The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-10-02
PRoposEp AMENDMENr TO The

CONSTITUTION OF OHIO
roposing 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 it's resi-
dents who shall have served in the
armed forces of the United States in
World War IL, or to their survivors,
and to issue bonds of the state of
Ohio to provide the funds therefor.
ie 1t reS0t1ed BY the. General Assembly of
the State Of OHIO, three-hfths of the mem.
bers elected to each house thereof concur
ring therein, That there shall be sub.
mltted TO the electors of the state of Ohio,
in the manner prescribed by law, at the
general election 10 he held on the first
Tuesday after the first Monday IN Novem.
Der, l947, proposition 10 amend Article
VIII OF the Constitution OF the state OF
Ohio by adding thereto Immediately after
section "a OF said Article a new section
as follows:
2b. The board Of commissioners created
y section of Article VIII of the Constr
ution Of the state of Ohio, designated
herein The Commissioners of the Sinking
'und 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
nay deem necessary TO provide the funds,
lr such part thereof, as may be required 10
'ay the compensation and the expenses of
'dmlmstering this section as herein pro-
:ate total amount Of face value Of bonds so
ssued shah 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 semi ANIMAL install
nents alter the respective dates thereof, and
he matuTities thereof shah be so fixed that
ne total amounts OF payments on account
II principal and interest TO be paid on each
y such semi.annual installment payment
iat@ shall be approximately equal, but no
'uch bonds shall be ISSUED or bear dates
ater than the first lay OF April, 1851. All
Ionds so issued shall bear interest at such
ates as The Commissioners Of the Sinking
FUND may fl$. which interest shall be pay.
tble semi-annually. Such bonds, and the
interest thereon as income, shall be exempt
from all taxes levieo by the state OF Ohio
'r any taxing district thereof. The bonds
nay, at the option ct the Sinking Fund
Commission, be issued subject 10 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 il
E.all make and premulgate, provided, how
.ver, that such bonds shall be sold enly 10
he highest bidder or bidders therefor after
aotice OF such sale shall have been published
)nce 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 tull days before the date OF sale,
N newspaper OF general circulation in each
ot 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 to be sold their denominations.
dates, and the dates OF their matErities, in
formation relative the rates of interest
which the bonds viii bear, and the dates upon
which interest will be payable. The Com
mssioners of the Sinking Fund shall have
the right 10 reject any or all bids and to re
advertise and reoifer bonds for sale. Out of
the proceeds OF the sale OF all bonds that
amount which represents accrued interest, 1t
any, shall be paid into the treasury OF the
state OF Ohio INFO 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 10 be known as the World War III
Compensation Fund. The General Assembly
OF the state OF Ohio may appropriate aud
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 or the state not
otherwise appropriated. such amounts as IT
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. If the General Assembly
should so appropriate any funds to the
World War III Compensation Fund prior to
the time The Commissioners of the Sinking
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 /, 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 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 5527,
S54l, and 629l OF the Gener. Code of Ohio
as the same may be in effect on the effective
date Of this section. To secure such monthly
transfer OF funds a inn is hereby created up.
on all funds coming into the state treasury
after January /, lo49. derived from taxes
as aforesaid. which lien shall be the first and
best lien upon all such funds. IL 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 dollar received IN the state treasury
each calendar wear during said period of
hfteen years beginning January /, l94e, de-
rived from taxes as aforesaid so that the
total 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.
celved IN the state treasury in such calendar
YEARS derived from taxes as aforesaid. The
treasurer OF stale shall set aside such part
OF each such dollar e paying out. trans
ferring, or disposing oI n any other manner
such dollar or any part thereof for any
other purpose whatsoever, and he shall make
the transfer Of one million dollar each month
10 the World War III Compensation Bond Re
tirement Fund hereinabeve provided fer
out Of said sum OF twelve million dollars SC
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 wear. levy and certify 10 the
auditor of the state of Ohio a 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 III Cempen
sation Bono 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 irteres;
payable in such year. Such levy shall be in
addition TO all other taxes levied now OF
hereafter within the period during which
bonds issued p: rsuant to the provisions oi
this section shall be outstanding, by or pur
suant to law or any provision OF the Consti
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
be outstanding, provided by OF pursuant &c
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
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 tar
duplicates OF his county to be collected al
the same time and in the same manner as
other taxes on such duplicates. Said taxes
herein authorized, when collected. shall be
pail into the World War II Compensation
Bond Retirement Fund in the treasury Of
the state The World War III Compensation
Bond Retirement Fund shall be paid out
without appropriation thereof by the Gen,
eral Assembly of Ohio, upon the order cl
'Tas Commissioners Of the Sinking Fund