Nevada Installment and Lease Purchase Agreements, Question 5 (1994)

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The Nevada Installment and Lease Purchase Agreements Question, also known as Question 5, was a legislatively-referred constitutional amendment in Nevada which was defeated on the ballot on November 8, 1994. This amendment sought to modify the Nevada Constitution to allow the state to enter into installment or lease purchase agreements.[1]

Election results

Nevada Question 5 (1994)
ResultVotesPercentage
Defeatedd No300,87684.54%
Yes 55,024 15.46%

Official results via: Nevada Legislative Counsel Bureau - Research Division

Text of measure

The language that appeared on the ballot:

Shall the Nevada Constitution be amended to authorize the State to enter into installment or lease purchase agreements notwithstanding the limitations on State indebtedness?[1][2]

Reports and analyses

The language that appeared in the voter's guide:[1]

Explanation

The Nevada Constitution now allows the State to contract public debts, but prohibits the sum of such debts from exceeding 2 percent of the assessed valuation of the State. Currently, the Constitution authorizes the State, with the specific authority of the Legislature, to enter into contracts that exceed the debt limitations for the protection and preservation of any of the State's property or natural resources. The proposed amendment would make an additional exception to the limitation on state indebtedness to allow the State, with the authority of the Legislature, to enter into installment or lease purchase agreements. Such an agreement must include a clause, known as a nonappropriation clause, which removes the State from its contractual obligation if the, Legislature does not appropriate the necessary funds. A "Yes" vote is a vote to amend the Nevada Constitution to allow this exception. A "No" vote is a vote to reject the constitutional amendment.

Fiscal note

Financial Impact-No. The proposal to amend the Nevada Constitution would exclude installment or lease purchase agreements from the State's limitation on bonded indebtedness. The fiscal effect would be determined by the agreements into which the State would ultimately enter.[1]

See also

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References

  1. 1.0 1.1 1.2 1.3 Nevada Legislative Counsel Bureau - Research Division, 1994 Ballot Question Guide with Election Results
  2. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.