The legislature, through enactment of this section, authorizes the creation of state debt in an amount not to exceed $50 million in principal amount of general obligation bonds outstanding from time to time for the purpose of:
(1) funding the drinking water program; and
(2) funding portions of loans on an interim basis pending receipt of:
(a) grant payments from the environmental protection agency for which federal legislation appropriating the proceeds of the grants has been enacted; or
(b) other revenue for the program.