a superior capacity to maintain principal ($1.00 per

share value) and limit exposure to loss. e rating is based on

an analysis of the pool’s management, investment guidelines,

portfolio holdings and market price exposure. A copy of this

report is available at www.STAROhio.com.

How to Invest.

It is the responsibility of each public fund

manager to ensure that its participation in STAR Ohio is

authorized by local law or that its participation has been

authorized by the appropriate public ocials.

In order to initiate participation in STAR Ohio, the aached

application and certication form must be completed and

submied to:

STAR Ohio

PO Box 7177

Dublin, OH 43017

Account numbers should also be obtained by depositors

prior to investing any monies in STAR Ohio by calling

1-800-648-STAR (7827).

Investment by Bank Wire

An investment may be made by bank wire of funds. Aer your

STANDARD & POOR’s has assigned STAR Ohio its AAAm rating, the highest principal stability

fund rating.

Page 8 02/2019

STAR Ohio account is set up, you may request wire instructions

to initiate a wire transaction at your bank to be deposited into

STAR Ohio.

All wire transfers which are received by Huntington National

Bank before the 1:30 P.M. fund close are entitled to that day’s

interest distribution. ere is no minimum amount required to

establish an account.

Important Note – All wire transfer funds received aer the

1:30 P.M. fund close will be returned to the sender.

Investment by ACH

An investment may be made by ACH of funds. Aer your

STAR Ohio account is set up, you may request ACH

instructions to initiate a transaction at your bank to be

deposited into STAR Ohio.

All ACH transfers which funds are received by Huntington

National Bank before the 1:30 P.M. fund close are entitled to

that day’s interest distribution. ere is no minimum amount

required to establish an account.

A four day hold is placed on all ACH bank deposits. Such

purchases will be posted to the participant account and will

begin to earn interest on the day the ACH funds sele into the

STAR Ohio account.

Investment by Check

To make an investment into STAR Ohio by mail, send a check

payable to the order of STAR Ohio, noting the account

number or numbers to which deposit should be made:

STAR Ohio

PO Box 46794

Cincinnati, OH 45246-0794

A ten day hold is placed on all check deposits. Such purchases

will be posted to the participant account and will begin to earn

interest on the day the check is deposited.

Subsequent Investments.

Subsequent investments of monies

into STAR Ohio may be made in several dierent ways:

(a)Wire Transfer—Wire transactions to transfer money

into STAR Ohio must be initiated at your bank. All wires

must be received by Huntington National Bank by the

1:30 P.M. fund close in order to receive that day’s interest

distribution. Any wire transfer funds received aer the

1:30 p.m. fund close will be returned to the sender.

(b) Mailed Checks—Investments may be made by sending

a check payable to STAR Ohio to the below address:

STAR Ohio

PO Box 46794

Cincinnati, OH 45246-0794

You must include your account number with your

investment. No third party checks will be accepted. A ten

day hold is placed on all check deposits. Such purchases will

be posted to the participant account and will begin to earn

interest on the day the check is deposited.

due from the State of Ohio, or any other source, deposited

directly to your STAR Ohio account, including funds

distributed from the State Auditor’s oce for secondary and

higher education. Funds will be credited to your account

and you will begin earning interest on that day if received

by Huntington National Bank no later than the 1:30 P.M.

fund close. Aer your STAR Ohio account is set up, you may

request the direct deposit instructions by contacting Client

Services.

(d) ACH Transfer—ACH transactions to transfer money

into STAR Ohio may be initiated by your bank, or,

provided the ACH banking instructions have been added

to your account, may be initiated by calling PFA at 1-800-

648-STAR (7827) or by processing an online transaction

at www.starohio.com. Please call Client Services at 1-800-

648-STAR (7827) to request online trading authorization.

ACH purchases initiated via the STAR Ohio website will

be posted to the participant account and will begin to earn

interest on the day the ACH funds sele into the STAR

Ohio account. To the extent deemed practical, there are

no minimum dollar amounts for investment. A four day

hold is placed on all ACH bank deposits. e funds will be

available to redeem out of the STAR Ohio account aer

this hold is released.

