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Article XII, Section 11 | Sinking fund

Ohio Constitution
/
Article XII Finance and Taxation
 
Effective:
1912

No bonded indebtedness of the state, or any political subdivisions thereof, shall be incurred or renewed unless, in the legislation under which such indebtedness is incurred or renewed, provision is made for levying and collecting annually by taxation an amount sufficient to pay the interest on said bonds, and to provide a sinking fund for their final redemption at maturity.