State debt for expansion of state university

§ 19. The legislature may authorize by law the creation of a debt or\ndebts of the state, not exceeding in the aggregate two hundred fifty\nmillion dollars, to provide moneys for the construction, reconstruction,\nrehabilitation, improvement and equipment of facilities for the\nexpansion and development of the program of higher education provided\nand to be provided at institutions now or hereafter comprised within the\nstate university, for acquisition of real property therefor, and for\npayment of the state's share of the capital costs of locally sponsored\ninstitutions of higher education approved and regulated by the state\nuniversity trustees. The provisions of this article, not inconsistent\nwith this section, relating to the issuance of bonds for a debt or debts\nof the state and the maturity and payment thereof, shall apply to a\nstate debt or debts created pursuant to this section; except that the\nlaw authorizing the contracting of such debt or debts shall take effect\nwithout submission to the people pursuant to section eleven of this\narticle.\n