ARTICLE XI-F(1)

HIGHER EDUCATION BUILDING PROJECTS

Sec. 1. State empowered to lend credit for higher education building projects

2. Limitation on authorization to incur indebtedness

3. Sources of revenue

4. Bonds

5. Legislation to effectuate Article

Section 1. State empowered to lend credit for higher education building projects. The credit of the state may be loaned and indebtedness incurred in an amount which shall not exceed at any one time three-fourths of one percent of the true cash value of all the taxable property in the state, as determined by law to provide funds with which to acquire, construct, improve, repair, equip and furnish buildings, structures, land and other projects, or parts thereof, that the legislative assembly determines will benefit higher education institutions or activities. [Created through H.J.R. 26, 1949, and adopted by the people Nov. 7, 1950; Amendment proposed by H.J.R. 12, 1959, and adopted by the people Nov. 8, 1960; Amendment proposed by H.J.R. 101, 2010, and adopted by the people May 18, 2010]

Section 2. Limitation on authorization to incur indebtedness. Indebtedness shall not be incurred to finance projects described in section 1 of this Article unless the constructing authority conservatively estimates that the constructing authority will have sufficient revenues to pay the indebtedness and operate the projects financed with the proceeds of the indebtedness. For purposes of this section, "revenues" includes all funds available to the constructing authority except amounts appropriated by the legislative assembly from the General Fund. [Created through H.J.R. 26, 1949, and adopted by the people Nov. 7, 1950; Amendment proposed by H.J.R. 101, 2010, and adopted by the people May 18, 2010]

Section 3. Sources of revenue. Ad valorem taxes shall be levied annually upon all the taxable property in the state of Oregon in sufficient amount, with the aforesaid revenues, to provide for the payment of such indebtedness and the interest thereon. The legislative assembly may provide other revenues to supplement or replace such tax levies. [Created through H.J.R. 26, 1949, and adopted by the people Nov. 7, 1950; Amendment proposed by H.J.R. 101, 2010, and adopted by the people May 18, 2010]

Section 4. Bonds. Bonds issued pursuant to this article shall be the direct general obligations of the state, and be in such form, run for such periods of time, and bear such rates of interest, as shall be provided by statute. Such bonds may be refunded with bonds of like obligation. Unless provided by statute, no bonds shall be issued pursuant to this article for the construction of buildings or other structures for higher education until after all of the aforesaid outstanding revenue bonds shall have been redeemed or refunded. [Created through H.J.R. 26, 1949, and adopted by the people Nov. 7, 1950]

Section 5. Legislation to effectuate Article. The legislative assembly shall enact legislation to carry out the provisions hereof. This article shall supersede all conflicting constitutional provisions. [Created through H.J.R. 26, 1949, and adopted by the people Nov. 7, 1950]