The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1947-10-02

PRoPosED AHENDMENT 70 THE

PROPOSED AMENDMENT TO THE
CONSTITUTION OF OHIO
Uoposang TO amend Article vii os sAs
constitution of the state OF Ohio TO
nFoNine Ter ne payment of compensa-
non ny the state Of Ohio To its resi-
dents who shall have served In the
armed forces OF the United States In
Wortd War IL or to their survivors,
anu 10 Issue bonds of the state Of
- Ohio TO prpvide the funds therefor.
ss - resolved By the General Assembly of
sHs State Of lOhsc. three-hfths Of the mem
oers elected to each house thereof concur
ing tnerein, That there shall be sub
mitted to the electors Of the state Of Ohio,
N the manner prescribed by law. 1T the
/ general election TO be held On the hrst
iuesday after the first Monday IN Novem-
PET; 1917, = proposition to amend Article
/ XII OF the Constitution Of the state of
Ohio by adding thereto Immediately after
section "a pf said Article . new section
as foIlows:
2b- The board ct commissioners created
s,,;s p section . q Article VII Of the consti::
therein The commissioners of the Sinking
Fund, shall, forthwith upon the adoption
ef THIS ameudnneut, proceed 20 issue and SELL
from time to time, bonds of the state OF
Onio IN such amounts of face value a. It
may deem necessary to provide the funds.
or such part thereof, as may be required to
pay the compensation and the expenses of
administering this section as herein pro
s1ued Tor, proYlded, however, that the aggre-
gate total amount Of face value of bonds so
issued shall rot exceed three hundred mil.
lion dollars. The full faith and credit of
the state OF Ohio is hereby pledged for the
payment of suth bonds. All bonds so issued
snaM mature IN thirty semi annual install.
Enenfs after the respective dates thereof and
Rne maturities thereof shall be so fixed that
Rne total amounts of payments on account
of principal and interest to be paid on each
81 such semisannual installment payment
oates shall be approximately equal, but no
such bonds shall be issued or bear dates
l!ater than the FIRST lay Of April, 1851. All
bonds so issued shall bear interest at such
rates as The Commissioners OF the Sinking
Fund may FIX. which interest shall be paw.
lable semi-annuAily. Such bonds, and the
nnterest thereon as income, shall be exempt
prom all taxes levied by the state of Ohio
ior any taxing district thereof The bonds
may, at the option of the Sinking Fund
fSommission, be issued subject to call on any
Interest All sales of such bonds by The
commissioners of the Sinking Fund shah be
IN accordance with such regulations as i,
shall make and promulgate, provided. how.
Ieyert that such bonds shall be sold only tc
tthe highest bidder or bidders therefor after
notice of such sale shall have been published
lonce each week for three consecutive weeks
lon the same day of each of such weeks, the
hrst OF such notices being published at least
Itwenty-one full days before the date of sale
lof the eight most populous counties in The
state OF Ohio, and provided that each of such
published notices shall state the day hour
land place OF the sale, the total face value oi
tthe bonds TO DC sold, their denominations
ldafes, and the dates Of their matuFities. IN
FORMATION relative the rates Of Interest
fwhach the bonds viii bear, and the dates upor
which interest wall be payable. The Com
lnissioners of the Sinking Fund shall hH~s
1.-THE right to rejeog any or all bids and to re
lNNyRYFYSR and ym.4f4@T h9r1x Fnr aa1@ fArtk nj
the proceeds OF the sale of all bonds tha
amount which represents accrued interest, il
lany, shall be paid into the treasury of th,
lstate OF Ohio into fund to be known Il
ltiremcnt Fund. The balance shah be pais
hnsc the treasury ct the state of Ohio into
ltund GO be known as the World War II
ICompensatioa Fund. The General AssembI,
of the state Of Chic may appropriate ant
lcause to be paid Aanto the World War L
Compensation Bond Retirement Fund or tn,
World War II Compensation Fund, OUT o.
the funds IN the treasury of the state no
lotherw1se appropriated, such amounts as i
may deem proper fer use upon order of TIL
commissioners OF tie Sinking Fund for tn
purposes for which such funds are created a
herein provided Ii the General Assembi,
lshould 50 appropriate any funds to tn
World War II Compensation Fund prior &
the time The muaSsioners of the Sinking
Fund shall have issued bonds Of the agRTe
Igate total amount Of face value authorize
in this section, the aggregate total amour
Iof face value OF bonds so authorized to b
ISSUED shall be reduced by the amount of th
funds s1 appropriated.
