This joint resolution proposes to amend the New Mexico Constitution by repealing and replacing Article 9, Section 14, which currently restricts the state, counties, school districts, and municipalities from donating public funds to private individuals or entities. The new provision would allow such donations if they serve a public purpose, defined as benefiting public health, safety, or welfare. Additionally, it stipulates that any donation of public funds must be preceded by implementing legislation passed by a majority vote in both houses of the legislature.

Furthermore, the resolution seeks to repeal Article 4, Section 31, which prohibits appropriations for charitable, educational, or other benevolent purposes to entities not under the full control of the state. The proposed amendments will be submitted to the public for approval or rejection during the next general election or at a special election called for that purpose.