Madison County Democrat. (London, Ohio) 19??-1958, 1955-10-04
BOND ISSUE FOR PUBLIC
BUILDINGS AND IMPROVEMENT

BOND ISSUE roH PUBLIC
BUILDINGS AND IMPROVEMENT
Proposing 10 amend Article VIII Of
the constitution Of the state of Ohio
bY adding section ze 10 provide for
long range building program for
2he purpose OF providing public
buildings structures, and other pub
lie improvements. excluding high
ways. and for issuance Of securities
OF Slso.0o0.o0o TO provide funds
therefor; and 10 provide for an
excise tax on cigarettes 70 pay for
such securities and the Interest
thereon.
Be It resolved by the General As
sembly of the State of Ohio, Three
hfthS of the members elected to
each house thereof con urring
therein, that there shall be submitted
In the manner prescribed by law, at
the general election to be held on
the first Tuesday after the first Mon
day in November, 1855. a proposition
mediately after section &c of said
Article new section as follows:
Sec. 2e. The state may borrow
%SSney and ,,ssser Issue bonds or other
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
penal, correctional mental, and well
fare institutions of the state: for the
state supported universities and coll
leges of the state; for class room
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-
under authority of this section shall
not exceed S150, ,000, 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 s75.0o0. 900 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
leges. public school class room faciii-
ties and state Offices; and not more
than SIS 900 900 of the total expendi-
ture from such borrowing shall be for
acquisition. construction, reconstruc-
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
yna
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
onn, on real .sS and personal pal property, In
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 with
the effective date of the first authori-
zation to issue bonds or other obliga-
tions under authority of this section
and ending on the last day Of Decem-
Der 1864. and continuing during such
time as such bonds or other obliga-
tions are outstanding. and moneys in
the capital improvements bond re-
tirement fund are insufficient to pay
all interest. principal and charges for
the issuance and retirement of such
bonds and other obligations, there
paying interest. principal. and charges
for the issuance and retirement of
such bonds and other obligations. an
excise tax on sales of cigarettes at
the rate of one-half cent on each ten
cigarettes or fractional part thereof.
and an excise tax on the use, con.
sumption. or storage for consumption
of cigarettes by consumers in this
state at the rate of one-hah cent on
each ten cigarettes or fractional part
s1h An he
sumption. or storage for consumption
of cigarettes by consumers in this
state shall not be levied upon ciga-
rettes upon which the tax on sales
has been paid. The moneys received
into the state, treasury from the one
half cent excise tax on sales of ciga-
rettes and from the one-half cent ex-
else tax on the use, consumption, or
storage for consumption of cigarettes
by consumers in this state shall be
bond retirement fund. The general
assembly of Ohio shall enact laws
providing for the collection of such
taxes.
There is hereby created in the state
treasury tTnd 10 oe nd known vni,r as sne
find. The capital improvements bond
retirement fund shall consist Of all
moneys received by the state from
taxes on cigarettes levied under
duInOr1IY Oh TINS sSCblOIs anu dll
other moneys credited to the fund
pursuant to law. Such moneys shall
be expended. as provided by law, for
the purpose of paying interest. princt-
pal, and charges for the issuance and
retirement of bonds and other obli-
cations issued under authority of this
section.
Sufficient amounts of such moneys
In the capital improvements bond
retirement fund are hereby appro-
priated for the purpose of paying In
terest, principal. and charges for the
issuance and retirement OF bonds or
other obligations issued under author
lty of this section. without other
but according 10 law.
Any balance remaining In the cap
ital improvements bond retirement
fund after payment of all interest.
principal. and charges for the issu-
ance and retirement of bonds and
other obligations issued under author-l
ity OF this section. shall .be disposed
of O. shah be provided by law.
As long as any Of such bonds or
o n er obligations are outstanding
there shall be levied and collected. IN