A provision of the budget compromise approved by the Ohio legislature would force state bonding authorities to seek insurance or a letter of credit in place of a reserve fund for future bond issues.

About $30 million in appropriations for an estimated $700 million of bond issuance would be eliminated over the biennium as part of a compromise budget plan drafted by a bipartisan committee of legislative leaders. The money had been earmarked for the reserve funds of the future bond issues.

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