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OHIO RAIL

DEVELOPMENT COMMISSION

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FOR IMMEDIATE RELEASE Contact: Stu Nicholson

Date: July 8, 2004 (614)644-0513

ORDC Moves to Refinance

Panhandle Line

(Columbus) – The Ohio Rail Development Commission today approved a resolution authorizing the issuance of rail service revenue bonds for an amount not to exceed $6,000,000 at no more than 5 ½ percent for the purpose of refinancing the state-owned “Panhandle Line”.

“No additional debt is being taken on and the bonds will be paid off in 2012, the same term as the original 1992 issuance, when The State of Ohio purchased the Panhandle Line from the former Conrail”, says ORDC Executive Director James Seney.

The original purchase was made when it appeared the rail line, which runs from Columbus east to the Ohio River, might be abandoned and adversely affect both shippers and the economy of communities along the line. The Coshocton-based Ohio Central Railroad currently operates the line. The CSX railroad (a successor to Conrail) also has trackage rights and a financial interest in the line.

This refinancing is not related to the possible sale of the Panhandle Line, which is currently under study by ORDC staff.

(The Ohio Rail Development Commission is an independent agency operating within the Ohio Department of Transportation. ORDC is responsible for economic development through the improvement and expansion of passenger and freight rail service, railroad grade crossing safety and rail travel & tourism issues. For more information about what ORDC does for Ohio, visit our website at http://www.dot.state.oh.us/ohiorail/ )