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Types of State Bonds Offered:

 

 

General Obligation Bonds

General Obligation (G.O) bonds are backed by the full faith and credit, revenue and taxing power of the state, except that (i) state highway user receipts which may be used only for highway purposes and (ii) net state lottery proceeds which may be used only for primary and secondary education. The Ohio Public Facilities Commission and the Treasurer of state issue G.O. bonds on behalf of the state of Ohio for the following purposes:

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Special Obligation Bonds

Special obligation bonds are secured by lease-rental payments that are subject to biennial appropriations from the state's operating budgets. Special obligation bonds are not secured by a pledge of the state's full faith and credit, and bondholders have no right to have taxes or excises levied by the General Assembly for the payment of debt service. The Treasurer of State issues special obligation debt on behalf of the state of Ohio for the following purposes:

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Certificates of Participation (COPs)

Certificates of participation in lease-purchase agreements entered into by state agencies are also used to finance capital improvements or equipment. The payments under the lease agreement serve as the source of payment of the COPs and are subject to biennial appropriation. Holders of the COPs have no right to have taxes or excises levied by the General Assembly for the payment of debt service. COPs have been issued in connection with leases entered into by the Ohio Department of Administrative Services to finance the acquisition and installation of the following information technology systems:

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Revenue Obligations Payable from Federal Title 23 Highway Funds

The Treasurer of State also issues Major New State Infrastructure Project Revenue Bonds (also known as Grant Anticipation Revenue Vehicles or GARVEEs) to fund selected highway construction projects that have been approved by the U.S. Department of Transportation. The debt service charges on these bonds are secured by and payable primarily from Federal Title 23 Highway Funds received and to be received by the state, subject to biennial appropriations by the General Assembly.

 

Ohio Turnpike and Infrastructure Commission Revenue Obligations

The Ohio Turnpike and Infrastructure (OTIC) operates the Ohio Turnpike System, a modern, limited access highway which travels 241 miles across the northern part of Ohio. The OTIC issues turnpike revenue bonds to pay costs of construction, renovation and replacement of the roadway, interchanges, bridges, service plazas, tollbooths and other improvements to the system. These bonds are secured and payable from tolls charged for use of the system and certain other revenues.

 

Ohio Housing Finance Agency Residential Mortgage Revenue Bonds

The Ohio Housing Finance Agency (OHFA) issues single family residential mortgage revenue bonds to provide affordable housing opportunities for certain first-time Ohio homebuyers. These bonds are secured and payable from loan repayments made by the borrowers.(1)

 

Ohio Water Development Authority Program Revenue Bonds

The Ohio Water Development Authority (OWDA) issues bonds to provide loans for local government environmental infrastructure. These bonds are primarily secured by and payable from loan repayments made by the local government recipients of those loans. OWDA bond programs include:

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(1) OHFA also issues multi-family housing revenue bonds to provide lower-cost debt financing for multi-family rental housing, the security for the repayment of which is project specific and is not addressed on this Web site.

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