Important Note – If you will be initiating ACH purchases

on the STAR Ohio website or through STAR Ohio Client

02/2019 Page 9

Services, please consult your bank or update your ACH

fraud prevention service to allow STAR Ohio to conduct

ACH transactions out of your account. If these preferences

are not changed, the ACH transactions could be declined

by your bank.

Purchase Limitation.

Twenty-four hours advance notice

to PFA, STAR Ohio’s co-administrator, is appreciated

for deposits of $25 million or more. STAR Ohio reserves

the right to limit the transactions to $100 million per

day. Transactions in all of a participant’s accounts will be

combined for these purposes.

Withdrawals. Withdrawals may only be made on business

days of STAR Ohio. A request for withdrawal will be rejected if

the amounts to be withdrawn represent an investment made by

check or ACH and the check or ACH funds have not yet been

collected by Huntington National Bank. Withdrawal requests

will also be rejected if the request is not properly authorized.

For your convenience, and to enable you to continue earning

daily interest as long as possible, STAR Ohio provides the

following procedures for withdrawal:

(a) By wire: You may elect to use the wire transfer

withdrawal procedure by designating, on the Application

Form, the name of the nancial institution, the ABA

routing information, the name of account and account

number to receive withdrawal proceeds. If you make this

election, requests for withdrawal may be given to PFA by

calling 1-800-648-STAR (7827). Such proceeds will be

wired by 4:30 P.M. on the same business day, provided

that PFA receives such telephonic request prior to the

1:30 P.M. fund close. Telephone withdrawal requests

received aer the 1:30 P.M. fund close will be processed

on the following business day. Be prepared to give PFA

your account number, your bank information, and wire

redemption authorization code. Only telephonic requests

by authorized individuals will be honored.

Requests to change nancial institution or account

designations for the receipt of wire transfers may only be made

by wrien instructions to PFA with authorized signatures

which are on le for the account from which the withdrawals

are to be made. Adding or changing a wire destination should

be made prior to the day of the transaction.

b) By ACH: You may elect to use the ACH (Automated

Clearing House) transfer withdrawal procedure by

designating, on the Banking Instructions Form, the name

of the nancial institution, the ABA routing information,

the name of account and account number to receive

withdrawal proceeds. If you make this election, requests

for withdrawal may be given to PFA by calling 1-800-648-

STAR (7827). Such transactions will be initiated the same

business day, provided that PFA receives such telephonic

request prior to the 1:30 P.M. fund close. Telephone

withdrawal requests received aer the 1:30 P.M. fund

close will be processed on the following business day.

ACH transactions typically sele the next business day,

but may take up to 3 business days, depending on the

receiving bank. Be prepared to give PFA your account

number, your bank information, and authorization code.

Only requests by authorized individuals will be honored.

Requests to change nancial institution or account

designations for the receipt of ACH transfers may only

be made by wrien instructions to PFA with authorized

signatures which are on le for the account from which

the withdrawals are to be made. Adding or changing an

ACH destination bank should be made prior to the day of

the transaction.

of checks which may be drawn against your account. is

check writing privilege is not meant to replace your local

checking account. e number of checks cleared per

month is limited to ve. All accounts of the participant

will be combined for these purposes. To participate in

this procedure, you should complete the check writing

redemption request on the Application Form, or call

1-800-648-STAR (7827) at any subsequent time. Neither

Huntington National Bank nor STAR Ohio shall incur any

liability to you under this procedure for honoring checks,

for eecting withdrawals pursuant to payment thereof or for

returning checks which are not accepted for payment. is

procedure is subject to Huntington National Bank’s rules

and regulations governing checking accounts. No charge will

be made for participation in the check writing withdrawal

procedure or for the clearance of any check. Investments will

continue to earn interest until the check clears.

