The State Capital Improvements Program (SCIP) which helps finance the repair and construction of Ohio’s infrastructure has a 27-year track record of proven success. Since 1987, the program has been renewed twice, in 1995 and 2005, by an overwhelming majority of Ohio voters. Furthermore, it has created 64,000 jobs and completed 11,500 critical infrastructure projects across all 88 counties. This program works for all Ohioans. Tomorrow, its renewal is on the ballot as State Issue 1 and we encourage you to vote yes.
Despite this legacy of success, some opponents claim that Issue 1 will inevitably raise taxes. This is not true. Ohio has a AAA bond rating, which means rating agencies agree Ohio is highly responsible and restrained in its use of bond financing. Bond financing for a 10 year, $1.875 billion infrastructure program makes sense because for decades construction inflation has exceeded the interest rate that Ohio is able to receive on the issued bonds. Waiting until funds are actually in hand would make projects more expensive. State budget director Tim Keen addressed this last Friday, explaining that “it’s appropriate to borrow that money and then spread the cost of those projects over the life of the project.”
With this in mind, remember these 3 facts about Issue 1 when you vote yes tomorrow:
1) Issue 1 will not raise taxes. Issue 1 is a renewal of a bond issue and as such, a repayment schedule is already accounted for in the state’s budget.
2) Issue 1 will create an additional 35,000 construction and related jobs over the next decade.
3) Issue 1 enjoys broad support from business and labor, the Ohio Republican and Democratic parties, many local governments across the state, and all 88 county engineers.
This broad-based support is a testament to the SCIP as a voter-driven program responsible for boosting Ohio’s economic competitiveness and ensuring long-term prosperity. With a network of well-maintained and functional roads, bridges, and water facilities, the state of Ohio will continue to be well-positioned to attract business and skilled workers. Join us on May 6th and vote YES on State Issue 1.