During the period .ot fifteen years begin
ming January /, lo49, the treasurer of stat
of the state of Ohio shail. without appropria
ltion thereof by the General Assembly, trans
Ter into said World War III Compensate
Bond Retirement Fund one million dollar
each month out of funds in the state treas
Jury derived from faxcs levied by the stat
tor the purpose OF providing revenues to ds
Ifrs the expenses of the state, excepting tn
l5541, aud 629i OF the Gener.' Code of Obi
las the same may be in effect on the effectiv
date OF this section To secure such MONTH
transfer OF funds h-r is hereby created al
on all funds coming INTO the state treasur
latter January 1, io4q derived from take
as aforesaid. which len shall be the first an
best lien upon all such funds. 1t sha
be the duty of the treasurer of state TO 81
aside and use tor the purpose OF maxim
lsuch monthly transfer OF funds, part
in each calendar year during said period c
hfteen years beginning January /, ysi949, d
lTived from taxes as aforesaid, so that th
total amount Of money 80 set aside in eac
Of such calendar years shall be twelve millio
tdollars. and 90 that the ratio which th
amount OF each dollar so set aside shall bea
Ito one dollar shall be the same as the rati
which the amount OF twelve million dollar
lshaH bear to the total amount of money r,
Iccived IN the state treasury in such calenda
years derived from taxes Jas aforesaid. Th
treasurer OF state shall set aside such pal
lof each such dollar before paying out, trani
lferring, or disposiug of I'M any other manne
such dollar or any part thereof for an
iotker purpose whatsoever. and he shall MAX
the transfer OF one millions dollar each mont
to the World War III CONDENSATION Bond r.
itirement Fund hereinabeve provided 70
out Of said sum OF twelve million dollars
SET aside in each OF such calendar years.
The Commissioners of the Sinking Fun
shall, on or before the FIST day Of July
leacn calendar year, levy and certify 10 th
auditor OF the state of Ohio state tax O
all taxable property subject 10 taxation Q
the general tax lists OF I'D counties in ii
Estate OF Ohio for such sear at such raj
las il shall determine to be necessary 10 pr
vide, together with other Amoney which wi
ibe available in the World War III Compei
Esation Bono Retirement Fund. the tot
amount of funds which will be required
the next following calendaT year for the n
tirement of bonds and the eayment of interet
payable in such year. Such levy shall be
addition TO all other taSes levied now
hereafter within the period during whic
bonds issued p,.rsuant TO THE provisions
this section shall be outstanding, by or pu
suant to law or any provision of the Const
tuition OF the state of Ohio and shall not
considered in applying ans limitation or al
lgregate tax rates now or hereafter With
the peFioQ during winch polus ISSUED pu
suant 10 the provisions of this section sha
be outstanding. provided by or pursuant
law or any provision of tie Constitution
1.-THE state Of Ohio. The auditor Of state sha
Icertify such levies 60 the auditor of eac
Icounty in the state of OHIO, who shah c.
stend the same On the tax hsts Of his count
lfor the year in which such levy is made an
IshaI place same for COLLECTION ou the ca
duplicates cs his county % be collected
1.-The same time and in the same manner
Eother taxes on such duplicates. Said taxt
herein authorized, when cellected, shall
IpaiI into the World War iii Compensate
Bond Retirement Fund IN the treasury
the state The World WarsI Compensate
bond Retirement Fund shall be paid on
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