The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-10-06
PROPOSED AMENDMENT TO THE

PROPOSED AMENDMENT TO THE /
CONSTITUTION OF OHIO
hoposing to amend Article VIII of the |
Constitution of the state of Ohio to |
provide for the payment OF compensa-
tion by the state of Ohio to its resi- |
dents who shall have served in the
armed forces of the United States in |
World War II, or to their survivors,
and to issue bonds of the state of
Ohio to provide the funds therefor.
Ge st resolved by the General Assembly OF
the State OF Ohio. three-fifths OF the MEM
bers elected TO each house thereof concur
ring therein, That there shall be sub
rnitted to the electors of the state of Ohio,
IN the. manner prescribed by law, at the
general election to he held on the 6rst
Tuesday after the first Monday in Novem-
Der, l947, proposition to amend Article
VIII Of the Constitution of the state Of
Ohio by adding thereto Immediately after
section "a of said Article new section
as follows:
2b. The board of commissioners created
y section of Article VIII of the Consti-
ntion of the state of Ohio, designated
herein The Commissioners of the Sinking
sund''. shall, forthwith upon the adoption
i this amendment, proceed to issue and sell,
rom time to time. bonds of the state Of
)hio in such amounts of face value as II
aay deem necessary TO provide the funds,
fr such part thereof, as may be required to
iay the compensation and the expenses of
administering this section as herein pro-
Hded Tor, provided, however, that the aggre
cate total amount of face value of hondS 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
payment ot such bonds. All bonds so issued
han mature IN thirty sern-annual install
nents after the respective dates thereof. and
he maturities thereof shall be so fixed that
he total amounts of payments on account
u principal and interest to be paid on each
II such semi-annual insi=llmcnr payment
iates shall be approximately equal, but no
iuch bonds shall be issued or bear dates
ater than the first iay of April 1851 All
Ionds so issued shall bear interest at such
.ates as The Commissioners of the Sinking
fund may hx, which interest shall be pay.
able semi annually. Such bonds, and the
interest thereon as income, shall be exempt
from all taxes levied by the state of Ohio
'r any taxing district thereof. The bonds
nay. at the option OF the Sinking Epnd
Commission, be issued subject to call on any
interest payment date at par and accrued
interest. All sales of such bonds by The
commissioners of the Sinking Fund shall be
accordance with such regulations as it
1hali make and promulgate provided, how
ever, that such bonds shall be sold only to
he highest bidder or bidders therefor after
notice OF such sale shall have been published
9nce each week for three consecutive weeks
on the same day of each of such weeks, the
arst OF such notices being published at least
lwenty-one full days before the date of sale,
n newspaper of general circulation 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 total face value of
the bonds 10 be sold, their denominations,
dates. and the dates OF their maturities. in
formation relative the rates of intereS
which the bonds will bear and the dates upon
which interest will be payable. The Com
missoners OF the Sinking Fund shall have
the right to reject any all bids and to re-
advertise and reoffer bonds for sale. Out of
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 III Compensation Bond Re
tirement Fund. The balance shall be paid
into the treasury of the state OF Ohio into a
innd TO be known as the World War III
Compensation Fund. The General Assembly
OF the state ot Ohio may appropriate and
cause to 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 1t
may deem proper for use upon order of The
Commissioners of the Sinking Fund tor the
purposes for which such funds are created as
herein provided. If the General Assembly
snouid sc so appropriate any funds to the
World War III Compensation Fund priorN 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, 1949, the treasurer of state
of the state of Ohio shall. without appropria
tion thereof by the General Assembly, trans
fer into said World War III Compensation
Bond Retirement Fund 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-
frl nf he Pa The
taxes levied by the state by sections 5527
554l, and 62o1 of the Gener.. Code of Ohio
as the same may be effect on the effective
date of this section. To secure such monthly
transfer OF funds lion is hereby created up
on all funds coming into the state treasury
after January /, 1919. derived from taxes
as aforesaid which lien shall be the first and
best lien upon all such funds. 1t shall
be the duty of the treasurer of state TO set
aside and use Tor the purpose OF making
such monthly transfer OF funds, part of
each dohar received IN the state treasury
n each calendar year during said period of
hfteen years beginning January l, l949. de.
rived from taxes as aforesaid so thM the
sotal 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 so set aside shall bear
to one dollar shall be the same as the ratio
which the amount OF twelve million dollars
shall bear to the total amount of money re-
ceived in the state treasury in such calendar
years derived from taxes as aforesaid. The
treasurer OF state shall set aside such part
OF each such dollar - re paying out. trans
ferring, or disposing oI IN any other manner,
such dollar or any part thereof for any
other purpose whatsoever, and he shall make
the transfer of one million dollar5 each month
to the World War III Compensation Bond Re
tirement Fund hereinabove provided for,
out OF said sum or twelve million dollars SO
set aside in each OF such calendar years.
The Commissioners OF the Sinking Fund
shah, on or before the FIRST day of July IN
eacn calendar year, levy and certify 10 the
all taxable property subject to taxation on
the general tax lists oil all counties in the
state OF Ohio for such year at such rate
as it 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
amount of funds which will be required in
the next following calendar year for the re-
tirement of bonds and the payment of interest
payable in such year. Such levy shall be in
addition to all other taxes levied now or
hereafter within the period during which
bonds issued Pursuant to the provisions OF
this section shall be outstanding, by or pur.
suant TO law or any provision OF the Consti-
tuition of the state of Ohio, and shall not be
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 shall
law or any provision of the Constitution OF
the state Of Ohio. The auditor of state shall
certify such levies 20 the auditor OF each
county in the state of Ohio, who shall ex-
tend the same on the tax lists of his county
for the year in which such levy is made and
shall place same for collection on the tax
duplicates OF his county to be collected at
the same time and in Ihe same manner as
other taxes on such duplicates. Said taxes
herein authorized. when collected. shall be
paii into the World War III COMPENSATION
Bond Retirement Fund in the treasury of
the state The World War ii Compensation
Bond Retirement Fund shall be paid out,
without appropriation thereof by the Cen
eral Assembly of Ohio, upon the order of