Section 1.

(1) Notwithstanding the limits 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 eight percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the “Oregon War Veterans’ Fund,” to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund, except that moneys in the Oregon War Veterans’ Fund may also be appropriated to the Director of Veterans’ Affairs to be expended, without security, for the following purposes:
(a) Aiding veterans’ organizations in connection with their programs of service to veterans;
(b) Training service officers appointed by the counties to give aid as provided by law to veterans and their dependents;
(c) Aiding the counties in connection with programs of service to veterans;
(d) The duties of the Director of Veterans’ Affairs as conservator of the estates of beneficiaries of the United States Veterans’ Administration; and
(e) The duties of the Director of Veterans’ Affairs in providing services to veterans, their dependents and survivors.
(2) The Director of Veterans’ Affairs may establish standards and priorities with respect to the granting of loans from the Oregon War Veterans’ Fund that, as determined by the director, best accomplish the purposes and promote the financial sustainability of the Oregon War Veterans’ Fund, including, but not limited to, standards and priorities necessary to maintain the tax-exempt status of earnings from bonds issued under authority of this section and section 2 of this Article.

(1) Notwithstanding the limits 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 eight percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the “Oregon War Veterans’ Fund,” to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund, except that moneys in the Oregon War Veterans’ Fund may also be appropriated to the Director of Veterans’ Affairs to be expended, without security, for the following purposes:
(a) Aiding war veterans’ organizations in connection with their programs of service to war veterans;
(b) Training service officers appointed by the counties to give aid as provided by law to veterans and their dependents;
(c) Aiding the counties in connection with programs of service to war veterans;
(d) The duties of the Director of Veterans’ Affairs as conservator of the estates of beneficiaries of the United States Veterans’ Administration; and
(e) The duties of the Director of Veterans' Affairs in providing services to war veterans, their dependents and survivors.
(2) The Director of Veterans’ Affairs may establish standards and priorities with respect to the granting of loans from the Oregon War Veterans' Fund that, as determined by the director, best accomplish the purposes and promote the financial sustainability of the Oregon War Veterans’ Fund, including, but not limited to, standards and priorities necessary to maintain the tax-exempt status of earnings from bonds issued under authority of this section and section 2 of this Article.

Notwithstanding the limits contained in section 7, article XI of the Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred in an amount not to exceed eight percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the "Oregon War Veterans’ Fund,” to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund, except that moneys in the Oregon War Veterans’ Fund may also be appropriated to the Director of Veterans’ Affairs to be expended, without security, for the following purposes:
(1) Aiding war veterans’ organizations in connection with their programs of service to war veterans;
(2) Training service officers appointed by the counties to give aid as provided by law to veterans and their dependents;
(3) Aiding the counties in connection with programs of service to war veterans;
(4) The duties of the Director of Veterans’ Affairs as conservator of the estates of beneficiaries of the United States Veterans’ Administration; and
(5) The duties of the Director of Veterans’ Affairs in providing services to war veterans, their dependents and survivors.

Notwithstanding the limits contained in section 7, article XI of the Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred in an amount not to exceed six percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the “Oregon War Veterans’ Fund,” to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund.

Notwithstanding the limits contained in section 7, Article XI of the Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred in an amount not to exceed three percent of the true cash value of all the property in the state, for the purpose of creating a fund, to be known as the "Oregon War Veterans' Fund", to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States. Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund.

Notwithstanding the limits contained in section 7, article XI of the Constitution, the credit of the State of Oregon may be loaned and indebtedness incurred in an amount not to exceed four percent of the assessed valuation of all the property in the state, for the purpose of creating a fund to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the State of Oregon who served in the Armed Forces of the United States for a period of not less than 90 days after mobilization therefor, and before the end of actual hostilities with any of the axis powers, or for a period of not less than 90 days between June 25, 1950, and the cessation of the present national military emergency as determined and proclaimed by the Governor of the State of Oregon, and who are honorably discharged from such service, which fund shall be known as the “Oregon War Veterans’ Fund.’’ Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund.

Notwithstanding the limits contained in section 7, article XI of the constitution, the credit of the state of Oregon may be loaned and indebtedness incurred in an amount not to exceed 4 per cent of the assessed valuation of all the property in the state, for the purpose of creating a fund to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the state of Oregon who served in the army, navy or marine corps of the United States or any auxiliary corps thereof for a period of not less than 90 days after mobilization therefor, and before the end of actual hostilities with any of the axis powers, and who are honorably discharged from such service, which fund shall be known as the “Oregon War Veterans’ Fund.” Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund.

Notwithstanding the limits contained in section 7, article XI of the constitution, the credit of the state of Oregon may be loaned and indebtedness incurred in an amount not to exceed 3 per cent of the assessed valuation of all of the property in the state, for the purpose of creating a fund to be advanced for the acquisition of farms and homes for the benefit of male and female residents of the state of Oregon who served in the army, navy, marine corps of the United States or any auxiliary corps thereof for a period of not less than 90 days after mobilization therefor, and before the end of actual hostilities with any of the axis powers, and who are honorably discharged from such service, which fund shall be known as the "Oregon War Veterans' Fund." Secured repayment thereof shall be and is a prerequisite to the advancement of money from such fund.