The Department has developed a direct loan and bond financing program. This program was authorized under the Ohio Revised Code, Chapter 5531, for the purpose of developing transportation facilities throughout Ohio. 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.
Entitled the Ohio State Infrastructure Bank (SIB), this program was capitalized with a $40 million authorization of state general revenue runds (GRF) from the Ohio State Legislature, $10 million in state motor fuel tax funds, and $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 re-loaned 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.
ODOT will be the primary decision maker for SIB projects. Within ODOT, the SIB Loan Committee will manage the approval process.
ODOT's Division of Finance & Forecasting will promulgate the application process and will be the contact source for information on the program. The Division 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.