(c) Indebtedness incurred under this subsection.
(2) In the manner provided by law and notwithstanding the limitations contained in section 7, Article XI of this Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred to refinance:
(a) Indebtedness incurred under subsection (1) of this section.
(b) Borrowings issued before the effective date of this Article to finance or refinance costs described in subsection (1) of this section. [Created through S.J.R. 48, 2010, and adopted by the people Nov. 2, 2010]
Note: The effective date of Senate Joint Resolution 48, 2010, is Dec. 2, 2010.
Section 2. Limit on indebtedness; general obligation of state. (1) Indebtedness may not be incurred under section 1 of this Article if the indebtedness would cause the total principal amount of indebtedness incurred under section 1 of this Article and outstanding to exceed one percent of the real market value of the property in this state.
(2) Indebtedness incurred under section 1 of this Article is a general obligation of the State of Oregon and must contain a direct promise on behalf of the State of Oregon to pay the principal, premium, if any, and interest on the obligation. The full faith and credit and taxing power of the State of Oregon must be pledged to payment of the indebtedness. However, the State of Oregon may not pledge or levy an ad valorem tax to pay the indebtedness. [Created through S.J.R. 48, 2010, and adopted by the people Nov. 2, 2010]
Section 3. Legislation to effectuate Article. The Legislative Assembly may enact legislation to carry out the provisions of this Article. [Created through S.J.R. 48, 2010, and adopted by the people Nov. 2, 2010]
Section 4. Relationship to conflicting provisions of Constitution. This Article supersedes conflicting provisions of this Constitution. [Created through S.J.R. 48, 2010, and adopted by the people Nov. 2, 2010]
