The resolution proposes an amendment to the Washington State Constitution that would modify the tax levy limitations on real and personal property. Specifically, it seeks to amend Article VII, section 2, to establish that the total tax levies by the state and all taxing districts cannot exceed one percent of the true and fair value of the property. The amendment allows for exceptions where taxing districts can exceed this limit if authorized by a three-fifths majority of voters, with specific provisions for school districts and fire protection districts to levy additional taxes for limited periods. It also outlines the conditions under which general obligation bonds can be issued and the necessary voter approval required for such actions.

Additionally, the resolution aims to amend Article VIII, section 6, to set limits on the indebtedness of counties, cities, towns, and school districts, requiring a three-fifths voter approval for any debt exceeding one and a half percent of taxable property. The proposed changes are intended to simplify the process for school districts to obtain voter approval for levies and bonds, allowing a simple majority to authorize such measures. The resolution emphasizes that this amendment is a single integrated plan and mandates that the Secretary of State publish notice of the proposed amendment prior to the general election.