The journal. (Caldwell, Ohio) 1934-1961, 1955-11-03
BOND ISSUE FOR PUBLIC
BUILDINGS AND IMPROVEMENT

BOND ISSUE FOR PUBLIC
BUILDINGS AND IMPROVEMENTS
Proposing to amend Article VIII of
the constitution of the state of Ohio
by adding section 2e to provide for
a long range building program for
the purpose of providing public
buildings, structures, and other pub
lie improvements, excluding high
ways, and for issuance of securities
of the state of Ohio in the amount
therefor; and to provide for an
excise tax on cigarettes to pay for
such securities and the interest
thereon.
Be it resolved by the General AS
sembly of the State of Ohio, Three
each house tn er eof concurring
therein, that there shall be submitted
to the electors of the State of Ohio,
in the manner prescribed by law, at
the general election to be held on
the first Tuesday after the first Mon
to amend Article VIII of the Consti-
tuition of Ohio by adding thereto i'm
medlately after section &c of said
Article new section as follows:
Sec. 2e. The state may borrow
money and issue bonds, or other
obligations therefor for the purpose
Of acquiring, constructing, recon-
structing and otherwise improving
and equipping buildings and struc-
lures, excluding highways, and for the
purpose of acquiring sites for such
buildings and structures, for the
penal, correctional, mental, and well
fare institutions of the state; for the
state supported universities and COL
leges OF the state; for class room
facilities to be leased or sold by the
state to public school districts unable
within limitations provided by law to
provide adequate facilities without
assistance from the state; and for
state offices; provided that the aggre-
gate total amount of such borrowing
under authority of this section shall
not exceed $l50,OOO. 900. Not more than
thirty million dollars of such borrow
ing shall be contracted within any
calendar year. No part of such bor-
rowing shall be contracted after the
last day of December 1864. All bonds
or other obligations issued pursuant
to this section shall mature within
twenty years from date of issue. Not
more than 100000 of the total eX-
penditure from such borrowing shall
be for acquisition, construction, re-
construction and other Improvement
and equipping of buildings and Struc-
lures, or for acquisition of sites for
such buildings and structures, for the
state supported universities and col
leges, public school class room facili-
ties and state offices; and not more
ture from such borrowing shall be for
acquisition, construction. reconstruc-
ton and other improvement and
equipping of buildings and structures
or for acquisition of sites for such
buildings and structures. for the
penal, correctional. mental, and well
fare institutions of the state.
The faith and credit of the state
are hereby pledged for the payment
of such bonds or other obligations and
the interest thereon. and they shall
be payable from all excises and taxes
of the state. except ad valorem taxes
on real and personal property, in.
come taxes, and fees. eXciseS. OIL
license taxes relating to registration
operation, or use of vehicles on public
highways, or TO fuels used for pro-
pelling such vehicles.
During the period beginning witt
the effective date of the first authori.
zation to issue bonds or other obliga
tions under authority of this sector
and ending on the last day of Decem'
ber 1864, and continuing during sucf
time as such bonds or other oblisa
tions are outstanding. and moneys IL
the capital improvements bond re
tirement fund are insufficient to pay
all interest principal and charges fol
the issuance and retirement of such
shall be levied for the purpose o
paying interest, principal, and charge
for the issuance and retirement o
such bonds and other obligations, al
excise tax on sales of cigarettes a
the rate. of one half cent on each tel
cigarettes or fractional part thereof
and an excise tax on the use, con
sumption, or storage for consumption
of cigarettes by consumers in thl
state at the rate of one-half cent ol
each ten cigarettes or fractional par
thereof. Such tax on the use, con
sumption, or storage for consumption
of cigarettes by consumers in thl
state shall not be levied upon ciga
rettes upon which the tax on sale
has been paid. The moneys received
into the state treasury from the one
half cent excise tax on sales OF clga
rettes and from the one-half cent eX
else tax on the use, consumption, O
storage for consumption of cigarette
by consumers in this state shall b
paid into the capital Improvement
assembly of Ohio shall enact law
providing for the collection of sue
taxes.
There is hereby created in the stat
treasury a fund to be known as tn
capital improvements bond retlremer
fund. The capital improvements bon
retirement fund shall consist of a
moneys received by the state tror
taxes on cigarettes levied unde
authority of this section, and
Otner moneys cIeQlteu W uiS iaii
pursuant to law. Such moneys sha
be expended, as provided by law. fo
the purpose of paying interest. princi
pal, and charges for the issuance an
retirement of bonds and other OBI
cations issued under authority OF tn
section.
Sufficient amounts of such money
in the capital improvements bon
retirement fund are hereby apprt
priated for the purpose of paying II
terest, principal, and charges for IN
issuance and retirement of bonds {
other obligations issued under author
itv of this section without othe
appropriations but according to lay
Any balance remaining. IN the cal
ital improvements bond retlremel
fund after payment of all interes
principal, and charges for the iss.
ance and retirement of bonds ar
other obligations issued under autho
ity of this section, shall be dispose