(a) At the request of the Director of the Oregon Department of Administrative Services for the purposes specified in Article XI-P of the Oregon Constitution, plus an amount determined by the State Treasurer to pay estimated bond-related costs; and

(b) Subject to the budget authorization for bond issuance established under ORS 286A.035 for the Department of Education for the biennium.

(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. [2011 c.699 §2; 2017 c.9 §21]