OREGON CONSTITUTION
ARTICLE XI-A
FARM AND HOME LOANS TO VETERANS

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

(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 §2 | BONDS

Bonds of the state of Oregon containing a direct promise on behalf of the state to pay the face value thereof, with the interest therein provided for, may be issued to an amount authorized by section 1 hereof for the purpose of creating said "Oregon War Veterans' Fund." Said bonds shall be a direct obligation of the state and shall be in such form and shall run for such periods of time and bear such rates of interest as provided by statute.

Art. XI-A §3 | ELIGIBILITY TO RECEIVE LOANS NO PERSON SHALL RECEIVE MONEY FROM THE OREGON WAR VETERANS' FUND EXCEPT THE FOLLOWING:

(1) A person who:

(a) Resides in the State of Oregon at the time of applying for a loan from the fund;

(b) Is a veteran, as that term is defined by Oregon law;

(c) Served under honorable conditions on active duty in the Armed Forces of the United States; and

(d) Satisfies the requirements applicable to the funding source for the loan from the Oregon War Veterans' Fund.

(2)

(a) The spouse of a person who is qualified to receive a loan under subsection (1) of this section but who has either been missing in action or a prisoner of war while on active duty in the Armed Forces of the United States even though the status of missing or being a prisoner occurred prior to completion of a minimum length of service or the person never resided in this state, provided the spouse resides in this state at the time of application for the loan.

(b) The surviving spouse of a person who was qualified to receive a loan under subsection (1) of this section but who died while on active duty in the Armed Forces of the United States even though the death occurred prior to completion of a minimum length of service or the person never resided in this state, provided the surviving spouse resides in this state at the time of application for the loan.

(c) The eligibility of a surviving spouse under this subsection shall terminate on the spouse's remarriage.

(3) As used in this section, "active duty" does not include attendance at a school under military orders, except schooling incident to an active enlistment or a regular tour of duty, or normal military training as a reserve officer or member of an organized reserve or National Guard unit.

Art. XI-A §4 | TAX LEVY

There shall be levied each year, at the same time and in the same manner that other taxes are levied, a tax upon all property in the state of Oregon not exempt from taxation, not to exceed two (2) mills on each dollar valuation, to provide for the payment of principal and interest of the bonds authorized to be issued by this article. The two (2) mills additional tax herein provided for hereby is specifically authorized and said tax levy hereby authorized shall be in addition to all other taxes which may be levied according to law.

Art. XI-A §5 | REPEAL OF CONFLICTING CONSTITUTIONAL PROVISIONS

The provisions of the constitution in conflict with this amendment hereby are repealed so far as they conflict herewith.

Art. XI-A §6 | REFUNDING BONDS

Refunding bonds may be issued and sold to refund any bonds issued under authority of sections 1 and 2 of this article. There may be issued and outstanding at any one time bonds aggregating the amount authorized by section 1 hereof, but at no time shall the total of all bonds outstanding, including refunding bonds, exceed the amount so authorized.

Congratulations! You're now booked up on Article XI-A of the Oregon Constitution!

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OREGON CONSTITUTIONARTICLE XI-AFARM AND HOME LOANS TO VETERANS

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

Art. XI-A §2 | BONDS

Art. XI-A §3 | ELIGIBILITY TO RECEIVE LOANS NO PERSON SHALL RECEIVE MONEY FROM THE OREGON WAR VETERANS' FUND EXCEPT THE FOLLOWING:

Art. XI-A §4 | TAX LEVY

Art. XI-A §5 | REPEAL OF CONFLICTING CONSTITUTIONAL PROVISIONS

Art. XI-A §6 | REFUNDING BONDS

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