The journal. (Caldwell, Ohio) 1934-1961, 1956-10-04
Photo observation-disclosures
BOND ISSUE FOR
KOREAN 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
the United States in the Korean
conflict. or to certain Of their sur
v,vors. and TO issue bonds Of the
Stale OF Ohio to provide the funds
therefor and to transfer money from
the fund created by section 2b Of
Be II resolved by the General AS
sembly of the Stale of Ohio Three
dfths of the members elected to each
house thereof concurring therein. that
there shall be submitted to the cleo
ner prescribed by law, at the general
election TO be held on the first Tues
day after the first Monday in Novem-
Der, 1886, proposition to amend
Article VII of the constitution of the
state OF Ohio by adding thereto irnme-
dlately after section &c of said Article
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
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
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
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
may, at the option of The Commits
sloners 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
be in accordance with such re8ula-
tlOnS as it shall make and promulgate.
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 published
It 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 maturitieS, infOrma-
ton relative to the rates of interest
which the bonds will bear. and the
dates upon which interest win 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
into a fund to be known as The
Korean Conflict Compensation Bond
Retirement Fund. The balance shah
be paid into the treasury of the state
of Ohio into fund to be known as
The Korean Conflict Compensation
Fund. The General Assembly of the
state of Ohio may appropriate and
cause to be paid into The Korean
Conflict Compensation Bond Retire
mcnt 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
proper for use upon order of The
Commissioners of the Sinking Fund
for the purposes for which such funds
are created as herein provided. If the
General Assembly should SO appropri-
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 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
of Ohio 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, the total amount of
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 ell 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 mere
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
tify such leVicS 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 such
levy is made and shall place the same
for collection on the tax duplicates of
his county to be collected al 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
in the treasury of the state. The
Korean Conflict Compensation Bond
Retirement Fund shall be paid out,
without appropriation thereof by the
General Assembly OF Ohio. upon the
order Of The Commissioners of the
Sinking Fund for the purpose of the
payment. or retirement in other ~ mHn-
ner. of said bonds and interest
thereon.
The Korean Conflict Compensa on
Fund shall he 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