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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 136 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, 2021, the following:
Primary Reserves of $15,300,858
Program Reserves of $10,880,512
Total Loan Repayments pledged as additional security: $201.836,559
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
The Ohio Department of Development and Ohio Treasurer of State worked to secure a taxable governmental bond through the Ohio Enterprise Bond Fund loan program in the amount of $15 million in support of White Castle Distributing, LLC’s project in Vandalia, Ohio. The borrower will invest a total of $29,940,000 for the expansion of the existing Vandalia facility by adding a 75,000 – 100,000 sq. ft. building to house machinery and equipment for two new production lines for frozen food. The cost of the building is expected to be $19,171,220 and the cost of the new machinery and equipment is expected to be $10,866,256. The project will create 30 new full-time jobs with a payroll of $900,000, and retain 162 jobs with a payroll of $6,200,000 at the Vandalia location by December 31, 2023.