In addition to the authorization otherwise contained in Article VIII of the Ohio Constitution, the general assembly, in accordance with but subject to the limitations of this section, may authorize the issuance of obligations, including bonds and notes, of the state or of state institutions, boards, commissions, authorities, or other state agencies or instrumentalities for any one or more of the following public capital improvements: the construction, reconstruction, or other improvement of highways, including those on the state highway system and urban extensions thereof, those within or leading to public parks or recreational areas, and those within or leading to municipal corporations, the acquisition, construction, reconstruction, or other improvement of, and provision of equipment for, buildings, structures, or other improvements, and necessary planning and engineering, for water pollution control and abatement, including those for sewage collection, treatment, or disposal, water management, including those for water distribution, collection, supply, storage, or impoundment, and stream flow control, and flood control, state supported or assisted institutions of higher education, technical education, vocational education, juvenile correction, training and rehabilitation, parks and recreation, research and development with respect to transportation, highways and highway transportation, mental hygiene and retardation, police and fire training, airports, and other state buildings and structures, and the acquisition and improvement of real estate and interests therein required with respect to the foregoing, including participation in any such capital improvements with the federal government, municipal corporations, counties, or other governmental entities or any one or more of them which participation may be by grants, loans or contributions to them for any of such capital improvements. It is hereby determined that such capital improvements will directly or indirectly create jobs, enhance employment opportunities, and improve the economic welfare of the people of the state.The issuance under authority of this section of obligations the holders or owners of which are given the right to have excises and taxes levied by the general assembly for the payment of the principal thereof or interest thereon, herein called tax supported obligations, shall be subject to the following limitations. Not more than one hundred million dollars principal amount may be issued in any calendar year and not more than five hundred million dollars principal amount may be outstanding at any one time for such capital improvements for highways and research and development with respect to highways and highway transportation, herein called highway obligations, provided that fifty per cent of the proceeds of the first five hundred million dollars of such tax supported highway obligations shall be used for urban extensions of state highways and highways within or leading to municipal corporations. Not more than two hundred fifty nine million dollars aggregate principal amount of such tax supported obligations may be issued for the other capital improvements aforesaid, provided that from the proceeds thereof one hundred twenty million dollars shall be used for water pollution control and abatement and water management, one hundred million dollars shall be used for higher education, technical and vocational education, and juvenile correction, training and rehabilitation, twenty million dollars shall be used for parks and recreation, and nineteen million dollars for airports, and for construction, rehabilitation and equipping of other state buildings and structures, including those for police and fire training. If tax supported obligations are issued under authority of this section to retire tax supported obligations previously issued under authority of this section, such new obligations shall not be counted against such limits to the extent that the principal amount thereof does not exceed the principal amount of the obligations to be retired thereby.Each issue of tax supported obligations issued pursuant to this section shall mature in not more than thirty years from the date of issuance thereof, or, if issued to retire obligations issued hereunder, within thirty years from the date such debt was originally contracted. If such tax supported obligations are issued as notes in anticipation of the issuance of bonds, provision shall be made by law for setting aside, so long as such notes are outstanding, into a special fund or funds such amounts from the sources authorized for payment of such bonds under this section as would be sufficient for payment of that amount of principal on such bonds that would have been payable during such period if such bonds, maturing during a period of thirty years, had been issued without prior issuance of such notes. Such fund or funds may be used solely for the payment of principal of such notes or of bonds in anticipation of which such notes have been issued.The faith and credit and excises and taxes of the state, excluding ad valorem taxes on real or personal property and income taxes, shall be pledged to the payment of the principal of and interest on such tax supported obligations, sinking or bond retirement fund provisions
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In addition to the authorization otherwise contained in Article VIII of the Ohio Constitution, the general assembly, in accordance with but subject to the limitations of this section, may authorize the issuance of obligations, including bonds and notes, of the state or of state institutions, boards, commissions, authorities, or other state agencies or instrumentalities for any one or more of the following public capital improvements: the construction, reconstruction, or other improvement of highways, including those on the state highway system and urban extensions thereof, those within or leading to public parks or recreational areas, and those within or leading to municipal corporations, the acquisition, construction, reconstruction, or other improvement of, and provision of equipment for, buildings, structures, or other improvements, and necessary planning and engineering, for water pollution control and abatement, including those for sewage collection, treatment, or disposal, water management, including those for water distribution, collection, supply, storage, or impoundment, and stream flow control, and flood control, state supported or assisted institutions of higher education, technical education, vocational education, juvenile correction, training and rehabilitation, parks and recreation, research and development with respect to transportation, highways and highway transportation, mental hygiene and retardation, police and fire training, airports, and other state buildings and structures, and the acquisition and improvement of real estate and interests therein required with respect to the foregoing, including participation in any such capital improvements with the federal government, municipal corporations, counties, or other governmental entities or any one or more of them which participation may be by grants, loans or contributions to them for any of such capital improvements. It is hereby determined that such capital improvements will directly or indirectly create jobs, enhance employment opportunities, and improve the economic