The resolution proposes an amendment to the Washington State Constitution that would establish a public school revolving fund within the state treasury. This fund would be financed through proceeds from bonds authorized by the legislature and other lawful sources, with the intention of providing loans to school districts for capital projects such as construction, modernization, and repair of school facilities. A newly created Public School Revolving Fund Board, composed of the state treasurer and four legislative members, would oversee the loan program, ensuring that funds are only withdrawn for the specified purpose and that loans are approved by a majority of the board.

Additionally, the resolution seeks to amend Article XXIX, section 1 of the Constitution to allow for the investment of the public school revolving fund in a manner authorized by law. The amendment is presented as a single integrated plan, and if deemed separate, the entire resolution would be void. The Secretary of State is tasked with publishing notice of this proposed constitutional amendment in legal newspapers leading up to the next general election, where it will be submitted to voters for approval or rejection.