Just days after the Ohio Supreme Court agreed to hear the JobsOhio case (see our January 25, 2013, blog post for more information), the State of Ohio and JobsOhio moved forward with its plan to sell bonds to finance a 25-year lease of the state’s liquor distribution system, The Bond Buyer reported. “Ohio on Monday and Tuesday priced $1.56 billion of liquor-profit backed bonds,” of which $410 million was tax-exempt revenue bonds and $1.1 billion was in taxable bonds. “The agency (JobsOhio) will give $1.43 billion of the proceeds to the state as a cash payment for the lease and to defease outstanding liquor-backed bonds. Another $5 million will be used for capitalized interest and $9.2 million for issuance costs. The private, non-profit group will use the remaining $125 million to fund economic development projects across the state,” the article said. Moreover, the lease is “in addition to an estimated $100 million annually from liquor sales,” JobsOhio will receive as a result of this transaction an article in Columbus Business First reported. For more, read the full story.
Despite pending litigation, JobsOhio moved forward with its bond sale, expects to clear $125 million from liquor bond sale
