The resolution proposes an amendment to the Washington State Constitution that will be presented to voters in the next general election. It seeks to modify Article VII, section 2, Article VIII, section 6, and add a new section to Article XI. The key changes include establishing a limit on the aggregate tax levies on real and personal property by the state and taxing districts to one percent of the property's true and fair value. It allows for exceptions where additional levies can be approved by a three-fifths majority of voters in the taxing district, particularly for funding common schools, fire protection districts, and capital projects like school facilities.

Additionally, the resolution stipulates that no county, city, or township can 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 enhance local funding authority for school district facilities. The resolution also mandates that the Secretary of State publish notice of this proposed amendment in legal newspapers prior to the election, and it clarifies that if the amendment is deemed to contain separate amendments, the entire resolution will be void.