Page 10 02/2019

(d) By mail: You may withdraw any amount from your

account at any time by submiing wrien instructions with

an authorized signature which is on le for that account. e

request should be mailed to:

STAR Ohio

PO Box 7177

Dublin, OH 43017

a. A check made payable to the account designated for

withdrawals will be mailed to the address of record,

normally on the day following receipt of withdrawal

instructions, but in no event later than three (3) business

days following receipt of withdrawal instructions in

proper form.

(e) By Online Redemption Trading by Wire or ACH:

Please call PFA at 1-800-648-STAR (7827) to request

online trading authorization. Additional information is

available at www.STAROhio.com.

Complete Withdrawals om STAR Ohio

e dollar balance in an account which may be withdrawn varies

daily due to the daily crediting of interest and the reinvestment

of such interest. Accordingly, if you wish to close out your

account, you should not specify the dollar amount, but instead

should request “withdrawal in full.” A complete withdrawal may

be accomplished by mail, wire or ACH through the procedures

described above. Your nal monthly statement will indicate the

amount of the complete withdrawal aributable to principal

and the amount paid as interest. e check writing withdrawal

procedure is not appropriate for a complete withdrawal. Prior

to eecting a complete withdrawal, if you have recently used the

check writing withdrawal procedure, you should verify that all

checks have been collected to avoid the possibility that your check

may not be accepted for payment (due to insucient funds).

Withdrawal Limitation.

Twenty-four hours advance notice

to PFA, STAR Ohio’s co-administrator, is appreciated for

redemptions of $25 million or more. STAR Ohio reserves

the right to limit the transactions to $100 million per day.

Transactions in all of a participant’s accounts will be combined

for these purposes.

Investment Distributions.

Net interest income will accrue daily

and be reinvested monthly. Net interest income consists of interest

income accrued (including accreted discount and less premium

amortized) less accrued expenses. e amount of discount or

premium on portfolio investments is xed at the time of their

purchase. e investment advisor/administrator may distribute

capital gains and/or losses (if any) from portfolio transactions

over a period of time exceeding the day on which such gains and/

or losses are realized. Quotations of the annualized daily rate and

the seven-day average net yield are available at www.STAROhio.

com and by calling 1-800-648-STAR (7827).

Interest will be credited on the day of investment provided

that investments by wire transfer are received by Huntington

National Bank no later than the 1:30 P.M. fund close and that

investments by check are collected prior to such time. It is the

responsibility of the STAR Ohio participant to ensure wires are

sent to STAR Ohio with sucient time to be received prior to

the 1:30 P.M. fund close. Funds received aer 1:30 P.M. will be

returned to the sender.

Inactive Accounts.

Accounts without a balance and without

transaction activity for eighteen months may be considered

inactive. STAR Ohio will notify clients with inactive accounts

once a year of the account status. In the event the inactive

account should remain open, clients will have 30 days to provide

wrien instruction to maintain the inactive account(s). Any

accounts for which notication has not been received may be

closed. Clients will then need to submit a new application to

open an account.

STAR Ohio Voice Response System.

e automated STAR

Ohio voice response system allows participants to access

account information 24 hours a day. By calling 1-800-648-STAR

(7827), participants can obtain current balance, month-to date

income and current yield information.

STAR Ohio Website.

e STAR Ohio website is www.

STAROhio.com. You may access current account balances,

view account history, view interest earned, initiate ACH

deposit and withdrawal transactions, initiate wire withdrawal

transactions, transfer funds between STAR Ohio accounts,

view and print historical account statements and access

additional resources for public fund managers. Prior to

completing an online ACH transaction, wire withdrawal or

inter-account transfer, valid account signers must request

access by calling PFA at 1-800-648-STAR (7827).

02/2019 Page 11

Yield Information. e “current annualized yield” of STAR

Ohio may, from time to time, be quoted in reports, literature and

advertisements published by STAR Ohio. Current annualized

yield with respect to STAR Ohio is computed by averaging

the daily dividend declared by STAR Ohio during a seven

calendar day period, dividing by the average daily price per

share (normally $1.00) over the same period, and multiplying

the result by 365.

e yields quoted should not be considered a representation

of the yield of STAR Ohio in the future, since the yields are

not xed. Actual yields will depend on the type, quality, and

maturities of money market instruments held by STAR Ohio,

changes in interest rates, and actual investment results.

