COLUMBUS—State Representative Craig S. Riedel (R-Defiance) yesterday announced the Ohio House’s passage of legislation that would create a state bond bank to be administered by the office of the State Treasurer.
House Bill 54, sponsored by Reps. Bill Blessing (R-Colerain Township) and Theresa Gavarone (R-Bowling Green), authorizes the Treasurer of State to issue loans to qualifying entities for the purpose of making permanent improvements, meaning any property or asset with an estimated period of usefulness of five years or more. All funds, transactions, and accounts for this purpose would be facilitated through the State Bond Bank and the State Bond Bank Trust Fund.
“House Bill 54 offers local government entities the opportunity to acquire funding for permanent improvements,” said Rep. Riedel. “This common sense approach lowers borrowing costs that benefits all citizen taxpayers.”
Under the legislation, local governments would be able to secure loans from the bank, although the program is optional. With this resource, local governments would have better access to bond funding and lower administrative costs for such a purpose.
House Bill 54 will now head to the Ohio Senate for further deliberation.