Geauga record. [volume] (Chardon, Geauga County, Ohio) 1952-1962, 1956-10-18
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Geauga Record
BOND ISSUE FOR
KOREAN VETERANS BONUS

Proposing 10 amend Article VIII Of
the constitution Of the state Of Ohio
to provide for the payment Of COM
pensafion by the state of Ohio TO
certain Of IFS residents who shall
:hs United s: States s ih IN the 'oEsas Korean Ha
conflict. or TO certain Of their sur
vivors. and TO issue bonds Of .he
state of Ohio to provide the funds
therefor and TO transfer money from
the fund created by secticn 2b OF
Article VIII of the Ohio Constitution
Be il resolved by the General AS
sembly of the State of Ohio, Three
ifths 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
ner prescribed by law at the general
election to be held on the first Tues
day after the first Monday n Novcm.
Article VIII of the constitution of the
state of Ohio by adding thereto imms-
diately after section &c of said Article
d new, section as follows:
ARTICLE VIII
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
to time, bonds cf 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 ard the expenses
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
v1d De "a OF nf hi dc
hereby pledged for the payment of
such bonds. All bonds so issued shall
mature in thirty semi annual install
ments commencing not later thanstWo
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
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 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
ra in accordance with such resula-
provided that such bonus shall be sold
only to the highest bidder or bidders
therefor after notice OF such sale shall
nave been published once each week
for three consecutive weeks on the
same day of each of such weeks, the 4
first of such notices being published
I least twenty-ono tull days before
the date of sale. liz 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 nia,urities, !nforma-
ion relative to The rates Of interest
which the bonds viii 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 rs-ofer bonds icl sale.
Out of the proceeds Q! the sale OF al!
bonds that amount which represents
accrued interest If sny. shall be paid
into the treasury OF the state OF Ohio
into fund to be xnown as rhe
Korean Conflict Compensation Eond
Retirement FunG The halarce shall
be paid into the treasury or the state
The Korean Conflict Compepsa alton
Fund The General Assembly ct the
state of Ohio may Appropriate and
cause to be paid INFO The Korean
Conflict CompensatIoc- 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 as is
proper for use up3n oroer OF Inc
for the purposes for which such funds
are created as herein provided. If the
General Assembly should,se appsopri-
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 aSgre-.
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
of Ohio state tax on ali 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 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 OF
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
.evy shall be i'm addition to all other
taxes levied now or hereafter WITHIN
the period during which bonds issued
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-
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 GER
county In the state Of Ohio. who shall
extend the same on the tax lists OF
his county for the year In which such
levy Is made and shall place the same
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,
Compensation Bond Retirement Fund
in the treasury of the state. The
Korean Conflict Compensation Bond
Retirement Fund shall be paid out.
without approprlatiOn IneTeOl py tne
General Assembly of Ohio. upon the
order of The Commissioners of the
Sinking Fund for the purpose of the
payment, or retirement in other man
ner, of said bonds and interest
thereon.
The Korean Conflict Compensation
Fund shall be paid out upon order of
The Commissioners of the Sinking
Fund, without appropriation by the
General Assembly Of Ohio, in payment
Of the expenses OF administering this