The state may borrow money and issue bonds or
other obligations therefore for the purpose of acquiring,
constructing, reconstructing and otherwise improving
and equipping buildings and structures, excluding
highways, and for the purpose of acquiring sites
for such buildings and structures, for the penal, correctional,
mental, and welfare institutions of the state;
for the state supposed universities and colleges of the
state; for class room facilities to be leased or sold by
the state to public school districts unable within limitations
provided by law to provide adequate facilities
without assistance from the state, and for state offices;
provided that the aggregate total amount of such borrowing
under authority of this section shall not exceed
$150,000,000. Not more than thirty million dollars of
such borrowing shall be contracted within any calendar
year. Note more than thirty million dollars of such
borrowing shall be contracted within any calendar
year. No part of such borrowing shall be contracted
after the last day of December 1964. All bonds or other
obligations issued pursuant to this section shall mature
within twenty years from date of issue. Not more
than $75,000,000 of the total expenditure from such
borrowing shall be for acquisition, construction, reconstruction
and other improvement and equipping of
buildings and structures, or for acquisition of sites for
such buildings and structures, for the state supported
universities and colleges, public school class room facilities
and state offices; and not more than $75,000,000
of the total expenditure from such borrowing shall be
for acquisition, construction, reconstruction and other
improvement and equipping of buildings and structures,
or for acquisition of sites for such buildings and
structures, for the penal, correctional, mental, and welfare
institutions of the state.
The faith and credit of the state are hereby pledged for
the payment of such bonds or other obligations and
the interest thereon, and 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.
During the period beginning with the effective date
of the first authorization to issue bonds or other obligations
under authority of this section and ending on
the last day of December 1964, and continuing during
such time as such bonds or other obligations are
outstanding, and moneys in the capital improvements
bond retirement fund are insufficient to pay all interest,
principal and charges for the issuance and retirement
of such bonds and other obligations, there shall
be levied, for the purpose of paying interest, principal,
and charges for the issuance and retirement of such
bonds and other obligations, 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. 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 moneys received
into the state treasury from the one-half cent excise
tax on sales of cigarettes and from the one-half cent
excise tax on the use, consumption or storage for consumption
of cigarettes by consumers in this state shall
be paid into the capital improvements bond retirement
fund. The General Assembly of Ohio shall enact laws
providing for the collection of such taxes.
There is hereby created in the state treasury a fund
to be known as the capital improvements bond retirement
fund. The capital improvements bond retirement
fund shall consist of all moneys received by the state
from taxes on cigarettes levied under authority of this
section, and all other moneys credited to the fund
pursuant to law. Such moneys shall be expended, as
provided by law, 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.
Sufficient amounts of such moneys in the capital improvements
bond retirement fund are hereby appropriated
for the purpose of paying interest, principal, and
charges for the issuance and retirement of bonds or
other obligations issued under authority of this section,
without other appropriations but according to law.
Any balance remaining in the capital improvements
bond retirement fund after payment of all interest,
principal, and charges for the issuance and retirement
of bonds and other obligations issued under authority
of this section, shall be disposed of as shall 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 the interest
on such bonds or other obligations, excises and
taxes, excluding those above excepted.
The General Assembly shall meet on the third Monday
of January, 1956 for the purpose of enacting laws
pursuant to this section.
Structure Ohio constitution