County To Provide Tax Exempt Financing For Parochial School Construction

The Toledo- Lucas County (Ohio) Port Authority Board of Directors has approved a bond inducement resolution indicating that it plans to issue up to $12 million in bonds to provide tax-exempt financing to the Catholic Diocese of Toledo for construction and renovation of six elementary school buildings. Today's Toledo Blade reports that payment of the bonds will be backed by a bank letter of credit, and not by the Port Authority. Michael Frank, chairman of the Board's finance committee, said that the facilities being built or renovated will be used solely for education, and not for religious purposes.