This resolution proposes an amendment to the state constitution that would replace existing provisions regarding the borrowing power of the general assembly. Specifically, it stipulates that the general assembly cannot incur state debts exceeding fifty thousand dollars without the express consent of the people, except during times of war, insurrection, or invasion. Additionally, it restricts any state-created department, authority, or corporation from incurring debts over fifty thousand dollars without similar consent, thereby ensuring that any moral obligations of the state are subject to public approval.

The resolution also outlines the process for submitting this amendment to the voters for approval during the next statewide general election. It mandates that the proposition be published in state newspapers and included in notices for town, ward, or district meetings, which will be conducted in accordance with existing laws for general officer elections. This ensures transparency and public engagement in the decision-making process regarding state borrowing powers.