Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-10-30
PROPOSED AMENDMENTS TO THE
CONSTITUTION OF OHIO
BOND ISSUE FOR HIGHWAYS

BOND ISSUE FOR HIGHWAYS
Proposing to amehd article VIII of the
constitution of the state of Ohio to
anthorize the Issuance of revenue
bonds up to five hundred million
dollars, the proceeds thereof TO be
used to provide adequate highways
Be il resolved by the General AS
sembly of the State of Ohio. Three
fifths Of the members elected to each
house thereof concurrirg therein. that
there shall be submitted to the electors
of the state of Ohio, in the manner
prescribed by law. at the general esec-
lion to be held on the first Tuesday
after the first Monday In November.
1854 q proposition to amend Article
VIII Of the constitution of the state Of
Ohio by adding thereto Immediately
alter section .2b of said Article new
Ez'y ARTICLE VIII
4 Sec &c, The state may contract debts
nat exceeding five hundred million
dollars for the purpose Of providing
moneys TOR acquisition of rights-of-
NaYs and for construction and recon-
fknction Of highways on tie state
Mildred twenty-five million dollars
~ the debt authorized by this section
4hAil be contracted within any caien.
4At year and no part OF such debt
,E1an be contracted, after the thirty,
x1k8t 0dy IA AsAdt Gil 1OVGs liz
amount Of any part of such debt at
my time contracted shall be paid In
tdbstantially equal semi-annual or am
hpel h1stallments. beginning not later
thari ei2hteen months after such debt
~ contracted, and In such number OF
4hstallments that the entire debt shall
De discharged not later than the year
18T2 Securities evidencing the debt
authorized by this section shall 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 shall be exempt
lr0m taxation by this state or by any
taxing subdivision thereof. Moneys
raised under the authority of this
section shall be expended only to Pro. 70.
acquisition of rights-of-way and In
Guiding participation therein with the
federal government municipal corpor-
atoms. counties and other legally
authorized participants, but excluding ,i;dingg
BY the state. All construction shall be
done by contract as shall be provided
by law. No part of such proceeds
shall be appropriated except to meet
the requirements of programs or
schedules of acquisition of rights-of-
way. highway construction and recon-
otruction which the Governor. or other
highway authority with the concur
renee OF the Governor, shall submit to
The General Assembly before such
Apprppriations are made. Such appro-
pf1ations shall be made only for major
thofoushfares of the state highway
system and urban extensions thereof.
The debt contracted under the author
tty Of this section shall be paid by
revenue bonds issued by the state OF
Ohio ss provided by, law. secured by
pledge Of moneys derived from fees.
exciscssur license taxes. levied by the
ttate OF Ohio, relating to registration,
prefation. or use of vehicles on public
d14hways. 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, to 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 to be established
The General Assembly shall meet on
fhe second Monday in January. 1854,
pr the sole purpose of enacting laws
ytlrRuatlt to this section.
BE 4 tirther resolved. That at the
el&cti0A nerein designated for submis-
utorl of this amendment to the electors
~ the state OF Ohio. the same shall be
plnced on the official ballot in the
manner prescribed by law and shall be
Co., To amend Article VIII Of
the constitution of the
vrc state of Ohio to provide
adequate highways in
- -- Ohio and to issue reve-
~ nue. bonds in an amount
NJ not to exceed five hum
II S.E drpd million dollars to