Ohio is getting a great deal when it borrows money. The Office of Budget and Management reports the state just received the lowest rate on financing on record.
When Ohio issued $300 million dollars in bonds to finance school construction, Budget and Management Director Kim Murnieks says the state received a 20-year financing rate of 2.35% - its lowest ever.
“Well, Ohio has a stable credit rating and we are seen as a good investment and here in Ohio, I think we have a reputation for always paying our debts," Murnieks says.
Murnieks says the lower interest rate means the state will have more money to spend on other things. Interest rates in the bond market are near their lowest points in recent history.
