(1) The indebtedness incurred for the benefit of Florida College System institutions and represented by bonds or motor vehicle tax anticipation certificates issued from time to time by the State Board of Education, hereinafter called “state board,” pursuant to s. 18, Art. XII of the State Constitution of 1885 on behalf of the several former county boards of public instruction shall not be considered by the state board in determining the amount of bonds or motor vehicle tax anticipation certificates which the state board may issue from time to time on behalf of the several school districts under the provisions of s. 9(d), Art. XII of the State Constitution, as amended at the general election held on November 7, 1972, hereinafter called “school capital outlay amendment.” Such indebtedness incurred on behalf of Florida College System institutions, as described above, shall be considered by the state board in determining the amount of bonds or motor vehicle tax anticipation certificates which the state board may issue from time to time on behalf of the several Florida College System institution districts under the provisions of the school capital outlay amendment.
(2) The debt service requirements on the indebtedness incurred for the benefit of Florida College System institutions and represented by bonds or motor vehicle tax anticipation certificates issued from time to time by the state board on behalf of the several former county boards of public instruction, as described in subsection (1), shall be paid from funds distributable pursuant to the school capital outlay amendment to the credit of the several Florida College System institution districts, and not from funds distributable pursuant to the school capital outlay amendment to the credit of the several school districts.
(3) Nothing herein shall be construed to authorize the state board to affect adversely or impair the contractual rights created and vested by reason of the prior issuance of bonds or motor vehicle tax anticipation certificates by the state board.
