The board of commissioners created by section 8 of Art VIII of the Constitution of the state of Ohio, designated 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 it may deem 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, however, that the aggregate total amount of face value of bonds so issued shall not exceed three hundred 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 installments after the respective dates thereof, and 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 semi-annual installment payment dates shall be approximately equal, but no such bonds shall be issued or bear dates later than the first day of April, 1951. All bonds so issued shall bear interest at such rates as the commissioners of the sinking fund may fix, which interest shall be payable semi-annually. 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 sinking fund commission, be issued subject to call on any interest payment date at par and accrued interest. All sales of such bonds by the commissioners of the sinking fund shall be in accordance with such regulations as it shall make and promulgate, provided, however, 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 at 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, information 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 into a fund to be known as the World War II compensation bond retirement fund. The balance shall be paid into the treasury of the state of Ohio into a fund to be known as the World War II compensation fund. The general assembly of the state of Ohio may appropriate and cause to be paid into the World War II compensation bond retirement fund or the World War II compensation fund, out of the funds in the treasury of the state not otherwise appropriated, such amounts as it may deem 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 appropriate any funds to the World War II 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 aggregate total amount of face value of bonds so authorized to be issued shall be reduced by the amount of the funds so appropriated.During the period of fifteen years beginning January 1, 1949, the treasurer of state of the state of Ohio shall, without appropriation thereof by the general assembly, transfer into said World War II compensation bond retirement fund one million dollars each month out of funds in the state treasury derived from taxes levied by the state for the purpose of providing revenues to defray the expenses of the state, excepting the taxes levied by the state by sections 5527, 5541, and 6291 of the General Code of Ohio [RC ¿ 5735.05, 5735.25, 4503.02] as the same may be in effect on the effective date of this section. To secure such monthly transfer of funds a lien is hereby created upon all funds coming into the state treasury after January 1, 1949, derived from taxes
Add this to your briefcase to access full text.
The board of commissioners created by section 8 of Art VIII of the Constitution of the state of Ohio, designated 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 it may deem 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, however, that the aggregate total amount of face value of bonds so issued shall not exceed three hundred 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 installments after the respective dates thereof, and 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 semi-annual installment payment dates shall be approximately equal, but no such bonds shall be issued or bear dates later than the first day of April, 1951. All bonds so issued shall bear interest at such rates as the commissioners of the sinking fund may fix, which interest shall be payable semi-annually. 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 sinking fund commission, be issued subject to call on any interest payment date at par and accrued interest. All sales of such bonds by the commissioners of the sinking fund shall be in accordance with such regulations as it shall make and promulgate, provided, however, 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 at 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, information 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 into a fund to be known as the World War II compensation bond retirement fund. The balance shall be paid into the treasury of the state of Ohio into a fund to be known as the World War II compensation fund. The general assembly of the state of Ohio may appropriate and cause to be paid into the World War II compensation bond retirement fund or the World War II compensation fund, out of the funds in the treasury of the state not otherwise appropriated, such amounts as it may deem 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 appropriate any funds to the World War II 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 aggregate total amount of face value of bonds so authorized to be issued shall be reduced by the amount of the funds so appropriated.During the period of fifteen years beginning January 1, 1949, the treasurer of state of the state of Ohio shall, without appropriation thereof by the general assembly, transfer into said World War II compensation bond retirement fund one million dollars each month out of funds in the state treasury derived from taxes levied by the state for the purpose of providing revenues to defray the expenses of the state, excepting the taxes levied by the state by sections 5527, 5541, and 6291 of the General Code of Ohio [RC ¿ 5735.05, 5735.25, 4503.02] as the same may be in effect on the effective date of this section. To secure such monthly transfer of funds a lien is hereby created upon all funds coming into the state treasury after January 1, 1949, derived from taxes as aforesaid, which lien shall be the first and best lien upon all such funds. It shall be