Services to Participants.

Conrmations of each investment

and each withdrawal of funds will be available online within two

days of the transaction. Aer the end of each month, a statement

of each account will be mailed to each participant that will show

the dividend paid and the account balance as of the statement

date. ese statements are also available on www.STAROhio.

com along with historical statements. Participants may elect to

forgo paper statements and view statements online only. Contact

Client Services at 1-800-648-STAR (7828) if you choose to turn

o paper statements. STAR Ohio will email all email addresses

on le notifying participants that online statements are available

for viewing even if they have not turned o paper statements.

Any check the participant has wrien against an account in

STAR Ohio which has been paid and cancelled during the

month will be available upon request as an image of the original

check. e option for receiving consolidated statements and/or

combined mailings of statements is also available.

STAR Ohio uses three email addresses to send information to

participants. To ensure that you receive all emails from STAR

Ohio, please add the following three emails to a “safe” list so

they are not sent to your spam folder:

• marketing@pfadm.com

• starohio@pfadm.com

• edelivery@ufs.com

Investment Advisor and Administrator.

Ohio Treasurer,

through the Investment Department, 30 East Broad Street,

9th Floor, Columbus, Ohio 43215-3461, serves as investment

advisor and administrator of STAR Ohio. e advisor manages

the investment and reinvestment of STAR Ohio’s assets

in accordance with its investment objectives and policies,

subject to the general limitations of Section 135.45, Ohio

Revised Code, and is solely responsible for decisions to buy

and sell investments of STAR Ohio. In addition, the advisor is

responsible for the overall management of the business aairs

of STAR Ohio.

Co-Administrator.

Public Funds Administrators, PO

Box 7177 Dublin, Ohio 43017 serves as co-administrator

of STAR Ohio, pursuant to an administration agreement.

Under the terms of the agreement, PFA provides the

following services: maintaining the accounts, books and

documentation of STAR Ohio; interest and net asset value

accounting and calculations; preparation and reconciliation

of general ledgers and nancial statements; coordination

with Huntington National Bank; preparing annual reports;

servicing participants; and any other services necessary for

the ecient administration of STAR Ohio.

Custodian and Transfer Agent.

Huntington National

Bank, 41 South High Street, Columbus, Ohio 43215, serves

as the custodian of STAR Ohio, pursuant to an agency

agreement. As custodian, Huntington National Bank holds

all book entry eligible securities in a separate account at

the Federal Reserve Bank of Cleveland. All other securities

are held in an account that has been approved by the State

Treasurer of Ohio. Ultimus Fund Solutions, LLC, located

at 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246,

serves as the Transfer Agent for STAR Ohio pursuant to an

agreement. As the transfer agent, Ultimus Fund Solutions,

LLC maintains the participant’s account records, distributes

interest, and produces statements with respect to account

activity for the participants.

Investment Advisor.

Meeder Investment Management, 6125

Memorial Drive, Dublin, Ohio, 43017 serves as Investment

Advisor. As investment advisor, Meeder Investment Management

provides investment recommendations, daily technical and

market analysis, and daily portfolio compliance review.

Auditors. Plante Moran, 250 High Street, Suite 100,

Columbus, Ohio, 43215 are the independent auditors of

Page 12 02/2019

STAR Ohio appointed by the Auditor of the State of Ohio.

e nancial statements of STAR Ohio have previously been

examined by Cohen & Company, and are available at www.

STAROhio.com or by calling 1-800-648-STAR (7827).

