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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      NTL-PLANNING AND POLICY-PLANNING AND POLICY ; NTL-ECONOMICS AND FINANCE-ECONOMICS AND FINANCE ;
    • Abstract:
      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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