CHICAGO — Ohio has reached an agreement to privatize its lucrative liquor distribution system for $1.4 billion through a newly created private nonprofit entity that will use the revenue for economic development.

The nonprofit, JobsOhio, will issue up to $1.5 billion of bonds to finance the 25-year deal. The bond sale is expected within the first quarter. JobsOhio officials said they had already assembled a finance team to bring the bonds to market, but declined to name the firms.

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