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Published: Thursday, 4/14/2005

State official to kick off sale of bonds for highway work

Ohio Treasurer Jennette B. Bradley opens a statewide tour with a stop today in Toledo to promote a program that allows individual investors to buy highway capital improvement bonds.

An informational seminar on the effort, called the Buckeye Savers Program, begins at 9:30 a.m. in One Maritime Plaza.

Typically, pension funds and large institutional investors dominate the purchase of highway capital improvement bonds. Through Buckeye Savers, "we encourage more retail investment by individuals," said Diane Chime, of the treasurer's office.

The state will sell $140 million in bonds, which will be available from April 29 to May 2 in denominations of $5,000 through 16 banks and brokerages including NatCity Investments Inc., Fifth Third Securities Inc., Huntington Bancshares Inc., and KeyBanc Capital Markets.

The bonds are exempt from local, state, and federal taxes, and have been rated AAA by Standard & Poors, with maturities available from 2006 through 2015, Ms. Chime said. The rate of return has not been established.

In Lucas County, proceeds from bond sales will be used for noise barriers and bike paths along the new Maumee River crossing corridor, Ms. Chime said.

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