the duty of the treasurer of state to set aside and use for the purpose of making such monthly transfer of funds, part of each dollar received in the state treasury in each calendar year during said period of fifteen years beginning January 1, 1949, derived from taxes as aforesaid, so that the total amount of money so set aside in each of such calendar years shall be twelve million dollars, and so that the ratio which the amount of each dollar so set aside shall bear to one dollar shall be the same as the ratio which the amount of twelve million dollars shall bear to the total amount of money received in the state treasury in such calendar years derived from taxes as aforesaid. The treasurer of state shall set aside part of each such dollar before paying out, transferring, or disposing of in any other manner, such dollar or any part thereof for any other purpose whatsoever, and he shall make the transfer of one million dollars each month to the World War II compensation bond retirement fund, hereinabove provided for, out of said sum of twelve million dollars so set aside in each of such calendar years.The board of commissioners created by section 8 of Art VIII of the Constitution of the state of Ohio, designated 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 it may deem 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, however, that the aggregate total amount of face value of bonds so issued shall not exceed three hundred 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 installments after the respective dates thereof, and 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 semi-annual installment payment dates shall be approximately equal, but no such bonds shall be issued or bear dates later than the first day of April, 1951. All bonds so issued shall bear interest at such rates as the commissioners of the sinking fund may fix, which interest shall be payable semi-annually. 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 sinking fund commission, be issued subject to call on any interest payment date at par and accrued interest. All sales of such bonds by the commissioners of the sinking fund shall be in accordance with such regulations as it shall make and promulgate, provided, however, 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 at 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, information 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 into a fund to be known as the World War II compensation bond retirement fund. The balance shall be paid into the treasury of the state of Ohio into a fund to be known as the World War II compensation fund. The general assembly of the state of Ohio may appropriate and cause to be paid into the World War II compensation bond retirement fund or the World War II compensation fund, out of the funds in the treasury of the state not otherwise appropriated, such amounts as it may deem 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 appropriate any funds to the World War II 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 aggregate total amount of face value of bonds so authorized to be issued shall be reduced by the amount of the funds so appropriated.During the period of fifteen years beginning January 1, 1949, the treasurer of state of the state of Ohio shall, without appropriation thereof by the general assembly, transfer into said World War II compensation bond retirement fund one million dollars each month out of funds in the state treasury derived from taxes levied by the state for the purpose of providing revenues to defray the expenses of the state, excepting the taxes levied by the state by sections 5527, 5541, and 6291 of the General Code of Ohio [RC 5735.05, 5735.25, 4503.02] as the same may be in effect on the effective date of this section. To secure such monthly transfer of funds a lien is hereby created upon all funds coming into the state treasury after January 1, 1949, derived from taxes as aforesaid, which lien shall be the first and best lien upon all such funds. It shall be the duty of the treasurer of state to set aside and use for the purpose of making such monthly transfer of funds, part of each dollar received in the state treasury in each calendar year during said period of fifteen years beginning January 1, 1949, derived from taxes as aforesaid, so that the total amount of money so set aside in each of such calendar years shall be twelve million dollars, and so that the ratio which the amount of each dollar so set aside shall bear to one dollar shall be the same as the ratio which the amount of twelve million dollars shall bear to the total amount of money received in the state treasury in such calendar years derived from taxes as aforesaid. The treasurer of state shall set aside part of each such dollar before paying out, transferring, or disposing of in any other manner, such dollar or any part thereof for any other purpose whatsoever, and he shall make the transfer of one million dollars each month to the World War II compensation bond retirement fund, hereinabove provided for, out of said sum of twelve million dollars so set aside in each of such calendar years.