Oregon Revised Statutes Public Borrowing § 286A.798

(1) In accordance with the applicable provisions of ORS chapter 286A, the State Treasurer, with the concurrence of the Superintendent of Public Instruction, may issue Article XI-P bonds:

(2) The State Treasurer may issue Article XI-P bonds for the purpose of refunding Article XI-P bonds.

(3) The net proceeds of Article XI-P bonds must be deposited in the School Capital Matching Fund established under ORS 286A.806 as described in section 4, Article XI-P of the Oregon Constitution.

(4) If at any time the superintendent determines that the net proceeds of Article XI-P bonds deposited in the School Capital Matching Fund pursuant to subsection (3) of this section exceed the amount necessary for the purposes described in subsection (1)(a) of this section and the budget authorization, the superintendent, in consultation with the Oregon Department of Administrative Services, may transfer the excess amount to the Article XI-P Bond Fund established under ORS 286A.802 or the Article XI-P Bond Administration Fund established under ORS 286A.804.

(5) Article XI-P bonds are a general obligation of the State of Oregon and must contain a direct promise on behalf of the State of Oregon to pay the principal of, the interest on and the premium, if any, on the Article XI-P bonds. The State of Oregon shall pledge its full faith and credit and taxing power to the payment of the principal of, the interest on and the premium, if any, on Article XI-P bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-P bonds.