Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-10-25
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Geauga Record
BOND ISSUE FOR
KOREAN VETERANS BONUS

the constitution of the state of Chic
TO provide for the payment of COM
persefion by the state of Ohio TO
certain Of its residents who sl,1n
have served in The armed fcrces of
the United States il, the Korean
conflict. CT TO certain OF ifzcir sur
vivcrs. and 10 isSuo bands Of The
state CT C.i.o TO prcviee the funds
fhersfcr and 10 t-ane1er E,o-. Y from
the fund c-c-tad bv ssc3ica cb of
Article VIII cf the Ohio Constitution.
Be II resolved ny the General AS
sembly of the Stase of Ohio, Three
ifths of the members elected to each
hou1e thereof concurring therein. that
there shall be submitted TO the e.ec-
tors of the state of Ohio, in the man
nar prescribed by law at the general
election to be held on the fr1t Tues
day after the first Monday n Ncvem.
Der. 1855 proposition 70 amend
Article Yin Of the constitution of the
state of Ohio by adding thereto lmrns-
diateIy after section &c OF said Article
4 new section as follows:
ARTICLE VIII
Section ID The board of ccnnlis-
SionerS created by section 8 Of Article
VIII of the Ohio Conatitution, Ccs.g-
mated therein THE Commissioners of
the Sinking fund" shall, forthwith
upon the adoption of this amendr.7 ent
proceed to issue and sell, frcm time
TO time, bonds Of the state CT Ohio in
such AMOUNTS of face value a5 are
necessary to provide the funds. or ouch
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 installment payment dates
shall be substantially equal. No such
bonds shall be issued or bear dates
later than the first day of April, 1853.
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
All sales of such bonds by The Com-
missioners of the Sinking Fund shall
r. IN acccrcaree With such resula-
provided that such bonds shall be sold
only to the highest bidder or bidders
therefor after notice of such sale shau
nave been published once esch week
for three consecutive weeks en- the
ssme day CT each 81 SUCH weeks, the
first of such notiles being publichea
t lc-st twenty-c.ic tull days before
the date of sale, il; . newspaper OF
general circulation in each OF the
eight most popueeas counties IN the
Of such published notices shall state
the day, hour and Place of the sale,
the total fccc value of the bonds to be
sold their Ccncnainslons, dates, and
the dates of tllair inaturitieS, 'ntofma.
ION relative 30 the rates of interest
dates upon which interest Will be
payable The Commissioners OF the
Sinking Fund shall have the r1eht 10
reject any or all bids and to re-
advertise and rs-osfer bonds ioi safe
Out of the proceeds O. the sale OF all
bonds that amount which represents
accrued interest. If 9ny, shall be paid
into the treasury OF the state Oh Ohlo
into fund to be hnoWn as me
Korean Conflict Compensation Eond
be paid into the treasury or thc state
Of Ohio into a fund 10 lie known as
The Korean Conflict Compensation
Funo. The General Assembly CT the
state of Ohio may appiopriate and
cause to be paid INTO The Korean
Conflict C0mpensatloc Bend Retire
ment Fund or The Korean Conflict
Compensation Fund. OCT or the funds
in the treasury of the state not other-
wise appropriated, such amount sS rs
proper for use up5n order order OF Inc
for the purposes for which such funds
are created as herein provided. II the
General Assembly should so appfopri-
ate any funds to The Kore1n Coni1lct
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 the state
cf Ohio a state tax on ali taxapie
property subject to taxation en- the
general tax lists of all counties in the
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 ,,rnd total amount VI ,hs os
next following calendar year for the
retirement of bonds and the payment
of interest payable in such year. Such
.evy shall be In addition to all otner
taxes levied now or orr nereafrer %u s w,lnan ssH,,an
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 pc
considered in applying any Limitation
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 constltu-
tify such levies to the auditor of each
county In the state OF Ohio. who shall
extend the same on the tax lists OF
his county. for the year in which sucn
levy is made and shall place the same
his county to be collected at the same
time and in the same manner as othel
taxes on such duplicates. Said take:
herein authorized, when collected
shall be paid into The Korean Confiic
0mRehsaon n eRe treasury g0na Of the state. TIT
Korean Conflict Compensation Bone
Retirement Fund shall be paid out
without appropriation thereof BY tht
General Assembly of Ohio. upon thu
order of The Commissioners of thu
Sinking Fund for the purpose of thu
payment or retirement in other man
ner. of said bonds and fnteres
thereon.
The Korean Conflict Compensation
Fund shall be paid out upon order o
The Commissioners of the Sinking
Fund, without appropriation by tn
General Assembly of Ohio, in paymen
Of the expenses Of administering thi