§ 19. The legislature may authorize by law the creation of a debt or
debts of the state, not exceeding in the aggregate two hundred fifty
million dollars, to provide moneys for the construction, reconstruction,
rehabilitation, improvement and equipment of facilities for the
expansion and development of the program of higher education provided
and to be provided at institutions now or hereafter comprised within the
state university, for acquisition of real property therefor, and for
payment of the state's share of the capital costs of locally sponsored
institutions of higher education approved and regulated by the state
university trustees. The provisions of this article, not inconsistent
with this section, relating to the issuance of bonds for a debt or debts
of the state and the maturity and payment thereof, shall apply to a
state debt or debts created pursuant to this section; except that the
law authorizing the contracting of such debt or debts shall take effect
without submission to the people pursuant to section eleven of this
article.