Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-10-04
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BOND ISSUE FOR
KOREAN VETERANS BONUS

hohEAN VETERANS BONUS
Proposing 70 amend Article VIII of
the constitution of the state of Ohio
TO 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 United States in the Korean
conflict or TO certain of their sur
vivors. and TO issue bonds of the
state of Ohio TO provide the funds
therefor and TO transfer money from
the fund created by section 2b of
Be it resolved by the General AS
Sembly of the State of Ohio, Three
ffths 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 amend
state of Ohio by adding thereto imme-
diately 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
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
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 tie aggre-
gate total amount of face vclue of
bonds iSSilP6 shall nxPan6
ninety million dollars. The full faith
and credit of the state Of Chic is
hereby pledged for the rayn ent 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
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. 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
sionerS of the Sinking Fund, be i-Cued
subject to call on any interest pay
ment date at par and accrued interest.
All sales of such bonds by The Com
missioner5 of the Sinking Fund shall
ke in accord ance with such rcgula-
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
ny1 hn
same day of each Cf such weeks, the
first of such notices being published
ct least tWenty-one full days before
the date of sale, in a 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 matul itics, lnforma-
ton relative to the rates of interest.
which the bonds will bear, and the
dates upon which interest Will 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
lnlO W DC hitOWH i iiS
Korean Conflict Compensation Bond
Retirement Fund. The balar &c 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 Eond Retire
ment Fund or The Korean Conflict
Compensation Fund, out of the funds
L. - tl,x -foS .r,f hnN
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. II the
General Assembly should so appropri-
Compensation Fund prior to the time
The Commissioners of the Sinking
Fund shall have issued bonds of the
aggregate total amount of face value
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 stale
of Ohio a state tax on all taxable
property subject to taxation on 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,t the total amount OF
funds which will be- required IN the
next following calsndar. 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 shall not 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-
dons 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 GER
tify such levies 10 the auditor of each
extend the same on the iax lists Of
his county for tine year in which such
levy Is made and snail place the same
for collection on the tax duplicates OF
his county to be collected at the same
time and IN the same manner as other
taxes on such duplicates. Said taxes
herein authorized, when collected
shall be paid into The Korean Conflict
Compensation Bond Retirement Fund
Korean Conflict Compensation Bond
Retirement Fund shall be paid ous
without appropriation thereof by the
General Assembly Of Ohio. upon the
order of The Commissioners Of the
Sinking Fund for the purpose of tfe
payment. or retirement in other man
ner, of said bonds and interest
thereon
The Korean Conflict Compensation
Fund shall be paid out upon order oi
| The Commissioners of the Sinking
Fund without appropriation by The
| General Assembly of Ohio. in payInen
of the expenses of administering thi!