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Last updated 12:30PM ET
July 20, 2018
WOUB Local News
WOUB Local News
Borrowing money
(WOUB) - A state panel says Ohio's agency for
school construction must borrow $150 million over the next six weeks.

The funds will fill a gap created by the end of a bond program and the start of a new funding source.

State budget Director Pari Sabety says the Ohio School Facilities Commission, which matches local shares of school construction costs, will need to borrow money from other funding sources within the state budget.

Bonds that currently fund school construction will not be renewed in anticipation of Ohio's sale to investors of future payments from a 1998 settlement with tobacco companies.

The result is a 1 -month gap that must be filled.

The sale of future tobacco payments, expected in November, is
expected to generate about $5 billion.
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