The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-10-13
FKoEogsEzp5 3 Al xMgNIMEST n ~ Els 70 rHE

CONSTITUTION OF OHIO
@cposing to amend Article VIII OF the
provide for the payment Of eompensa-
tion by the state of Ohio Co les resi-
dents who shall have served In the
armed forces Of the United States in
World War H.. or to their survivors,
ohie to provide the funds therefor.
ls % Yes0tUsd By the General assembly Of
the State of Ohio, three.ifths of the mem
bers elected to each house thereof concur
ring therein, That there shall be sub
niitted to the electors of the state of Ohio,
in the manner prescribed by law. at the
general election TO he held on the hrst
Tuesday after the first Monday in Novem-
Der, 1947, proposition TO amend Article
VIII of the Constitution of the state OF
Ohio by adding thereto Immediately after
as follows:
2b. The board of commissioners created
y section of Article VIII of the Consti.
ution of the state OF Ohio, designated
herein "Ths Commissioners Of the Sinking
fund. shall, forthwith upon the adoption
4 this amendment. proceed to issue and sell.
rom time to time bonds of the state of
Ohio in such amounts of face value as II
uay deem necessary TO provide the funds,
II such part thereof. as may. be required TO
,ay the compensation and the expenses OF
administering this section as herein pro-
rided~for, provided however. that the aggr.
.ate total amount OF face value of bonds so
ssued shall not exceed three hundred mil
ion dollars. The full faith and credit of
he state OF Ohio is hereby pledged for the
,ayment of such bonds All bonds so issued
hall mature in thirty semi annual install
nents after the respective dates thereof, and
he msturities thereof shall be so fixed that
he total amounts OF payments on account
If principal and interest to be paid on each
" such semi-annual insisliment payment
iates shall be approximately equal, but no
iuch bonds shall be issued or bear dates
ater than the first Jay of April, 1881. All
,onds 80 issued shall bear interest at such
-ates as The Commissioners of the Sinking
Fund may fix, which interest shall be pay.
lble semi-annually. Such bonds, and the
interest thereon as income, shall be exempt
from all taxes levied by the state OF Ohio
M any taxing district thereof; The bonds
nay. at the option of the Sinking Fund
Commission. be issued subject to call on any
interest payment date at par and accrued
interest. AL sales of such bonds by The
Commissioners of the Sinking Fund shall be
q accordance with such regulations as IL
ihall make and promulgate, provided. how
ever, that such bonds shall be sold only TO
he highest bidder or bidders therefor after
aotice of such sale shall have been published
,nce each week for three consecutive weeks
IN the same day of each of such weeks, the
srst of such notices being published at least
twenty-one full days before the date of sale,
of the eight most populous counties 10 the
state of Ohio, and provided that each of such
published notices shall state the day, hour
and place OF the sale, the total face value of
the bonds TO be sold, their denominations,
dates, and the dates Of their maturities, in
which the bonds win bear. and the dates upon
which interest will be payable. The Com
missioners of the Sinking Fund shall have
the right to reject any or all bids and to re:
= ~ \ l. l. - 4
the proceeds of the sale of all bonds that
amount which represents accrued interest, IL
any, shall be paid into the treasury of the
state OF Ohio into fund to be known as
the World War ii Compensation Bond Re.
tirement Fund. The balance shall be paid
into the treasury OF the state of Ohio into
fund to be known as the World War II
Compensation Fund. The General Assembly
of the state of Ohio may appropriate and
cause 70 be paid into the World War III
Compensation Bond Retirement Fund or the
World War III Compensation Fund out of
the funds in the treasury of the state not
otherwise appropriated, such amounts as it
may deem proper for use upon order Of The
Commissioners of the Sinking Fund for the
purposes for which such funds are created as
herein provided. IL the General Assembly
World War II compensstion Fund prior to
the time The Commissioners OF the Sinking
Fund shall have issued bonds of the aggre-
gate total amount of face value. authorized
in this section, the aggregate total amount
Of face value OF bonds so authorized to be
issued shall be reduced by the amount of the
funds so appropriated.
During the period Of fifteen years begin.
ming January l, 19A9, the treasurer of state
of the state Of Ohio shall, without appropria.
ticn thereof BY the General Assembly. trans.
Bond Retirement F,ind one million dollars
each month out of funds in the state treas
ury derived from taxes levied by the state
for the purpose of providing revenues to de-
fra the expenses OF the state, excepting the
taxes levied by the state by sections 5527.
as the same may be in effect on the effective
date Of this section. To secure such monthly
transfer OF funds lien is hereby created up
on all funds coming into the state treasury
after January !, l94o. derived from taxes
as aforesaid. which lien shall be the FIRST and
best lien upon all such funds. II shall
be the duty Of the treasurer of state to set
aside and use for the purpose of making
such monthly transfer of funds, part of
each dollar received IN the state treasury
n each calendar year during said period of
Sfteen years beginning January /. 1919. de-
rived from taxes as aforesaid. so that the
Total amount OF money so set aside IN each
Of such calendar years shall be twelve million
dollars. and so that the ratio which the
amount OF each dollar 50 set aside shall bear
which the amount OF twelve million dollars
shall bear to the total amount of money re-
ceived IN the state treasury in such calendar
y,ars derived from taxes as aforesaid. The
treasurer OF state shall set aside such part
OF each such dollar tet re paying out. trans
ferring, or disposing OF in any other manner.
such dollar or any part thereof for any
other purpose whatsoever, and be shall make
the transfer OF one million dollars each month
TO the World War II Compensation Bond Re.
IL Il T.
out of said sum of twelve million dollars Sc
set aside in each of such calendar years. !
The Commissioners of the Sinking Fund
shall, on or before the first day of July IN
eacn calendar year. levy and certify 70 the
auditor of the state of Ohio state tax on
the general TAX lists Of all counties in the
state OF Ohio for such year at such rate
as II shall determine to be necessary TO pro.
vide. together with other money which will
be available in the World War III Compen
sation Bona Retirement Fund, the total
the next following calendar year for the re
tirement of bonds and the payment Of interest
payable in such year. Such levy shah be in
addition TO all other taxes levied now OF
hereafter within the period during which
bonds issued Pursuant 10 the provisions oi
this section shall be outstanding, by or pur
suant 70 law or any provision OF the Consti
tuition OF the state Of Ohio, and shall not b,
considered in applying any limitation or ag
gregate tax rates now or hereafter withir
the period during which bonds issued pur
suant 10 the provisions OF this section shall
be outstanding. provided by OF pursuant e
law OF any provision of the Constitution o
the state Of Ohio, The auditor Of state shsl
certify such ieviss TO the auditor Of .eaci
county in the state OF Ohio. who shall ex
tend the same ON the tax lists OF his count,
for the year IN which such levy is made ans
shall place same for collection on the Ia,
duplicates OF bic county 10 be collected q
other taxes 90 such duplicates. Said taxe.