Ohio

CHICAGO — The Columbus Franklin County Finance Authority today will price $158 million of taxable research and development bonds as part of Ohio’s high-profile effort to invest venture capital in young, technology-based companies.

CHICAGO — Ohio today and tomorrow will price $215 million of double-A rated Garvee bonds.

CHICAGO — Moody’s Investors Service this week downgraded Toledo, Ohio, warning that falling income tax revenue has led to repeated general fund shortfalls despite attempts to stabilize financial operations.

CHICAGO — Ohio will issue up to $700 million of new-money general obligation bonds over the next four years to finance a jobs program after voters approved the measure in Tuesday’s primary election.

Ohio voters will decide tomorrow whether to allow the state to issue $700 million of general obligation bonds over the next four years to finance a technology jobs program.

Pittsburgh-based PNC Capital Markets Inc. has opened a new public finance office in Cincinnati as part of the firm’s strategic expansion.

Summa Health System, one of the largest health care providers in Ohio, is set to enter the market Tuesday with $175 million of new-money bonds.

Catholic Healthcare Partners of Ohio, one of the country's largest nonprofit health-care systems, on Wednesday will begin selling $450 million of fixed-rate debt, followed by $230 million of variable-rate debt early next month.

Ohio next week will price $170 million of taxable Build America Bonds that feature the state's highest credit rating to finance improvement projects.

CHICAGO — The ­Bloom-Carroll Local School District in Ohio last week completed one of the first negotiated sales of qualified school construction bonds to take advantage of the new direct-subsidy payment option for issuers.

CHICAGO — The police union in ­Toledo yesterday lost a bid for a temporary restraining order against the city following the approval of a fiscal 2010 budget that amends union contracts to help close a $48 million deficit and avoid a takeover by Ohio.

Triple-A rated Columbus, Ohio, saved around $23 million over 20 years by issuing $192 million of Build America Bonds instead of traditional tax-exempt debt last November, the city’s longtime auditor estimated.

Fitch Ratings this week revised its outlook to negative and affirmed its BBB-plus rating on general obligation debt issued by the Cleveland Municipal School District. The action affects $150.3 million of GOs issued in 2002 and 2004.

CHICAGO — The Ohio Building Authority today will price approximately $80 million of revenue bonds in a deal that includes traditional tax-exempt debt and taxable Build America Bonds.

CHICAGO — Moody’s Investors Service yesterday downgraded and assigned a negative outlook to all of Cleveland’s outstanding debt, warning that a weak economy continues to pressure the city’s fiscal position.

CHICAGO — Moody’s Investors Service Friday revised its outlook to negative from stable on Cincinnati’s general obligation debt as the city faces declining income tax revenue, which makes up nearly two-thirds of its general fund.

Toledo Mayor Mike Bell last week said he decided not ask voters to increase the city’s income tax but will support a proposal giving it greater flexibility in how it spends part of the revenue.

Standard & Poor’s last week awarded a three-notch upgrade to the Lake Michigan Shoreline Water and Sewage Treatment Authority based on the strengthened credit quality of two of its members.

Ohio will sell $146 million of general obligation bonds Monday in a transaction that includes $120 million of new-money taxable Build America Bonds and just under $26 million of fixed-rate tax-exempt refunding bonds.

Moody's Investors Service assigned a negative outlook last week to the Greater Cleveland Regional Transit Authority's outstanding limited-tax general obligation debt, saying it faces a number of economic and fiscal challenges, including depleted reserves and a steep decline in its main revenue source.