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Learn about Ohio Public Facilities Commission, including Featured News.
The Ohio Public Facilities Commission (OPFC) issues general obligation bonds for common schools, higher education, natural resources, coal research and development, conservation projects, local infrastructure improvements, Third Frontier research and development, job-ready site development, and veterans' compensation. Each of these currently authorized programs is described below.
Common Schools - A 1999 constitutional amendment authorizes general obligation debt to be issued to pay the costs of capital facilities for a system of common public schools throughout the state. There is no constitutional limit on the amount of debt that can be outstanding at any time. The full faith and credit, revenue (including net state lottery proceeds, if pledged) and taxing power (excluding highway user receipts) of the state are pledged to retire this debt.
Higher Education - A 1999 constitutional amendment authorizes general obligation debt to be issued to pay the cost of capital facilities for state-supported and state-assisted institutions of higher education. There is no constitutional limit on the amount of debt that can be outstanding at any time. The full faith and credit, revenue (including net state lottery proceeds, if pledged) and taxing power (excluding highway user receipts) of the state are pledged to retire this debt.
Natural Resources - A 1993 constitutional amendment authorizes $200 million of general obligation debt to be issued to finance capital facilities for parks and natural resources improvements. Additional debt may be issued as outstanding debt is retired, provided that no more than $200 million is outstanding at any time. Not more than $50 million may be issued in any fiscal year. The full faith and credit, revenue (excluding net state lottery proceeds), and taxing power (excluding highway user receipts) of the state are pledged to retire this debt.
Coal Research and Development - A 1985 constitutional amendment authorizes $100 million of general obligation debt to be issued to finance grants, loans, or loan guarantees for research and development of coal technology that will encourage the use of Ohio coal. Funding is available to any individual, association, or corporation doing business, or to any educational or scientific institution located in the state. Additional debt may be issued as outstanding debt is retired, provided that not more than $100 million is outstanding at any time.
Conservation - Constitutional amendments in 2008 and 2000 authorize $400 million of general obligation debt to be issued to finance preservation of green space, development of recreational trails and protection of farmland, all through partnerships with local governments. Not more than $50 million may be issued in any fiscal year. Additional debt may be issued as outstanding debt is retired, provided that not more than $400 million is outstanding at any time.
Infrastructure Improvements - A 2014 constitutional amendment authorizes $1.875 billion of general obligation debt as a 10-year extension of this program to finance public infrastructure capital improvements of municipal corporations, counties, townships, and other local government entities, with an annual issuance limit of $175 million in the first five years increasing to $200 million in the second five-years. This extension followed a prior 10-year extension passed in 2005 which authorized an additional $1.35 billion of general obligation debt. Additionally, there were two prior debt authorizations for this purpose (passed in 1985 and 1995) that each authorized $1.2 billion in debt.
Job-Ready Site Development - A 2005 constitutional amendment authorizes the issuance of $150 million of general obligation debt for the development of sites for industry, commerce, distribution, and research and development. Not more than $30 million was permitted to be issued in each of the first three fiscal years and not more than $15 million in any other fiscal year.
Third Frontier Research and Development - Constitutional amendments in 2010 and 2005 authorize the issuance of $1.2 billion of general obligation debt in support of Ohio industry, commerce and business. No more than $450 million total may be issued in state fiscal years 2006 through 2011, no more than $225 million in fiscal year 2012 and no more than $175 million in any fiscal year thereafter.
Veterans' Compensation - A 2009 constitutional amendment authorized the issuance of state general obligation debt to provide compensation to persons who have served in active duty in the United States armed forces at any time during the Persian Gulf, Afghanistan, and Iraq conflicts. Not more than $200 million may be issued and no obligations may be issued later than December 31, 2013.
Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced that the Ohio Public Facilities Commission (OPFC) in partnership with OBM’s Capital Markets Team completed the sale of $597 million of Common Schools and Higher Education bonds.
