The bill, introduced by Representative Stewart, 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 amends sections including 151.01, 151.08, and 164.03, while enacting new sections 3318.33 and 3343.11. A significant aspect of the bill is the insertion of "2t" into Article VIII of the Ohio Constitution, which broadens the financing scope for capital improvement projects through state obligations, while deleting the reference to "2s." The bill also introduces a new category of obligations allowing for the issuance of up to $250 million annually for ten years, totaling a cap of $2.5 billion, aimed at enhancing funding for local subdivisions' capital projects.

Additionally, the bill outlines the management of funds related to these obligations, including the creation of a "state capital improvements bond service fund" to ensure timely debt service payments. It specifies that the state's full faith and credit is pledged to these obligations and allows for the transfer of state revenues to the bond service fund as necessary. The bill also establishes a framework for distributing financial assistance to local subdivisions for capital improvement projects, including a specific allocation for smaller communities, and introduces a pilot program to assist school districts with aging facilities. Overall, the bill seeks to streamline funding processes for infrastructure and educational improvements while ensuring fiscal responsibility and accountability.

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