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Ohio Constitution [ The 1851 Constitution with Amendments to 2015 ]

XII.11 Sinking fund

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.

(Adopted September 3, 1912.)

 
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