Creation Of Debt

The legislature, through enactment of this section, authorizes the creation of state debt in an amount not to exceed $50 million in principal amount of general obligation bonds outstanding from time to time for the purpose of: (1) funding the drinking water program; and (2) funding portions of loans on an interim basis pending receipt of: (a) grant payments from the environmental protection agency for which federal legislation appropriating the proceeds of the grants has been enacted; or (b) other revenue for the program.