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 2016-1: City of Columbus

State SIB Series 2016-1 financed street improvements, including constructing an “S” curve on Hamilton Road, relocating a portion of State Route 161, reconfiguring the exit ramp at State Route 161, and improving the entry ramp.

The bonds were dated June 1, 2016, and construction on the financed projects was completed in November 2016.


Borrower: City of Columbus

Total Project Cost: $8,980,000

Bond Par Amount: $7,900,000

Bond Interest Rate: 2.97%

Term: 20 years

Primary Repayment Source: Limited Tax General Obligation

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State SIB Series 2014-1: Water Street Parking/Infrastructure Project

State SIB Series 2014-1 financed construction of a 480-space public parking structure for Phase I of an economic development project in the downtown Dayton riverfront area. The project included construction of the parking structure, street upgrades and new pedestrian and riverfront landscaping.

The project was completed in December 2015.


Borrower: City of Dayton

Total Project Cost: $6,040,000                               

Bond Par Amount: $3,540,000

Bond Interest Rate: 3.49%

Term: 22 years

Primary Repayment Source: Non-Tax Revenues

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Federal SIB Series 2009-1: The Banks Intermodal Parking Garage

The Banks Intermodal Transit Facility consists of a multi-level parking structure of approximately 1040 spaces linking the Cincinnati Riverfront Transit Center to the City of Cincinnati’s central business district. The bond financing is one piece of a larger project, which encompasses an area of more than 120 acres with an estimated $135 million investment.


Project Sponsor: Hamilton County                                

Total Project Cost: $29,000,000

Project Completion Date: May 2010

Date of Bond Closing: July 16, 2009

Bond Par Amount: $11,685,000

Interest Rate: 3.97%

Term: 10 years

Pledged Repayment Sources: County Sales Tax, Parking System Revenue bonds

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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.


Project Sponsor: Licking County Transportation Improvement District                                

Project Completion Date: May 2010

Date of Bond Closing: June 8, 2017

Bond Par Amount: $4,475,000

Interest Rate: 3.16%

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View Recent Transactions