(1) The Legislative Assembly declares that the purpose of ORS § 286A.560 to 286A.585 is to combine previously enacted legislation authorizing lottery bonds into a single Act that provides uniform administrative procedures for all lottery bonds issued by the State of Oregon.

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(2) The lottery bonds issued under ORS § 286A.560 to 286A.585 shall be special obligations of the State of Oregon that are payable solely from unobligated net lottery proceeds, amounts available in the Lottery Bond Fund and in any reserve accounts established for lottery bonds under ORS § 286A.560 to 286A.585 and any appropriated funds. The faith and credit of the State of Oregon or any of its taxing power shall not be pledged or committed to the payment of lottery bonds or any other commitment of the State of Oregon authorized by ORS § 286A.560 to 286A.585. [Formerly 286.563]