The resolution proposes an amendment to the Washington State Constitution that aims to modify the limitations on property tax levies by the state and local taxing districts. Specifically, it seeks to establish that the total tax levies on real and personal property cannot exceed one percent of the property's true and fair value in any given year, with certain exceptions for ports and public utility districts. The amendment outlines the conditions under which taxing districts can exceed this limit, including obtaining approval from a supermajority (three-fifths) of voters in the district. It also specifies provisions for additional levies to support common schools, fire protection districts, and capital projects, as well as the process for issuing general obligation bonds.

Additionally, the resolution addresses the indebtedness limits for counties, cities, towns, and school districts, requiring voter approval for any debt exceeding specified percentages of taxable property. It emphasizes that the proposed changes constitute a single integrated plan for modifying local funding authority for school district facilities. The resolution mandates that the Secretary of State publish notice of the proposed constitutional amendment in legal newspapers prior to the general election, ensuring that voters are informed and can participate in the decision-making process.