The sale supports capital projects at K-12 schools, colleges and universities around Ohio. The transaction included a $148 million refinancing of debt issued in 2011 and 2013 and will produce $46 million of cash flow savings between fiscal years 2021 and 2033.
The sale priced with an all-in-interest rate of 2.02% and the State achieved attractive pricing as a result of its strong credit ratings (AA+/Aa1/AA+), sizable investor demand generating 5 times more orders than supply, and a low rate environment.
Bank of America Securities served as senior managing underwriter with Loop Capital Markets serving as co-senior manager. Acacia Financial Group, Inc provided Financial Advisory services.
“This spring deal accelerates our year of recovery, which allows for additional support to Ohio’s communities and economy. On behalf of Governor Mike DeWine, OPFC, and OBM, we have achieved measurable results in the marketplace,” said OBM Director Kimberly Murnieks.
Governor DeWine serves as Chairperson of the OPFC while the OBM Director serves as Secretary. Additional members include representatives from the Treasurer of State, Auditor of State, Secretary of State, and Attorney General.
Ohio Achieves $363.6 Million in Cash Flow Savings for Fiscal Year 2021
(COLUMBUS, Ohio) – Ohio Office of Budget and Management (OBM) Director Kimberly Murnieks announced today that the Ohio Public Facilities Commission (OPFC) closed the sale of State of Ohio General Obligation debt in a remarkable transaction that achieved hundreds of millions of savings and was led by a minority-owned firm.
Loop Capital Markets served as senior managing underwriter on the Ohio Public Facilities Commission $780 million refunding transaction. Acacia Financial Group, a certified Women’s Business Enterprise by the Women’s Business Enterprise Council, served as Financial Advisor. Morgan Stanley & Co served as co-senior underwriter. Additional syndicate members included BofA Securities, Citigroup, Huntington Securities, Inc., J.P. Morgan, and KeyBanc Capital Markets Inc.
This historic collaboration of public and private sector partners produced $363.6 million in cash flow savings for fiscal year 2021 at an extremely advantageous interest rate of 1.54%, which is among the lowest rate of OPFC debt issued to date. The sale was also the largest conducted with a minority-owned underwriting firm and with a women’s business enterprise.
“This global COVID-19 pandemic continues to impact our communities and economy. However, on behalf of Governor Mike DeWine, OPFC, and OBM, we have secured a notable success in the marketplace. We are particularly proud to report that a minorityowned business enterprise led part of this achievement,” said OBM Director Kimberly Murnieks.
Governor DeWine serves as Chairperson of the OPFC while the OBM Director serves as secretary. Additional members include representatives from the Treasurer of State, Auditor of State, Secretary of State, and Attorney General’s Office.
Refinancing of Veterans Bonds Generates Savings for Ohio Taxpayers
Ohio Office of Budget and Management and Ohio Public Facilities Commission announce $2.0 million in savings
(COLUMBUS, Ohio) – The Office of Budget and Management announced today that it has completed a $25 million refunding of outstanding debt related to the Veterans Compensation Bonds issued in 2010 and 2011. The refunding, prompted by current favorable levels of interest rates, saves Ohio taxpayers $2 million and lowers the cost of borrowing to 1.83% from 4.59%.
“Similar to how thousands of Ohioans take advantage of lower interest rates to refinance their homes, the state of Ohio refunds bonds to lower its payments. The Office of Budget and Management is always looking for ways to reduce the state’s future debt service obligations for taxpayers.” Director Kim Murnieks_._
The Bonds, formally issued by the Ohio Public Facilities Commission, were authorized by voters in 2009 to make payments to eligible military veterans or to their surviving immediate family. In the past, such payments have been made to those who served in Operation Desert Storm and Iraq, and eligibility continues for those who serve in Afghanistan.
The Department of Veterans Services oversees the program. Interested individuals are encouraged to visit www.veteransbonus.ohio.gov for more information.