A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 1.2 to Article XVI thereof, relating to state debt.

The California Constitution requires that any debt or debts, or liability or liabilities, created by the Legislature which shall, singly or in the aggregate with any previous debts or liabilities, exceed the sum of $300,000, with specified exceptions, be authorized by law for some single object or work to be distinctly specified therein, subject to specified conditions, including approval by the voters. This measure would provide that debt subject to the above-stated requirements that is approved by the voters after this measure becomes effective could be incurred to fund only long-term infrastructure. This measure would define long-term infrastructure as the acquisition of land, including easements, rights-of-way, and other forms of interest in land; the construction or acquisition of improvements to land, including structures and equipment integral to the operation of those structures; and the construction or acquisition of roadways and water conveyances.