The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-11-03
PRoP0sFD AMENDMENT TO THE

PROPOSED AMENDMENT TO THE
CONSTITUTION OF OHIO
roposing to amend Article VIII Of the
Coustis tuition Of the state of Ohio 10
prcvide for the payment of compensa-
tion by the state Of Ohio 20 its resi-
dents who shall have served In the
armed forces Of the United States in
World War IL, or to shss. survivors;
and 60 issue bonds of the state OF
Ohio to provide the funds therefor.
is tt rssoiVed By the GeHsrdi Assembly T
tie State of Ohio. three-6fths OF the mem
bers elected to each house thereof concur
ring therein, That there shall be sub
mitted to the electors OF the state OF ONO.
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 Arti le new section
20. The board OF com nissioners created
q section of Article VIII of the Consti.
alton Of the state of Ohio, designated
herein 1.-THE Commissioners of the Sinking
{ this amendment, proceed to issue and sell,
rom time to time, bonds OF the state OF
Ohio in such amounts of face value as IL
uay deem necessary to provide the FUNDS,
e such part thereof, as may be required to
,ay the compensation and the expenses OF
,ided 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 serni-annual install
nents after the respective dates thereof, and
he maturities thereof shall be so fixed that
ne total amounts of payments on account
# principal and interest to be paid on each
Il such semi annual inst:llment payment
iates shall be approximately equal, but no
;uch bonds shall be issued or bear dates
ater than the first day of April, 1881. All
,onds so issued shall bear interest at such
:ates as The Commissioners of the Sinking
Fund may fix, which interest shall be pay
.ble semi-annually. Such bonds, and the
interest thereon as income, shall be exempt
VI any taxing district thereof. The bonds
nay, az the option of the Sinking Fund
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
n accordance with such regulations as it
,hall make and promulgare, 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 turee consecutive weeks
sn the same day of each of such weeks, the
arst of such notices being published at least
twenty -one full days before the date of sale.
10 a newspaper of general circulation 10 each
,f the eight most populous counties IN the
state OF Ohio. and provided that each OF such
published notices sh'dl state the day., hour
and place of the sale, the total face value of
he bonds TO be sold, their denominations,
hates. and the dates of their maturities. in
ormation relative the rates of interest
which the bonds will bear. and the dates upon
which interest will be payable. The Com
IL. C..-i.. zI.H
the right to reject any or all bids and to re.
advertise and re-offer bonds for sale. Out of
the proceeds OF the sale OF all bonds that
amount which represents accrued interest, ii
any, shall be paid into the treasury OF the
state of Ohio into a 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 a
fund to be known as the World War III
Compensation Fund. The General Assembly
Of the state of Ohio may appropriate and
cause to be paid into the World War III
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 Il
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. If the General Assembly
snould so appropriate any funds to the
World War III Compensation 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 50 appropriated.
During the period of fifteen years begin
ming January ], 194o,, the treasurer of state
Of the state of Ohio shall. without appropria-
tion thereof by the General Assembly. trans.
Ger into said World War II Compensation
Bond Retirement F1nd 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 S527,
5S41. and 629l of the Gcner.. Code of Ohio
as the. same may be in effect on the effective
date OF this section. To secure such monthly
transfer OF funds lin is hereby created up
on all funds coming into the state treasury
after, January l., i949. 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 III the state treasury
q each calendar year during said period OF
fteen years beginning January /, i949, de.
rived from taxes as aforesaid. so that the
lotal 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 do/ar shall be the same as the ratio
which the amount of twelve million dollars
shall bear to the total amount of money re-
ccived 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 - &c paying out, trans
ferring, or disposing OF n any other manner,
such dollar or any part thereof for any
other purpose whatsoever, and he shall make
the transfer of one million dollars EACH month
to the World War III Compensation Bond Re.
tirement Fund hereinabove provided for.
out Of said sum OF twelve million dollars so
set aside in each of such calendar years.
The Commissioners of the Sinking Fund
shall, on or before the FIRST day Of July IN
each calendar year, levy and certify TO the
anditor of the state OF Ohio state tax on
all taxable property subject to taxation on
the general tax lists OF 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 ii Compen.
sstion Bono Retirement Fund. the total
amount Of funds which will be required in
the next following calendar year for the re.
tiremert 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
AniS oCIuOD SHAH UC OutolAuQluSg ny OF VUf'
suant to law or any provision Of the Corls,i.
tuition of the state of Ohio, and shall not b.
considered in applying any limitation or ag.
gregate tar rates now or hereafter within
the period during which bonds issued pur
suant 10 the provisions OF this section shall
be outstanding, provided by or pursuant to
Law or any provision of the Constitution OF
the state of Ohio. The auditor of state shall
certify such levies to the auditor OF each
county, IN the state of Ohio, who shall ex-
for the year IN which such levy is made and
shall place same for collection on the tar
duplicates OF bis county 70 be collected si
the same tir1s and Ia the same manner as
herein authorized, when collected, shall be
pail into the World War ii Compcnsatior
Bond Retirement Fund In the treasury oi
the state. The World War III Compensation
Bond Retirement Fund shall be paid out,
without appropriation thereof by the Cen.
eYal Assefribly Of Ohio ,soon the order N