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Government & Politics

Record Low Financing Rate Will Save Ohio Money

photo of cash
SHUTTERSTOCK
Ohio received a 20-year financing rate of 2.35%.

Ohio is getting a great deal when it borrows money these days. The Office of Budget and Management reports the state 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 said 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 said.

Murnieks said 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.