OREGON CONSTITUTION
ARTICLE XI-M
SEISMIC REHABILITATION OF PUBLIC EDUCATION BUILDINGS
Art. XI-M §0 | NOTE ON ARTICLE 11-M
Art. XI-M §1 | STATE EMPOWERED TO LEND CREDIT FOR SEISMIC REHABILITATION OF PUBLIC EDUCATION BUILDINGS; BONDS
(2) Any indebtedness incurred under this section must be in the form of general obligation bonds of the State of Oregon containing a direct promise on behalf of the State of Oregon to pay the principal, premium, if any, interest and other amounts payable with respect to the bonds, in an aggregate outstanding principal amount not to exceed the amount authorized in subsection (1) of this section. The bonds are the direct obligation of the State of Oregon and must be in a form, run for a period of time, have terms and bear rates of interest as may be provided by statute. The full faith and credit and taxing power of the State of Oregon must be pledged to the payment of the principal, premium, if any, and interest on the general obligation bonds; however, the ad valorem taxing power of the State of Oregon may not be pledged to the payment of the bonds issued under this section.
(3) As used in this section, "public education building" means a building owned by the State Board of Higher Education, a school district, an education service district, a community college district or a community college service district.
Art. XI-M §2 | SOURCES OF REPAYMENT
(2) Amounts allocated for the purpose by the Legislative Assembly from the proceeds of the State Lottery or from the Master Settlement Agreement entered into on November 23, 1998, by the State of Oregon and leading United States tobacco product manufacturers; and
(3) Amounts appropriated or allocated for the purpose by the Legislative Assembly from other sources of revenue.
Art. XI-M §3 | REFUNDING BONDS
Art. XI-M §4 | LEGISLATION TO EFFECTUATE ARTICLE
Art. XI-M §5 | RELATIONSHIP TO CONFLICTING PROVISIONS OF CONSTITUTION
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- State Agency Bribery;
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- State Agency Obstruction; and
- State Agency Self-Discrimination
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