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:+ Read More...
Provides funding for state contributions for the cost of school buildings and related capital facilities for a system of common schools throughout the state.**
Provides grants to local governments and nonprofit organizations for the purpose of preserving green space and natural areas, development of recreational trails, and protection of farmland for agricultural production through the purchase of agricultural easements.*
Provides funding for state contributions for the cost of school buildings and related capital facilities for state-supported and state-assisted institutions of higher education.*
Highway (Capital Improvements)
Provides funding for state contributions for the cost of construction, reconstruction, or other improvements of highways, including those on the state highway system and urban extensions, those within or leading to public parks or recreations areas, and those within or leading to municipalities. The budgeted source of payment of debt service on these G.O. bonds is highway user receipts, including the motor vehicle fuel tax.***
Provides loans and grants to finance or assist in the financing of public infrastructure capital improvements of municipal corporations, counties, townships, and other government entities as designated by law.*
Provides financing for capital facilities for state and local parks and natural resources.* Coal Research and Development- Provides grants and loans for the research, development and implementation of coal technology that will encourage the use of Ohio coal.*
Provides grants for the development of sites in support of industry, commerce, distribution, and research and development by preparing those sites for immediate development by business prospects.*
Third Frontier Research and Development
Provides grants to nonprofit and for-profit entities for research and development projects in support of Ohio industry, commerce and business. Project awards focus on biosciences, advanced materials, information technology, power and propulsion, and instruments-controls-electronics.*
Provides funding for compensation to eligible persons for military service in the Persian Gulf, Afghanistan, or Iraq conflicts.
* General obligation pledge excludes both highway user receipt and net state lottery profits.
** General obligation pledge excludes highway user receipts, but includes net state lottery profits.
*** General obligation pledge includes highway user receipts, but excludes net state lottery profits.
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:+ Read More...
Administrative Building Facilities
Provides financing for capital facilities to house branches and agencies of state government, including state office buildings and facilities.
Provides financing for adult prisons and other correctional facilities (including juvenile detention facilities and community-based facilities) for state and certain local government entities.
Cultural and Sports Capital Facilities
Provides financing for grants administered by the Ohio Cultural Facilities Commission for cultural and sports capital facilities at Ohio's non-profit theaters, museums, historical sites and publicly owned professional sport venues.
Mental Health Capital Facilities
Provides financing for state and community-based capital facilities for mental health and developmental disabilities purposes.
Parks and Recreation Capital Facilities
Provides financing for capital facilities for state and local parks and recreation.
Transportation and Highway Safety Buildings
Provides financing for capital facilities housing the Ohio Department of Transportation (ODOT) and the Ohio Department of Public Safety (DPS).
Debt service on these special obligations is paid from biennial appropriations from the state general revenue fund, except that debt service on obligations issued for ODOT and DPS facilities is payable from biennial appropriations of highway user receipts, including the motor vehicle fuel tax.
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:+ Read More...
Multi-Agency Radio Communications System Project (MARCS)
MARCS is a statewide computer and communications network administered by the Department of Administrative Services that is designed to provide instant voice and data communication and supply a communications backbone to the public safety and emergency management.
Ohio Administrative Knowledge System (OAKS)
OAKS is an enterprise resource planning system and is being implemented to support the common back office operations of the state. Once complete, OAKS will have integrated the major statewide business functions, including: capital improvements, financials, fixed assets, human resources and procurement.
State Taxation Revenue and Accounting System (STARS)
STARS is an integrated tax collection and audit system administered by the Ohio Department of Taxation intended to replace the state's existing separate tax software and administration systems.
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:+ Read More...
Community Assistance Water Development Bonds
Proceeds of these bonds are used to provide low-interest financing to help communities maintain affordable water and wastewater rates.(2)
Drinking Water Assistance (State Match and Leveraged Revenue Bonds), Fresh Water Development Bonds & Pure Water Bonds
Proceeds of these bonds are deposited into the Drinking Water Assistance Fund (DWAF) which was created to assist public water systems to finance the costs of infrastructure to achieve or maintain compliance with federal Safe Drinking Water Act requirements. Eligible drinking water projects include the development and/or acquisition of potable water sources, construction and expansion of water treatment facilities, and the installation or improvement of water distribution systems.
Water Pollution Control (State Match Revenue Bonds) & Water Pollution Control (Water Quality Revenue Bonds)
Proceeds of these bonds are deposited into the Water Pollution Control Loan Fund (WPCLF) which are used to provide funding for eligible sewage and water pollution control projects including the development of sewage treatment facilities, interceptor sewers, sewage collection systems, storm sewer separation projects, municipal wastewater treatment improvements and non-point pollution control projects. The WPCLF also provides funding for eligible storm water projects.
(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.