Article XI-K of the Oregon State Constitution

This post looks at Article XI-K of the Oregon State Constitution.  This Article is entitled "Guarantee of Bonded Indebtedness of Educational Districts".  This Article is intended that the State can  guarantee the debts of Education districts so as to allow the districts to obtain better interest rates.  This article has 6 sections.

Section 1

This section defines the purpose of this Article.

Section 2

This section authorizes that state can guarantee loans by educational districts and that bonds can be issued for that purpose.

Section 3

This section authorizes that the Legislature can demand repayment from the beneficiaries through possibly deducting from the allocations given to them by the state.

Section 4

This section authorizes the issuance of bonds.  Repayment is to be through clawbacks under section 3 or by appropriations from the Common School Fund.

Section 5

This section describes the nature of the bonds that can be issued under this Article.

Section 6

This section directs the Legislature to write laws to implement the provisions of this Article.