CHICAGO — As the JobsOhio Beverage System sells $1.5 billion of bonds this week to finance a long-term lease of Ohio’s liquor system, investors say a chief concern is an unsettled lawsuit challenging the privatization and lack of a back-up pledge in case of an unfavorable court ruling.

JobsOhio, a newly created private, nonprofit agency dedicated to promoting economic development across the state, is expected to price the split-rated bonds Tuesday or Wednesday. The bulk of the bonds -- $1.1 billion -- are taxable, reflecting in part the taxable structure of outstanding liquor bonds that need to be defeased. The Series A bonds, totaling $423 million, are tax-exempt.

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