This Joint Resolution proposes an amendment to the Rhode Island Constitution regarding the legislative power to incur state debts. It stipulates that no department or authority created by the state, nor any corporation, quasi-public corporation, or other entity created directly by the state, shall have the power to incur state debts or debts exceeding fifty thousand dollars without the express consent of both the general assembly and the electorate. This amendment aims to ensure accountability and transparency in the state's borrowing practices, particularly concerning moral obligations.

The resolution also outlines the process for submitting this proposed amendment to the voters during the next statewide general election. It mandates that the Secretary of State publish the amendment in state newspapers and include it in the notices for town, ward, and district meetings, in accordance with existing laws for general officer elections. The amendment is designed to enhance the control of the electorate over state borrowing and financial obligations.