Tax Maers. Section 115(1) of the Federal Tax Code provides

that gross income does not include income that is derived

from the exercise of any essential governmental function

and accrues to a state or any political subdivision thereof.

e investment of public monies, including the proceeds of a

bond issue, to receive earnings thereon until such monies or

proceeds are spent on their proper purpose constitutes the

exercise of an essential governmental function for purposes

of Section 115(1) of the Code. Depositors in STAR Ohio

have an unrestricted right to receive in their own right their

proportionate share of STAR Ohio income as it is earned,

based on their ownership of units therein. Consequently, the

income of STAR Ohio will accrue to the depositors within the

meaning of Section 115(1) of the Code.

Based on the foregoing, the income of STAR Ohio derived

from the investment of public monies or bond proceeds

is excludable from the gross income of the depositors.

Accordingly, depositors do not need to le federal income tax

returns with respect to income derived from STAR Ohio.

Changing Authorized Ocials.

New authorization forms

and signatures should be led for each account when the

nance ocer or other authorized ocial changes. Information

and forms are available at www.STAROhio.com or by calling

PFA at 1-800-648-STAR (7827).

Audit Conrmations.

Auditors should send requests for

conrmation of account balances directly to STAR Ohio via

email to info@starohio.com, fax at 614-923-1149 or by mail to:

STAR Ohio

PO Box 7177

Dublin, Ohio 43017

Each request must include a list of the account names and

numbers for which conrmation is requested. Requests must be

signed by an authorized signer for the specied account(s).

Contacting STAR Ohio.

For information on STAR Ohio,

to place wire deposits and withdrawals, to request forms

and checks, to inquire about current account status, website

information or to contact the STAR Ohio co-administrator,

please email info@starohio.com, call 1-800-648-STAR

(7827), or fax 614-923-1149. Any trade instructions that

originate by fax or email require a live telephone follow-up

before the instruction becomes eective.

Mailing Address: STAR Ohio

PO Box 7177

Dublin, OH 43017

Email: info@STAROhio.com

Fax: 1-614-923-1149

Phone: 1-800-648-STAR (7827)

Normal business hours are Monday through Friday, 8:30 a.m. to

5:00 p.m. (ET).

Holiday Schedule/Early Fund Closures.

STAR Ohio will

be closed on the following holidays:

• New Year’s Day

• Dr. Martin Luther King, Jr. Day

• Presidents’ Day

• Memorial Day

• Independence Day

• Labor Day

• Columbus Day

• Veterans Day

• anksgiving Day

• Christmas Day

e standard STAR Ohio fund close is at 1:30 P.M. e

cuto for STAR Ohio transactions will be 1:00 P.M. on

the following days, when the bond market closes early:

• e day before Good Friday

• Good Friday

• e Friday before Memorial Day

• e day aer anksgiving

• Christmas Eve

• New Year’s Eve

02/2019 Page 13

State Treasury Asset Reserve

New Application Form

All accounts must be opened in the name of the political

subdivision or the State and executed by an officer thereof.

If you need assistance in filling out this form, representatives

are available toll-free: 1-800-648-STAR (7827)

Make all checks payable to: STAR Ohio

I. ACCOUNT REGISTRATION The account should be registered as follows:

Name of Subdivision

Title of Account

Type of Subdivision

Attention Of Fed. ID# of Subdivision

Mailing Address County

Telephone

Fax (if any)

Mail checks to: STAR Ohio

PO Box 46794

Cincinnati, OH 45246

Fax application to: 614-923-1149

Mail application to: STAR Ohio

PO Box 7177

Dublin, OH 43017

Email application to: info@starohio.com

II. WIRE REDEMPTION—See booklet for explanation. If this procedure is elected, redemption proceeds

may be sent only to the commercial bank listed below, for credit to your account. The participant hereby

authorizes STAR Ohio to honor telephonic or written instruction, without a signature guarantee, for

withdrawal requests received by STAR Ohio from the participant and believed by STAR Ohio to be

genuine. STAR Ohio’s Records of such instructions will be binding.

Please note: ABA/Routing numbers may vary depending on transaction type. Please verify information

below with your bank before submitting.

