The Ohio School Bonds Amendment
, also known as Issue 1
, was on the May 5, 1998 ballot
as a legislatively-referred constitutional amendment
, where it was defeated
This amendment would have authorized the state to issue bonds and other obligations to pay for or assist in paying for capital facilities of local public school districts and state-supported and state-assisted institutions of higher education.
| Ohio Issue 1 (May 1998)|
|Yes|| 708,439|| 39.31%|
Election results via the Ohio Secretary of State.
Text of measure
The language appeared on the ballot as:
To Adopt Sections 2(n) and 17 of Article VIII of the Constitution of the State of Ohio
THIS PROPOSED AMENDMENT WOULD:
- AUTHORIZE THE STATE TO ISSUE BONDS AND OTHER OBLIGATIONS IN ORDER TO PAY COSTS OF FACILITIES FOR A SYSTEM OF COMMON SCHOOLS THROUGHOUT THE STATE AND FOR STATE-SUPPORTED AND STATE ASSISTED INSTITUTIONS OF HIGHER EDUCATION, INCLUDING COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT, EXPANSION, PLANNING AND EQUIPPING FACILITIES.
- PROVIDE THAT THESE OBLIGATIONS WILL BE GENERAL OBLIGATIONS OF THE STATE, BACKED BY THE FULL FAITH AND CREDIT, REVENUE AND TAXING POWER OF THE STATE.
- PROVIDE THAT NO DIRECT OBLIGATIONS OF THE STATE, INCLUDING OBLIGATIONS REFERRED TO ABOVE, MAY BE ISSUED IF THE AMOUNT REQUIRED FOR FUTURE FISCAL YEAR DEBT SERVICE ON STATE DIRECT OBLIGATIONS TO BE PAID FROM THE STATE GENERAL REVENUE FUND OR NET LOTTERY PROCEEDS WOULD EXCEED FIVE PERCENT OF THE TOTAL EXPENDITURES OF THE STATE FROM THE GENERAL REVENUE FUND AND NET LOTTERY PROCEEDS DURING THE FISCAL YEAR IMMEDIATELY PRECEDING THE ISSUANCE. AN AFFIRMATIVE VOTE OF AT LEAST THREE-FIFTHS OF THE MEMBERS OF EACH HOUSE OF THE GENERAL ASSEMBLY MAY WAIVE THE FIVE PERCENT LIMITATION AS TO A PARTICULAR ISSUE OR AMOUNT.
- PROVIDE THAT NET STATE LOTTERY PROCEEDS MAY BE PLEDGED OR USED FOR PAYMENT OF DEBT SERVICE ON OBLIGATIONS ISSUED TO PAY COSTS OF FACILITIES FOR A SYSTEM OF COMMON SCHOOLS, BUT NOT FOR DEBT SERVICE ON OBLIGATIONS ISSUED TO PAY COSTS OF FACILITIES FOR HIGHER EDUCATION INSTITUTIONS.
- PROVIDE THAT THE GENERAL ASSEMBLY SHALL PROVIDE BY LAW FOR COMPUTING THE AMOUNTS REQUIRED FOR PAYMENT OF DEBT SERVICE, AND MAY PROVIDE FOR ESTIMATING PAYMENTS OF DEBT SERVICE ON BONDS ANTICIPATED BY NOTES. THE CERTIFICATION OF THE GOVERNOR OR THE GOVERNOR'S REPRESENTATIVE OF THE FISCAL YEAR EXPENDITURES, AMOUNT REQUIRED TO BE APPLIED FOR DEBT SERVICE, AND OTHER FISCAL MATTERS SHALL BE CONCLUSIVE FOR THE PURPOSE OF THE VALIDITY OF ANY OBLIGATIONS ISSUED.
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:
- Allows the state to use the lowest cost method of borrowing money for elementary and secondary school buildings and higher education facilities.
- Enables the state to save millions of dollars in future interest costs while improving facilities for elementary, secondary and higher education.
- Caps the amount of bonds that can be issued, thus protecting the public from too much state debt.
- Enhances the state’s already excellent credit rating.
- Keeps lottery profits for primary and secondary school use only.
- Encourages more careful planning by the Governor and Legislature for capital improvement commitments.
No argument was submitted against the proposed constitutional amendment to the Ohio Ballot Board for placement on the official state 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
- ↑ 3.0 3.1 3.2 Ohio Issues Report, "State Issues Ballot Information for the May 5, 1998 General Election," Accessed July 26, 2013