The bill, introduced by Senator Cirino, aims to amend various sections of the Revised Code and establish new sections related to capital appropriations for the biennium ending June 30, 2028. It includes amendments to sections such as 151.01, 151.08, and 164.03, while enacting new sections 3318.33 and 3343.11. A significant aspect of the bill is the introduction of the term "2t" into the Ohio Constitution, which expands the scope of obligations that can be issued for capital projects, allowing for the issuance of up to $250 million in principal amount of such obligations each fiscal year for ten years, with a total cap of $2.5 billion. The bill also establishes a new "state capital improvements bond service fund" to manage the funds received for these obligations, ensuring that sufficient revenues are allocated to cover debt service when due.

Additionally, the bill clarifies the responsibilities of the issuing authority in managing these obligations, including the requirement to certify the total amount of moneys needed for debt service. It emphasizes the full faith and credit of the state for timely payment of debt service on outstanding obligations and outlines investment options for moneys in special funds. The bill also includes provisions for the Ohio Facilities Construction Commission to provide assistance to school districts and establishes a pilot program for aging school facilities. Furthermore, it addresses various community projects, including funding for mental health facilities, cultural improvements, and local infrastructure, while ensuring proper oversight and accountability in the management of these funds.

Statutes affected:
As Introduced: 151.01, 151.08, 164.03, 164.08, 3318.042, 3318.49, 3343.05, 5751.02, 5751.20, 357.09, 357.15, 357.16, 357.24, 357.28, 357.34, 357.36, 371.10, 371.20, 373.10, 373.15, 387.10, 387.13, H.B, 200.30, 101.01, 3318.33, 3343.11