CHICAGO -- Gov. George Voinovich of Ohio signed into law yesterday a two-year $1.76 billion capital spending bill that is mostly financed with bonds.
The spending plan calls for $1.73 billion of debt financing to maintain, build, and improve state facilities. Most of the debt would be issued by the Ohio Public Facilities Commission and the Ohio Building Authority.
The remainder of the spending initiatives will be financed with general revenues and other funds.
Included in the new capital plan is $594 million for higher education, $248 million for public works infrastructure, $193 million for rehabilitation and corrections, $170 million for the Department of Education, and $157 million for the Department of Natural Resources.
Another $10 million is included to help complete a sports complex in Cleveland. The baseball stadium and basketball arena, developed by the nonprofit Gateway Economic Development Corp., received $15 million in the 1993-94 capital spending measure.
The capital spending plan covers fiscal 1995, which begins July 1, and fiscal 1996.
The Voinovich Administration submitted its capital spending proposal last month to the state legislature, which approved it with few changes.