Lawriter - OAC - 129:1-1-12 Bonds or notes, -issuance of.

129:1-1-12 Bonds or notes, -issuance of.

The Commissioners of the Sinking Fund of the State of Ohio shall by resolution authorize and issue not more than three hundred million dollars ($300,000, 000.00 ) par value of bonds or notes of the State in such amounts of face value as are necessary to provide the funds or such part thereof, as may be required to pay the compensation and the expense of administering Section 2j of Article VIII of the Constitution of Ohio. The full faith and credit of the State is to be pledged for the payment of such bonds and notes.

All bonds or notes issued shall mature in not more than fifteen years commencing not later than two years after the respective dates thereof. No bonds or notes shall mature more than fifteen years after the date of issue or shall be issued or bear dates later than April 1, 1977. The exchange of an outstanding coupon bond for a registered bond after April 1, 1977 shall not be considered as an issuance or dating subsequent to said date.

All bonds or notes shall be advertised for sale as required by Section 2j, Article VIII, and in addition thereto shall be advertised in at least two daily financial journals of circulation among bond buyers. The Commissioners of the Sinking Fund of the State of Ohio shall also cause an official statement with respect to Vietnam Conflict Compensation Bonds to be prepared and distributed.

(former VCcf-1-12); Eff 6-7-74
Rule promulgated under: RC Chapter 119