The State Treasurer on behalf of the Department of Transportation may not issue or sell general obligation bonds under ORS 367.555 (Authority to issue general obligation bonds) to 367.600 (Compliance with constitutional debt limits) that, singly or in the aggregate with previous debts or liabilities incurred for the building and maintaining of permanent roads, exceed an applicable limitation provided in the Oregon Constitution at the date of the issuance and sale of such general obligation bonds. [1973 c.698 §11; 2003 c.201 §23; 2007 c.783 §169]