EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted. Green numbers along left margin indicate location on the printed bill (e.g., 5-15 indicates page 5, line 15).

1-1 Resolved by the Senate and Assembly of the State of Nevada,

1-2 Jointly, That section 3 of article 9 of the Constitution of the State of

1-3 Nevada be amended to read as follows:

1-4 Sec. 3. 1. The state may contract public debts; but such debts shall

1-5 never, in the aggregate, exclusive of interest, exceed the sum of two per

1-6 cent of the assessed valuation of the state, as shown by the reports of the

1-7 county assessors to the state controller, except for the purpose of defraying

1-8 extraordinary expenses, as hereinafter mentioned. Every such debt shall be

1-9 authorized by law for some purpose or purposes, to be distinctly specified

1-10 therein; and every such law shall provide for levying an annual tax

1-11 sufficient to pay the interest semiannually, and the principal within twenty

1-12 years from the passage of such law, and shall specially appropriate the

1-13 proceeds of said taxes to the payment of said principal and interest; and

1-14 such appropriation shall not be repealed nor the taxes postponed or

1-15 diminished until the principal and interest of said debts shall have been

1-16 wholly paid. Every contract of indebtedness entered into or assumed by or

1-17 on behalf of the state, when all its debts and liabilities amount to said sum

1-18 before mentioned, shall be void and of no effect, except in cases of money

1-19 borrowed to repel invasion, suppress insurrection, defend the state in time

1-20 of war, or, if hostilities be threatened, provide for the public defense.

2-1 2. The state, notwithstanding the foregoing limitations, may, pursuant

2-2 to authority of the legislature, make and enter into any and all contracts

2-3 necessary, expedient or advisable for the protection and preservation of

2-4 any of its property or natural resources, or for the purposes of obtaining the

2-5 benefits thereof, however arising and whether arising by or through any

2-6 undertaking or project of the United States or by or through any treaty or

2-7 compact between the states, or otherwise. The legislature may from time to

2-8 time make such appropriations as may be necessary to carry out the

2-9 obligations of the state under such contracts, and shall levy such tax as

2-10 may be necessary to pay the same or carry them into effect.

2-11 3. The legislature may provide by law for the borrowing of money by

2-12 the state on behalf of a local school district for the construction of

2-13 facilities for schools and for the acceptance and investment of money

2-14 deposited by a local school district for that purpose. Neither money so

2-15 borrowed nor money so deposited is to be counted in computing the

2-16 aggregate debts of the state for the purposes of subsection 1.