||Proposing to amend the Constitution of Ohio by adopting a section to be designated as section 2b of article VIII of said Constitution for the purpose of authorizing the contracting of debts of the estate in an aggregate amount not exceeding seven million five hundred thousand dollars to supply funds for the construction and repair of buildings, the equipment and furnishing thereof, and the purchase of land for the use of the welfare institutions of the state and to that end authorizing the issuance of bonds and directing the levy of taxes sufficient to pay the interest and principal thereof.
Amount of bonds authorized to be issued $7,500,000
Maximum rate of interest 5% per annum.
These bonds to be issued between November 4, 1931 and July 1, 1932
Section 2b. "The Commissioners of the Sinking Fund" created in this article shall, forthwith upon the adoption of this amendment proceed to issue and sell at public sale, from time to time, under such regulations as they may by order promulgate, for not less than par and accrued interest, not to exceed the total sum of seven million five hundred thousand dollars of bonds of the state of Ohio. Bearing interest at not to exceed five per cent per annum, payable semiannually, and maturing in ten equal annual installments commencing not later than the first day of January, 1934, and not earlier than eighteen months after the issuance of any such bonds. No such bonds shall be issued to mature later than the first day of January, 1943. The proceeds of the sale of such bonds shall be paid into the treasury of the State of Ohio to the credit of a fund therein to be known as "The State Welfare Rehabilitation Fund." Said fund shall be expended without appropriation by the General Assembly, but subject to approval and allotment by the emergency board, for the purpose of supplying funds as determined the director of public welfare, for the construction and repair of buildings, the equipment and furnishing thereof, and the purchase of land for the use of existing or new welfare and penal institutions of the state and for no other purpose. For the payment of the interest on such bonds and the installments of principal thereof, as the same mature, and to meet the expenses of administration hereof, any fund or funds in the state treasury, available by law for appropriation for the purposes for which said bonds shall have been issued shall, without appropriation of the General Assembly, be paid out upon the order of the said "The Commissioners of the Sinking Fund" to the extent necessary; but the General Assembly may make appropriations for such purposes out of any such funds, which appropriations so made shall be first exhausted, before any unappropriated moneys shall be so withdrawn. The full faith and credit of the State of Ohio is hereby pledged for the payment of said bonds and the payment of all the interest thereon said "The Commissioners of the Sinking Fund" shall render a final report, to the General Assembly. The provisions of this section shall be self-executing.