__________________________________________________________________________________________________________________________________________________

Name of Commercial Bank- ABA/Routing Number Account Number

__________________________________________________________________________________________________________________________________________________

Address of Bank City State Zip Code

ACH REDEMPTION—See booklet for explanation. If this procedure is elected, redemption proceeds

may be sent only to the commercial bank listed below, for credit to your account. The participant hereby

authorizes STAR Ohio to honor telephonic or written instruction, without a signature guarantee, for

withdrawal requests received by STAR Ohio from the participant and believed by STAR Ohio to be

genuine. STAR Ohio’s Records of such instructions will be binding.

Please note: ABA/Routing numbers may vary depending on transaction type. Please verify information

below with your bank before submitting.

__________________________________________________________________________________________________________________________________________________

Name of Commercial Bank- ABA/Routing Number Account Number

__________________________________________________________________________________________________________________________________________________

Address of Bank City State Zip Code

Check box

if desired

Check box

if desired

Page 14 02/2019

III. SIGNATURE— By the execution of this Application, the undersigned represents and warrants that the participant has

full right, power and authority, to make the investment applied for pursuant to this Application, and the person or persons,

if any, signing on behalf of the participant represent and warrant that they are duly authorized to sign this Application and

to purchase or redeem investments in STAR Ohio on behalf of the participant.

The undersigned further acknowledges that I/we have received and reviewed the Informational Booklet describing STAR

Ohio, prepared by the State Treasurer’s Office and incorporated herein by reference, and I/we have been afforded the

opportunity to discuss STAR Ohio, the Informational Booklet and this Application with Public Funds Administrators, the

Co-Administrator of STAR Ohio, and that I/we have received such advice, legal and otherwise, as I/we have deemed

necessary, to make this application and to comprehend fully the information set forth in the Informational Booklet and

this Application. The undersigned appoints Huntington National Bank as agent of the participant to receive interest and

distributions for their automatic reinvestment.

Name of Participant Subdivision

Title of Account

Date Authorized Officer of Subdivision Signature Title

I would like to receive electronic

statements only.

Check box

if desired

II. CHECK-WRITING REDEMPTION PROCEDURE—See booklet for explanation. We hereby request

Huntington National Bank to honor checks drawn by us on the account indicated above subject to

acceptance by STAR Ohio, with payment therefore to be made by withdrawing from our account without

a signature guarantee. Huntington National Bank does hereby reserve all their lawful rights for honoring

checks drawn by us and for effecting redemptions pursuant to the Check Writing Redemption Procedure.

We understand that this election does not create a checking or other bank account relationship between

ourselves and Huntington National Bank or STAR Ohio and that the relationship between us and Huntington

National Bank is that of participant-transfer agent. If the box is checked STAR Ohio will notify participants

as to the additional documentation needed to receive the Check Writing Redemption Procedure.

Check box

if desired

02/2019 Page 15

By signing this document, I understand that this is the current and most up-to-date list of all authorized signers. This form will replace

any previous documentation received regarding authorized signers for both STAR Ohio and STAR Plus. If your STAR Ohio and STAR

Plus accounts should have different signers, contact Client Services at 800-648-7827.

Name of Participant Subdivision and Title of Account:_________________________________________________

The above referenced “Authorized Persons” subscribed and sworn their

afliation with named subdivision before me on this _______ day of

___________ , 20___ in the county of ______________State of Ohio.

STAR Ohio / STAR Plus

Authorized Signers

Certification

Account #_________________________________________

_________________________________________

Federal ID# _______________________________________

Mail to: STAR Ohio Fax to: 614-923-1149

PO Box 7177

Dublin, OH 43017

Email to: info@STAROhio.com

_______________________________________________

Name of Certifying Officer of Subdivision

_______________________________________________

Signature

Title:

__________________________________________

Address: _______________________________________

Notary Public: __________________________________

My commission expires: __________________________

Effective Date:____________________

The following named persons are currently officers or other authorized signatories of the participant, and any one of them (“Authorized

