TBD | Article XI-A Section 1 Oregon Constitution

(1) Notwithstanding the limits contained in section 7, Article XI of this Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred in an amount not to exceed eight percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the "Oregon War Veterans' Fund," to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund, except that moneys in the Oregon War Veterans' Fund may also be appropriated to the Director of Veterans' Affairs to be expended, without security, for the following purposes:

(a) Aiding veterans' organizations in connection with their programs of service to veterans;

(b) Training service officers appointed by the counties to give aid as provided by law to veterans and their dependents;

(c) Aiding the counties in connection with programs of service to veterans;

(d) The duties of the Director of Veterans' Affairs as conservator of the estates of beneficiaries of the United States Veterans' Administration; and

(e) The duties of the Director of Veterans' Affairs in providing services to veterans, their dependents and survivors.

(2) The Director of Veterans' Affairs may establish standards and priorities with respect to the granting of loans from the Oregon War Veterans' Fund that, as determined by the director, best accomplish the purposes and promote the financial sustainability of the Oregon War Veterans' Fund, including, but not limited to, standards and priorities necessary to maintain the tax-exempt status of earnings from bonds issued under authority of this section and section 2 of this Article.

Art. XI-A §1 | STATE EMPOWERED TO MAKE FARM AND HOME LOANS TO VETERANS; STANDARDS AND PRIORITIES FOR LOANS

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