The resolution proposes an amendment to the Washington State Constitution that would modify the existing tax levy limits on real and personal property. Specifically, it seeks 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 in any given year. The amendment allows for exceptions where taxing districts can exceed this limit if approved by a three-fifths majority of voters, with specific provisions for school districts and fire protection districts to levy additional taxes for up to four or six years, respectively. Additionally, it outlines the process for issuing general obligation bonds and the conditions under which these limits can be exceeded.

Furthermore, the resolution emphasizes that this amendment is intended as a single integrated plan to simplify the process for school districts to obtain voter approval for levies and bonds, allowing a simple majority to authorize such measures. It also stipulates that if the amendment is deemed to contain separate amendments, the entire resolution would be void. The Secretary of State is tasked with ensuring that the proposed amendment is published in legal newspapers prior to the election, allowing voters to make an informed decision at the next general election.