Section 1.

(1) Notwithstanding the limitations contained in section 7, Article XI of this Constitution, and in addition to other exceptions from the limitations of such section, the credit of the state may be loaned and indebtedness incurred in an amount not to exceed at any time three-fourths of one percent of the true cash value of all taxable property in the state, as determined by law.
(2) Proceeds from any loan authorized or indebtedness incurred under this section shall be used to provide funds with which to acquire, construct, improve, repair, equip and furnish buildings, structures, land and other projects, or parts thereof, that the Legislative Assembly determines will benefit higher education institutions or activities or community colleges authorized by law to receive state aid.
(3) The amount of any indebtedness incurred under this section in any biennium shall be matched by an amount that is at least equal to the amount of the indebtedness. The matching amount must be used for the same or similar purposes as the proceeds of the indebtedness and may consist of moneys appropriated from the General Fund or any other moneys available to the constructing authority for such purposes. However, the matching amount may not consist of proceeds of indebtedness incurred by the state under any other Article of this Constitution. Any matching amount appropriated from the General Fund to meet the requirements of this subsection must be specifically designated therefor by the Legislative Assembly.
(4) Nothing in this section prevents the financing of projects, or parts thereof, by a combination of the moneys available under this section, under Article XI-F(1) of this Constitution, and from other lawful sources.

(1) Notwithstanding the limitations contained in section 7, Article XI of this Constitution, and in addition to other exceptions from the limitations of such section, subject to subsection (2) of this section, the credit of the state may be loaned and indebtedness incurred in an amount not to exceed at any one time:
(a) $25 million to provide funds with which to construct, improve, repair, equip and furnish those buildings and structures, and to purchase or improve sites therefor, except self-liquidating and self-supporting buildings or projects constructed pursuant to section 2, Article XI-F(l) of this Constitution, that are designated by the Legislative Assembly for higher education institutions and activities; and
(b) $5 million to provide funds with which to construct, improve, repair, equip and furnish those buildings and structures, and to purchase or improve sites therefor, that are designated by the Legislative Assembly for community colleges and education centers or that are community colleges and education centers authorized by law to receive state aid.
(2) Except for refunding bonds issued to provide funds with which to redeem bonds issued pursuant to this Article, no additional indebtedness shall be incurred pursuant to this Article after June 30, 1969.