The journal. (Caldwell, Ohio) 1934-1961, 1955-10-13

BOND ISSUE FOR PUBLIC
BUILDINGS AND IMPROVEMENT
Proposing to 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 the state of Ohio in the amount
OF Sl5O,O0O,0OO 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, Threen
fifthS of the members elected to
each house tn e Of 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 i'm
Article a new section as follows:
money and issue bonds or other
obligations therefor for the purpose
OF acquiring, constructing, recon-
structing and otherwise improving
lures, excluding highways. and for the
purpose of acquiring sites for such
buildings and structures, for the
penal. correctional, mental, and well
state supported universities and COL
1eges 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
1CCiCtor1rp from tho ctatn and
state offices; provided that the aggre-
gate total amount of such borrowing
under authority of this section shall
not exceed Sl50,000.000. 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 $4,000, 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-
tureS, 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
than $75,OO00O0 of the total eXpendi-
lUiS oill SUSIl Doll o"lil5 Siieil pS ioi
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
IL Ill ynIe- "a
of the state, except ad valorem taxes
on real and personal property, in
come taxes, and fees, eXcises or
license taxes relating to registration,
operation, or use of vehicles on public
highways, or to fuels used Tor pro-
pelling such vehicles.
During the period beginning with
the effective date Of the first authorl-
Zation to issue bonds or other obliga-
tions under authority of this section
and ending on the last day OF Decen-
Der 1864, and continuing during Such
time as such bonds or other obllga-
tons are outstanding, and moneys IN
the capital improvements BOND re-
tirement fund are insufficient to pay
all interest. principal and charges 1or
the issuance and retirement of such
bonds and other obligations, there
shall be levied, for the purpose of
paying interest, principal, and charges
for the issuance and retirement OF
such DOnGS ana Otner oDliSdtioiis' az
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 TINS
state at the rate of one-half cent on
each ten cigarettes or fractional part
thereof Such tax on the use, con-
sumption, or storage for consumption
of cigarettes by consumers IN tnis
state shall not be levied upon clga-
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 clea-
rettes and from the one-halt cent eX-
else tax on the use, consumption OF
storage for consumption Of clgarettes
by consumers in this state shall DC
paid into the capital improvementS
bond retirement fund. The genera
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 relireIneli,
fund. The capital improvements oono
h retirement fund shall consist OF fra,l al
taxes on cigarettes levied under
authority of this section, and al
other moneys credited to the funG
pursuant to law. Such moneys shal
be expended, as provided by law; 1oi
the purpose of paying interest, princi:
pal. pal "a and charges for the issuance ane
retirement of bonds and other opli.
cations issued under authority OF TINS
section. o,,,
Sufficient amounts of such money:
in the capital improvements bono
retirement fund are hereby appiIo
priated for the purpose, of paying IN IN
terest, principal, and charges tor the
issuance and retirement OF bones o.
other obligations issued under author
itv of this section, without othe
} apopropriations Io but according to law
Any balance remaining, in the cap
ital improvements bond retremeni
fund after payment of all . interest," res
principal, and charges for the lssu
ance and retirement of bonds ant
other obligations issued under author
itv of this section, shall be disposed