The state may, from time to time, borrow not to
exceed two hundred ninety million dollars and issue
bonds or other obligations thereof for any one or more
of the following purposes: acquiring, constructing,
reconstructing or otherwise improving and equipping
buildings and structures of the state and state supported
and assisted institutions of higher education, including
those for research and development; acquiring lands
and interests in lands for sites for such buildings and
structures; assisting in the development of the state, to
acquire and develop lands and interests in lands and
develop other state lands for water impoundment sites,
flood control, parks and recreational uses, or conservation
of natural resources; to develop state parks and
recreational facilities including the construction, reconstruction
and improvement of roads and highways
therein; to assist the political subdivisions of the state
to finance the cost of constructing and extending water
and sewerage lines and mains, for use in conjunction
with federal grants or loans for any of such purposes;
and for use in conjunction with other governmental
entities in acquiring, constructing, reconstructing, improving,
and equipping water pipelines, stream flow
improvements, airports, historical or educational facilities.
The aggregate total amount of such borrowing
outstanding under authority of this section shall not,
at any time, exceed such sum as will require, during
any calendar year, more than $20,000,000 to meet the
principal and interest requirements of any such bonds
and other obligations, and the charges for the issuance
and retirement of such bonds and other obligations,
falling due that year. No part of such borrowing shall
be contracted after the last day of December, 1970. All
bonds or other obligations issued pursuant to this section
shall mature within thirty years from the date of
issue.
The faith and credit of the state are hereby pledged
for the payment of such bonds or other obligations or
the interest thereon, and they shall be payable from all
excises and taxes of the state, except ad valorem taxes
on real and personal property, income taxes, and fees,
excises or license taxes relating to the registration, operation,
or use of vehicles on the public highways, or
to fuels used for propelling such vehicles, after making
provision for payment of amounts pledged from
such excises and taxes for payment of bonds issued
under authority of Sections 2e and 2f of this Article.
During the period beginning with the effective date
of the first authorization to issue bonds or other obligations
under authority of this section and continuing
during such time as such bonds or other obligations
are outstanding and so long as moneys in the Development
Bond Retirement Fund are insufficient to pay
all interest, principal and charges of such bonds or
other obligations issued under authority of this section
and becoming due in each year, a sufficient amount
of moneys derived from such excises and taxes of the
state is hereby appropriated in each year for the purpose
of paying the interest, principal and charges for
the issuance and retirement of bonds or other obligations issued under authority of this section becoming
due in that year without other appropriation but according
to law. The moneys derived from such excises
and taxes and hereby appropriated shall be paid into a
distinct bond retirement fund designated Development
Bond Retirement Fund,” hereby created. Such moneys
shall be expended as provided by law for the purpose
of paying interest, principal and charges for the issuance
and retirement of bonds and other obligations issued
under authority of this section.
Sufficient amounts of such moneys in the Development
Bond Retirement Fund are hereby appropriated
for the purpose of paying interest, principal and charges
for the issuance and retirement of bonds or other
obligations issued under authority of this section, so
long as any of them are outstanding, without other appropriations
but according to law.
Any balance remaining in the Development Bond Retirement
Fund after payment of all interest, principal
and charges for the issuance and retirement of bonds
and other obligations issued under authority of this
section, shall be disposed of as shall be provided by
law.
As long as any of such bonds or other obligations
are outstanding there shall be levied and collected, in
amounts sufficient to pay the principal of and the interest
on such bonds or other obligations, excises and
taxes, excluding those above excepted.
Structure Ohio constitution