The journal. (Caldwell, Ohio) 1934-1961, 1953-10-15
PROPOSED AMENDMENTS TO THE
CONSTITUTION OF OHIO
BOND ISSUE FOR HIGHWAYS

BOND IssCE FOR HIGHWAYS
Proposing 10 amend article VIII of the
constitution OF the state of Ohio to
authorize the issuance OF revenue
bonds UP to five hundred million
dollars, the proceeds thereof 10 be
used to- provide adequate highways
in Ohio.
Be 1t resolved by the General As
sSmDiy Of the State of Ohio, Three
fifths OF the members elected to each
house thereof cOncuTTiug therein that
there shall be submitted 10 the electors
OF the state of Ohio, in the manner
prescribed oy law. al the general Cleo
ton To be held on the first Tuesday
after the first Monday in November.
1888. a proposition to amend Article
VIII of the constitution of the state of
Ohio by adding thereto Immediately
after section 20 OF said Article a new
section as follows.
ARTICLE VIII
Sec &c. The state may contract debts
not exceeding five hundred million
dollars for the purpose OF providing
moneys for acquisition of rights-of-
way and for construction and recon-
stFucton OF highways on the state
highway system. Not more than one
hundred twenty-five million dollars
of the debt authorized by this section
shall be contracted within any calen-
dar year, and no part of such debt
first day OF March. 1852. The principal
amount of any part of such debt at
any time contracted shall be paid in
substantially equal semi or an
nual installments. beginning not later
than eighteen months after such debt
Is contracted, and in such number OF
inStallments that the entire debt shalt
be discharged not later than the year
1872. Securities eVldencing the debt
authorized by this section shah bear
interest and shall be sold upon such
terms as may be prescribed by law.
Both the principal OF such debt and
the interest thereon shau be exempt
from taxation by this state or by any
taxing subdivision thereof Moneys
raised under the authority OF this
section shall be expended only to pro-
VIDE adequate highways including the
acquisition of rights-of-way and in
Guiding participation therein with the
federal government, municipal corpor-
ations. counties and other legally
authorized participants. but excluding
the costs OF planning and supervision
by the state. All construction shall be
done by contract IS shall be provided
by law. No part OF such proceeds
shall be appropriated except 10 meet
the requirements OF programs or
schedules OF acquisition OF rights-of-
way, highway construction and recon-
struction which the Governor, or other
highway authority with the concur
renee OF the Governor, shall submit td
the General Assembly before such
appropriations are made. Such appro-
priations shall be made only for major
thoroughfares Of the state highway
system and urban extensions thereof.
The debt contracted under the author
ity of this section shall be paid pY
revenue bonds issued by the state of
Ohio as provided by law. secured by j
pledge OF moneys derived from fees.
eXciSeS or license taxes, levied by the
state of Ohio relating 10 registration.
operation, or use OF vehicles on public
highways, or to fuels used for pro-
pelling such vehicles, and a sufficient
amount thereof shall be set aside each
year, before any other distribution is
made, 10 pay the interest on the out
standing debt and principal OF suCh
debt becoming due in that year. with
out other appropriations. but accord
ing TO regulations 10 be established
by law.
The General Assembly shall meet on
the second Monday in January, 1854.
for the sole purpose of enacting laws
pursuant 10 this section.
Be 1t further resolved. That at the
election herein designated for Subnis~
sion on this amendment TO the electors
OF the state OF Ohio, the same shall be
placed on the official ballot IN the
manner prescribed by lax and shall be-
designated &c follows:
4 l.