Program Background and Objective
As a result of ACCESS OHIO, the Ohio Department of Transportation's long-range, statewide
multi-modal transportation plan, the Department has developed a direct loan and bond
financing program. This program was authorized under the Ohio Revised Code, Chapter 5501,
for the purpose of developing transportation facilities throughout Ohio.
Entitled the Ohio State Infrastructure Bank (SIB), this program was capitalized with a $40
million authorization from the Ohio State Legislature and also approximately
$87 million in Federal Title XXIII Highway Funds. Any highway or transit project
eligible under Title XXIII, as well as aviation, rail and other intermodal
transportation facilities, is eligible for direct loan funding under the
SIB.
ODOT's objective is to maximize the use of Federal and State funds in order to make direct
loans to eligible projects. Repayments from these loans will be made to ODOT and then
reloaned to subsequent projects, hence creating a SIB revolving loan program. The SIB
revolving loan program will enhance the number of transportation projects that can be
completed within the State that otherwise would not have been considered for traditional
grant funds in the past or are not ranked on the State Transportation Improvement Program
(STIP).
Goal Statement
Ohio has established the mission of the State Infrastructure Bank as follows:
The State Infrastructure Bank (SIB) shall be used as a method of funding highway,
rail, transit, intermodal, and other transportation facilities and projects which produce
revenue to amortize debt while contributing to the connectivity of Ohio's transportation
system and further the goals such as corridor completion, economic development,
competitiveness in a global economy, and quality of life.
Administration
ODOT will be the primary decision maker for SIB projects.
Within ODOT, the SIB Loan Committee will manage the approval process.
ODOT's Office of Finance & Forecasting will promulgate the application process and will be
the contact source for information on the program. The Office of Finance &
Forecasting will
receive applications, review, and make recommendations to the SIB Loan Committee.
ODOT will administer the loans and bonds using prudent financial guidelines and policies
related to the desirability, timing, and relative risk of the project. ODOT does not
intend to undertake projects which are of limited public use or could be funded in full by
private financial institutions.
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