The bonds will be used by Alex Products, Inc., of Ridgeville Corners in Henry County to acquire new manufacturing equipment for its new facility in the Village of Paulding in Paulding County. The bonds have a term of 7-years, and a fixed interest rate of 6 percent.
Interest earned by the bondholders is exempt from federal taxation.
This is the second bond issue we have completed under the Northwest Ohio Bond Fund Program for Alex products. The Port Authority may finance economic development projects in 21 Northwestern Ohio counties. This bond issue is the 32 nd issue completed under the Northwest Ohio Bond Fund Program. No borrower has ever missed a monthly payment.