The Bluffton news. [volume] (Bluffton, Ohio) 1875-current, 1947-10-16

,.9sED AMENlNENT 10 THE


PRoPp0SED AMENlMENT 10 THE
CONSTITUTIONS or OHIO
to amend Article VIII Of the
Gonahtation Of the state Of Ohio 70
RFoSfoa ter the payment Of conpensa-
non by the state Of Ohio to its 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 70 provide the funds therefor.
% - resolved by tkS General AssgazbEv 0f
ssS sfdse Of Oaaos three.ffth of the mem
oers elected to each house thereof concur.
Tans therein. bat there shall bs sub
nittsd 20 the eiectors of the state of Ohio,
"a the manner prescribed By law. at the
general election to he held On the krst
1uesday alter the first Monday in Novem-
psTs S4Is opposition to amend Article
Nil1 OF the Constitution Of the state of
Onto by adding thereto Immediately after
section "a OF said Article . new section
as follows:
%. The board of commissioners created
- section 3 OF Article VIII of the Consti-
Euuon q the state of Ohio. designated
snerein The Commissioners Of the Sinking
Fund. shall, forthwith upon the adoption
nt this amendmeat, proceed to issue and ssll.
from from time to time. bonds of the state Of
Onto IN such amounts of face value as Il
nay Deem necessary TO provide the funds,
PC such part thereof, as may be required 70
psy the compensation and the expenses of
administering this section as herein pro
vided for, provided, however, thar the aggre-
Sa1e total anouat OF face value of bonds so
issued shan DOT exceed three hundred mil
non dollars. The full faith and credit OF
the state OF Ohio is hereby pledged for the
payment OF such bonds. All bonds so issued
snaH mature fu thirty semi,annuaI INSTALL
ments alter the respective dates thereof, and
the matur1ties thereof shall be 50 hxed that
tne total amounts of payments on account
os principal and interest to be paid on each
q such semi annual instaliment payment
such bonds shall be issued or bear dates
later than the first lay of April, 1851. All
bonds 80 issued shall bear interest at such
rates as The Commissioners of the Sinking
FUND may fix, which interest shall be pay
able semi-annually. Such bonds, and the
from all tas.es levied by the state Of Ohio
or any taxing district thereof. The bonds
may, at the option of the Sinking Fund
commission, be issued subject to call ON any
interest payment date az par and accrued
interest All sales of such bonds by The
commissioners of the Sinking Fund shall be
- accordance With such regulations as It
shan make and promulgate, provided. how.
ever, that such bonds shall be sold only TO
the highest bidder or bidders therefor after
notice OF such sale shall have been published
once each week Tor three consecutive weeks
trst of such notices being published at least
twenty-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 ot the bale, the total face value of
the bonds to be ssold. their denominations.
dates, and the dates of their maturities, in
formation relative the rates of interest
which the bonds win bear, and the dates upon
which interest viii be payable. The Com.
missioners OF the Sinking Fund shall have
the right to reject ANY or all bids and to re-
advertise and re-oder 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 IL Compensation Bond Re.
nrement Fund. The balance shah 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 ii
Compensation Bond Retirement Fund or the
World War III Compensation Fund. out of
the funds IN the treasury of the state not
appropriated, such amounts as II
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
World War III Compensation Fund prior 70
the time The Commissioners OF the Sinking
Fund shall have issued bonds os the aggre,
gate total amount OF face value authorized
IN this section. the aggregate total amount
of face value of bonds 50 authorized to be
issued shah Be reduced BY the amount OF the
During the period of fifteen years begin.
ming January /, i949. the treasurer of state
OF the state OF Ohio shall, without appropria'
ton thereof by the General Assembly. trans,
fer into said World MAR IL 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
fra the expenses of the state, excepting the
taxes levied by the state by sections s527
554l, and 629I of the sGenerL Code of Ohis
as the same may be I'M effect on the effective
date OF this section To secure such monthly
transfer OF funds . h~n is hereby created up
on all funds coming ieto the state treasury
alter January /, i949. derived from take.
as aforesaid. which lien shall be the FIRST anc
best lien upon all such funds. Ii shall
be the duty of the treasurer of state to SCI
aside and use for the purpose OF making
such monthly transterf of funds. part oi
each dollar received 10 the state treasury
in each calendar year during said period oil
fifteen years beginning January /. 1919. de
rived from taxes as aforesaid, so that tn,
II
of such calendar years shall be twelve million
dollars, and so that the ratio which tn,
amount of each dollar 50 set aside shall bear
TO one dollar shall be the same as the ratio
which the amount OF twelve million dollar!
shall bear TO the total amount of money re
ceived in the state treasury in such calendar
years derived from taxes as aforesaid. TIL,
treasurer OF state shall BET aside such par
of each such dollar before paying out, trans
terrtng, or dispcsing OF IN any other manner
such dollar or any part thereof for am
other purpose whatsoever.t and he shall mak'
the transfer of one mitlions dollar each menti
to the World War ii Compensation Bond Re
Itirement Fund hereinabpve provided for
out OF said sum on twelve million dollars 81
set aside in each of such calendar years,
The Commissioners ct the Sinking Funt
shall, on or before the titst day Of July il
each calendar year, levy Rnd certify to th
auditor of the state of Ohio state tax on
all taxable property subject to taxation o,
the general tax lists of al counties in tht
state OF Ohio for such gear at such rat
as it shall determine TO be necessary TO pro
vide together with other money which vii
be available in the WorldE War ii Compen
sation Bono Retirement Fund. the tota
amount of funds which viii be required il
the next following calendat wear for the re
tirement of bonds and the payment OF interes
payable in such year. Such levy shall be Ii
addition TO all other taxes levied now o
bonds issued Pursuant to fhe provisions o
this section shall be outstanding, by OF pur
suant to law or any provis on of the Consti
tuition of the state Of Ohios and shall not b
Econsidered in applying any limitation or ag
lgTegate tax rates now or thereafter within
the period during which bonds issued pur
suant to the provisions of hhis section shal
tbe outstanding, provided bs or pursuant 4
law or any provision of the Constitution o
the state OF Ohio The auditor of state shal
certify such levies TO the Eauditor OF eaci
county in the state of Ohip, who shall ex
tend the same on the tax lists of his count,
for the year IN which such levy is made ant
shall place same tor collection on the Ia,
duplicates OF his county to be collected a
the same time and IN the same manner a
sother taxes on such duplicates. Said take
herein authorized. when collected. shah b
paid into the World War III Compensation
bond Retirement Fund in the treasury o
the state The World War IL Compensation
bond Retirement Fund shall be paid out
without appropriation thereof by the Gen
Il MN. L.