Article XI-b.
State Payment of Irrigation and Drainage District Interest
Section 1.
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19301919
19301919
Notwithstanding the limitations contained in section 7 of article XI of the constitution, the credit of the state may be loaned and indebtedness incurred to an amount not exceeding two (2) per cent of the assessed valuation of all the property in the state, for the purpose of providing funds for the payment by the state of interest for a period not exceeding five (5) years on bonds heretofore, or hereafter issued by irrigation and drainage districts, organized, or to be organized, under the laws of the state of Oregon.