Ohio Department of Transportation State Infrastructure Bank Annual Financial Report : Federal Fiscal Year 2008
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Ohio Department of Transportation State Infrastructure Bank Annual Financial Report : Federal Fiscal Year 2008

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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


      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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