The Union County journal. [volume] (Marysville, Ohio) 1875-1951, 1947-10-30
PROPOSED AMENDMENT no THE

PROPOSED AMENDMENI ~ IhE
CONSTITUTION OF OHIO
roposinx 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 its resi-
dents who shall have served in the
armed forces of the United States In
World War II, or to their survivors,
and to issue bonds of the state OF
Ohio to provide the funds therefor.
Ie Il resotved 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 SUD
mitted to the electors of the state OF ONO,
in the manner prescribed by law, at the
general election to he held on the first
Tuesday after the first Monday in Novem-
Der, 1947, a proposition to amend Article
VIII of the Constitution of the state OF
Ohio by adding thereto. Immediately alter
section "a of said Art ie new section
2b. The board of com ,nissioners created
" section 8 of Article VIII of the Consti-
ntion of the state of Ohio, designated
herein "The Commissioners of the Sinking
fund" shall, forthwith upon the ADOPTION
4 this amendment, proceed to issue and sell,
rom time to time, bonds of the state OF
ohio in such amounts of face value as 1t
nay deem necessary to provide tfN funds,
" such part thereof. as may be required to
,ay the compensation and the expenses OF
rided 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
payment of such bonds. All bonds SO issued
hall mature in thirty semi. install
nents after the respective dates thereof, and
he maturities thereof shall be so fixed that
he total amounts of payments on account
# principal and interest to be paid on each
# such semi-annual inst1llment payment
iates shall be approximately equal, but no
such bonds shall be issued or bear dates
ater than the first 1ay 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
from all taxes levied by the state OF Ohio
n any taxing district thereof. The bonds
nay, at 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
,hall make and promulgate, 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 three consecutive weeks
IN the same day of each of such weeks, the
hrst of such notices being published at least
lwenty-one full days before the date of sale,
IN a newspaper of general circulation in each
3f the eight most populous counties in the
state OF Ohio, and provided that each OF such
published notices shsll state the day. hour
and place of the sale, the total face value of
lse bonds to be sold, their denominations.
lates. and the dates of their maturities, in
bormation relative the rates OF interest
which the bonds viii bear. and the dates upon
which interest win 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-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
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
Fund. The General Assembly
of the state of Ohio may appropriate and
cause to be paid into the World War III
World War III Compensation Fund, out of
the funds IN the treasury of the state not
otherwise appropriated, such amounts as it
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. II the General Assembly
should 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 so appropriated.
During the period of fifteen years begin
ming January !, 1919, the treasurer of state
of the state of Ohio shall, without appropria-
3ion thereof by the General Assembly. trans
s..A@ n
Bond Retirement Find 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 5S27,
554l, and 6291 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 lion is hereby created up
on all funds coming into the state treasury
after January ], l949. derived from taxes
as aforesaid. which lien shall be the first and
best lien upon all such funds. 1t 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 in the state treasury
n each calendar year during said period Of
hfteen years beginning January /. l949, de.
rived from taxes as aforesaid. so that the
totai 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-
ceived IN the state treasury in such calendar
yLars derived from taxes as aforesaid The
treasurer OF state shall set aside such part
of each such dollar -e paying out. trans.
terring, or dIsposing OF N any other manner,
such dollar or any part thereof for any
wHrfaa akC L. - 4
the transfer of one million dollars each month
to the World War ii Compensation Bond Re.
urement 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
eacn calendar year, levy and certify to 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 Ii Compeu.
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 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 p: rsuant to the provisions Of
this section shall be outstanding, by or pur
suant TO law or any provision of the Cousti
tuition OF the state of Ohio, and shall not b,
considered in applying any Limitation or ao
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 or pursuant 10
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 m the state OF Ohio, who shall ex-
tend the same on the tax lists of his county
tor the year IN which such levy is made and
shall place same tor collection on the tax
duplicates OF his county to be collected ar
the same time and in the same manner as
other taxes on such duplicates. Said taxes
herein authorized, when collected, shan be
paid into the World War III Conpensat;on
Bond Retirement Fund IN the treasury of
the state The World War III Compensation
Bond Retirement Fund shall be paid ot,t
without appropriation thereof bv the Cen
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