About

Learn about State Infrastructure Bank Programs, including Recent Transactions.

State SIB Bond Rating
AA+
Federal SIB Bond Rating
AA
Outstanding SIB Bonds as of June 30, 2018
$41,465,000

About State Infrastructure Bank Programs

The Treasurer's Office serves as the issuer for the State's two infrastructure banks: the Ohio GRF State Infrastructure Bank Program (the “State SIB Program”) and the Federal Title XXIII State Infrastructure Bank Program (the “Federal SIB Program”). The SIB Programs enable Ohio political subdivisions to benefit from the State’s access to the national capital markets and provide them with long-term, credit-enhanced, fixed rate financing. 

Between the two programs, the Treasurer’s office has issued eleven series of bonds, totaling nearly $68.7 million and ranging in size from $3 million to $30 million.  No State SIB or Federal SIB bonds have ever been in default.


State SIB Program

The State SIB Program was created to promote the development of roadway, rail, aviation, water, intermodal, transit and other transportation facilities in the State of Ohio.  

The State SIB Program was capitalized with a $40 million authorization of state general revenue funds from the Ohio State Legislature. These monies are used to finance a revolving loan fund administered by the Ohio Department of Transportation, the repayments of which are pledged as additional support for the State SIB bonds. Neither the full faith and credit nor the taxing powers of the State are pledged to the payment of principal or interest on the State SIB Bonds.

Features
State SIB bonds are secured by a system of pooled debt service and reserve accounts, including, as of June 30, 2018, the following:

  • Encumbered cash of $3,333,182
  • Unencumbered cash of  $9,590,557
  • Scheduled GRF Loan Repayments of $37,443,341 over years 2018 through 2044
  • Cash Program Reserve of $5,134,460

Authority
Ohio Constitution, Article VIII, Section 13
Ohio Revised Code, Chapter 5531.09
Ohio Revised Code, Chapter 5531.10


Federal SIB Program

The Federal SIB Program was created to promote the development of eligible Title XXIII projects, which include State and Federal roadway and transit projects.

The Federal SIB Program was capitalized with $87 million of the State’s apportionment of Title XXIII funds. These monies are used to finance a revolving loan fund administered by the Ohio Department of Transportation, the repayments of which are pledged as additional support for the Federal SIB bonds. Neither the full faith and credit nor the taxing powers of the State are pledged to the payment of principal or interest on the special obligations.

Features

Federal SIB bonds are secured by a system of pooled debt service and reserve accounts, including, as of June 30, 2018, the following:

  • Encumbered cash of $25,368,740
  • Unencumbered cash of  $57,312,058
  • Scheduled Federal Title XXIII Loan Repayments of $103,797,290 over years 2018 through 2039
  • Cash Program Reserve of $5,151,755

Authority

Ohio Constitution, Article VIII, Section 13
Ohio Revised Code, Chapter 5531.09
Ohio Revised Code, Chapter 5531.10


Link to Ohio Department of Transportation's SIB Website
http://www.dot.state.oh.us/Divisions/Finance/Pages/StateInfrastructureBank.aspx

Recent Transactions

State SIB Series 2019-2: Toledo-Lucas County Port Authority

In April 2019, the Treasurer’s Office assisted with the issuance of $5,225,000 in bonds on behalf of the Toledo-Lucas County Port Authority. State SIB Series 2019-2 partially financed certain public improvements to the Port Authority’s Seaport facilities located in Toledo, Ohio. Public improvements include replacing 6,000 LF of existing 8” waterline and 1,800 LF of 12” waterline and associated hydrants and service connections that were installed in the 1960’s which have exceeded its useful life. The proposed public improvements would also include the construction of two 48,000 square feet buildings located in the Port Authority’s Foreign Trade Zone (FTZ) to replace an existing 1960’s era, 60,000 SF, FTZ building that has exceeded its useful life and is deteriorated beyond repair. These multi-modal facilities are used to temporarily store products that arrive primarily by ship and are stored duty free until they are shipped out by truck or rail.

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State SIB Series 2019-1: Port of Greater Cincinnati Development Authority

In March 2019, the Treasurer’s Office assisted with the issuance of $15,245,000 in bonds on behalf of the Port of Greater Cincinnati Development Authority. State SIB Series 2019-1 assisted in financing the acquisition and improvement of the 605 Plum Street Garage which is a 220,000 square feet facility with 5-levels, has 890 spaces and 7,800 of retail on the street level. The strategic purchase of this and other downtown garages by the Port Authority which are adjacent to and support the Cincinnati Convention Center by the Port Authority are vital to the continued success and long-term sustainability of the convention center and related business activity in the downtown area. The Port will also simultaneously purchase a second garage known as the 609 Elm Street garage which has 680 spaces and is also adjacent to the Convention Center.

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State SIB Series 2018-1: Akron-Canton Regional Airport Authority

In August 2018, the Treasurer’s Office assisted with the issuance of $15.7 million in bonds on behalf of the Akron-Canton Regional Airport Authority. State SIB Series 2018-1 financed improvements which include the replacement of five ground-level boarding gates with four second-level boarding gates, adding approximately 45,600 SF of new space and renovation of 10,000 SF of existing space, adding passenger boarding bridges, new restrooms, a business lounge, retail space and a children’s play area, all to meet customer demands.  The airport continues to be one of the top growing airports and this project is in addition to the $100M+ investments in the early 2000’s.

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State SIB Series 2017-1: Licking County

The bonds were issued for the purpose of providing moneys to fund a loan to finance street improvements, which include the acquisition, construction, equipping, and installation of road improvements, right-of-way purchases and
issuance costs associated with the widening of State Route 310 from Interstate 70 to U.S. 40, to pay capitalized interest during construction of the Project, to fund a debt service reserve fund, and to pay certain costs of issuance of the Bonds.

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View Recent Transactions