(2) Notwithstanding the provisions of subsection (1), there is hereby
created the public school guarantee fund which shall consist of funds provided by
law to guarantee the debt of school districts in accordance with law. The state may
guarantee the debt of school districts and may guarantee debt incurred to refund
the school district debt. Any debt guaranty, the school district debt guaranteed
thereby, or any borrowing of the state undertaken to facilitate the payments of the
state's obligation under any debt guaranty shall not be included as a debt of the
state for the purposes of the limitation of Section 1 of Article VIII. The legislature
may provide by law that reimbursement to the state shall be obtained from moneys
which otherwise would be used for the support of the educational programs of the
school district which incurred the debt with respect to which a payment under the
state's guaranty pursuant to this section was made.
Structure Idaho constitution