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Ohio Department of Transportation State Infrastructure Bank Annual Financial Report : Federal Fiscal Year 2009
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Ohio Department of Transportation State Infrastructure Bank Annual Financial Report : Federal Fiscal Year 2009
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    The Ohio Department of Transportation is pleased to present the Federal Fiscal Year (FFY) 2009 State Infrastructure Bank (SIB) Annual Financial Report. The portfolio of the FFY 2009 SIB had a total of nine loans totaling $9.0 million and one bond totaling $11.7 million. Since the beginning of the program, the Ohio SIB has issued 121 loans and 2 bonds totaling over $344.7 million. In addition, the SIB has created two $5 million dollar reserve funds for each bond fund established (GRF and Federal Title 23). The SIB sold bonds to fund required reserves. All repayments from the existing GRF and Title 23 loan portfolio accounts are pledged to support any borrower repayment shortfall. This pledge is followed by all cash in each respective account, with the reserves being accessed last. The covenants of each program include that these reserves be maintained for any outstanding bonds. The Federal Title XXIII Transportation Infrastructure Bond Fund was established on July 30, 2008. Similar to the State Transportation Infrastructure Bond Fund (GRF), the bonds are issued on behalf of eligible Ohio political subdivisions. The program received an AA rating from Fitch. This bond program is for projects that are classified as Title XXIII eligible. This report contains a financial statement of the SIB and loan summaries for loans that closed during the federal fiscal year (October 2008- September 2009). The active project list contains loans that had an open encumbrance or an outstanding balance during the year. Also, there are graphs displayed in the report that reflect the types of loans issued, fund balances and a state map showing the locations of the loans issued. The Ohio SIB has been audited for State Fiscal Year 2008 by the State of Ohio Auditor’s office and complies with the Single Audit Act. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position of the Ohio State Infrastructure Bank.
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