(A) Direct obligations of the state may not be issued under this article if the amount required to be applied or set aside in any future fiscal year for payment of debt service on direct obligations of the state to be outstanding in accordance with their terms during such future fiscal year would exceed five per cent of the total estimated revenues of the state for the General Revenue Fund and from net state lottery proceeds during the fiscal year in which the particular obligations are to be issued. As used in this division, "debt service" includes the debt service on the bonds to be issued under this article that are direct obligations of the state plus, if the obligations to be issued are bond anticipation notes, the debt service on the bonds anticipated, plus the debt service on all other outstanding bonds that are direct obligations of the state, to the extent that debt service on all those bonds and bonds anticipated is to be paid from the General Revenue Fund or net state lottery proceeds.
(B) The limitations of division (A) of this section shall not apply to a particular issue or amount of obligations if the limitations are waived as to that particular issue or amount by the affirmative vote of at least three-fifths of the members of each house of the General Assembly, or to obligations issued to retire bond anticipation notes that were issued when the requirements of division (A) of this section were originally met as estimated for the bonds anticipated.
(C) For purposes of division (A) of this section, debt contracted by the state pursuant to Section 2 of Article VIII of the Ohio Constitution to repel invasion, suppress insurrection, or to defend the state in war, shall not be included in the calculation of total debt service.
(D) For purposes of division (A) of this section, the General Assembly shall provide by law for computing the amounts required for payment of debt service, and may provide for estimating payments of debt service on bonds anticipated by notes, for including payments of debt service on obligations issued to refund or retire prior obligations in lieu of such payments on the prior refunded or retired obligations, and for the method of computing payments of debtservice on any obligations required to be retired or for which sinking fund deposits are required prior to stated maturity. The Governor or the Governor's designee for such purpose shall determine and certify the fiscal year amounts required to be applied or set aside for payment of debt service, the obligations to which that debt service relates, the total estimated revenues of the state for the state General Revenue Fund and from net state lottery proceeds during the particular fiscal year, other financial data necessary for the purposes of computations under division (A) of this section, and the permitted latest maturity of obligations. That certification shall be conclusive for the purposes of the validity of any obligations issued under this article.
(E) As used in this section:
(1) "Fiscal year" means the state fiscal year.
(2) "Debt service" means principal and interest and other accreted amounts payable on the obligations referred to.
(3) "Direct obligations of the state" means obligations issued by the state on which the state of Ohio is the primary or only direct obligor.
(Adopted Nov. 2, 1999; SJR No. 1)