§ 3. The provisions of article VII, not inconsistent with this
article, relating to debts of the state shall apply to all debts
contracted by the state for the purpose of providing moneys out of which
to make loans pursuant to this article, except (a) that any law or laws
authorizing the contracting of such debt, not exceeding in the aggregate
three hundred million dollars, shall take effect without submission to
the people, and the contracting of a greater amount of debt may not be
authorized prior to January first, nineteen hundred forty-two; (b) that
any such debt and each portion thereof, except as hereinafter provided,
shall be paid in equal annual installments, the first of which shall be
payable not more than three years, and the last of which shall be
payable not more than fifty years, after such debt or portion thereof
shall have been contracted; and (c) that any law authorizing the
contracting of such debt may be submitted to the people at a general
election, whether or not any other law or bill shall be submitted to be
voted for or against at such election.

Debts contracted by the state for the purpose of providing money out
of which to make loans to or in aid of corporations regulated by law as
to rents, profits, dividends and disposition of their property or
franchises and engaged in providing housing facilities pursuant to this
article may be paid in such manner that the total annual charges
required for the payment of principal and interest are approximately
equal and constant for the entire period in which any of the bonds
issued therefor are outstanding.

Any law authorizing the making of contracts for capital or periodic
subsidies to be paid with moneys currently appropriated from the general
fund of the state shall take effect without submission to the people,
and the amount to be paid under such contracts shall not be included in
ascertaining the amount of indebtedness which may be contracted by the
state under this article; provided, however, (a) that such periodic
subsidies shall not be paid for a period longer than the life of the
projects assisted thereby, but in any event for not more than sixty
years; (b) that no contracts for periodic subsidies shall be entered
into in any one year requiring payments aggregating more than one
million dollars in any one year; and (c) that there shall not be
outstanding at any one time contracts for periodic subsidies requiring
payments exceeding an aggregate of thirty-four million dollars in any
one year, unless a law authorizing contracts in excess of such amounts
shall have been submitted to and approved by the people at a general
election; and any such law may be submitted to the people at a general
election, whether or not any other law or bill shall be submitted to be
voted for or against at such election.