The Text

Except the debts specified in sections 9 and 10 of this article, all debts contracted by the state and each portion of any such debt from time to time so contracted shall be paid in equal annual installments, the first of which shall be payable not more than one year, and the last of which shall be payable not more than forty years, after such debt or portion thereof shall have been contracted, provided, however, that in contracting any such debt the privilege of paying all or any part of such debt prior to the date on which the same shall be due may be reserved to the state in such manner as may be provided by law. No such debt shall be contracted for a period longer than that of the probable life of the work or purpose for which the debt is to be contracted, to be determined by general laws, which determination shall be conclusive.
The money arising from any loan creating such debt or liability shall be applied only to the work or purpose specified in the act authorizing such debt or liability, or for the payment of such debt or liability, including any notes or obligations issued in anticipation of the sale of bonds evidencing such debt or liability.