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Ohio plans $170.32 million refunding bonds for Ohio Building Authority
By Sheri Kasprzak
New York, Aug. 26 - The State of Ohio is expected to bring to market $170.32 million in series 2009 state facilities refunding bonds for the Ohio Building Authority, said a preliminary official statement.
The bonds (Aa3/AA/AA-) will be sold on a negotiated basis with RBC Capital Markets Corp. as the senior manager. The co-managers are M.R. Beal & Co. Inc., Edward Jones & Co., Fidelity Capital Markets Inc., Merrill Lynch & Co. Inc., Rice Financial Products Co. and Wachovia Bank, N.A.
The sale includes $82.03 million in series 2009B administrative building fund projects bonds, $72.205 million in series 2009B adult correctional building fund bonds and $16.085 million in series 2009B juvenile correction building fund bonds.
The administrative building bonds are due 2010 to 2024. The adult correctional building bonds are due 2010 to 2024 and the juvenile correction building bonds are due 2013 to 2024.
Proceeds from the administrative building bonds will be used to refund bonds issued to construct the state Department of Administrative Services' capital facilities, including facilities for the adjutant general, Department of Aging, Department of Agriculture, attorney general, the Capitol Square Review and Department of Commerce.
The proceeds from the adult correction building bonds will be used to refund bonds issued to construct a new prison and various improvements to existing correctional facilities. The proceeds from the juvenile correction building bonds will be used to refund bonds issued to construct facilities for the Department of Youth Services, including a new juvenile correctional building.
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