ProgressOhio

First bond package to use federal stimulus dollars

COLUMBUS -- Ohio Treasurer Kevin L. Boyce announced today the completion of a $50 million bond sale to improve the state's logistics and distribution infrastructure, saving $2.1 million in the deal by using a federal stimulus program.

The sale marked the first time Ohio has used the Build America Bond Program in a bond deal, a move that helped the state cut down on interest costs.

The deal also was the first bond issuance under the state's $100 million Logistics and Distribution Infrastructure Program, administered by the Ohio Department of Development and created as part of the $1.57 billion Bipartisan Job Stimulus Plan passed last June by the Ohio General Assembly.

“We're pleased to have used this federal stimulus program for what it was intended -- to save money for states like Ohio and help stimulate the economy," Treasurer Boyce said. "Helping create jobs and saving taxpayer dollars are ways we can help Ohio emerge from this difficult economic environment."

The $50 million bond package will fund loans aimed at improving and expanding Ohio’s logistics and intermodal distribution centers. These funds are expected to help create 350 jobs and 270,000 construction hours in Ohio.