CHICAGO -- The Ohio Tuition Trust Authority and the Ohio treasurer's office agreed Friday to include the state's first college saver bonds in an upcoming $120 million general obligation bond issue.
"The bonds will help build Ohio," said State Treasurer Mary Ellen Withrow in a press release. "Families can build for the future education of their children, and the state can help communites use the bonds to build roads, bridges, and make other local improvements."
The exact amount of college saver bonds will be determined before the issue is sold in early December, according to the press release.
Last month, the treasurer's office named Dean Witter Reynolds Inc. senior managing underwriter on the issue, partially due to its experience in underwriting college saver bonds in other states.
Co-senior managers are McDonald & Company Securities Inc. and Banc One Capital Corp. Other members of the selling group have not yet been named.
The upcoming bond issue is the state's third since voters approved the total issuance of $1.2 billion of GOs in a 1987 referendum.