This Joint Resolution proposes an amendment to the Rhode Island Constitution regarding the legislative power to incur state debts. It establishes that no department or authority created by the state, and no corporation, quasi-public corporation, or other entity created directly by the state, shall have the power, without the express consent of both the general assembly and the people, to incur state debts or to incur a debt exceeding fifty thousand dollars, which would constitute a so-called moral obligation of the state.

The resolution also specifies that this section shall not be construed to refer to any money that may be deposited with the state and repaid. Furthermore, it outlines the process for submitting this proposed amendment to the voters during the next statewide general election, mandating that the Secretary of State publish the amendment in local newspapers and include it in the notices for town, ward, or district meetings to ensure that the electorate is adequately informed before voting.