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 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 necessary to provide, together with other money which will be available in the World War II 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 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 section shall be outstanding, by or pursuant to law or any provision of the Constitution of the state of Ohio, and shall not be considered in applying any limitation or aggregate tax rates now or hereafter within the period during which bonds issued pursuant to the provisions of this section shall be outstanding, provided by or pursuant to law or any provision of the Constitution of the state of Ohio. The auditor of state shall certify 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 such levy is made and shall place 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 World War II compensation bond retirement fund in the treasury of the state. The World War II 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 manner, of said bonds and interest thereon.The World War II 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 section, and as compensation as follows: every person who shall have served in active duty in the armed forces of the United States at any time between December 7, 1941, and September 2, 1945, both dates inclusive, and who, at the time of commencing such service, was and had been a resident of the state of Ohio for at least one year immediately preceding the commencement of such service, and who shall have been separated from such service under honorable conditions, or who is still in such service, or who has been retired, and who was in such service for a period of at least ninety days, shall be entitled to receive compensation of ten dollars for each month during which such person was in active domestic service and fifteen dollars for each month during which such person was in active foreign service within said period of time; provided, however, that any person who was serving in active duty in the armed forces of the United States on the seventh day of December, 1941, and who did not so serve at least ninety days thereafter because of a service-connected injury or death shall be deemed to have served at least ninety days within the period of time commencing December 7, 1941 and ending September 2, 1945; and provided, further, that the maximum amount of compensation payable under this section shall not be in excess of four hundred dollars; and provided, further, that no compensation shall be paid under this section to any person who shall have received from another state a bonus or compensation of a like nature as is provided under this section. No compensation shall be paid under this section to any person for any periods of time spent under penal confinement during the period of active duty. Compensation for a fraction of a month of service shall be paid on the basis of one-thirtieth of the above monthly amounts for each day of such service. Service in the merchant marine of the United States shall not be considered for the purpose of this section. "Domestic service" as used herein means service within the continental limits of the United States (excluding Alaska). "Foreign service" as used herein means service in all other places, including sea duty.Either the surviving husband or wife, or the surviving child or children, or the surviving parents or parent, of a deceased person shall be paid the same amount of compensation that such deceased person would be entitled to receive under this section, if living; provided, however, that if such deceased person's death was service-connected and in line of duty, his survivors as hereinbefore designated, shall be paid four hundred dollars regardless of the amount of compensation which such deceased person would be entitled to receive under this section, if living; provided further, that the amount of compensation payable to such survivors of such deceased person shall be payable only to one of the three groups of survivors hereinbefore designated in the order in which said groups are herein named; and provided further, that the surviving husband or wife of more than one deceased person who would be entitled to receive compensation under this section, if living, shall be paid only that amount of compensation payable by reason of the first of the deaths of such deceased persons.No sale or assignment of any right or claim to compensation under this section shall be valid, no claims of creditors shall be enforceable against rights or claims to or payments of compensation under this section, and no fees shall be charged for services in connection with the prosecution of any right or claim to compensation or the collection of any compensation under this section.The commissioners of the sinking fund shall have complete charge of making payments of the compensation provided for in this section and shall adopt and promulgate regulations governing their procedure in connection therewith, including determinations as to who are proper beneficiaries and the amounts to which such beneficiaries are entitled, determinations as to whether an applicant has the necessary residence requirements, and such other regulations as it may deem necessary and proper; provided, however, that all applications for payment of compensation under this section shall be made to the commissioners of the sinking fund before July 1, 1950.The commissioners of the sinking fund shall select and appoint such legal counsel and employees as it may deem necessary, fix their compensation and prescribe their duties, and all such appointees shall serve at its pleasure.The people of the state of Ohio declare that their enactment of this special amendment of the Constitution of the state of Ohio is to meet the specific emergency covered thereby, and they declare it to be their intention to in no manner affect or change any of the existing provisions of the said Constitution except as herein set forth. The provisions of this section shall be self executing.Upon the retirement of all of the bonds that may be issued hereunder and the payment of all valid claims for compensation made within the limitations of time as prescribed herein, the commissioners of the sinking fund shall make a final report to the general assembly of Ohio, and any balance remaining in any of the funds herein created and referred to shall be disposed of as shall be provided by law.