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Learn about Ohio Transportation Bond Programs, including Recent Transactions.
The Treasurer's Office issues the State's transportation bonds for the Ohio Department of Transportation through two programs: the Highway Capital Improvement Program and the Major New State Infrastructure (GARVEE) Program.
Highway Capital Improvement Program
The Treasurer's Office issues the Highway Capital Improvement bonds for the purpose of paying the costs of construction, reconstruction, or improvements of highways throughout the State of Ohio.
The Highway Capital Improvement bonds are general obligations of the State. The full faith and credit, revenue (except for State lottery proceeds), and taxing power of the State, as well as certain fees, excises, and license taxes relating to the registration, operation, and use of vehicles on the public highways, and the fuels used for propelling those vehicles ("Highway User Receipts"), are pledged to the payment of the principal and interest on the Highway Capital Program Bonds. Payment of debt service is not dependent on the completion or operation of projects financed by the Highway Capital Improvement bonds.
The Highway Capital Improvements bonds are the highest rated bonds issued by the Treasurer's Office.
Ohio Constitution, Article VIII, Section 2m
Ohio Revised Code, Section 151.01
Ohio Revised Code, Section 151.06
Major New State Infrastructure (GARVEE) Program
The Treasurer's Office issues Grant Anticipation Revenue Vehicle (or GARVEE) bonds to finance highway construction projects that are eligible for federal funding under Title 23 of the United States Code. The debt service charges are secured by and paid from the federal transportation funds allocated to the State, subject to biennial appropriation. The State has also covenanted to use for the payment of debt service, if necessary, other State transportation moneys that have been appropriated to the Ohio Department of Transportation.
Ohio Constitution, Article VIII, Section 13
Ohio Revised Code, Section 5531.09
Ohio Revised Code, Section 5531.10
Link to the Ohio Department of Transportation
In April 2018, the Treasurer's Office issued $370 million in bonds on behalf of the Department of Transportation. These bonds fund various 24 capital road and bridge projects across 12 Ohio counties. Such projects include resurfacing and repairing parts of I-275, the Ohio Bridge Partnership Program consisting of replacing 220 structurally deficient bridges throughout Ohio, and adding one lane in both directions between IR 70 and US 33.