OH SJR3

Proposes to add Section 2t to Article VIII of the Ohio Constitution to authorize issuance of general obligation bonds for sewer and water capital improvements by municipal corporations, counties, townships, and other governmental entities.

Limits total bond issuance to $1 billion principal amount, with a maximum of $100 million per fiscal year plus any unused amounts from prior fiscal years.

Defines eligible improvements to include wastewater treatment systems, water supply systems, and stormwater and sanitary collection and treatment facilities, including related property, equipment, and costs of acquisition, construction, and planning.

Requires bonds to mature within 20 years from issuance date, pledges full faith and credit of the state for repayment, and exempts bonds from state taxation.

Takes effect immediately upon adoption by a majority of voters at a special election scheduled for March 15, 2016.