Section 1.

(1) 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 to finance the costs of:
(a) Acquiring, constructing, remodeling, repairing, equipping or furnishing real or personal property that is or will be owned or operated by the State of Oregon, including, without limitation, facilities and systems;
(b) Infrastructure related to the real or personal property; or
(c) Indebtedness incurred under this subsection.
(2) 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 to refinance:
(a) Indebtedness incurred under subsection (1) of this section.
(b) Borrowings issued before the effective date of this Article to finance or refinance costs described in subsection (1) of this section.