||Proposing to amend Article VIII of the Constitution of Ohio by adopting a section to be designated as Section 2b of Article VIII of said Constitution to provide for the payment of compensation by the sate of Ohio to its residents who shall have served in the armed forces of the United States in World War II, or to their survivors and to issue bonds of the state of Ohio to provide funds therefor.
The total amount of the face value of the bonds to be issued under said proposal shall not exceed Three Hundred Million Dollars ($300,000,000), said bonds to bear interest, payable semi-annually, at such rate as may be fixed by the Commissioner of the Sinking Fund, and to mature in thirty (30) semi-annual installments after the respective dates of issuance thereof, none of which dates shall in any case be later than April 1, 1951.
Said bonds are to be retired with (1) the proceeds of a state tax levy on all taxable property subject to taxation on the general tax lists of all the counties in the state of Ohio, and (2) One Hundred and Eighty Million Dollars ($180,000,000) derived from taxes levied by the state for the purposes of providing revenue to defray the expenses of the state, which amount to One Hundred and Eighty Million Dollars ($180,000,000) shall, commencing January 1, 1949, be set aside and transferred to the bond retirement fund in the amount of One Million Dollars ($1,000,000 per month for one hundred and eighty (180) months.
The proceeds derived from the sale of said bonds shall be used to pay compensation to residents of Ohio who served in the armed forces of the United States in World War II, or their dependent survivors, said compensation to be computed on the basis of Ten Dollars ($10.00) per month for domestic service and Fifteen ($15.00) per month for foreign service not to exceed in the aggregate in any one case the sum of Four Hundred Dollars ($400.00).
TO AMEND ARTICLE VIII OF THE CONSTITUTION OF THE STATE OF OHIO TO PROVIDE FOR THE PAYMENT OF COMPENSATION BY THE STATE OF OHIO TO ITS RESIDENTS WHO SHALL HAVE SERVED IN THE ARMED FORCES OF UNITED STATES IN WORLD WAR II OR TO THEIR SURVIVORS, AND TO ISSUE BONDS OF THE STATE OF OHIO TO PROVIDE THE FUNDS THEREFOR.