The state may contract debts not exceeding five
hundred million dollars for the purpose of providing
moneys for acquisition of rights-of-way and for construction
and reconstruction of highways on the state
highway system. Not more than one hundred twentyfive
million dollars of the debt authorized by this section
shall be contracted within any calendar year, and
no part of such debt shall be contracted after the thirtyfirst
day of March, 1962. The principal amount of any
part of such debt at any time contracted shall be paid in
substantially equal semiannual or annual installments,
beginning not later than eighteen months after such
debt is contracted, and in such number of installments
that the entire debt shall be discharged not later than
the year 1972. Securities evidencing the debt authorized
by this section shall bear interest and shall be
sold upon such terms as may be prescribed by law.
Both the principal of such debt and the interest thereon
shall be exempt from taxation by this state or by any
taxing subdivision thereof. Moneys raised under the
authority of this section shall be expended only to
provide adequate highways, including the acquisition
of rights-of-way and including participation therein
with the federal government, municipal corporations,
counties and other legally authorized participants, but
excluding costs of planning and supervision by the
state. All construction shall be done by contract as
shall be provided by law. No part of such proceeds
shall be appropriated except to meet the requirements
of programs or schedules of acquisition of rightsof-
way, highway con-struction and reconstruction
which the governor, or other highway authority with
the concurrence of the governor, shall submit to the
General Assembly before such appropriations are
made. Such appropriations shall be made only for
major thoroughfares of the state highway system and
urban extensions thereof. The debt contracted under
the authority of this section shall be paid by revenue
bonds issued by the state of Ohio as provided by law,
secured by a pledge of moneys derived from fees,
excises or license taxes, levied by the state of Ohio,
relating to registration, operation, or use of vehicles on
public highways, or to fuels used for propelling such
vehicles, and a sufficient amount thereof shall be set
aside each year, before any other distribution is made,
to pay the interest on the outstanding debt and principal
of such debt becoming due in that year, without other
appropriations, but according to regulations to be
established by law.
The General Assembly shall meet on the second Monday
in January, 1954, for the sole purpose of enacting
laws Pursuant to this section.
Structure Ohio constitution