(1) Article XI-D 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-D bonds. The State of Oregon shall pledge its full faith and credit and taxing power to pay Article XI-D bonds, except that the ad valorem taxing power of the State of Oregon may not be pledged to pay Article XI-D bonds.
(2) In accordance with the applicable provisions of this chapter, the State Treasurer, with the concurrence of the Director of the Oregon Department of Administrative Services, may issue Article XI-D bonds:
(a) At the request of the Director of the State Department of Energy for any of the purposes specified in Article XI-D of the Oregon Constitution, plus an amount determined by the State Treasurer to pay estimated bond-related costs; and
(b) Subject to the limit on bond issuance established for the particular biennium in ORS 286A.035 (Bond budget authorization).
(3) The State Treasurer may issue Article XI-D bonds for the purpose of financing the refund of Article XI-D bonds.
(4) The State Treasurer shall transfer the net proceeds of Article XI-D bonds issued for the purpose described in subsection (2)(a) of this section to the State Department of Energy for deposit in the Renewable Energy Fund established under ORS 286A.718 (Renewable Energy Fund). [2009 c.893 §3]