The journal. (Caldwell, Ohio) 1934-1961, 1956-11-01
BOND ISSUE FOR
KOREAN VETERANS BONUS

SoINb AoSSL coh
KOREAN VETERANS BONUS
Proposing TO amend Article VIII OF
the constitution cf The state of Ohio
to provide for tie payment of COM
pensation by the state of Ohio TO
certain of its residents who shall
have served in the armed forces of
conflict. or TO certain oil their sur
vivors. and 10 issue bonds Of the
state of Chic TO provide the funds
therefor and TO tranEfcr money from
the fund created by section 2b of
Article VIII of the Ohio Constitution.
Be il resolved by the General AS
sembly of the State of Ohio, Three
fif:hs of the members elected to each
house thereof concurring therein, that
there shall be submitted to the cleo
tors OF the state of Ohio, in the man.
ner prescribed by law. at the general
election to be held on the first Tues
day after the first Monday in Novem-
Der. 1856, proposition TO amenu
Article VIII of the constitution of the
state of Ohio by adding thereto imme-
diately after section &c of said Article
"A new section as follows:
ARTICLE VITl
Section I'd The board of commits
sioners created by section of Article
VIII of the Ohio Constitution, desig-
mated therein The Commissioners of
the Sinking Fund" shall, forthwith
upon the adoption of this amendment,
proceed to issue and sell, from time
TO time, bonds OF the state of Ohio in
such amounts of face value as are
necessary to provide the funds, or such
part thereof, as may be required to pay
the compensation and the expenses
OF administering this section as herein
provided for. provided that the aggre..
gate total amount of face value of
bonds so issued shall not exceed
ninety million dollars. The full faith
and credit of the state of Ohio is
hereby pledged for the payment of
such bonds. All bonds so issued shall
ments commencing not later than two
years after the respective dates
thereof. The maturities thereof shall
be so fixed that the total amounts of
payments on account OF principal and
interest to be paid on each of such
Semiannual lnStallment payment dates
shall be substantially equal. No such
bonds shall be issued or bear dates
later than the first day of April, 1859.
All bonds SO issued shall bear interest
at such rates as the commissioners of
the sinking fund may fix, which inter-
est shall be payable Semiannually.
Such bonds. and the interest thereon
as income. shall be exempt from all
taxes levied by the state of Ohio or
any taxing district thereof. The bonds
may, at the option of The Commits
SionerS of the Sinking Fund. be issued
subject to call on any interest pay
ment date at par and accrued interest.
AL sales OF such bonds by The Com
miSSioneTS OF the Sinking Fund shall
be in accordance with such regula~
tiOns as 1t shall make and prOmugate.
provided that such bonds shall be sold
nY,lS 20 10 hi0naet
therefor after notice of such sale shall
have been published once each week
for three consecutive weeks on the
same day of each of such weeks, the
first of such notices being published
/ least tWcnty-one fuIi days before
the date OF sale. in newspaper of
general circulation in each of the
eight most pOpulOus counties in the
state of Ohio. and provided that each
of such published notices shall state
the day, hour and place of the sale.
the total face value of the bonds to be
sold, their denominations, dates, and
the dates of their maturities, informa-
ION relative to the rates of interest
which the bonds will bear, and the
dates upon which interest viii be
payable. The Commissioners of the
Sinking Fund shall have the right to
reject any or all bids and to re-
advertise and re-offer bonds for sale.
Out of the proceeds OF the sale of all
bonds that amount which represents
accrued interest, if any, shall be paid
into the treasury of the state of OHIO
into a fund to be known as The
Korean Conflict Compensation Bond
Retirement Fund. The balance shall
be paid into the treasury of the state
Of Ohio into a fund to be known as
The Korean Conflict Compensation
Fund. The General Assembly of the
state OF Ohio may appropriate and
IN hn int - x ~
Conflict Compensation Bond Retire
mcnt Fund or The Korean Conflict
Compensation Fund, out of the funds
in the treasury of the state not other
wise appropriated, such amount as is
proper for use upon order of The
Commissioners of the Sinking Fund
for the purposes for which such funds
are created as herein provided. If the
General Assembly should so appropri-
ate any funds to The Korean Conflict
Compensation Fund prior to the time
The Commissioners of the Sinking
Fund shall have issued bonds of the
aggregate total amount of face value
authorized in this section, the aggre-
gate total amount of face value OF
bonds SO authorized to be issued shall
be reduced by the amount of the
funds SO appropriated.
The Commissioners of the Sinking
Fund shall on or before the first day
y y
and certify to the auditor of the state
Of Ohio a state tax on all taxable
property subject to taxation on the
general tax lists of al counties in the
state of Ohio for such year at such
rate as 1t shall determine to be neces-
sary to provide, together with other
money which will be available in The
Korean Conflict Compensation Bond
Retirement Fund, the total amount oi
funds which will be required in the
next following calendar year for the
retirement Of bonds and the payment
of interest payable in such year. Such
levy shall be in addition TO II other
taxes levied now or hereafter Within
the period during which bonds iSsuec
pursuant to the provisions OF this sec
ton shall be outstanding, by or pur-
Suant to law or any provision OF the
Ohio constitution, and shall not bC
considered in applying any limitation
or aggregate tax rates now or here
after within the period during which
bonds issued pursuant to the proVi
sions of this section shall be outStand
ing, provided by or pursuant 10 law
or any provision of the Ohio constitu
ton TIE auditor of state shall Ger
tify such leVieS 10 the auditor of each
county in the state of Ohio. who shal
extend the same on the tax lists O.
his county for the year in which sucl
levy is made and shall place the same
for collection on the tax duplicates o
his county to be collected at the sam,
time and in the same manner as othe
taxes on such duplicates Said take
herein authorized. when collected
shall be paid into The Korean Conftic
Compensation Bond Retirement Funt
in the treasury of the state. Tn
Korean Conflict Compensation Bone
Retirement Fund shall be paid out
without appropriation thereof by tn
General Assembly of Ohio. upon tn
Of icci nf
Sinking Fund for the purpose of th
payment. or retirement in other rr N
ner, of said bonds and irteres
thereon.
The Korean Conflict CompenSa .ol
Fund shall be paid out upon order O
The Commissioners of the Sinkin
Fund, without appropriation by tn
General Assembly of Ohio, in payner
of the expenses of administering thi