State Rep. Theresa Gavarone, R-Bowling Green, has 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 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.
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.
“This is a piece of legislation that will grant local governments some much needed relief,” said Gavarone. “This bill will benefit our communities by giving our governments the opportunity to access capital to finance important community projects without the burden of aggressive interest rates and fees.”
House Bill 54 will now head to the Ohio Senate for further deliberation.
