In accordance with Sections 4582.15 and 135.09 of the Ohio Revised Code (“R.C.”), the Port Authority is required to designate a public depository(ies) for deposits of interim moneys during the Period of Designation. Interim moneys will be deposited at times and in amounts in the discretion of the Fiscal Officer. The Investment Policy of the Port Authority also permits investment of interim public moneys by the treasurer or Fiscal Officer in the StarOhio Fund held by the Ohio Treasurer of State. Additionally, the Port Authority will be seeking qualified financial institutions (“Banks”) with investment-grade credit ratings and the capacity to provide a $12 million Program Reserve Letter of Credit (“LC”) that will be used to enhance the Port Authority’s Bond Fund Program. The term of the LC is negotiable, but is expected to be 3 years, with a provision for it to be drawn upon if a replacement LC cannot be found.