Person(s)”) is/are currently authorized to act with full power to invest or redeem investments in STAR Ohio and/or STAR Plus for the

participant and to execute and deliver any instrument necessary to effectuate the authority hereby conferred:

___________________________ __________________________ ______________________ ____________________________

Name (printed) Signature Title Telephone Number

___________________________ __________________________ ______________________ ____________________________

Name (printed) Signature Title Telephone Number

___________________________ __________________________ ______________________ ____________________________

Name (printed) Signature Title Telephone Number

___________________________ __________________________ ______________________ ____________________________

Name (printed) Signature Title Telephone Number

Service Providers may, without inquiry, act only upon the instruction of ANY PERSON(S) purporting to be (an) Authorized Person(s)

as named in the Certification form last received by Service Providers. Service Providers shall not be liable for any claims expenses

(including legal fees), or losses resulting from Service Providers having acted upon any instruction reasonably believed genuine.

Online access. STAR Ohio and STAR Plus offer online access to your accounts. Users that require online access will receive separate

emails with a secure password and instructions on logging in to your accounts. The STAR Ohio username is first initial, last name in

all capital letters. The STAR Plus username is the email address provided for each user below. (Please note: Only authorized signers

can have Full Access to online accounts)Please provide the following information to obtain online access to your STAR Ohio and

STAR Plus accounts.

NOTE. Retain a copy of this document for your records. The document

is in full force and effect until another duly executed form is received by

Public Funds Administrators.

(Seal)

Full Access View Only

_______________________________ _____________________________________

Name (printed) Email

_______________________________ _____________________________________

Name (printed) Email

_______________________________ _____________________________________

Name (printed) Email

_______________________________ _____________________________________

Name (printed) Email

Full Access View Only

Page 16 02/2019

State Treasury Asset Reserve

New Trust Account Form

I. APPOINTMENT OF TRUSTEE— If you wish to authorize a bank, investment advisor, or trust company to purchase

and redeem investments in STAR Ohio on your behalf, and to receive all communications from STAR Ohio on your behalf,

complete this section. Any redemptions made by such party on your behalf will be made only to your account of record.

Such party may not change your account of record.

Name of bank or trust company: _____________________________________________________________ (“Trustee”)

Address: ___________________________________________________________________________________________

___________________________________________________________________________________________

Attention: _________________________________________________

(Name of contact person) Email Address

Telephone______________________________________ Fax (if any) __________________________________

Email Address ______________________________________________________________________________

The undersigned represents and warrants that the participant has full right, power and authority to, and hereby does,

appoint the aforementioned Trustee as its agent for purposes of purchasing and redeeming investments in STAR Ohio and

receiving all communications to the participant from STAR Ohio. The undersigned acknowledges that all communications

by STAR Ohio to the participant will be made only to the Trustee, unless STAR Ohio is otherwise advised in writing by the

participant.

____________________________________ ____________________________________

Name of Participant Address of Participant

____________________________________ ____________________________________

Contact Person at Subdivision Telephone Number of Participant

_______________ _______________________ _______________________ ___________________

Date Authorized Officer of the Subdivision Signature Title

The undersigned, being a duly authorized officer of the Trustee, hereby accepts the foregoing appointment and agrees to

promptly provide to the participant, at the address shown in Section I hereof or such other address provided in writing by

the participant, all communications from STAR Ohio received by the Trustee on behalf of the participant. The undersigned

also represents and warrants that he/she has received and reviewed the Informational Booklet.

_____________ ______________________________ ______________________________ _____________

Date Authorized Officer of the Trustee Signature Title

All accounts must be opened in the name of the political

subdivision or the State and executed by an officer thereof.

If you need assistance in filling out this form, representatives

are available toll-free: 1-800-648-STAR (7827)

Make all checks payable to: STAR Ohio

Mail checks to: STAR Ohio

PO Box 46794

Cincinnati, OH 45246

Fax form to: 614-923-1149

Mail form to: STAR Ohio

PO Box 7177

Dublin, OH 43017

Email form to: info@starohio.com

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