The journal. (Caldwell, Ohio) 1934-1961, 1955-10-27

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
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
of SI50,000000 to provide funds
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
fifthS of the members elected to
each house tn 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
day in November, 1855, a proposition
to amend Article VIII of the Consti-
tuition of Ohio by adding thereto inn
mediately after section &c OF said
Article a 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 iaciIl1IcS without
assistance from the state, and for
state offices: provided that the aEgre-
gate total amount Of such borrowing
under authority of this section shall
not exceed $l50O00,00O. 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 $75 600 900 Of the total oX-
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 Tor
such buildings and structures, for the
state supported universities and col
legeS, public school class room iaCjll-
ties and state offices: and not more
than S75000,000 of the total eNpcndi-
ture from such borrowing shall be for
acquisition. construction, rCCunstruC-
tion 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 wei
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 shal
be payable from all eXcises and taxes
of the state, except ad ValOrem taxes
on real and personal property, IN
come taxes. and fees, eXCisos OI
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 will
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 SuCE
time as such bonds or other Obilga
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 sucl
bonds and other obligations, there
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 hall 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 thi
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 COnsumptio
of cigarettes by consumers in thi
state shall not be levied upon Ciga
rettes upon which the tax on sale
has been paid The moneys receive
into the state treasury from the one
half cent excise tax on sales OF ClEa
rettes and from the one-halt cent eN
else tax on the use, COnSumptlOn o
storage for consumption Of cigarette
by consumers in this state shall b
paid into the capital improvement
bond retirement fund, The generS
assembly of Ohio shall enact law
providing for the collection OF sue
taxes.
There is hereby created in the stat
treasury fund to be known as tn
capital improvements bond Tetiremel
fund. The capital improvements bon
retirement fund shall consist OF a
moneys received by the state irol
taxes on cigarettes levied unde
authority of this section, and a
other moneys credited to the fun
pursuant to law. Such moneys Sha
be expended, as provided by law, 1t
the purpose of paying interest, prime
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 appr'
priated for the purpose of paying il
terest. principal and charges for Il
issuance and retirement Of bonds {
other Obligations issued under autho
ity of this section, without oth'
appropriations but according to la'
Any balance remaining in the cal
ital Improvements bond retiremel
fund after payment of all 1nteres
principal, and charges for the issl
ance and retirement of bonds ar
other obligations issued under autho
ity Of this section, shall be dispose