Be it resolved by the General Assembly of the State of Ohio, | 5 |
three-fifths of the members elected to each house concurring | 6 |
therein, that there shall be submitted to the electors of the | 7 |
state, in the manner prescribed by law at the special election to | 8 |
be held on May 6, 2014, a proposal to enact Section 2s of Article | 9 |
VIII of the Constitution of the State of Ohio to read as follows: | 10 |
2s. (A) In addition to the authorizations otherwise | 12 |
contained in Article VIII of the Ohio Constitution, the General | 13 |
Assembly may provide by law, in accordance with and subject to the | 14 |
limitations of this section, for the issuance of bonds and other | 15 |
obligations of the state for the purpose of financing or assisting | 16 |
in the financing of the cost of public infrastructure capital | 17 |
improvements of municipal corporations, counties, townships, and | 18 |
other governmental entities as designated by law. As used in this | 19 |
section, public infrastructure capital improvements shall be | 20 |
limited to roads and bridges, waste water treatment systems, water | 21 |
supply systems, solid waste disposal facilities, and storm water | 22 |
and sanitary collection, storage, and treatment facilities, | 23 |
including real property, interests in real property, facilities, | 24 |
and equipment related to or incidental thereto, and shall include, | 25 |
without limitation, the cost of acquisition, construction, | 26 |
reconstruction, expansion, improvement, planning, and equipping. | 27 |
It is hereby determined that such public infrastructure | 28 |
capital improvements are necessary to preserve and expand the | 29 |
public capital infrastructure of such municipal corporations, | 30 |
counties, townships, and other governmental entities, ensure the | 31 |
public health, safety, and welfare, create and preserve jobs, | 32 |
enhance employment opportunities, and improve the economic welfare | 33 |
of the people of this state. | 34 |
(B) Not more than one billion eight hundred seventy-five | 35 |
million dollars principal amount of state general obligations may | 36 |
be issued under this section for public infrastructure capital | 37 |
improvements. Not more than one hundred seventy-five million | 38 |
dollars principal amount of those obligations may be issued in | 39 |
each of the first five fiscal years of issuance and not more than | 40 |
two hundred million dollars principal amount of those obligations | 41 |
may be issued in each of the next five fiscal years of issuance, | 42 |
plus in each case the principal amount of those obligations that | 43 |
in any prior fiscal year could have been but were not issued | 44 |
within those fiscal year limits. No obligations may be issued | 45 |
pursuant to this section until all of the state infrastructure | 46 |
obligations authorized under Section 2p of Article VIII, Ohio | 47 |
Constitution have been issued. | 48 |
(C) Each issue of obligations issued under this section shall | 49 |
mature in not more than thirty years from the date of issuance, | 50 |
or, if issued to retire or refund other obligations, within that | 51 |
number of years from the date the debt being retired or refunded | 52 |
was originally issued. If state general obligations are issued as | 53 |
notes in anticipation of the issuance of bonds, provision shall be | 54 |
made by law for the establishment and maintenance, during the | 55 |
period in which the notes are outstanding, of a special fund or | 56 |
funds into which shall be paid, from the sources authorized for | 57 |
the payment of such bonds, the amount that would have been | 58 |
sufficient, if bonds maturing during the permitted period of years | 59 |
had been issued without such prior issuance of notes, to pay the | 60 |
principal that would have been payable on such bonds during such | 61 |
period. Such fund or funds shall be used solely for the payment of | 62 |
principal of such notes or bonds in anticipation of which such | 63 |
notes have been issued. Obligations issued under this section to | 64 |
retire or refund obligations previously issued under this section | 65 |
or Section 2k, 2m, or 2p shall not be counted against the fiscal | 66 |
year or total issuance limitations provided in this section or | 67 |
Section 2k, 2m, or 2p, as applicable. | 68 |
(D) The obligations issued under this section are general | 69 |
obligations of the state. The full faith and credit, revenue, and | 70 |
taxing power of the state shall be pledged to the payment of the | 71 |
principal of and premium and interest and other accreted amounts | 72 |
on outstanding obligations as they become due (hereinafter called | 73 |
debt service), and bond retirement fund provisions shall be made | 74 |
for payment of that debt service. Provision shall be made by law | 75 |
for the sufficiency and appropriation, for purposes of paying debt | 76 |
service, of excises, taxes, and revenues so pledged or committed | 77 |
to debt service, and for covenants to continue the levy, | 78 |
collection, and application of sufficient excises, taxes, and | 79 |
revenues to the extent needed for that purpose. Notwithstanding | 80 |
Section 22 of Article II, Ohio Constitution, no further act of | 81 |
appropriation shall be necessary for that purpose. The obligations | 82 |
and the provision for the payment of debt service, and repayment | 83 |
by governmental entities of any loans made under this section, are | 84 |
not subject to Sections 5, 6, and 11 of Article XII, Ohio | 85 |
Constitution. Moneys referred to in Section 5a of Article XII, | 86 |
Ohio Constitution may not be pledged to the payment of that debt | 87 |
service. | 88 |
(E) The state may participate in any public infrastructure | 89 |
capital improvement under this section with municipal | 90 |
corporations, counties, townships, or other governmental entities | 91 |
as designated by law, or any one or more of them. Such | 92 |
participation may be by grants, loans, or contributions to them | 93 |
for any such capital improvements. The entire proceeds of the | 94 |
infrastructure obligations shall be used for public infrastructure | 95 |
capital improvements of municipal corporations, counties, | 96 |
townships, and other governmental entities, except to the extent | 97 |
that the General Assembly provides by law that the state may | 98 |
reasonably be compensated from such moneys for planning, financial | 99 |
management, or administrative services performed in relation to | 100 |
the issuance of infrastructure obligations. | 101 |
(F) Obligations issued under authority of this section, the | 102 |
transfer thereof, and the interest, interest equivalent, and other | 103 |
income and accreted amounts therefrom, including any profit made | 104 |
on the sale, exchange, or other disposition thereof, shall at all | 105 |
times be free from taxation within the state. | 106 |
(G) This section shall otherwise be implemented in the manner | 107 |
and to the extent provided by law by the General Assembly, | 108 |
including provision for the procedure for incurring and issuing | 109 |
obligations, separately or in combination with other obligations, | 110 |
and refunding, retiring, and evidencing obligations, and provision | 111 |
for the use to the extent practicable of Ohio products, materials, | 112 |
services, and labor in the making of any project financed, in | 113 |
whole or in part, under this section. | 114 |
(H) The powers and authority granted or confirmed by and | 115 |
under, and the determinations in, this section are independent of, | 116 |
in addition to, and not in derogation of or a limitation on, | 117 |
powers, authority, determinations, or confirmations under laws or | 118 |
under other provisions of the Ohio Constitution and do not impair | 119 |
any previously adopted provisions of the Ohio Constitution or any | 120 |
law previously enacted by the General Assembly or by a local | 121 |
public agency. | 122 |