State of Ohio Issuers
The State of Ohio has three primary issuers of debt for which the State is the direct obligor and debt service is paid from State revenues. These issuers are the Ohio Public Facilities Commission, the Treasurer of State and the Ohio Building Authority. The table below shows the purposes of bonds issued by each and the source of State funds used to pay debt service on those bonds.
The Ohio Public Facilities Commission
The Ohio Public Facilities Commission (OPFC) is a body corporate and politic constituting an agency and instrumentality of the State. It is comprised of six members, being the incumbents in the elective offices of Governor (Ted Strickland), Attorney General (Marc Dann), Auditor of State (Mary Taylor), Secretary of State (Jennifer Brunner), and Treasurer of State (Richard Cordray), and the OBM Director (J. Pari Sabety, appointed by the Governor with the consent of the Senate, and serving at the pleasure of the Governor). The Governor serves as the Chair, the Treasurer of State as the Treasurer and the Director of Budget and Management as the Secretary of the Commission. The current elective terms run to January 2011. Commission members may, at Commission meetings, act through their appointed designees.
The Treasurer of State
The current Treasurer of State (TOS) is Richard Cordray. In addition to the acting as issuer of the general and special obligation direct debt listed below, the Treasurer is also the issuer of other obligations backed by dedicated State non-tax revenues and is a conduit issuer for industrial development bond programs (the Ohio Department of Development Enterprise Bond Fund) and pooled school district cash flow borrowings.
The Ohio Building Authority
The Ohio Building Authority (OBA) was created in 1963 and is a body both corporate and politic constituting an agency and instrumentality of the State. The Authority consists of five members appointed by the Governor for six-year terms with the advice and consent of the Ohio Senate. In addition to serving as the issuer of the categories of obligations reflected below, OBA oversees construction and actively manages and operates facilities for the use and housing of branches and agencies of State government (other than facilities for mental hygiene and retardation, parks and recreation, cultural and sports facilities, and state supported or assisted institutions of higher education).
| SECURITY/PURPOSE | OPFC | TOS | OBA |
SOURCE OF STATE PAYMENT |
|---|---|---|---|---|
| General Obligations | ||||
| Higher Education | X | General Revenue Funds | ||
| Common Schools | X | General Revenue Funds | ||
| Coal Development | X | General Revenue Funds | ||
| Natural Resources | X | General Revenue Funds | ||
| Conservation | X | General Revenue Funds | ||
| Local Infrastructure | X | General Revenue Funds | ||
| Third Frontier Research and Development | X | General Revenue Funds | ||
| Site Development | X | General Revenue Funds | ||
| Highways | X | Highway User Receipts | ||
| Special Obligations (Lease Rental) | ||||
| Mental Health | X | General Revenue Funds | ||
| Parks and Recreation | X | General Revenue Funds | ||
| Cultural & Sports Facilities | X | General Revenue Funds | ||
| Administrative Facilities | X | General Revenue Funds | ||
| Correctional Facilities | X | General Revenue Funds | ||
| Youth Services Facilities | X | General Revenue Funds | ||
| Transportation Facilities | X | Highway User Receipts | ||
| Public Safety Facilities | X | Highway User Receipts | ||
| BWC Facilities | X | BWC Admin. Cost Fund | ||
| Other Obligations | ||||
| Economic Development | X | Net Liquor Profits | ||
| Revitalization Projects | X | Net Liquor Profits | ||
| State Highway Infrastructure (GARVEE) |
X | Federal Transportation Grants | ||
Other State Issuers
Other bond issuing authorities have been created by the State to administer programs or projects financed through the issuance of revenue bonds the debt service on which is secured by and paid from revenues or fees that are charged for the use of the facilities. Those issuers are:
- Ohio Turnpike Commission
- Higher Education Facilities Commission
- Ohio Housing Finance Agency
- Ohio Water Development Authority
- Petroleum Underground Storage Tank Release Compensation Board
So-called "conduit" bonds are also issued by certain State agencies to finance industrial or commercial projects, air and water pollution control and solid waste disposal facilities, and private higher education institutions. Debt service on these conduit obligations is payable solely from the benefited business or other non-public entity. State issuers of conduit bonds include:
- Department of Development
- Ohio Water Development Authority
- Ohio Air Quality Development Authority
Terms of Use and Disclaimers
Please read carefully before using this area of this website. Use of this area of site constitutes acknowledgment and acceptance of the following terms and conditions:
Information in this Debt Management area of the OBM website is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
You are entering web pages that contain information relating to debt management and bonds or other obligations of the State of Ohio. The purpose of this section is to provide general information about the State of Ohio and its debt management and borrowing programs. The information is provided for quick reference only and is not a summary or a compilation of information for any particular bond issue. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure within the meaning of applicable securities law with respect to any of the matters or programs addressed. Investment decisions should be made only after full review of the official statement and other relevant matters in connection with a particular bond issue.
The Ohio Office of Budget and Management (OBM) maintains the following web pages, and OBM has not undertaken nor has any obligation to update any information included on these pages. The documents available on these pages set forth information as of their respective dates and the posting of these documents or other information on these web pages does not imply that there has been no change in the affairs of the State of Ohio since the date of posting that information. Any addresses of or links to other websites which may be contained herein are given solely for the convenience of the user only. OBM has not participated in the preparation, compilation or selection of information on any other website, and assumes no responsibility or liability for the contents thereof.
