Swearingen Announces House Bill 440 was Signed into Law

COLUMBUS - State Representative DJ Swearingen (R-Huron) and State Representative Andrea White (R-Kettering) announce House Bill 440, legislation responsible for the Ag-Link Deposit Program was signed into law today by Governor Mike DeWine.

“This is common-sense legislation that will support or farmers, lower the financial burden on our hospitals and will work to reduce the costs for borrowing by public universities,” said Swearingen.  

Representative Swearingen and White spearheaded this legislation along with the help of State Treasurer Robert Sprague to support Ohio’s ever so important agriculture community, intuitions of higher education and health systems. 

The program opened on Monday, February 14, 2022, and will provide a 0.5% interest rate reduction on agriculture business operation loans at eligible banks, credit unions, and farm credit lenders. 

The bill will allow the State Treasury to step in as a hospital’s liquidity provider so the hospital system can use its Variable Rate Demand Obligation to finance capital improvement projects. In return, the hospital will save money on their loan repayment.  

“Ohio is a state with its economy deeply rooted in Agriculture, this legislation will go a long way in helping Ohioans save money while also ensuring our state's investment dollars are working for our citizens not against them,” added Swearingen.