welfare of the people of the state.The issuance under authority of this section of obligations the holders or owners of which are given the right to have excises and taxes levied by the general assembly for the payment of the principal thereof or interest thereon, herein called tax supported obligations, shall be subject to the following limitations. Not more than one hundred million dollars principal amount may be issued in any calendar year and not more than five hundred million dollars principal amount may be outstanding at any one time for such capital improvements for highways and research and development with respect to highways and highway transportation, herein called highway obligations, provided that fifty per cent of the proceeds of the first five hundred million dollars of such tax supported highway obligations shall be used for urban extensions of state highways and highways within or leading to municipal corporations. Not more than two hundred fifty nine million dollars aggregate principal amount of such tax supported obligations may be issued for the other capital improvements aforesaid, provided that from the proceeds thereof one hundred twenty million dollars shall be used for water pollution control and abatement and water management, one hundred million dollars shall be used for higher education, technical and vocational education, and juvenile correction, training and rehabilitation, twenty million dollars shall be used for parks and recreation, and nineteen million dollars for airports, and for construction, rehabilitation and equipping of other state buildings and structures, including those for police and fire training. If tax supported obligations are issued under authority of this section to retire tax supported obligations previously issued under authority of this section, such new obligations shall not be counted against such limits to the extent that the principal amount thereof does not exceed the principal amount of the obligations to be retired thereby.Each issue of tax supported obligations issued pursuant to this section shall mature in not more than thirty years from the date of issuance thereof, or, if issued to retire obligations issued hereunder, within thirty years from the date such debt was originally contracted. If such tax supported obligations are issued as notes in anticipation of the issuance of bonds, provision shall be made by law for setting aside, so long as such notes are outstanding, into a special fund or funds such amounts from the sources authorized for payment of such bonds under this section as would be sufficient for payment of that amount of principal on such bonds that would have been payable during such period if such bonds, maturing during a period of thirty years, had been issued without prior issuance of such notes. Such fund or funds may be used solely for the payment of principal of such notes or of bonds in anticipation of which such notes have been issued.The faith and credit and excises and taxes of the state, excluding ad valorem taxes on real or personal property and income taxes, shall be pledged to the payment of the principal of and interest on such tax supported obligations, sinking or bond retirement fund provisions shall be made therefor, and this section shall otherwise be implemented, all in the manner and to the extent provided by law by the general assembly, including provisions for appropriation of pledged excises and taxes, and covenants to continue their levy, collection and application, to continue so long as such tax supported obligations are outstanding, without necessity for further appropriation notwithstanding Section 22 of Article II, Ohio Constitution; provided that the moneys referred to in Section 5a of Article XII, Ohio Constitution, herein called highway user receipts, shall, after provision for payment of amounts pledged to obligations heretofore or hereafter issued under Sections 2c and 2g of this Article, be pledged to the payment of the principal of and interest on highway obligations authorized by this section but not to other obligations authorized hereby. If excises and taxes other than highway user receipts are pledged to the payment of the principal of or interest on highway obligations authorized by this section, in each year that such highway user receipts are available for such purpose, the same shall be appropriated thereto and the required application of such other excises and taxes shall be reduced in corresponding amount.The general assembly also may authorize the issuance of revenue obligations and other obligations, the owners or holders of which are not given the right to have excises or taxes levied by the general assembly for the payment of principal thereof or interest thereon, for such capital improvements for mental hygiene and retardation, parks and recreation, state supported and state assisted institutions of higher education, including those for technical education, water pollution control and abatement, water management, and housing of branches and agencies of state government, which obligations shall not be subject to other provisions of this section and shall not be deemed to be debts or bonded indebtedness of the state under other provisions of this Constitution. Such obligations may be secured by a pledge under law, without necessity for further appropriation, of all or such portion as the general assembly authorizes of charges for the treatment or care of mental hygiene and retardation patients, receipts with respect to parks and recreational facilities, receipts of or on behalf of state supported and state assisted institutions of higher education, or other revenues or receipts, specified by law for such purpose, of the state or its officers, departments, divisions, institutions, boards, commissions, authorities, or other state agencies or instrumentalities, and this provision may be implemented by law to better provide therefor; provided, however, that any charges for the treatment or care of mental hygiene or retardation patients may be so pledged only to obligations issued for capital improvements for mental hygiene and retardation, any receipts with respect to parks and recreation may be so pledged only to obligations issued for capital improvements for parks and recreation, any receipts of or on behalf of state supported or state assisted institutions of higher education may be pledged only to obligations issued for capital improvements for state supported or state assisted institutions of higher education, and any other revenues or receipts may be so pledged only to obligations issued for capital improvements which are in whole or in part useful to, constructed by, or financed by the department, board, commission, authority, or other agency or instrumentality that receives the revenues or receipts so pledged. The authority provided by this paragraph is in addition to, cumulative with, and not a limitation upon, the authority of the general assembly under other provisions of this Constitution; such paragraph does not impair any law heretofore enacted by the general assembly, and any obligations issued under any such law consistent with the provisions of this paragraph shall be deemed to be issued under authority of this paragraph.Both the principal of all obligations authorized under authority of this section and the interest thereon shall be exempt from taxation within this state.