JobsOhio partners with six port authorities to boost bond capacity with $50 million

JobsOhio recently announced it “has partnered with six qualified Ohio Port Authorities that sponsor five regional investment-grade bond funds to establish $50 million in additional debt service reserves,” PRNewsWire reports. The bond funds are sponsored by The Columbus-Franklin County Finance Authority, the Cleveland-Cuyahoga County Port Authority, the Port of Greater Cincinnati Development Authority and Dayton-Montgomery Port Authority, the Toledo-Lucas County Port Authority, and the Development Finance Authority of Summit County, according to the article. The $50 million “is a contractual commitment, requiring payment only in the unlikely case a bond enters default.” Laura Brunner, President and CEO of the Port of Greater Cincinnati Development Authority, said expanding the capacity of the port’s bond fund “makes it possible to finance more, much needed economic development projects that create jobs,” improve real estate, and promote private investment. For more, read the full article.

Economic Development, Project Finance, State Updates