United States Department of Transportation
i
Ohio Department of Transportation State Infrastructure Bank Annual Financial Report : Federal Fiscal Year 2008
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2008-01-01
[PDF-4.33 MB]
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Abstract:The Ohio Department of Transportation is pleased to present the Federal
Fiscal Year (FFY) 2008 State Infrastructure Bank (SIB) Annual Financial
Report.
The portfolio of the FFY 2008 SIB had a total of five loans totaling $22.1
million. Since the beginning of the program, the Ohio SIB has issued 112
loans and 1 bond totaling over $324 million.
In addition, the SIB has created two five million dollar reserve funds for
each bond fund established (GRF and 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.
A $5 million program reserve was issued. This bond program is for projects
that are classified as Title XXIII eligible. At the time of this report, two public
entities were considering utilizing the program for their projects.
This report contains a financial statement of the SIB and loan summaries
for loans that closed during the federal fiscal year (October 2007-September
2008). 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 2007 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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