Ottawa County news. (Port Clinton, Ohio) 1931-1956, 1953-10-16
PROPOSED AMENDMENTS To THE
CONSTITUTION OF OHIO
BOND ISSUE FOR HIGHWAY

BOND ISSUE FOR HIGHWAYS
Proposing to ameLd 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 to be
used to provide adequate highways
in Ohio.
Be it resolved by the General AS
sembly of the State of Ohio, Three
fifthS of the members elected to each
house thereof concurring therein, that
there shall be submitted to the electors
of the state of Ohio, in the manner
prescribed by law, at the general elec-
ton to be held on the first Tuesday
after the first. Monday in November,
1853, proposition to amend Article
VIII of the constitution of the state of
Ohio by adding thereto Immediately
after section 2b of said Article new
section as folloWs; bTys;, = ,,,r,
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-
struction 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
shall be contracted after the thirty
amount of any part of such debt at
any time contracted shall be paid in
substantially equal Sem1-annual 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 shall
be discharged not later than the year
1872. Securities evidencing the debt
authorized by this section shall bear
interest and shall be sold upon such
L. ra..st, II ~ y4,,v
Both the principal of such debt and
the interest thereon shall 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-
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 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-
struotion which the Governor. or other
highway authority with the concur
renee of the Governor, shall submit to
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 by
revenue bonds issued by the state of
Ohio as provided by law, secured by a
pledge of moneys derived from fees.
excises or license taxes, levied by the
state of Ohio, relating to registration,
operation, or use of vehicles on public
highways, or to fuels used for pro-
pelling such vehicles, and 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
by law.
The General Assembly shall meet on
the second Monday in January. 1854,
for the sole purpose of enactlng laws
pursuant to this section.
Be it further resolved, That at the
election herein designated for submis-
sion of this amendment to the electors
of the state of Ohio, the same shall be
placed on the official ballot in the
manner prescribed by law and shall be
designated as follows:
To amend Article VIII of