The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1947-10-23

ipKOPUyED KuEEDNFHTmTYE

CONSTITUTION OF OHIO
TEspeaing - amsnd Arsicls VIII Of shs |
Sonshtufion Of The stat. .ef ohio 60 |
provida Tor shs payment 81 compsnaa-
noH by the sta.e ct okio 20 II rssi- |
beats Who ahall have served In tha |
armed forces oE the United States In
Werid War Il. or Co their survivors,
M AZ % issue bonds Of the state ct
!. ohio to previdk the funds therefor.
ss received - Rhs GsssvaI A14ssnbiy o1
fAs State Of ORs4 three-6fths Of the mem
oSfs elected to each house thereof concur.
rng therein. pat there shall be sub
nnttsd 10 the electors Of the stats OF Ohio.
u the manner prescribed BY law, ut the
general election TO be held On the hrst
Tuesday after thk first Monday in Novem.
ssTt 1857, proposition 60 amend Article
VII OF the CONSTITUTION Of the state OF
Onio oy adding thereto Immediately after
seaon ass "a os s4ad Article new section
%. The board OF commissioner. created
BY section 9 of Article VIII Of the Coast.
sa1oa Ct the state CT Ohio. designated
sheTetn he Commissioners Of ths Sinking
Fund. shall, forthwith upon the adoption
nf this anendmens proceed 20 issue and sell,
from time to time, bonds of the state of
Onic in such AMOUNTS of face value as IL
may deem necessary CO provide the funds.
or suea part thereof, IS may be required TO
pay the compensation and the expenses Of
administering this section as herein pro
Wocd Tor, provided, however that the aggre~
gate total amount Of face value Of bonds 30
issued sh2u not exceed three hundred mil.
lion dollars. The full faith and credit Of
the state Of Ohio is hereby pledged for the
payment Of such bonds All bonds 20 issued
shah mature IN thirty semi annual install.
ments after the respective dates thereof, and
the maturities thereof shall be 90 hxed that
the total amounts of payments ON account
OF principal and interest to be paid on each
o. such semi annual installment payment
dates shat be approximately equal. but no
such bonds shall be issued or bear dates
later than the hrst iay Of April. 1851. All
bonds 90 issued shsll bear interest at such
rates as The Commissioners of the Sinking
Fund may fix. which interest shall Be pay.
able semi-annually. Such bonds, and the
interest thereon ss income, shall be exempt
from all taxes levieC by the state of Ohio
or any taxing district thereof. The bonds
may, al the opnon of the Sinking Fund
commission. be Issued subject to call on any
interest paymentl date az par and accrued
interest. AL sales OF such bonds by The
commissioners Of the Sinking Fund shall be
10 accordance with such regulations IS il
shan make and promuigate, provided, how
ever, that such bonds shall be sold only to
the highest bidder or bidders therefor after
notice Of such sale shall have been published
once each week for three consecutive weeks
on the same day OF each of such weeks, the
hrst OF such notices being published at least
twenty one full days before the date of sale
IN newspaper Of. general circul tion in each
OF the eight most populous counties in the
state OF Ohio, and provided that each Of such
published notices shall state the day. hour
and place Of the sale, the totFl face value of
the bonds to be sold. their denominations
dates, and the datea OF their maturities. in.
formation reiativeE the rates Of interest
which the bonds wili bear. and the dates spon
which interest will be payable. The Com.
missioners OF the Sinking Fund shall have
the right 10 reject any or all bids and to re.
"a TvA NwN 4e IL IL
the proceeds OF the sale OF all bonds that
amount which represents accrued interest. If
any, shall be paid into the treasury of the
state OF Ohio into 10 fund to be known as
the World War II Compensation Bond Re,
hTement Fund. The balance shall be paid
into the treasury of the state of Ohio into .
fund TO be known as the World War III
Compensation Fund The General Assembly
OF the state OF Ohio may appropriate and
cause 10 be paid INTO the World War Ii
World War ii Compensation Fund, out of
the funds IN the treasury of the state not
otherwise appropriated. such amounts as II
may deem proper tor use upon order of The
Commissioners of the Sinking Fund for the
purposes for which such funds are created as
herein provided. Ii the General Assembly
should 80 appropriate any funds TO the
World War II Compensation Fund prior to
the time The Commissioners OF the Sinking
Fund shall have ISSUED bonds o. the aggre'
gate total amount OF race y2lue autnorl1eG
In this section. the aggregate total amount
lof 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 /, l949, the treasurer of stats
|of the state OF Ohio shah. without appropria
Etion thereof by the General Assembly. trans
fer into said World War II Compensation
Bond Retirement Fund one million dollar.
each month out Of funds in the state treas
Jury derived from taxes LEVIED by the state
for the purpose ot providing revenues to de
taxes levied by the state by sections 5527
ss4i and 629i OF the Gener Code OF Ohis
as the same may be IN effec on the effectiv,
date OF this section To secure such MONTH,
on all funds coming iuao the state treasur,
after January l. i949F derived from taxei
as aforesaid. which lien shall be the first anc
best lien upon all such funds Il shal
be the duty of the treasurer of state to Sc
aside and use tor the purpose OF making
leach dollar received m the state treasury
in each calendar year during said period o
fifteen years beginning January ], i94e. de
rived from taxes as aforesaid. SO that th,
total amount OF money 30 set aside in eaci
lof such calendar years shall be twelve million
dollars, and 80 that the ratio which ,ht
amount Of each dollar 50 set aside shall beal
to one dollar shall be the same as the ratiS
which the amount OF twelve million dollar
shall bear TO the total amount OF money re
ceived in the state treasury in such calendar
ylArs derived from taxes as aforesaid. Th,
treasurer OF state shall set aside such par
of each such dollar before paying out. trans
terring, or dispostng OF IN any other manner
such dollar or any parf thereof for an!
lotEeT purpose whatsoever and he shall maxi
the transfer OF one million dollar each montl
to the World War III Compensation Bond Re
Itirement Fund hereinahove provided for
louf Of said sum OF twelve million dollars 81
set aside in each OF such calendar rears.
The CommissspnerYr of the Sinking Fun
sasa i' csisndas d ysa levy and Certify to- to th
auditor of theEs Eska@ of Ohio a state tax OF
all taxable br2perty subject to taxation Of
state OF Ohfo for such Eear at such rat
vide. together with other money which vii
tbe available IN the World War ii Compen
sation Bono Retirement Fund the tota
amount of funds which will be required il
the next following calends~ year for the re
Itirement of bonds and the naynent of interes
payable in such year Sueb levy shall be il
addition to all other taxss levied now o
hereafter within the period during whic
bonds issued p: rsuant to the provisions o
this section shall be outstanding, by or puE
tuition OF the state of Ohio and shall not b
considered in applying any limitation or ag
gregate tax rates now or hereafter within
the period during which bonds issued pur
suant to the provisions of this section shai
be outstanding. provided gy or pursuant t
law or any provision OF tie Constitution 0
the state Of Ohio. The auditor of state shal
certify such levies to the auditor OF eac
county In the state OF OHIO. who shah ex
tend the same on the tax lists Of his count
for the year in which such levy 10 made an
shall place same for collection on the "a
duplicates Oh bis county 10 be collected q
the same time and in the same manner q
other taxes on such duplicates. Said take
herein authorized, when collected. shall
pail into the World War ii Compensatio
The state. The World Wat II Compensate
Bond Retirement Fund shall be paid out
without appropriation thereof by the Ger
eral Assembly Of Ohio, Upon the order o