Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-10-11
Subscribe to the
Geauga Record
BOND ISSUE FOR
KOREAN VETERANS RONIIS

Proposing TO amend Article VIII OF
the constitution of the state of Ohio
10 provide for the payment of COM
pensation by the state of Ohio TO
certain of its residents who shall
have served in the armed forces of
the Un-l2d States in the Korean
cCrd,ct, CT TO certain of their sur
vivors. and 10 issue bonds of the
state of Ohio TO provide the fuHds
fherstor and 10 transfer money from
the fund created by section 2b OF
Article VIII of the Ohio Constitution.
Be it resolved by the General AS
sembly of the State of Ohio, Three
ifths of the members elected to each
house thereof concurring therein, that
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 amend
Article VIII of the constitution of the
state of Ohio by adding thereto imme-
diately after section &c of said Article
d new section as follows:
ARTICLE VIII
Section I'd The board of commits
sioners created by section of Article
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
s,fVN atxy mil @S,Il or 7Ian frrn
and credit of the state of Ohio is
hereby pledged for the payment of
such bonds. All bonds so issued shall
mature in thirty semi annual install
mentS commencing not later than two
years after the respective dates
be so fixed that the total amounts of
payments on account of principal and
interest to be paid on each of such
Semiannual installment 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 Commis-
sioners of the Sinking Fund, be issued
subject to call on any interest pay
ment date at par and accrued interest.
All sales of such bonds by The Com
missioners of the Sinking Fund shall
Fa in accordance with such regula-
- - - -.---l - - - - g, C,
provided that such bonds shall be sold
only to the highest bidder or bidders
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 publishes
It least tWenty-one full 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 maturites, lnforma-
ION relative to the rates of interest
which the bonds will bear, and the
dates upon which interest wall be
payable. The Commissioners OF the
Sinking Fund shall have the right 10
reject any or all bids and to re-
advertise and re-ofTer bonds for sale.
Out of the proceeds Of the sale OF all
bonds that amount which represents
accrued interest. if any, shau be paid
into the treasury of the state OF ONO
into a fund to be known as The
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
cause to be paid into The Korean
Conflict Compensation Bond Retire,
ment 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
Commissioners Of the Sinking Fund
for the purposes for which such tuncs
are created as herein provided. IL the
General Assembly should SO appropri-
ate any funds to The Korean Contnct
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
of July in each calendar year. levy
and certify to the auditor of rhe stale
of Ohio a state tax on all taxable
property subject to taxation on the
general Tax llSlS OI all COuiititS III tiiS
state of Ohio for such year at such
rate as it 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 OF
funds which will be- required II 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 all other
taxes levied now or hereafter within
the period during which bonds issued
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 shau moi be
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 to law
or any provision of the Ohio constitu-
ton. The auditor of state shall cer-
county in the state Of Ohio. who shall
extend the same on the tan lists Of
his county for the year in which such
levy Is made and shall place the s2me
for collection on the tax duplicates OF
his county to be collected at the same
taxes on such duplicates. Said taxes
herein authorized. when collected
shall be paid into The Korean Conflict
Compensation Bond Retirement Fund
IN the treasury Of the state. The
Korean Conflict Compensation Bond
without appropriation thereof by the
General Assembly Of Ohio. upon ths
order Ut The Commissioners Of the
Sinking Fund -. the purpose OF th<
payment, or retirement in other Hsn.
ner. Of said bonds and Interest