The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1947-10-09
PRoPosED AMENDMENT7' 70 THE

ThorGGSED AMENDMENT TO THE
CONSTITUTION OF OHIO
rFoposing 10 amend Article VIII of the
Constitution of the state of Ohio To
PROVIDE tor the payment of compensa-
non py the state of Ohio TO its resi-
gents who shall have served IN the
armed forces OF the United States in
world War II. or to their survivors
sad to issue bonds OF the state OF
onio 10 provide the funds therefor.
pe resolved by the Genev1S Assembly, Of
IAe State Of Ohio, thrce-ffths of the mem
psrs elected to each house thereof concur.
ing therein, That there shall be sub
!nitted TO the electors bf the state OF Ohio.
m the manner prescrbed by law. at the
general election to be held On the first
tuesday after the hrst Monday in Novcn.
WITfr s4/, a proposition to amend Article
| riii OF the Constitution of the state Of
ONO oy adding thereto Immediately after
! as follows: -
2h. The board of commissioners created
~ section of Article VIII OF the Cousti-
tuition Of the state Of Ohio. designated
snerein The Commissioners of the Sinking
FUND shall, forthwith upon the adoption
o. TINS amendment. proceed TO issue and sell.
tSom n time to time, bonds Of the state of
Onio IN such amounts of face value IS il
may deem necessary to provide the funds.
% such part thereof. as may be required TO
pay tae compensation and the expenses of
administering this section as herein pro
weed Tor, provided, however, that the aggre-
gate total amount of face value of bonds 50
issued shan not exceed three hundred mil
lion dollars. The tull faith and credit of
the state OF Ohio il hereby pledged for the
payment OF such bonds All bonds so issued
snan mature IN thirty semiannuai install.
ants anents after the respective dates thereof, and
sne maturities thereof shall be 50 hxed thar
Rns total amounts ef payments On account
OF principal and interest to be paid on each
u sacn seni-annuai installment payment
aatss I snal De approximately equal, but no
such bonds shall be issued or bear dates
later than the FIRST Lay of April. 1851, All
bonds so issued shall bear interest AZ such
rates as The Commissioners OF the Sinking
Fund may hx. which interest shall be paw.
able semi annually Such bonds, and the
interest thereon as Income, shall be exempt
lfrorn all taxes lcviee BY the state of Ohio
ior any taxing district thereof. The bonds
may, at the opttou of the Sinking Fund
IScmmisston, be issued subject TO call on any
interest payment date, at par and accrued
commissioners Of the Sinking Fund shall be
IN accordance with such regulations as il
tshaH make and promulgate, provided. how.
ever, that such bonds shall be sold only to
lthe 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
nrst or such notices being published al least
Itwenty-one full days before the date of sale,
nSNspdpGI oh BEueTal CfTCui@tt0n each
tot the eight most populous counties in the
lstate 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
lthe bonds to be sold, their denominations,
gates, and the dates of their maturities. IN
Ifofmaton relative the rates of interest
which the bonds will bear, and the dates upon
which interest win be payable. The Com
lmissioners of the Sinking Fund shall have
the right TO reject any or all bids and to re-
advertise and Te-offeT bonds for sale. Out of
the proceeds OF the sale of all bonds that
amount which represents accrued interest, if
Iany. shall be paid into the treasury OF the
state OF Ohio into d fund to be known as
Gthe World War III Compensation Bond Re-
nrenent Fund. The balance shah be paid
ilnto the treasury OF the state of Ohio into a
fund to be known as the World War III
Aoupensatiou Fund The General Assembly
Iof the state Of Ohio may appropriate and
cause 10 be paid into the World War III
ICompensatiou 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 tor use upon order of The
commissioners of the Sinking Fund for the
purposes for which snch funds are created as
herein provided. IL the General Assembly
should 50 appropriate any funds 70 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
lot face value ct 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, i949t the treasurer of state
OF the state OF Ohio SHAH, without appropria-
ton 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
tor the purpose OF providing revenues to de-
tra the expenses OF the state, excepting the
taxes levied by the state by sections 5527.
SS4l, and o29i OF the Gener~s Code of Ohio
as the same may be in effect on the effective
date OF this section. To secure such monthly
transfer of funds h~nHis hereby created up
on all funds coming into the state treasury
after January ], l94o. derived from taxes
as aforesaid. which lien shall be the frst 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
each dollar received IN the state treasury
in each calendar year during said period of
htteen years beginning January /. 1919. de-
rived from taxes as aforesaid. so that the
total amount OF money 70 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 10 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 befpre paying out, trans
ferring, or dispospg OF in. any other manner,
such dollar or Syspart thereof for any
other purpose Whatsoever, and he shall make
the transfer of onS million dollar each month
to the World HRr vi COMPENSATION Bond Re.
trement Funps \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
eaen calendar year, levy and certify to the
auditor OF the state OF Ohio q state tax on
all taxable property subjeet to taxation on
the general tax lists of an counties in the
state of Ohio for such year at such rate
as il shall determine to be necessary TO pro-
vide. together with other money which will
be available in the World War III Compen.
sation Bono Retirement Fund. the total
amount OF funds which viii 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 10 the provisions of
this section shall be outstanding, by or pur-
suant to law or any provisioa of the Consti-
tuition OF the state of Ohio, and shall not be
Econsdered IN applying any Limitation or ag-
Igrcgate tax rates now or hereafter within
the period during which bonds issued pur.
suant to the provisions of this section shall
lbe outstanding, provided by pr pursuant to
law or any provision of the Constitution of
the state of Ohio The auditor of state shall
certify such levies 10 the aRditor 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 10 made and
shah place same tor collection on the tar
duplicates OF his county 10 IL collected NJ
the same time and in the sane manner A.
Iosher taxes on such duplicates Said taxes
herein authorized, when collected, shah be
lpail into the World War III Compensation
IBond Retirement Fund IN the treasury of
.ahe state The World War III Compensation
Bond Retirement Fund shall be paid out.
without appropriation thereof BY the Gen.
seral Assembly OF Ohio, upon the order of
The Commissioners of the Sinking Fund