$1.5B in JobsOhio bonds hit market despite lawsuit

$1.5 billion in JobsOhio bonds hit market despite legal challenge over entity's structure

Associated Press

COLUMBUS, Ohio (AP) -- The sale of $1.5 billion in bonds to fund Ohio's private job-creation entity has moved forward despite an unresolved legal challenge.

JobsOhio bonds, backed by state liquor proceeds, went on sale Tuesday in two separate but related offerings.

An official circular posted on the Municipal Securities Rulemaking Board's website Friday says more than $1.1 billion are taxable revenue bonds while the other $400 million are tax-exempt.

Interest rates range from 0.87 percent to 5 percent, and the bonds mature between 2015 and 2023.

The liberal group ProgressOhio and two Democratic state lawmakers have alleged that JobsOhio's structure is unconstitutional. The Ohio Supreme Court is determining their standing to sue.

Gov. John Kasich accused opponents this week of using the suit to hurt Ohio's economy for political gain.

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