Loading chat...
OH SJR4
Joint Resolution
Status
Engrossed
6/10/2020
Primary Sponsor
Bob Peterson
Click for details
AI Summary
- Proposes adding Section 18 to Article VIII of the Ohio Constitution to authorize the General Assembly to issue bonds for repaying federal unemployment compensation advances
- Requires voter approval at the November 3, 2020 general election with three-fifths support from both legislative chambers
- Bonds may only be issued if the governor certifies that the total cost of federal advances plus interest exceeds the total cost of the proposed bonds plus interest
- Bonds are secured by pledges of taxes, excises, assessments, or surcharges on employers subject to state unemployment laws, and the General Assembly must enact laws creating bond retirement funds and ensuring sufficient revenue collection
- Bond interest and profits from bond sales are exempt from state taxation, and debt service payments are exempt from standard appropriations requirements and constitutional debt limitations
Legislative Description
Issue bonds to repay unemployment compensation advances
Employment : Unemployment
Last Action
Refer to Committee: Finance
8/31/2020
Committee Referrals
Finance5/13/2020
Full Bill Text
No bill text available