The resolution proposes an amendment to the Constitution of the state, which would require the express consent of both the general assembly and the people for any state department, authority, or entity created by the state to incur debts exceeding fifty thousand dollars. This amendment aims to restrict the borrowing power of the state and its created bodies, ensuring that significant financial obligations cannot be undertaken without direct approval from the legislature and the electorate. The amendment would replace Article VI, Sections 16 and 17 of the state Constitution, which currently limit the general assembly's power to incur state debts without public consent, except in specific circumstances such as war or insurrection.

The resolution further outlines the process for the proposed amendment to be considered by the voters. It mandates that the amendment be presented for approval or rejection at the next statewide general election. The secretary of state is tasked with publishing the amendment as part of the resolution in state newspapers prior to the election. Additionally, the resolution stipulates that the voting places must remain open for the required hours, and the proposition must be included in the warrants or notices for the electors' meetings, where it will be read aloud. The meetings for this purpose will be conducted in accordance with existing laws for the election of state general officers.