Assembly Joint Resolution No. 26 of the 70th Session–
Assemblywoman Giunchigliani

 

Joint Sponsor: Senator O’Connell

 

FILE NUMBER..........

 

ASSEMBLY JOINT RESOLUTION—Proposing to amend the Constitution of the State of Nevada to exempt state contracts for the improvement, acquisition and construction of facilities for schools from the limit on general borrowing by the state.

 

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

 Jointly, That section 3 of article 9 of the Constitution of the State of

 Nevada be amended to read as follows:

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

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

 cent of the assessed valuation of the state, as shown by the reports of the

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

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

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

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

 sufficient to pay the interest semiannually, and the principal within twenty

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

 proceeds of said taxes to the payment of said principal and interest; and

 such appropriation shall not be repealed nor the taxes postponed or

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

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

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

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

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

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

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

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

 necessary, expedient or advisable for [the] :

   (a) The protection and preservation of any of its property or natural

 resources, or for the purposes of obtaining the benefits thereof [,] ; and

   (b) The improvement, acquisition and construction of facilities for

 public elementary and secondary schools,

however arising and whether arising by or through any undertaking or

 project of the United States or by or through any treaty or compact

 between the states, or otherwise.The legislature may from time to time

 make such appropriations as may be necessary to carry out the obligations

 of the state under such contracts, and shall levy such tax as may be

 necessary to pay the same or carry them into effect.

 

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