Third Frontier Capitalization
CONSTITUTIONAL AMENDMENT To adopt Section 2p of Article VIII of the Constitution of the State of Ohio.
This amendment would:
Be for the purpose of creating and preserving jobs and stimulating economic growth in all areas of Ohio by improving local government public infrastructure, including roads and bridges, expanding Ohio’s research and development capabilities to promote product innovation and commercialization, and preparing sites and facilities for economic development in Ohio.
Declare that local government public infrastructure, and financial assistance for research and development and development of sites and facilities in Ohio for and in support of industry, commerce and distribution (all referred to together as “development purposes”) are public purposes.
Authorize the state to issue bonds to finance, or assist in financing, public infrastructure capital improvements for local governments. Authorize the state to issue bonds to provide financial assistance for research and development in support of Ohio industry, commerce, and business, and authorize state and local governments and state supported and state-assisted institutions of higher education to issue bonds and provide other financial assistance to support research and development purposes as provided for by law. Authorize the state to issue bonds to pay costs, or assist others in the payment of costs, of projects for the purpose of developing sites and facilities in Ohio.
Limit the total principal amount of general obligation bonds issued under this amendment for financing development purposes as follows:
- no more than $1.35 billion for local government public infrastructure with no more than $120 million in each of the first five fiscal years and no more than $150 million in each of the next five fiscal years;
- no more than $500 million for research and development purposes with no more than $100 million in each of the first three fiscal years and no more than $50 million in any other fiscal year, and;
- no more than $150 million for developing sites and facilities with no more than $30 million in each of the first three fiscal years and no more than $15 million in any other fiscal year; provided that any principal amount that in any prior fiscal year could have been but was not issued may also subsequently be issued.
- Require bonds for infrastructure capital improvements and developing sites and facilities mature no later than thirty (30) years after their date of issuance and for research and development purposes mature no later than twenty (20) years after their date of issuance, and that any refunding obligations mature no later than the permitted maturity date for the obligations being refunded; and provide that bonds for research and development purposes and developing sites and facilities will not be subject to the limits on state debt service under Section 17 of Article VIII or the prohibitions against lending aid and credit in Sections 4 and 6 of Article VIII of the Ohio Constitution.
Authorize the General Assembly to pass laws providing for its implementation, including laws providing procedures for issuing obligations, ensuring the accountability of all state funding provided for development purposes, restricting or limiting the taking by eminent domain of private property for disposition to private sector entities for research and development and the development of sites and facilities, and for the implementation of the research and development purposes to benefit people and businesses otherwise qualified for the receipt of funding in all areas of Ohio, including economically disadvantaged business and individuals in all areas of the state, including by the use Ohio products, materials, services and labor to the extent practicable.
This amendment became effective immediately. with it's passage - 1,512,669 or 54.12% voted yes to 1,282,571 or 45.88% who voted no.
