Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-11-01
BOND ISSUE FOR
KOREAN VETERANS BONUS

KOREAN VETERANS BONUS
the constitution of the state of Chic
to provide for the payment of COM
pensafion by the state Of Ohio 10
certain OF its residents who shall
have served in the armed forces OF
the United States in the Korean
vivors. ard 10 isrus bends Of .he
state Ct C.a'o TO proviGe the funds
therefor ard TO transfer Lloa-7 frcm
the fund created kv section 2b OF
Article VIII cf the Ohio Constitution.
Be II resolved by the General As
sembly of the State of Ohio, Three
fifths of the members elected to each
house thereof concurring therein. that
there shall be submitted to the elec-
tors of the state of Ohio, in the man
election to be held on the first Tues
day after the first Monday IN Noyem.
ber, 1856, a proposition 70 amend
Article VIII of the constitution OF the
state of Ohio by adding thereto imme-
diateiy after section &c of said Article
a new section as follows.
ARTICLE VIII
Section I'd The board of commits
sioners created by section of Article
VIII of the Ohio Constitution, desig-
mated therein The Commissioners OF
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 De REQUIRED 20 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 fuli MA faltn
hereby pledged for the payment OF
such bonds. All bonds so issued shall
mature in thirty semi annual INSTALL
ments commencing not later tnan 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 sucn
semiannual installment payment dates
shall be substantially equal. No such
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 semiannuaiiy.
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
ment date at par and accrued interest.
All sales of such bonds by The Com,
missioners Of the Sinking Fund snaA
be in accordance with such reguia-
t.1r,s as Il st-zil rs.--,-s 81 E,,s,ni5ste;
provided that such oonas l.s shan h;dSors &c so1a
therefor after notice OF such sale snail
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 puplisnec
at least tWenty-oac full days before
the date of sale. TX a newspaper OF
general circulation in each OF the
eight most populous counties IN the
state of Ohio. and provided that eacn
of such published notices shau slate
the day, hour and place Of the safe.
the total face value of the bonds to be
sold, their denominations, dates ano
the dates of their niaturitleSs infoIma.
ton relative to Ihe rates OF interest,"
which the bonds viii bear. AND the
dates upon which interest Will De
pavable. The Commissioners Of the
Sinking Fund shall have the right TO
reject any or all bids and TO re-
advertise and rs-offer bonds ioi sale
Out of the proceeds of the safe OF az
bonds that amount when ispfeselai.Ss niS
accrued interest. If any. shall pe paio
into the treasury OF the state Oh ONO
into INTO a fund to be known as The
Korean Conflict Compensation Long
Retirement Fund. The balance snan
be paid into the treasury or inc slase
of Ohio into a fund to be known as
| The Korean Conflict Compensation
Fund. The General Assembly CT the
state of Ohio may dppI5pr.aLe anu
| cause to be paid into inc nofcah
| Conflict COMPENSATION Bcnd Heua. Heure.
| ment Fund or The Korean Conhlct
1 Conversation Fund. oGt or the funds
| IN the treasury Of the State not otner-
wise appropriated. such amount as is
| proper for use upon order OF Inc
! commissioners OF the sinking EuIoa Euno
| are created as herein provided. II the
| General Assembly should so apProprl.
| ate any funds to The Korean Conmct
/ Compensation Fund prior to the time
| The Commissioners OF the Sinkmne -
Fund shall have issued ponos a OF v.'me Ime
authorized in this section. the aggre.
| cate total amount Of face value OF
| bonds so authorized to be issued snsll
be reduced by the amount OF tne
funds so appropriated
/ The Commissioners Of the sinking
/ Fund shall, on or before the first day
/ az Jaiy In each calendar year. levy
| and certify to the auditor OF the state
! Of Ohio a state tax on ALI taxaDis
| property subject to taxation On M Mtns
general tax lists of all counties In tns
4 state of Ohio for such year at sucf
rate as il shall determine to be neces
sary to provide, together with ONE
money which will be available IN Tnt
/ Korean Conflict Compensation 6one
Retirement Fund, the total amount Q.
next following calendar year for tns
Retirement of bonds and the paymen
/ Of interest payable in such year Suci
.evy shall Be in addition to all othel
axes levied now or hereafter witnii
the period during which bonds lssues
pursuant to the provisions of this sec
ton shall be outstanding. by or PUT
suant to law or any provision OF tn'
| Ohio constitution, and snail not y
considered in applying any !hmitauol
after within the period during whicl
/ bonds issued pursuant to the Prov
sions of this section shall be outStano
1 ing. provided by or pursuant 10 Law
4 or any provision of the Ohio constitu
ton. The auditor Of state shall Ger
tifv such levies to the auditor of eac!
county in the state OF Ohio. who shal
4 extend the same on the tax iisvs
his county for the year in which sue
levyfs made and shall place the sam
for collection on the tax duPnSSa'ss ne ssrs
time and in the same manner as oIne
tayes on such duplicates. Said take
herein authorized, when collectet
shall be paid into The Korean Connie
Compensation Bond Retirement Fun
| in the treasury of the state. In
| Korean Conflict Compensation Bon
Retirement Fund shall be PAID on
| without appropriation thereof by tn
i General Assembly of Ohio. upon tn
order Of The Commissioners OF q
4 Sinking fund for the purpose OF n
/ payment. or retirement in other mar
ner, Of said bonds and intere
thereon.
The Korean Conflict Compensate
Fund shall be paid out upon order
The Commissioners OF the Sinlkir
FUND without appropriation by Z
General Assembly Of Ohio. in PAYNE
Of the expenses Of administering 60