Oregon Constitutional Convention

“ 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. ”

“ 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. ”