Port authority bond fund financing 100th project

The Toledo-Lucas County Port Authority has reached its 100th project financed through the Northwest Ohio Bond Fund, which has a national rating of “A” from S&P Global Ratings.
This project provides $8 million to support Midwest Terminals, operator of the Port of Toledo’s General Cargo Dock, to finance the construction of a liquid transloading facility at the port. Since its inception in 1988, the bond fund has provided $446 million in direct financing proceeds, which has resulted in the creation and retention of more than 8,700 jobs.
“We are very proud to announce this milestone project through the Northwest Ohio Bond Fund, and how fitting the 100th project is for our partners at Midwest Terminals,” said Thomas J. Winston, president and CEO of the Toledo-Lucas County Port Authority.
The Port Authority’s bond fund was the first municipal bond fund established in the state of Ohio and has allowed the Port Authority to finance new business and business expansion throughout the state.
Its portfolio includes global companies headquartered in the Toledo region such as Owens Corning, The Andersons, and Dana Holding Corporation. Local and regional projects include financing for Continental Real Estate Companies, Nagle Companies, Keller Logistics Group, and Toledo School for the Arts. Projects financed outside the region include the Cleveland Cavaliers’ practice facility in Independence, Dublin Bridge Park in Dublin, and The Foundry in downtown Cincinnati.
Last month, S&P Global Ratings announced an upgrade to the Port Authority’s Bond Fund rating from an “A-” to an “A” investment-grade rating with a stable outlook. Key factors contributing to the upgrade include an increased investment in the Bond Fund Reserves, the diversification of projects, and a zero percent default rate to bondholders.
In addition, the bond fund has a current reserve-to-loan ratio of 45 percent, made possible by contributions from the Ohio Manufacturers Association, JobsOhio, and Lucas County.