Issue 1 Ballot Language
1. To adopt Section 2p of Article VIII of the Constitution of the State of Ohio.
This proposed amendment would:
1. Be for the purpose of creating jobs and stimulating economic growth in Ohio.
2. Authorize state and local governments to issue bonds and provide other financial assistance to support "science and technology based research and development purposes," including new product development and commercialization, capital formation, operating costs, public and private institutions of higher education, research organizations, institutions or facilities, and private sector business and industry, as may be provided for by state or local law.
3. Limit to five hundred million dollars ($500,000,000) the total principal amount of state general obligations issued under this amendment, and limit the amount that can be borrowed in any one fiscal year to no more than fifty million dollars ($50,000,000) plus the principal amount of those obligations that in any prior fiscal year could have
been but were not issued, except that not more than one hundred million dollars ($100,000,000) of principal amount of those obligations may be issued in the first fiscal year of issuance.
4. Authorize the state to participate or to assist in the financing of "science and technology based research and development purposes" undertaken by local governmental or private sector entities; authorize state-supported and state-assisted institutions of higher education and local public agencies to issue bonds or other obligations to pay their costs of participating in and implementing those purposes;
and specify that these activities would be public purposes not subject to the Ohio Constitution's prohibitions regarding lending aid and credit.
5. Require that these obligations mature no later than December 31 of the twentieth calendar year after issuance, except that obligations issued to refund or retire other
obligations must mature no later than December 31 of the twentieth calendar year after the year in which the original obligation to pay was issued or entered into.
6. Authorize the General Assembly to pass laws providing for its implementation.
If adopted, this amendment shall take immediate effect.
A majority yes vote is necessary for passage.