Madison County Democrat. (London, Ohio) 19??-1958, 1955-11-01
BOND ISSUE FOR PUBLIC
BUILDINGS AND IMPROVEMENT

BUILDINGS AND IMPROVEMENT
Proposing 10 amend Article VIII Of
the constitution Of the state of Ohio
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 slso,ooo. 900 TO provide funds
therefor; and 10 provide for an
excise tax on cigarettes 10 pay for
such securities and the Inherent
thereon.
Be II resolved by the General As
sembly of the State of Ohio. Three
fifths of the members elected to
each house thereof cone curing
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
tuition of Ohio by adding thereto i'm
mediately after section &c of said
Article new section ~ follows:
Sec. 2e. The state may borrow
obligations therefor for the purpose
OF acquiring. constructing. recon-
structing and otherwise Improving
and equipping buildings and struc-
tures. 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 coll
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 SI50, 900 900. Not more than
thirty million dollars of such borrow
ing shall be contracted within any
rowing shall be contracted after the .
last day of December 1854. All bonds !
or other obligations issued pursuant :
to this section shall mature within
twenty years from date of issue. Not
more than $4,000 600 of the total ex-
be for acquisition, construction, re-
construction and other Improvement
and equipping of buildings and struc-
lures, or Tor acquisition of sites for
state supported universities and coll
leges. public school class room facih-
ties and state offices; and not more
than $4,000 900 of the total expendi-
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
come taxes. and fees, excises, or
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-
ber 1864. and continuing during such
tons are outstanding. and moneys in
the capital Improvements bond re-
tirement fund are insufficient to pay
all interest, principal and charges for
bonds and other obligations. there
shall be levied, for the purpose of
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
each ten cigarettes or fractional part
thereof. Such tax on the use. con-
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-hah cent ex-
else tax on the use. consumption. or
by consumers in this state shall be
paid into the capital improvements
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 a fund to be known as the
capital improvements bond retirement
fund. The capital improvements bond
retirement fund, shall consist OF all
taxes on cigarettes levied under
authority Of this section. and all
other moneys credited to the fund
pursuant TO law. Such moneys shall
be expended. as provided by law, for
the purpose of paying interest. princi-
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
.erest. principal. and charges for the
lssuancee and retirement Of bonds or
other obligations issued under author
ity of this section. without other
but according to law.
Any balance remaining In the cap
ital Improvements bond retirement
fund after payment of all interest.
and charges for the issu-
ance and retirement Of bonds and
other obligations issued under author
lty Of, this section. shall be disposed
Of as shall be provided by law.
AS long as any Of such bonds or