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Learn about Ohio Enterprise Bond Fund Program, including Recent Transactions.
The Ohio Enterprise Bond Fund (“OEBF”) was created in 1988 to promote economic development, create and retain quality jobs and assist governmental operations. The OEBF program enables non-profit and for-profit borrowers to access the national capital markets. The program is administered by the Ohio Development Services Agency and financing is provided by the Ohio Treasurer. Bonds issued through the OEBF program do not constitute a debt of the State, and neither the full faith and credit nor the taxing powers of the State are pledged to the payment of principal or interest on the bonds.
Since its inception in 1988, the Ohio Treasurer has issued 135 bonds series through the OEBF program, totaling nearly $700 million in par, and ranging in size from $650,000 to $15 million. The borrowers have included large corporations with rated debt to small, unrated corporations. No OEBF Program bonds have ever been in default.
OEBF bonds are secured by a system of pooled debt service and reserve accounts, including, as of June 30, 2020, the following:
Primary Reserves of $16,203,497
Program Reserves of $10,793,789
Total Loan Repayments pledged as additional security: $118,508,497
Ohio Constitution, Article VIII, Section 13
Ohio Revised Code, Chapter 166
Link to Ohio Development Services Agency
Borrower: OMNOVA Solutions, Inc.
Location: Beachwood, Ohio
Project Description: Acquisition of land and the construction of a new headquarters, leased on a capital lease basis from the Cleveland-Cuyahoga County Port Authority to OMNOVA Solutions.
Project Costs: $18,500,000
Date Closed: November 2013
Term: 20 years
Fixed Rate: 4.47%
Bond Par Amount: $7,000,000
Borrower: The Connor Group
Location: Miamisburg, Ohio
Project Description: Financing a portion of the costs of constructing, equipping and furnishing an approximately 39,000 square foot LEED certified office facility leased from the Dayton-Montgomery County Port Authority to the Connor Group.
Project Costs: $16,685,000
Date Closed: August 2012
Term: 15 years
Fixed Rate: 4.215%
Bond Par Amount: $8,350,000