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Thursday, October 23, 2008
COLUMBUS — Business interests poured a staggering $63.5 million into campaign coffers to try to influence Ohio voters on ballot Issues 5 and 6, according to campaign finance reports filed Thursday, Oct. 23.
On Issue 6, which seeks to amend the state constitution to allow a casino resort near Wilmington, backers have put up $21 million to get it passed. Their main opponents, who own a casino in Indiana and a horse track in Toledo, have raised $27.3 million to urge its defeat.
Issue 6 backers promise the project will share about $200 million a year with Ohio counties and create up to 10,000 jobs. The opponents are arguing that loopholes in the fine print make it a bad bet for Ohioans.
On Issue 5, the payday lending industry shelled out $15.1 million to urge defeat. If it passes, payday lenders would only be allowed to charge 28 percent on short-term loans, instead of the current 391 annual interest rates. The campaign to pass Issue 5 is funded mostly by the Coalition on Homelessness and Housing in Ohio, which spent more than $250,000.
Issue 5 was officially certified for the ballot on Thursday, Oct. 23.
The payday lending industry has argued that the 28-percent cap is so low that its 1,400 stores in Ohio, which employ 6,000 people, will close.
The Yes on Issue 5 campaign, however, has the backing from a wide array of groups including the Ohio Farm Bureau, AARP Ohio, Gov. Ted Strickland, House Speaker Jon Husted, Senate President Bill Harris, former attorneys general Lee Fisher, Betty Montgomery and Jim Petro as well as the two main party candidates for attorney general.
In the attorney general's race, Democrat Richard Cordray and Republican Mike Crites both raised about $45,000, but Cordray's war chest is bigger because his campaign already had $2.4 million. Cordray spent $630,436 compared with Crites' $66,526. Independent candidate Robert Owens raised and spent less than $5,000. The three are vying to finish out Democrat Marc Dann's unexpired term.
The campaign finance reports cover Oct. 1 to Oct. 15 for the attorney general candidates and July 1 to Oct. 15 for the issue campaigns, according to the secretary of state's office.
