Ohio Treasurer J. Kenneth Blackwell said last week that four firms will underwrite a $68.64 million school revenue bond issue to be secured partly with lottery profits.
A total of $10 million of the state's annual lottery profits will be pledged to debt service on the bonds, said James Summers, the state's director of investments.
Kemper Securities Inc. will be senior manager for the issue, which is scheduled to be sold on June 24. Co-managers are Banc One Capital Corp., Chase Global Securities Inc., and The Ohio Company.
Bond counsel will be Arter & Hadden.
The state plans to seek a rating on the issue from Standard & Poor's Corp. and possibly from Moody's Investors Service, Summers said. The state is also considering insuring the bonds, he said.
The issue culminates efforts by the treasury, legislature, and state department of education to finance capital improvements for distressed school districts.
The program, to be administered by the department of education, will allow qualified school districts to receive loans or grants.
