Ohio voters have approved a ballot measure that will allow the state to sell up to $2.5 billion in bonds to fund local infrastructure projects over the next decade.
With more than 207,000 votes counted, Issue 2 was passing with 71% of the vote, a lead that makes its passage all but a foregone conclusion, even though relatively few precincts have reported their results. The strong showing demonstrates voters’ continued public support for the State Capital Improvement Program, which has existed in various forms since voters first approved it in 1987. Including the Tuesday election, voters now have renewed it four times since then. The program is a major source of funding for local government infrastructure projects including roads, bridges, sewage systems and water treatment plants.
Under Issue 2, the state would be allowed to sell up to $2.5 billion in bonds, spread out over the next 10 years. This is larger than the $1.875 billion that voters were asked to approve in the 2014 vote. State lawmakers who back the measure are asking for the larger amount because they say construction is more expensive than it was a decade ago.
The state must pay back the bonds over a 30-year period, sort of like a mortgage loan. With interest, the total cost will be $3.84 billion, according to an estimate from the Legislative Service Commission, the state legislature’s nonpartisan research arm.
The measure faced no organized opposition, other than from some conservative activist groups. The campaign backing Issue 2 was funded by a coalition of organized labor groups representing road crews and construction firms. Both stand to benefit from the continuation of the program. The pro-Issue 2 campaign group, called the Strong Ohio Communities Coalition, raised at least $680,000, according to a campaign finance report filed in late April.
