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S. J. R. No. 6 As Adopted by the SenateAs Adopted by the Senate 130th General Assembly | Regular Session | 2013-2014 |
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Cosponsors:
Senators Coley, Oelslager, Hughes, Jones, LaRose, Gardner, Sawyer, Skindell, Smith, Tavares, Peterson, Balderson, Beagle, Brown, Eklund, Faber, Hite, Lehner, Schaffer, Seitz, Turner, Uecker
A JOINT RESOLUTION | Proposing to enact Section 2s of Article VIII of the
Constitution of the State of Ohio to permit the
issuance of additional general obligation bonds to
fund public infrastructure capital improvements.
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Be it resolved by the General Assembly of the State of Ohio,
three-fifths of the members elected to each house concurring
therein, that there shall be submitted to the electors of the
state, in the manner prescribed by law at the special election to
be held on May 6, 2014, a proposal to enact Section 2s of Article
VIII of the Constitution of the State of Ohio to read as follows: |
2s. (A) In addition to the authorizations otherwise
contained in Article VIII of the Ohio Constitution, the General
Assembly may provide by law, in accordance with and subject to the
limitations of this section, for the issuance of bonds and other
obligations of the state for the purpose of financing or assisting
in the financing of the cost of public infrastructure capital
improvements of municipal corporations, counties, townships, and
other governmental entities as designated by law. As used in this
section, public infrastructure capital improvements shall be
limited to roads and bridges, waste water treatment systems, water
supply systems, solid waste disposal facilities, and storm water
and sanitary collection, storage, and treatment facilities,
including real property, interests in real property, facilities,
and equipment related to or incidental thereto, and shall include,
without limitation, the cost of acquisition, construction,
reconstruction, expansion, improvement, planning, and equipping. |
It is hereby determined that such public infrastructure
capital improvements are necessary to preserve and expand the
public capital infrastructure of such municipal corporations,
counties, townships, and other governmental entities, ensure the
public health, safety, and welfare, create and preserve jobs,
enhance employment opportunities, and improve the economic welfare
of the people of this state. |
(B) Not more than one billion eight hundred seventy-five
million dollars principal amount of state general obligations may
be issued under this section for public infrastructure capital
improvements. Not more than one hundred seventy-five million
dollars principal amount of those obligations may be issued in
each of the first five fiscal years of issuance and not more than
two hundred million dollars principal amount of those obligations
may be issued in each of the next five fiscal years of issuance,
plus in each case the principal amount of those obligations that
in any prior fiscal year could have been but were not issued
within those fiscal year limits. No obligations may be issued
pursuant to this section until all of the state infrastructure
obligations authorized under Section 2p of Article VIII, Ohio
Constitution have been issued. |
(C) Each issue of obligations issued under this section shall
mature in not more than thirty years from the date of issuance,
or, if issued to retire or refund other obligations, within that
number of years from the date the debt being retired or refunded
was originally issued. If state general obligations are issued as
notes in anticipation of the issuance of bonds, provision shall be
made by law for the establishment and maintenance, during the
period in which the notes are outstanding, of a special fund or
funds into which shall be paid, from the sources authorized for
the payment of such bonds, the amount that would have been
sufficient, if bonds maturing during the permitted period of years
had been issued without such prior issuance of notes, to pay the
principal that would have been payable on such bonds during such
period. Such fund or funds shall be used solely for the payment of
principal of such notes or bonds in anticipation of which such
notes have been issued. Obligations issued under this section to
retire or refund obligations previously issued under this section
or Section 2k, 2m, or 2p shall not be counted against the fiscal
year or total issuance limitations provided in this section or
Section 2k, 2m, or 2p, as applicable. |
(D) The obligations issued under this section are general
obligations of the state. The full faith and credit, revenue, and
taxing power of the state shall be pledged to the payment of the
principal of and premium and interest and other accreted amounts
on outstanding obligations as they become due (hereinafter called
debt service), and bond retirement fund provisions shall be made
for payment of that debt service. Provision shall be made by law
for the sufficiency and appropriation, for purposes of paying debt
service, of excises, taxes, and revenues so pledged or committed
to debt service, and for covenants to continue the levy,
collection, and application of sufficient excises, taxes, and
revenues to the extent needed for that purpose. Notwithstanding
Section 22 of Article II, Ohio Constitution, no further act of
appropriation shall be necessary for that purpose. The obligations
and the provision for the payment of debt service, and repayment
by governmental entities of any loans made under this section, are
not subject to Sections 5, 6, and 11 of Article XII, Ohio
Constitution. Moneys referred to in Section 5a of Article XII,
Ohio Constitution may not be pledged to the payment of that debt
service. |
(E) The state may participate in any public infrastructure
capital improvement under this section with municipal
corporations, counties, townships, or other governmental entities
as designated by law, or any one or more of them. Such
participation may be by grants, loans, or contributions to them
for any such capital improvements. The entire proceeds of the
infrastructure obligations shall be used for public infrastructure
capital improvements of municipal corporations, counties,
townships, and other governmental entities, except to the extent
that the General Assembly provides by law that the state may
reasonably be compensated from such moneys for planning, financial
management, or administrative services performed in relation to
the issuance of infrastructure obligations. |
(F) Obligations issued under authority of this section, the
transfer thereof, and the interest, interest equivalent, and other
income and accreted amounts therefrom, including any profit made
on the sale, exchange, or other disposition thereof, shall at all
times be free from taxation within the state. |
(G) This section shall otherwise be implemented in the manner
and to the extent provided by law by the General Assembly,
including provision for the procedure for incurring and issuing
obligations, separately or in combination with other obligations,
and refunding, retiring, and evidencing obligations, and provision
for the use to the extent practicable of Ohio products, materials,
services, and labor in the making of any project financed, in
whole or in part, under this section. |
(H) The powers and authority granted or confirmed by and
under, and the determinations in, this section are independent of,
in addition to, and not in derogation of or a limitation on,
powers, authority, determinations, or confirmations under laws or
under other provisions of the Ohio Constitution and do not impair
any previously adopted provisions of the Ohio Constitution or any
law previously enacted by the General Assembly or by a local
public agency. |
If adopted by a majority of the electors voting on this
proposal, Section 2s of Article VIII of the Constitution of the
State of Ohio shall take effect immediately. |
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