Ohio Issue 1, Bonds for Education (1999)
|Ohio Issue 1 (1999)|
Text of measure
The language appeared on the ballot as:
(Proposed by Resolution of the General Assembly of Ohio)
To Adopt Sections 2(n) and 17 of Article VIII of the Constitution of the State of Ohio
THIS PROPOSED AMENDMENT WOULD:
If adopted, this amendment shall take immediate effect.
SHALL THE PROPOSED AMENDMENT BE ADOPTED? 
The following reasons were given in support of Issue 1 by the Committee to Prepare Argument For Issue 1:
State Issue 1 would permit the State of Ohio to issue general obligation bonds to support the construction, renovation and repair of facilities for Ohio’s public schools and state-supported colleges and universities. The ability to issue such bonds for this purpose will result in an overall savings for Ohio taxpayers. General obligation bonds are backed by the full faith and credit of the state and therefore enable the state to secure a lower interest rate.
The Legislative Budget Office has estimated that State Issue 1 could save taxpayers $979,000 annually in interest payments for each $1 billion in bonds sold or $14.6 million over the life of the 15-year bonds. For 20-year bonds, the savings is expected to be $688,000 annually or $13.7 million over the life of the bonds.
State Issue 1 includes a safeguard to prohibit the State from issuing more debt than may be managed in a fiscally responsible and efficient way. Bonds could only be issued if the annual principal and interest due on all bonds (excluding revenue-backed bonds) will not exceed 5% of the State’s estimated general revenue funds and net lottery proceeds. The legislature could increase that percentage if necessary, but only by a 3/5th’s vote of both the House of Representatives and the Senate.
Issue 1 will:
The Ohio Ballot Board voted not to have an argument prepared against the proposed constitutional amendment.
- Ohio 1999 ballot measures
- 1999 ballot measures
- List of Ohio ballot measures
- List of ballot measures by year
- List of ballot measures by state
- Ohio ballot measures and election results
- A History of Statewide Issue Votes in Ohio
- Ohio 1999 ballot measure voter guide
- Ohio Secretary of State, "1990-1999 Official Election Results," accessed July 26, 2013
- Ohio Secretary of State, "A History of Statewide Issue Votes in Ohio," accessed July 26, 2013
- Ohio Issues Report, "State Issues Ballot Information for the November 2, 1999 General Election," accessed July 26, 2013
- Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
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