to benefit the wealthy and tax the rest.
to be blunt...
It was based on GUARANTEED bonds up to 500 million dollars that would be paid for by taxpayers.
this is from the cleveland free times this week:
http://www.freetimes.com/modules.php?op=modload&name=News&file=article&sid=484"If you listen to the proponents of Issue One, including Governor Bob Taft, it sounds almost too good to be true. They say it will create 30,000 jobs across Ohio by generating new investment in Ohio's high-tech industry - such as biotechnology, fuel cells and advanced manufacturing - and it will accomplish this without any new taxes. What could possibly be bad about that? Plenty.
First of all, this amendment to the Ohio Constitution would allow for up to $500 million in bonds to be issued, which would be guaranteed by the state of Ohio - meaning they would have to be repaid with general revenue funds, possibly at the expense of state funds needed for more critical services.
Second, a three-person committee, whose members are unknown, would be responsible for selecting which projects would be funded, thereby overriding current constitutional protections against state and local governments investing public tax dollars in private companies.
Finally, since legislation governing the rules of this bond plan hasn't yet been passed, the Ohio legislature would be given broad authority to establish whatever rules it wishes to implement it - after the election. Call it a new $500 million slush fund.
Issue One puts too many critical services at risk by taking too much public money and putting it into private (politically connected?) companies. It puts too much power in the hands of three appointees, and it allows the Ohio Legislature - dominated by downstate Republicans - to have too much say in how this project is implemented.
So vote "no" on Issue One It's too good to be true and could be very bad for Ohio."
I voted NO today.
TWL