The resolution proposes an amendment to the Washington State Constitution that would limit the aggregate tax levies on real and personal property by the state and all taxing districts to one percent of the true and fair value of such property. It outlines specific conditions under which this limit can be exceeded, including voter approval for additional taxes for school support or fire protection, as well as for the issuance of general obligation bonds for capital purposes. The amendment also stipulates that any proposition for school district bonds can be authorized by a simple majority of voters, regardless of the total number of voters participating in the election.

Additionally, the resolution seeks to amend Article VIII, section 6, to establish limits on municipal indebtedness and to clarify that no county, city, or township may impose fees as a condition for approving new residential developments if those fees are intended for school district funding. The legislature emphasizes that these changes represent a cohesive plan to modify local funding authority for school facilities. The resolution mandates that the Secretary of State publish notice of this proposed constitutional amendment in legal newspapers prior to the election, and it asserts that if the amendment is deemed to contain separate amendments, the entire resolution would be rendered void.