CHICAGO -- Gov. George Voinovich of Ohio signed into law the state's $30.7 billion budget for fiscal 1994-95 yesterday after vetoing some bond-related components the budget legislation.

Voinovich -- who signed the bill at 4:25 a.m., only hours after the new fiscal year began -- vetoed 31 items in the two-year budget. Paolo De Maria, assistant director of the state's Office of Budget and Management, characterized the vetoes as "relatively minor."

One veto eliminated a provision that would have given the state treasurer the power to refund debt previously issued by Ohio school districts. The provision was part of a school bonding plan in the budget that authorizes the treasurer to issue $68 million of lease revenue bonds for school building projects.

De Maria said that a review of the provision by bond counsel concluded that it "crossed the line into the authority of school districts."

The governor said in his veto message, "The veto of this section assures continuing local control over school district finances and retains Ohio's traditional reliance on local decision making."

De Maria said the bonding plan for schools, as well as a new pooled bond fund for schools administered by the treasurer, remain in the budget.

The governor also vetoed the transfer of $2.8 million of excess funds from the Highway Improvements Bond Fund to the state's general revenue fund. He said the state constitution prohibits gas tax revenues from being used for anything but highway-related projects.

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