In addition to the authorization in Article VIII, Section 2e, the state may borrow not to exceed two hundred fifty million dollars and issue bonds or other obligations therefor, for the purpose of acquiring, constructing, reconstructing, and otherwise improving and equipping buildings and structures, excluding highways; and for the purpose of acquiring lands and interests in lands for sites for such buildings and structures; and, for the purpose of assisting in the development of the State, to acquire lands and interests in lands and to develop such lands and interests or other state lands for water impoundment sites, park and recreational uses, and conservation of natural resources; and for use in conjunction with federal grants or loans for any of such purposes. Of said amount, for the purpose of acquiring, constructing, reconstructing, and otherwise improving and equipping buildings and structures, excluding highways, and for the purpose of acquiring lands and interests in lands for sites for such buildings and structures, one hundred seventy-five million dollars shall be issued for the state supported or assisted colleges or universities including community colleges, municipal universities, and university branches, thirty-five million dollars shall be issued for providing classroom facilities for the public schools to be leased or sold by the State to public school districts unable, within the limitations provided by law, to provide adequate facilities without assistance from the state, and fifteen million dollars shall be issued for state functions, activities, offices, institutions, including penal, correctional, mental, and welfare, and research and development; and for the purpose of assisting in the development of the state by acquiring lands and interests in lands and to develop such lands and interests or other state lands for water impoundment sites, park and recreational uses, and conservation of natural resources twenty-five million dollars shall be issued. Not more than one hundred million dollars of such borrowing shall be contracted within any calendar year. No part of such borrowing shall be contracted after the thirty-first day of December, 1972. All bonds or other obligations issued pursuant to this section shall mature at such time or times not exceeding thirty years from date of issue and in such amounts as shall be fixed by the commissioners of the sinking fund, and shall bear interest and be sold as shall be authorized by law. Both the principal of such debt and the interest thereon shall be exempt from taxation within this state.The faith and credit of the state are hereby pledged for the payment of such bonds or other obligations, and the interest thereon. They shall be payable from all excises and taxes of the state except ad valorem taxes on real and personal property, income taxes, and fees, excises or license taxes relating to registration, operation, or use of vehicles on public highways or to fuels used for propelling such vehicles. The excises and taxes of the state from which such bonds and other obligations shall be paid shall include an excise tax on sales of cigarettes at the rate of one-half cent on each ten cigarettes or fractional part thereof, and an excise tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state, at the rate of one-half cent on each ten cigarettes or fractional part thereof, which shall be levied during the period beginning with January 1, 1965, and continuing until December 31, 1972, and thereafter as long as any of such bonds and other obligations are outstanding and moneys in the separate and distinct bond retirement fund hereinafter created are insufficient to pay all interest, principal, and charges for the issuance and retirement of such bonds and other obligations. Such tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state shall not be levied upon cigarettes upon which the tax on sales has been paid. The General Assembly of the State of Ohio shall enact laws providing for the collection of such taxes. The moneys received into the state treasury from such one-half cent excise tax on sales of cigarettes and from such one-half cent excise tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state shall be paid into a separate and distinct bond retirement fund hereby created. There shall be transferred in each year from said bond retirement fund to the capital improvements bond retirement fund created by Article VIII, Section 2e of the Constitution of the State of Ohio, from the proceeds of the levy of such excise taxes on cigarettes, such amounts as may be necessary for the payment in such year of the interest, principal, and charges of the bonds or other obligations issued pursuant to said Article VII, Section 2e falling due in such year, to the extent that moneys in said
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In addition to the authorization in Article VIII, Section 2e, the state may borrow not to exceed two hundred fifty million dollars and issue bonds or other obligations therefor, for the purpose of acquiring, constructing, reconstructing, and otherwise improving and equipping buildings and structures, excluding highways; and for the purpose of acquiring lands and interests in lands for sites for such buildings and structures; and, for the purpose of assisting in the development of the State, to acquire lands and interests in lands and to develop such lands and interests or other state lands for water impoundment sites, park and recreational uses, and conservation of natural resources; and for use in conjunction with federal grants or loans for any of such purposes. Of said amount, for the purpose of acquiring, constructing, reconstructing, and otherwise improving and equipping buildings and structures, excluding highways, and for the purpose of acquiring lands and interests in lands for sites for such buildings and structures, one hundred seventy-five million dollars shall be issued for the state supported or assisted colleges or universities including community