April 2 The Ohio Turnpike Commission will sell
up to $1 billion of revenue bonds this summer, an official said
Rick Hodges, the turnpike's executive director, said the
commission will pick underwriters for the negotiated deal at its
meeting next week.
Ohio Governor John Kasich signed into law on Monday a bill
authorizing the sale of $1.5 billion of bonds backed by turnpike
revenue along with the state's two-year transportation budget.
Hodges said the remaining $500 million of bonds would be
sold in three to four years. Proceeds from the bonds will fund
transportation projects related to and within 75 miles of the
turnpike, he added.
Kasich unveiled a plan to tap excess turnpike revenue for
the bonds in December after he rejected the option of leasing
the 241-mile toll road to a private entity.
Fitch Ratings said in January that the plan was not expected
to negatively impact the turnpike's AA-rated outstanding debt.
Under the new law, the Turnpike Commission will have
expanded authority and a new name - the Ohio Turnpike and
Infrastructure Commission, effective July 1.