Ohio Issue 1, Bonds for Education (1999)
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|Ohio Education Bonds Act|
Text of measure
The language that appeared on the ballot:
EXPLANATION OF STATE ISSUE 1
(As prepared by the Ohio Ballot Board)
1. This amendment authorizes the State of Ohio 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, including the costs of acquisition, construction, improvement, expansion, planning and equipping facilities, by issuing general obligation bonds or notes.
2. Those general obligations would be backed by the full faith and credit, revenue, and taxing power of the state.
3. This amendment prohibits the State from issuing any direct obligations, including those referred to above, if such issuance would result in debt service on state direct obligations in a future fiscal year, to be paid from the State general revenue fund or net lottery proceeds, exceeding five per cent of the total estimated revenues of the State for the general revenue fund and from net lottery proceeds in the fiscal year in which the particular obligations are to be issued. The General Assembly, by at least a three-fifths majority vote of each house, may waive the five per cent limitation as to a particular issue or amount of obligations.
4. This amendment authorizes net state lottery proceeds to be pledged or used for payment of the debt service on the obligations issued by the State for public school facilities, but not on obligations issued for higher education institutions.
5. The General Assembly must establish the method for computing the amounts required for payment of debt service and may estimate payments of debt service on bonds anticipated by notes. The amounts required for payment of debt service, as well as other pertinent fiscal matters, as certified by the Governor or Governor’s representative, will be conclusive for purposes of the validity of the obligations issued.
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