Just as Ohio officials were preparing to issue about $1.5 billion of bonds backed by sales from liquor, the state Supreme Court announced that it would review a challenge questioning the legality of the entire funding plan.
The announcement came on yesterday, the same day the state began pricing the tax-exempt and taxable bonds. The deal, the brainchild of Gov. John Kasich, has been a long time in the making. One of the governor’s goals after coming into office in 2010 was to create more jobs in the state. Plans evolved to entail creating a private company that would eventually be funded by the state’s lucrative liquor sales. Eventually, the company that would issue the bonds, JobsOhio Beverage System, came to fruition.