DELAWARE — A judge-approved settlement has ended a dispute between former Delaware County treasurer Don Rankey and the Delaware County Commissioners over $13.75 million in bond investments.
Visiting Judge Guy Reece approved an agreed judgment entry June 9 that resolved a lawsuit regarding three private-placement bond purchases made by Rankey in 2024, without first obtaining the review and approval required under county policy.
The Delaware County Investment Advisory Committee’s policy requires all such purchases to be reviewed and approved by the committee, according to a June 10 statement from the county.
Private-placement bonds are bonds sold directly to a specific investor rather than through a public offering.
The three investments include:
- Jennings Sports Park construction bonds — $6.8 million
- Brown Township public works facility bonds — $2.45 million
- Emergency Medical Services Station 11 bonds in Berkshire Township (shared with Sunbury, Trenton Township and Galena Fire District) — $4.5 million
According to the county’s statement, the Jennings Sports Park bonds carried a 4.96% interest rate, while the Brown Township and Station 11 bonds carried rates of roughly 4%.
Commissioners previously argued that comparable investments available at the time offered higher returns, raising concerns that the county may not have received the best possible return on taxpayer funds.
The court settlement does not address whether the investments were financially prudent, only whether they complied with the county’s approval policy.
The investments will now undergo a retroactive review by the Investment Advisory Committee (IAC). If the committee approves the investments, they will effectively be treated as if they had received approval before being purchased.
If any of the bonds are not approved, the judgment entry states that the sitting county treasurer must evaluate options that could include “holding, selling or otherwise managing the investments consistent with Ohio law and prudent investment practices.”
The agreed judgment entry also states that nothing in the settlement constitutes an admission of liability, wrongdoing or legal error by either party.
How the dispute began
The lawsuit stemmed from a policy adopted by the Delaware County Investment Advisory Committee in May 2023.
At the time, the committee consisted of Commissioners Jeff Benton and Barb Lewis, and then-Treasurer Don Rankey. They voted to approve an amendment to the committee’s policy.
“The amendment requires unanimous approval by the IAC before any private-placement bonds can be purchased,” according to a statement from the county.
“In three separate transactions in 2024, Rankey invested inactive funds of the County by purchasing private-placement bonds without first presenting the investments to the IAC for review and authorization.”
County officials stated the policy was designed to provide additional oversight for investments that can be more complex and less liquid than traditional public bonds.
Lawsuit and settlement
Still serving as treasurer, Rankey later filed a writ of mandamus against the commissioners and the Delaware County Prosecuting Attorney, in which he sought the appointment of outside counsel to challenge the committee’s policy.
“Mr. Rankey, as a member of the committee, participated in the discussion regarding the policy, moved to adopt the policy, voted in favor of the policy, and signed a copy of the policy,” the commissioners stated in 2024.
“Mr. Rankey has, on multiple occasions, failed to follow the straightforward procedure outlined in the policy and now seeks, during the remaining 10 months of his tenure in office, to force Delaware County to spend taxpayer dollars to support his attempt to evade the protections the policy provides for taxpayers’ funds.”
delaware county commissioners, 2024
On March 6, 2025, commissioners filed a lawsuit in Delaware County Court of Common Pleas seeking to enforce the policy.
“There is a process that has to be followed, and Mr. Rankey has repeatedly refused to follow it, despite voting to establish this process,” Benton said in a March 2025 statement announcing the lawsuit.
On May 7, 2025, the commissioners reached a partial settlement with Rankey.
“In exchange for the Commissioners restoring Rankey as the County’s investing authority, Rankey will not purchase private-placement bonds for the duration of his term, which expires Aug. 31, 2025,” the county stated.
This partial settlement did not address the status of the three bond purchases.
The June 9 settlement closes the remaining dispute by affirming the policy’s validity and establishing a process for reviewing the investments.
Rankey’s term as county treasurer ended Sept. 1, 2025, after he lost the March 2024 Republican primary to current Treasurer Ken O’Brien.
Most recently, Rankey ran for County Auditor in the May 5 Republican primary election and lost to incumbent George Kaitsa.
