The bill proposes the enactment of section 4582.72 of the Revised Code, which allows port authorities in Ohio to establish a Common Bond Fund Program aimed at financing port authority facilities. The new section defines key terms such as "credit enhancement facilities," "common bond fund program," "obligations," and "port authority," providing a framework for how these programs can operate. It grants port authorities the authority to manage the program, enter into agreements, and utilize funds for financing purposes, including the use of credit enhancement facilities and cash reserves.

Additionally, the bill stipulates that obligations issued under this program can be secured by a trust agreement and outlines that all relevant terms and provisions applicable to port authorities will also apply to the obligations issued as part of the Common Bond Fund Program. The section emphasizes that the powers granted are supplemental to existing authorities and encourages a liberal interpretation to fulfill the program's purpose. This legislative change aims to enhance the financial capabilities of port authorities in Ohio, thereby supporting the development and maintenance of port facilities.