JobsOhio Moving Forward With Bond Sale Despite Legal Uncertainty


UPDATED: Tuesday January 8, 2013 5:09 PM

Ohio's new private job-creation entity is moving forward despite legal uncertainty with a nearly $1.2 billion bond sale intended to fund its 25-year lease of the state's liquor business.
    
JobsOhio and Republican Gov. John Kasich's administration made the joint announcement Tuesday. Proceeds of the Jan. 23 sale would go to economic development efforts.
    
JobsOhio Chief Investment Officer John Minor and Kasich's budget and commerce directors said they're confident in proceeding after Moody's and Standard and Poor's both issued favorable ratings Monday.
    
Moody's issued an "A2" rating, its sixth highest, with a developing outlook stemming from the unsettled lawsuit over JobsOhio's constitutionality. S&P rated them "AA," or very strong.
    
The liberal group ProgressOhio said the administration is disregarding a constitutional prohibition against allowing a private entity to control public money.


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