Allow port authorities to establish a Common Bond Fund Program
Legislative Analysis Report Allow port authorities to establish a Common Bond Fund Program
1. Primary Purpose of the Bill
This bill allows Ohio port authorities to establish and manage a Common Bond Fund Program. The program is designed to help port authorities finance their facilities and improve their credit rating when issuing bonds by pooling cash reserves and other financial tools.
Local GovernmentFinance
2. Changes to Existing Law
ORC Sec. 4582.72 Creates a new section of law that permits port authorities to set up, fund, and run a Common Bond Fund Program to finance port facilities and secure debt.
3. Key Information for Citizens
🗳️ What You Need to Know
- Port authorities can create a Common Bond Fund Program to make financing port facilities easier and more affordable.
- The program lets port authorities use cash reserves and credit enhancements to back their bonds.
- Multiple bonds or debt agreements can be secured under a single trust agreement.
- Port authorities can work together or individually to use these new financing options.
4. Entities Affected
- Port authorities
- Local governments
- Financial institutions and bond investors
- Developers and contractors of port facilities
5. Regulatory Impact & Enforcement
Agency Authority: Ohio port authorities are granted the authority to establish, operate, and fund Common Bond Fund Programs through resolutions passed by their boards of directors.
Penalties & Mandates: Not applicable
Implementation Timeline: Not applicable
6. Estimated Fiscal Impact
State Revenue Impact
Not applicable
Local Government Impact
Not applicable
Implementation Costs
Not applicable
Net Annual Fiscal Effect
Not applicable
Policy doesn’t happen in a vacuum. Meet the representatives and senators who introduced this bill and are pushing it through the chamber. Click on any sponsor to see their district, party affiliation, and what other legislation they’ve championed this session.
Primary Sponsors
Steve Wilson
District
7
Chamber
Senate
Party
Republican
Andrew O. Brenner
District
19
Chamber
Senate
Party
Republican
Co-Sponsors
Related Topics
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Status Changes
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Referred to committee
Jan 29 2025
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Documents
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