This post looks at sections 7 to 10 of the Oregon State Constitution. Article XI deals with Corporations and Internal Improvements. In Section 7 to 10, we will look at taking on debt.
Section 7
This section limits the amount of debt that the state can take on. In general, $50,000 and specifically for road building, 1% of the cash value of taxed properties.
Section 8
This section states that the State shall not assume the debts of counties, towns or other corporations.
Section 9
This section limits cities or counties from investing in joint stock companies.
Section 10
This section limits counties from taking on debts in excess of $5,000. However, it does allow for issue of bonds to take on debts to undertake improvement projects.
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