Or. Const. art. XI-Q, § 2
- Constitution
- Constitution of Oregon
- Text as of
- October 2026
What does this section say?
Limit on indebtedness; general obligation of state. (1) Indebtedness may not be incurred under section 1 of this Article if the indebtedness would cause the total principal amount of indebtedness incurred under section 1 of this Article and outstanding to exceed one percent of the real market value of the property in this state. (2) Indebtedness incurred under section 1 of this Article is 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, premium, if any, and interest on the obligation. The full faith and credit and taxing power of the State of Oregon must be pledged to payment of the indebtedness. However, the State of Oregon may not pledge or levy an ad valorem tax to pay the indebtedness. [Created through S.J.R. 48, 2010, and adopted by the people Nov. 2, 2010]
The text is copied from the official source: www.oregonlegislature.gov. This is the stored text for research. It is not legal advice; check the official source before you rely on it.