colleges, municipal universities, and university branches, thirty-five million dollars shall be issued for providing classroom facilities for the public schools to be leased or sold by the State to public school districts unable, within the limitations provided by law, to provide adequate facilities without assistance from the state, and fifteen million dollars shall be issued for state functions, activities, offices, institutions, including penal, correctional, mental, and welfare, and research and development; and for the purpose of assisting in the development of the state by acquiring lands and interests in lands and to develop such lands and interests or other state lands for water impoundment sites, park and recreational uses, and conservation of natural resources twenty-five million dollars shall be issued. Not more than one hundred million dollars of such borrowing shall be contracted within any calendar year. No part of such borrowing shall be contracted after the thirty-first day of December, 1972. All bonds or other obligations issued pursuant to this section shall mature at such time or times not exceeding thirty years from date of issue and in such amounts as shall be fixed by the commissioners of the sinking fund, and shall bear interest and be sold as shall be authorized by law. Both the principal of such debt and the interest thereon shall be exempt from taxation within this state.The faith and credit of the state are hereby pledged for the payment of such bonds or other obligations, and the interest thereon. They shall be payable from all excises and taxes of the state except ad valorem taxes on real and personal property, income taxes, and fees, excises or license taxes relating to registration, operation, or use of vehicles on public highways or to fuels used for propelling such vehicles. The excises and taxes of the state from which such bonds and other obligations shall be paid shall include an excise tax on sales of cigarettes at the rate of one-half cent on each ten cigarettes or fractional part thereof, and an excise tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state, at the rate of one-half cent on each ten cigarettes or fractional part thereof, which shall be levied during the period beginning with January 1, 1965, and continuing until December 31, 1972, and thereafter as long as any of such bonds and other obligations are outstanding and moneys in the separate and distinct bond retirement fund hereinafter created are insufficient to pay all interest, principal, and charges for the issuance and retirement of such bonds and other obligations. Such tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state shall not be levied upon cigarettes upon which the tax on sales has been paid. The General Assembly of the State of Ohio shall enact laws providing for the collection of such taxes. The moneys received into the state treasury from such one-half cent excise tax on sales of cigarettes and from such one-half cent excise tax on the use, consumption, or storage for consumption of cigarettes by consumers in this state shall be paid into a separate and distinct bond retirement fund hereby created. There shall be transferred in each year from said bond retirement fund to the capital improvements bond retirement fund created by Article VIII, Section 2e of the Constitution of the State of Ohio, from the proceeds of the levy of such excise taxes on cigarettes, such amounts as may be necessary for the payment in such year of the interest, principal, and charges of the bonds or other obligations issued pursuant to said Article VII, Section 2e falling due in such year, to the extent that moneys in said capital improvements bond retirement fund in such year are insufficient to pay such interest, principal, and charges.The excise taxes on the sale, use, consumption or storage of cigarettes authorized to be levied by Article VIII, Section 2e of the Constitution of the State of Ohio for the payment of bonds and other obligations issued under authority of that section shall not be levied during any period that they are not required to be levied by Article VIII, Section 2e of the Constitution of the State of Ohio.Sufficient amounts of such moneys remaining in said separate and distinct bond retirement fund created by this section, after such transfers, are hereby appropriated for the purpose of paying interest, principal, and charges for the issuance and retirement of bonds and other obligations issued under authority of this section, without other appropriations but according to law. In the event the moneys in the separate and distinct bond retirement fund created by this section are at any time insufficient to pay the current interest, principal, and charges for the issuance and retirement of bonds and other obligations issued under authority of this section, then such moneys as may be required to pay such current interest, principal, and charges are hereby appropriated for those purposes, without other appropriations but according to law, from the proceeds of all excises and taxes excluding those above excepted. Provision may be made by law for the transfer and the use of any amount in said separate and distinct bond retirement fund in excess of that required in any year for payment of interest, principal, and charges for the issuance and retirement of bonds and other obligations issued under authority of said Article VIII, Section 2e of this section.Any balance remaining in the separate and distinct bond retirement fund created by this section after payment of all interest, principal, and charges for the issuance and retirement of bonds or other obligations issued under authority of this section shall be disposed of for the purposes enumerated in this section as may be provided by law.As long as any of such bonds or other obligations are outstanding there shall be levied and collected in amounts sufficient to pay the principal of and interest on such bonds or other obligations, excises and taxes, excluding those above excepted.