§ 3. The provisions of article VII, not inconsistent with this\narticle, relating to debts of the state shall apply to all debts\ncontracted by the state for the purpose of providing moneys out of which\nto make loans pursuant to this article, except (a) that any law or laws\nauthorizing the contracting of such debt, not exceeding in the aggregate\nthree hundred million dollars, shall take effect without submission to\nthe people, and the contracting of a greater amount of debt may not be\nauthorized prior to January first, nineteen hundred forty-two;
(b)that\nany such debt and each portion thereof, except as hereinafter provided,\nshall be paid in equal annual installments, the first of which shall be\npayable not more than three years, and the last of which shall be\npayable not more
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§ 3. The provisions of article VII, not inconsistent with this\narticle, relating to debts of the state shall apply to all debts\ncontracted by the state for the purpose of providing moneys out of which\nto make loans pursuant to this article, except (a) that any law or laws\nauthorizing the contracting of such debt, not exceeding in the aggregate\nthree hundred million dollars, shall take effect without submission to\nthe people, and the contracting of a greater amount of debt may not be\nauthorized prior to January first, nineteen hundred forty-two; (b) that\nany such debt and each portion thereof, except as hereinafter provided,\nshall be paid in equal annual installments, the first of which shall be\npayable not more than three years, and the last of which shall be\npayable not more than fifty years, after such debt or portion thereof\nshall have been contracted; and (c) that any law authorizing the\ncontracting of such debt may be submitted to the people at a general\nelection, whether or not any other law or bill shall be submitted to be\nvoted for or against at such election.\n Debts contracted by the state for the purpose of providing money out\nof which to make loans to or in aid of corporations regulated by law as\nto rents, profits, dividends and disposition of their property or\nfranchises and engaged in providing housing facilities pursuant to this\narticle may be paid in such manner that the total annual charges\nrequired for the payment of principal and interest are approximately\nequal and constant for the entire period in which any of the bonds\nissued therefor are outstanding.\n Any law authorizing the making of contracts for capital or periodic\nsubsidies to be paid with moneys currently appropriated from the general\nfund of the state shall take effect without submission to the people,\nand the amount to be paid under such contracts shall not be included in\nascertaining the amount of indebtedness which may be contracted by the\nstate under this article; provided, however, (a) that such periodic\nsubsidies shall not be paid for a period longer than the life of the\nprojects assisted thereby, but in any event for not more than sixty\nyears; (b) that no contracts for periodic subsidies shall be entered\ninto in any one year requiring payments aggregating more than one\nmillion dollars in any one year; and (c) that there shall not be\noutstanding at any one time contracts for periodic subsidies requiring\npayments exceeding an aggregate of thirty-four million dollars in any\none year, unless a law authorizing contracts in excess of such amounts\nshall have been submitted to and approved by the people at a general\nelection; and any such law may be submitted to the people at a general\nelection, whether or not any other law or bill shall be submitted to be\nvoted for or against at such election.\n