CHICAGO -- Ohioans will consider a measure this May that would allow the state to issue up to $1.8 billion of bonds over 10 years for local government improvement projects.
The General Assembly passed the resolution last week. It renews the State Capital Improvements Program for another decade. The measure will go on the May 2014 ballot.
If approved by voters, the state would borrow up to $175 million a year for the first five years and $200 million a year for the remaining five years.
Proceeds would finance projects in local governments across the state.
"This resolution provides Ohio with an opportunity to meet and improve upon our infrastructure needs, which are so important to each and every Ohioan," House Speaker William Batchelder, R-Medina, said in a statement.
The state has borrowed roughly $500 million since voters first approved the program in 1987. Voters renewed it twice, in 1995 and 2005.
Gov. John Kasich is set to unveil a capital bill outlining separate borrowing priorities in the next two weeks.
