(Submitted by State Rep. Theresa Gavarone)
State Rep. Theresa Gavarone, R-Bowling Green, earlier this week offered testimony in the Ohio Senate for 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 Gavarone, 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.
“Giving our local governments more options to help better their communities has been one of my priorities from day one,” said Gavarone. “I look forward to working with Chairman Oelslager and members of the Senate to ensure our local governments can fund important community projects without burdensome fees and aggressive interest rates.”
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 passed out of the House in March by a vote of 93-1 and will have its second hearing in the Finance Committee on Tuesday, Sept. 12.
