A better plan for the Ohio Turnpike:
Gov. Kasich's proposal to issue bonds
Over the past year there has been much
speculation and hand-wringing over Governor Kasich’s eyeballing of the Ohio
Turnpike and his possible desire to sell off and/or lease one of our state’s
greatest assets as a way to raise revenue.
After commissioning a $3.4 million dollar study,
it was pretty much a foregone conclusion that this study would have been
another typical political ploy to justify Governor Kasich’s desire to sell or
lease the turnpike just as other states have done.
This thought was reinforced with the routine dog
& pony shows of public hearings for citizens to voice their concerns about
the future of the Ohio Turnpike. The general consensus of citizens and
businesses at these hearings were that the State of Ohio should NOT lease the
Turnpike as a way to garner one-time funds for the state.
In a show of common sense using innovative
solutions and listening to the voices and concerns of Ohio citizens and
business owners, last week, much to everyone surprise, Governor Kasich
announced he will not try to step over dollars to pick up one-time pennies for
the state by leasing the turnpike.
With a decision that must be applauded, in Governor
Kasich’s new proposal, the State of Ohio will NOT lease or sell the Ohio
Turnpike, but instead will use one of our state’s greatest and strongest assets
to leverage money for much needed infrastructure repairs.
By issuing low-interest bonds against future revenues,
this plan will allow the Turnpike Commission to remain independent, save jobs,
and raise an initial projected $1.5 billion -- and with available matching
funds up to $3 billion. These funds will be used for road repairs and
rehabilitation, which will in the long run end up also creating up to 65,000
jobs and increasing development.
Showing this is a win/win solution, many of the
one-time detractors of Governor Kasich's plan to lease the turnpike are now
singing praise.
The Ohio Legislature will need to approve this
proposal which is expected to be included in Ohio Department of
Transportation's funding request in early 2013.
Sources and more info at the Columbus Dispatch
here, and at the Ohio Department of Transportation website here.
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