Oregon Constitution/Article XI-I(2)

Article XI-I(2)
MULTIFAMILY HOUSING FOR ELDERLY AND DISABLED

Sec. 1.     State empowered to lend credit for multifamily housing for elderly and disabled persons 2.     Sources of revenue 3.     Bonds 4.     Legislation to effectuate Article

Section 1. State empowered to lend credit for multifamily housing for elderly and disabled persons. 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 in an amount not to exceed, at any one time, one-half of one percent of the true cash value of all taxable property in the state to provide funds to be advanced, by contract, grant, loan or otherwise, for the purpose of providing additional financing for multifamily housing for the elderly and for disabled persons. Multifamily housing means a structure or facility designed to contain more than one living unit. Additional financing may be provided to the elderly to purchase ownership interest in the structure or facility. [Created through H.J.R. 61, 1977, and adopted by the people May 23, 1978; Amendment proposed by S.J.R. 34, 1979, and adopted by the people May 20, 1980; Amendment proposed by H.J.R. 1, 1981, and adopted by the people May 18, 1982]

Section 2. Sources of revenue. The bonds shall be payable from contract or loan proceeds; bond reserves; other funds available for these purposes; and, if necessary, state ad valorem taxes. [Created through H.J.R. 61, 1977, and adopted by the people May 23, 1978]

Section 3. Bonds. Bonds issued pursuant to section 1 of this Article shall be the direct obligations of the state and shall be in such form, run for such periods of time and bear such rates of interest as shall be provided by law. The bonds may be refunded with bonds of like obligation. [Created through H.J.R. 61, 1977, and adopted by the people May 23, 1978]

Section 4. Legislation to effectuate Article. The Legislative Assembly shall enact legislation to carry out the provisions of this Article. This Article shall supersede all conflicting constitutional provisions. [Created through H.J.R. 61, 1977, and adopted by the people May 23, 1978]